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CERADYNE

July 24, 2007:

Ceradyne reported a strong second quarter, with sales rising 14.4% to 185.4 million (from 162 million in Q2/06. Gross profit was 41.7%, up from 39.3% and net income increased by 31.5% to 38.3 million ($1.38 per diluted share). However, new bookings in the second quarter were significantly lower than last year, reflecting a drop of about 50 million in the company's backlog. Joel P. Moskowitz, Ceradyne president and chief executive officer, explained that the company is following its long range strategy of global diversification, particularly regarding non-defense applications and advanced technical ceramic products.

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Ceradyne is also looking at the longer term regarding the MRAP program. Last month Ceradyne provided its new armored vehicle, the BULL, designed to meet MRAP II requirements, including protection against the more sophisticated IED (improvised explosive devices) threats such as EFPs (explosively formed penetrators). "we believe there is substantial congressional and military interest in this unique vehicle." Said Moskowitz. Ceradyn's lightweight armor materials are currently undergoing US Army evaluations testing their adherence to the Army's Long Term Armor Strategy (LTAS) requirements. This program introduces mandatory baseline requirements for all future tactical wheeled vehicle fleet. "We believe that this selection of our LTAS solution could lay the groundwork for future military vehicle requirements that must conform to LTAS." Moskowitz commented.



 


 

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