• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases
      • All News Releases
      • All Public Company
      • English-only


      • News Releases Overview
      • Multimedia Gallery
      • All Multimedia
      • All Photos
      • All Videos


      • Multimedia Gallery Overview
      • Trending Topics
      • All Trending Topics


  • Business & Money
      • Auto & Transportation
      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation


      • Auto & Transportation Overview
      • Business Technology
      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors


      • Business Technology Overview
      • Entertain­ment & Media
      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television


      • Entertain­ment & Media Overview
      • Financial Services & Investing
      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Stock Offering
      • Stock Split
      • Venture Capital


      • Financial Services & Investing Overview
      • General Business
      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News


      • General Business Overview
  • Science & Tech
      • Consumer Technology
      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications


      • Consumer Technology Overview
      • Energy & Natural Resources
      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities


      • Energy & Natural Resources Overview
      • Environ­ment
      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters


      • Environ­ment Overview
      • Heavy Industry & Manufacturing
      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco


      • Heavy Industry & Manufacturing Overview
      • Telecomm­unications
      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications


      • Telecomm­unications Overview
  • Lifestyle & Health
      • Consumer Products & Retail
      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys


      • Consumer Products & Retail Overview
      • Entertain­ment & Media
      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television


      • Entertain­ment & Media Overview
      • Health
      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine


      • Health Overview
      • Sports
      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories


      • Sports Overview
      • Travel
      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry


      • Travel Overview
  • Policy & Public Interest
      • Policy & Public Interest
      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy


      • Policy & Public Interest Overview
  • People & Culture
      • People & Culture
      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women


      • People & Culture Overview
      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO

      Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Policy & Public Interest
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • People & Culture
    • People & Culture
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

EDAC Technologies Reports Record Sales and Operating Earnings for Fiscal 2011 Second Quarter

- Net Income Rises to $0.19 per Share on Record Sales of $21.9 Million -

- Backlog Totals Approximately $168 Million at Quarter-End -


News provided by

EDAC Technologies Corporation

Jul 28, 2011, 08:00 ET

Share this article


FARMINGTON, Conn., July 28, 2011 /PRNewswire/ -- EDAC Technologies Corporation (NASDAQ: EDAC), a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, today reported record sales of $21.9 million for the second quarter of fiscal 2011, an increase of 16% compared with $18.8 million for the second quarter of fiscal 2010.  On a sequential basis, the 2011 second quarter sales rose more than 8% from the $20.2 million reported for the 2011 first quarter.  

Net income for the 2011 second quarter was $977,000, or $0.19 per diluted share, an increase of 183% compared to $345,000, or $0.07 per diluted share, reported for the same period of 2010.  Sequentially, the 2011 second quarter net income was more than double the $408,000, or $0.08 per share, reported for the first quarter of 2011.  

EDAC noted that all three of its major product lines, EDAC AERO, APEX Machine Tool and EDAC Machinery, contributed to the increase in 2011 second quarter sales both sequentially and as compared with the year-ago period.  The sharp rise in net income versus the 2010 period primarily reflected the increase in sales, as well as a higher gross margin due to more cost-effective manufacturing of certain parts and a favorable product mix.

Sales for EDAC's three major product lines, and the key factors contributing to the sales trends, are as follows:        

  • Sales for the EDAC AERO product line were $14.3 million, an increase of 13% from the second quarter of 2010 and 4% higher than the 2011 first quarter.  This primarily reflected increased shipments of fan cases, stators and other components for a number of aircraft engine programs.    
  • Sales for the APEX Machine Tool product line were $5.3 million in the 2011 second quarter, an increase of 10% from the year-ago first quarter and up 14% sequentially, reflecting increased demand for fixture, tooling and mold products due to the economic recovery, as well as ongoing efforts to expand the customer base and markets for APEX products.    
  • Sales for the EDAC Machinery product line were $2.3 million, an increase of 62% from the second quarter of last year and up 27% sequentially. This reflected stronger sales of spindle and precision grinder products to aerospace and automotive customers due to the economic recovery, as well as the Company's successful efforts to revitalize the acquired SNI and Accura Technics businesses.

Other highlights of EDAC's results for the recent period are as follows:

  • Gross profit for the 2011 second quarter was $3.6 million, or 16.6% of sales.  This compares with $2.3 million, or 12.0% of sales, in the 2010 second quarter and $2.8 million, or 13.9% of sales, in the 2011 first quarter.  The gross margin increase reflected more cost-effective production processes for certain parts and a shift in sales mix to the Company's higher margin product lines.        
  • SG&A expenses for the 2011 second quarter were $1.9 million, or 8.7% of sales, compared with $1.5 million or 8.1% of sales in the second quarter of 2010 and $1.9 million, or 9.6% of sales, in the first quarter of 2011.
  • Operating income for the second quarter of 2011 was $1.7 million, up 137% from the $729,000 recorded in the 2010 second quarter and double the $864,000 recorded for the 2011 first quarter.

For the first six months of fiscal 2011, EDAC's sales increased 15% to $42.1 million from $36.6 million for the comparable 2010 period.  Income from operations was $2.6 million for the first half of 2011, up 128% from $1.1 million for the same period of 2010.  Net income was $1.4 million, or $0.27 per diluted share, for the first half of 2011.  For the first half of 2010, net income was $704,000, or $0.14 per diluted share, including other income of $360,000 from the recognition of a deposit on an equipment purchase made by AERO prior to its acquisition.

Backlog and Outlook

Total sales backlog at July 2, 2011 was approximately $168.0 million, compared with $134.4 million at the end of the 2011 first quarter and $135.1 million at July 3, 2010.      

"EDAC's performance for the second quarter shows that we are achieving the critical mass of sales needed to drive stronger margins and a more consistent level of profitability.  We have accomplished this goal by working to position each of our key product lines to capture the opportunities in their respective markets.  EDAC AERO has benefitted from our investments in broadening the range of parts we provide to key aerospace customers, as well as in enhancing our production capabilities.  APEX Machine Tool is focused on serving larger and more complex customer projects and was aided further by an improved economic environment.  EDAC Machinery has expanded its product portfolio and technical capabilities through acquisitions that are now beginning to gain solid traction," said Dominick A. Pagano, EDAC's President and Chief Executive Officer.

"For the remainder of 2011, we expect continued top-line growth as compared to the year-ago periods.  Based on our backlog, and past customer demands, we expect this growth to be lighter in the third quarter and more heavily concentrated in this year's fourth quarter.  Over the longer term, we believe the prospects for the aerospace industry are very favorable, as the level of aircraft orders at the recent Paris Air Show indicates solid demand along the aerospace supply chain beginning in the next several years, while our industrial lines will benefit as economic conditions remain on track," Mr. Pagano concluded.

Conference Call and Webcast

The Company will host a conference call to review the above results at 10:00 a.m. (Eastern Time) today, July 28, 2011.  The call will be broadcast simultaneously over the Internet.  Listeners can access a webcast of the conference call live over the Internet at www.edactechnologies.com.  Please allow 10 minutes prior to the call to visit the site to download and install any necessary audio software.  After the call has taken place, its archived version will be available at this web site.

About EDAC Technologies Corporation

EDAC Technologies Corporation is a diversified manufacturing company serving the aerospace and industrial markets.  In the aerospace sector, EDAC offers design and manufacturing services for commercial and military aircraft, in such areas as jet engine parts, special tooling, equipment, gauges and components used in the manufacture, assembly and inspection of jet engines.  Industrial applications include high-precision fixtures, gauges, dies and molds, as well as the design, manufacture and repair of precision grinders and precision spindles, which are an integral part of machine tools found in virtually every manufacturing environment. EDAC's core competencies include extensive in-house design and engineering capabilities, and facilities equipped with the latest enabling machine tools and manufacturing technologies.

Cautionary Statement Regarding Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995; including forward-looking statements regarding future profitability, expected sales and other matters that are subject to risks and uncertainties. The Company uses words such as "plans," seeks," "projects," "expects," "believes," "may," "anticipates," "estimates," "should," and similar expressions to identify these forward looking statements. These statements are subject to risks and uncertainties and are based upon the Company's beliefs and assumptions. There are a number of important factors that may affect the Company's actual performance and results and the accuracy of its forward-looking statements, many of which are beyond the control of the Company and are difficult to predict. These important factors include, without limitation, factors which could affect demand for the Company's products and services such as general economic conditions and economic conditions in the aerospace industry and the other industries in which the Company competes; competition from the Company's competitors; and the Company's ability to enter into satisfactory financing arrangements. These and other factors are described in the Company's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company's expectations and beliefs as of the date of this release. The Company anticipates that subsequent events and developments may cause these expectations and beliefs to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation or intention to do so.



CONTACTS:

EDAC Technologies Corporation


Glenn L. Purple


Vice President-Finance


860-677-2603




Comm-Counsellors, LLC


Edward Nebb


203-972-8350


June Filingeri


203-972-0186

(Financial Tables Follow)


EDAC TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

(in thousands except per share amounts)





For the three months ended


For the six months ended



July 2,


July 3,


July 2,


July 3,



2011


2010


2011


2010










Sales


$  21,880


$ 18,841


$ 42,079


$ 36,628










Cost of sales


18,249


16,583


35,639


32,229










   Gross profit


3,631


2,258


6,440


4,399










Selling, general and administrative expenses

1,903


1,529


3,848


3,260










   Income from operations


1,728


729


2,592


1,139










Non-operating income (expense):









   Interest expense


(273)


(262)


(533)


(452)

   Other income


3


-


8


360










   Income before income taxes

1,458


503


2,067


1,047










Provision for income taxes


481


158


682


343










   Net income


$     977


$    345


$  1,385


$704










Income per common share data:









 Basic income per share


$0.20


$0.07


$0.28


$0.15

 Diluted income per share


$0.19


$0.07


$0.27


$0,14










Weighted average shares outstanding:







 Basic


4,924


4,857


4,917


4,850

 Diluted


5,077


5,102


5,041


5,029



EDAC TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)


(Unaudited)


(Audited)



July 2,

2011


January 1,

2011

ASSETS

CURRENT ASSETS:





   Cash


$   1,247


$   975

   Accounts receivable, net

17,820


14,955

   Inventories, net


21,526


20,219

   Prepaid expenses and other current  assets


411


184

   Refundable income taxes


80


80

   Deferred income taxes


1,613


1,613

Total current assets


42,697


38,026






PROPERTY, PLANT AND EQUIPMENT


53,818


51,818

   Less: accumulated depreciation


29,939


28,595



23,879


23,223






OTHER ASSETS


131


155

TOTAL ASSETS


$66,707


$61,404






LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:





   Lines of credit


$  5,722


$  4,793

   Current portion of long-term debt


2,628


4,370

   Trade accounts payable


8,049


7,336

   Employee compensation and amounts  withheld


1,785


1,212

   Accrued expenses


2,226


2,136

   Customer advances


648


857

Total current liabilities


21,058


20,704






LONG-TERM DEBT, less current portion


13,244


9,858






PENSION LIABILITIES


1,526


1,526






DEFERRED INCOME TAXES


4,437


4,473






SHAREHOLDERS' EQUITY:





   Common stock


12


12

   Additional paid-in capital


11,897


11,690

   Retained earnings


17,015


15,630

   Accumulated other comprehensive loss

(2,482)


(2,489)

Total shareholders' equity


26,442


24,843






TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY


$66,707


$61,404


SOURCE EDAC Technologies Corporation

Modal title

    Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

    Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

    About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement

    • Asia
    • Brazil
    • Canada
    • Czech
    • Denmark
    • Finland
    • France
    • Germany
    • India
    • Israel
    • Italy
    • Mexico
    • Middle East
    • Netherlands
    • Norway
    • Poland
    • Portugal
    • Russia
    • Slovakia
    • Spain
    • Sweden
    • United Kingdom

    My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision


Products


About


My Services
  • All News Releases
  • Online Member Center
  • ProfNet℠
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2021 Cision US Inc.