Ceradyne Provides Preliminary First Quarter Results
April 18, 2005
Ceradyne, Inc. recently announced that it expects to report first quarter 2005 sales of approximately $69 million, resulting in fully diluted earnings of approximately 22 to 24 cents per share. This compares with first quarter 2004 sales of $36.7 million and fully diluted net income of 21 cents per share. "During the first quarter, the government directed Ceradyne to convert its small arms protective insert (SAPI) lightweight ceramic body armor production to a revised requirement," said Joel Moskowitz, chief executive officer. "This significant change resulted in a delay in body armor shipments in the first quarter. The delay was caused, in part, due to the necessity to qualify the Ceradyne design, to retool the new armor plate, as well as delays in bringing the Lexington, Ky., facility into a production mode. These delays accounted for approximately $19 million less shipments in the first quarter compared to the company's original internal estimates. Ceradyne expects that this shipment delay will be made up in 2005." Ceradyne will release financial results for first quarter 2005 before the market open on Thursday, April 28, 2005. The company will also hold a teleconference to review its financial results and strategic outlook.
For additional information, visit http://www.ceradyne.com.