Ceradyne Reports Second Quarter and First Half 2002 Results
August 16, 2002
Ceradyne, Inc. recently reported financial results for the second quarter and six months ended June 30, 2002, including record second quarter sales, the third consecutive quarter of record-level sales, and improving gross margins compared to first quarter. Sales for the quarter rose 31% to a second quarter record of $14.6 million from $11.1 million in the second quarter of 2001. As previously announced, the company established a $650,000 (pre-tax), warranty reserve charge in the second quarter to cover potential costs of upgrading certain lots of small arms protective inserts (SAPI) military armor shipped early in the first quarter of 2002. Sales for six months 2002 reached a record $29.3 million, up 27% from $23.1 million in the comparable period last year.
Additional information about the company can be found at http://www.ceradyne.com.