Ceramic Industry

Ceradyne Reports Fourth Quarter and 12-Month 2003 Results

March 3, 2004
Ceradyne, Inc. recently reported results for the fourth quarter and 12 months ended December 31, 2003. Fourth quarter sales increased 87.9% to a record $33.1 million, compared to $17.6 million in the prior-year quarter. Fourth quarter gross profit margins increased to 30.1% of net sales in 2003, compared to 22.4% of net sales for the fourth quarter 2002. Net income for the quarter was $4.2 million, or $.39 per diluted share, compared to $937,000, or $.11 per diluted share, for the year-ago quarter. For the year ended December 31, 2003, sales increased 65.7% to a record $101.5 million, compared to $61.2 million in 2002. Gross profit margins for the year increased to 28.9% of net sales, compared to 21.4% of net sales for the year ended 2002. Net income was $11.2 million, or $1.15 per diluted share, in the year 2003, compared to $2.7 million, or $0.31 per diluted share, in the prior year.

For additional information, call (714) 549-0421, ext. 262, e-mail jpellizzon@ceradyne.com or visit http://www.ceradyne.com.