Ceramic Industry

Ceradyne Reports First Quarter 2003 Results

May 7, 2003
Ceradyne, Inc. recently reported financial results for the first quarter ended March 31, 2003. Sales for the quarter increased 31% to a record $19.2 million from $14.7 million in the first quarter of 2002. Net income was also a record at $1.5 million, a 161% increase from $579,000 for the first quarter of 2002. Earnings per share this quarter were $0.17 per diluted share vs. $0.07 per diluted share for the comparable year-ago quarter. The tax provision combining federal and state tax rates was 35% for both periods. New bookings for the quarter rose sharply to $29.1 million from $14.2 million in the first quarter of 2002. Backlog at the end of the quarter also rose to $45.6 million, including $1.4 million of unexercised options, from approximately $27.5 million, including $1.7 million in unexercised options, in the first quarter of 2002. "The recovery in gross margins to 26% from 20% a year ago, and substantial improvement in operating margins to 12% from 6%, are the result of the company's commitment to increase efficiency at all levels," said Joel Moskowitz, president and chief executive officer. "The implementation of lean-measure initiatives, such as Demand Flow(R) technology announced last year, has contributed to these positive results."

For more information, visit http://www.ceradyne.com .