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The updated guidance reflects the impact of lower-than-anticipated armor shipments and further weakened industrial ceramic demand caused by the continuing current weak economic environment. Ceradyne estimates that its 2009 sales will be in the range of $420 to $440 million, compared to the prior guidance range of $465 to $500 million also provided on April 28, 2009.
“Global economic conditions have continued to deteriorate, impacting many of our customers, as well as a number of our businesses,” said Joel P. Moskowitz, chairman, CEO and president. “In addition, body armor orders are below our previous estimates. However, we still expect good free cash flow performance for 2009. In order to better position the company in light of the current economic backdrop, we are continuing to ‘right size’ Ceradyne throughout our global operations.”
Management will conduct a conference call to discuss the revised guidance at 8:00 a.m. PDT on June 11, 2009. To participate in the teleconference, call (877) 717-3046 or (706) 634-6364 approximately 10 minutes prior to the start of the call. Interested parties may also listen to the teleconference live via the Internet at www.ceradyne.com or www.earnings.com. For those unable to attend, these sites will host an archive of the call. A telephone playback will be available beginning at noon PDT on June 11 through noon PDT on June 13. The playback can be accessed by calling (800) 642-1687 or (706) 645-9291 and providing conference ID 14061368.