EDAC

Edac Technologies

NASDAQ

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EDAC

Edac Technologies

NASDAQ

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First Crown Research Free

03/28/13 2:33 PM

Post #194

bidding war in f-town anyone?

Seeking_Profit Free

12/23/12 12:28 PM

Post #193

Is EDAC is buy at current price at $12?
Any BULLS and BEARS out there want to jump in on this discussion?

First Crown Research Free

06/20/12 12:48 PM

Post #192

http://unclescroogeinvesting.blogspot.com/2012/06/edac-technologies-corp-post-coming-soon.html

Penny Roger$ Free

04/25/12 5:41 AM

Post #191

Re: #190: @Penny Roger$ - ~ Wednesday! $EDAC ~ Q1 Earnings posted, pending

Penny Roger$ Free

04/25/12 5:41 AM

Post #190

~ Wednesday! $EDAC ~ Q1 Earnings posted, pending or coming soon! In Charts and Links Below!

~ $EDAC ~ Earnings expected on Wednesday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.

http://stockcharts.com/h-sc/ui?s=EDAC&p=D&b=3&g=0&id=p88783918276&a=237480049

http://stockcharts.com/h-sc/ui?s=EDAC&p=W&b=3&g=0&id=p54550695994

~ Google Finance: http://www.google.com/finance?q=EDAC
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=EDAC#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=EDAC+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=EDAC
Finviz: http://finviz.com/quote.ashx?t=EDAC
~ BusyStock: http://busystock.com/i.php?s=EDAC&v=2

<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=EDAC >>>>>>

http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

MikeDDKing PremiumMember

11/17/11 7:53 PM

Post #189

Re: #188: @Kauz - Hi All,

Here is what they said about GM in the most recent quarterly PR: "The gross margin increase primarily reflected a shift in sales mix to the Company's higher margin product lines, increased productivity and efficiency company-wide, and more cost-effective manufacturing of certain parts."

Kauz

11/14/11 4:28 PM

Post #188

Re: #187: @MikeDDKing - EDAC Technologies Reports Strong Sales and Earnings for

Hi All,

I just started looking at this stock a couple days ago. It looks like, based on the work in progress and raw inventories, the next quarter revenue should be close to or better than the last quarter. In that case, the P/E should go down nicely at the current price.

One thing that puzzles me is why the gross margin varies so much from quarter to quarter.

Also, the Sal/Gen/Admin expenses have steadily gone up every quarter as well. Is this because of acquisitions or organic growth?

-Kauz

MikeDDKing PremiumMember

10/26/11 8:21 AM

Post #187

EDAC Technologies Reports Strong Sales and Earnings for Fiscal 2011 Third Quarter

- Sales of $21.8 Million are Up 18% from 3Q10 -

- Net Income Reaches $1.0 Million or $0.19 per Diluted Share -

- Income from Operations Rises to a Record $1.8 Million -

- Backlog Totals Approximately $213.5 Million at Quarter-End -

FARMINGTON, Conn., Oct. 26, 2011 /PRNewswire/ -- EDAC Technologies Corporation (NASDAQ: EDAC), a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, today reported that sales for the third quarter of fiscal 2011 were $21.8 million, an increase of 18% from the third quarter of fiscal 2010. The 2011 second quarter sales were $21.9 million.

Net income for the 2011 third quarter was $1.0 million, or $0.19 per diluted share, a substantial increase from $84,000, or $0.02 per diluted share, reported for the third quarter of 2010. Sequentially, 2011 third quarter net income was up nearly 4% from the $977,000, or $0.19 per diluted share, reported for the second quarter of 2011.

EDAC noted that strong sales growth for each of its major product lines, EDAC AERO, APEX Machine Tool and EDAC Machinery, contributed to the increase in 2011 third quarter sales as compared with the year-ago period. The sharp growth in net income versus the 2010 period primarily reflected the increase in sales, as well as a higher gross margin due to a favorable product mix, improved cost absorption compared with the prior year third quarter, and more cost-effective manufacturing of certain parts.

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 $14.8 million, an increase of 10% from the third quarter of 2010 and 3% higher than the 2011 second quarter. This primarily reflected increased shipments of stators, fan cases and other components for a number of aircraft engine programs.

Sales for the APEX Machine Tool product line were $5.0 million in the 2011 third quarter, an increase of 26% from the year-ago third quarter but 6% lower sequentially. The year-over-year growth included initial shipments for a ground-based turbine retrofit program and the benefit of ongoing efforts to expand the customer base and markets for APEX products. The sequential decline in sales was expected by the Company.

Sales for the EDAC Machinery product line were $2.1 million, an increase of 72% from the 2010 third quarter but 9% lower sequentially. The year-over-year increase reflected stronger sales of spindle and precision grinder products, as well as the Company's successful efforts to revitalize the acquired SNI and Accura Technics businesses. The sequential decline in sales was expected by the Company.

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

Gross profit for the 2011 third quarter was $3.9 million, or 17.8% of sales. This compares with $1.8 million, or 9.5% of sales, in the 2010 third quarter and $3.6 million, or 16.6% of sales, in the 2011 second quarter. The gross margin increase primarily reflected a shift in sales mix to the Company's higher margin product lines, increased productivity and efficiency company-wide, and more cost-effective manufacturing of certain parts.

SG&A expenses for the 2011 third quarter were $2.1 million, or 9.7% of sales, compared with $1.4 million or 7.5% of sales in the third quarter of 2010 and $1.9 million, or 8.7% of sales, in the second quarter of 2011. The increase in SG&A was largely due to increases in commissions and certain non-recurring expenses.

Operating income for the third quarter of 2011 was a record $1.8 million, up 370% from the $375,000 reported in the 2010 third quarter and a 2% increase from the $1.7 million for the 2011 second quarter.

For the first nine months of fiscal 2011, EDAC's sales increased 16% to $63.9 million from $55.2 million for the comparable 2010 period. Income from operations was $4.4 million for the first nine months of 2011, up 188% from $1.5 million for the same period of 2010. Net income was $2.4 million, or $0.46 per diluted share, for the first nine months of 2011. For the same period of 2010, net income was $788,000, or $0.16 per diluted share, including other income of $350,000 from the recognition of a deposit on an equipment purchase made by AERO prior to its acquisition.

Backlog and Outlook

Total sales backlog at October 1, 2011 was approximately $213.5 million, compared with $168.0 million at the end of the 2011 second quarter and $133.6 million at October 2, 2010. The higher backlog partially reflects several multi-year agreements announced earlier this year to produce components for commercial and military aircraft engine platforms.

"EDAC produced record operating income for the third quarter of 2011 on sales that nearly equaled the all-time high we reported in this year's second quarter. We have expanded our customer relationships, invested in the capacity to produce additional components, and improved production processes and efficiency across each of our product lines, which have enabled us to deliver higher year-over-year sales and enhanced gross margins. We believe that our strong sales levels and increased profitability throughout the first three quarters of 2011 clearly demonstrate our potential to sustain and enhance our performance in the future," said Dominick A. Pagano, EDAC's President and Chief Executive Officer.

"We expect the 2011 fourth quarter to be the strongest period of the year in terms of sales, based on our backlog and the pattern of customer demand. Looking toward 2012, we expect to ramp up the delivery of engine components under some of our newer long-term agreements, putting the Company on track for another successful year," 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, October 26, 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.

MikeDDKing Note: Tables removed due to formatting issues

CONTACT: Glenn L. Purple, Vice President-Finance, EDAC Technologies Corporation, 1-860-677-2603; or Edward Nebb, +1-203-972-8350, or June Filingeri, +1-203-972-0186, both of Comm-Counsellors, LLC

SOURCE EDAC Technologies Corporation

MikeDDKing PremiumMember

10/11/11 9:17 AM

Post #186

EDAC Technologies to Webcast Third Quarter 2011 Conference Call on October 26th
On Tuesday October 11, 2011, 9:14 am

FARMINGTON, Conn., Oct. 11, 2011 /PRNewswire/ -- EDAC Technologies Corporation (NASDAQ:EDAC - News), a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, announced today that it will report financial results for the third quarter of 2011 on Wednesday, October 26, 2011. In conjunction with the earnings release, the Company will host a conference call at 10:00 a.m. (Eastern Time) on October 26. The call will be broadcast simultaneously for all interested parties 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.

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

MikeDDKing PremiumMember

09/06/11 8:57 AM

Post #185

EDAC Technologies Corporation Announces Two Long-Term Agreements Totaling Approximately $50 Million
New Engine Components Contracts Raise EDAC's Backlog to a Record $217 Million
On Tuesday September 6, 2011, 7:55 am EDT

FARMINGTON, Conn., Sept. 6, 2011 /PRNewswire/ -- EDAC Technologies Corporation (NASDAQ:EDAC - News), a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, today announced long-term agreements with two leading aircraft engine manufacturers.

The Company reported that it has entered into a five-year agreement with a major European-based aircraft engine manufacturer to produce rotating engine components to be used on commercial airliner platforms. Based on projected volumes, the agreement is valued at approximately $22 million over five years.

Separately, EDAC has entered into a five-year agreement with a major U.S.-based aircraft engine maker to provide several components in support of the engine program for the F-35 Joint Strike Fighter (JSF). Under this agreement, EDAC also will produce components for several of the manufacturer's mature engine programs. Based on projected volumes, this agreement is valued at approximately $28 million over five years.

The addition of the two contracts has increased EDAC's backlog to a record level of approximately $217 million at September 6, 2011, up from approximately $168 million at the end of the 2011 second quarter. The Company expects to start ramping up production for these two contracts at the end of this year and throughout the first two quarters of 2012.

"These two major contracts drove our backlog above $200 million for the first time. We have been working to win them for some time, and they are the direct result of the investments EDAC has made in recent years to expand our precision manufacturing capabilities, support a growing range of aircraft platforms, and diversify our business. It is also significant that the agreements represent an extension of our relationships with two of the industry's leading engine manufacturers, and reflect a balance between commercial and defense applications. The contracts will require us to develop numerous new components over the next several months and provide a great opportunity to demonstrate our ability to satisfy rigorous customer specifications. I am proud of the EDAC AERO team, whose commitment to quality, innovation and customer service led to this important accomplishment," said Dominick A. Pagano, President and Chief Executive Officer of EDAC Technologies Corporation.

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.

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

MikeDDKing PremiumMember

07/28/11 4:16 PM

Post #184

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 -
prnewswire
On Thursday July 28, 2011, 8:00 am EDT

FARMINGTON, Conn., July 28, 2011 /PRNewswire/ -- EDAC Technologies Corporation (NASDAQ:EDAC - News), 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

MikeDDKing PremiumMember

07/18/11 3:48 PM

Post #183

EDAC Technologies to Webcast Second Quarter 2011 Conference Call on July 28th
On Monday July 18, 2011, 3:45 pm

FARMINGTON, Conn., July 18, 2011 /PRNewswire/ -- EDAC Technologies Corporation (NASDAQ:EDAC - News), a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, announced today that it will report financial results for the second quarter of 2011 on Thursday, July 28, 2011. In conjunction with the earnings release, the Company will host a conference call at 10:00 a.m. (Eastern Time) on July 28. The call will be broadcast simultaneously for all interested parties 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 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.

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

MikeDDKing PremiumMember

04/27/11 4:53 PM

Post #182

EDAC Technologies Corporation Announces Election of Christopher R. Sansone to Board of Directors
On Wednesday April 27, 2011, 4:30 pm

FARMINGTON, Conn., April 27, 2011 /PRNewswire/ -- EDAC Technologies Corporation (NASDAQ:EDAC - News), a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, announced that Christopher R. Sansone was elected to the Company's Board of Directors at the Annual Meeting of Shareholders, held earlier today. The appointment of Mr. Sansone increases the size of the Board from six to seven members.

Mr. Sansone is the founder and managing partner of Sansone Partners, LP, a private investment management firm established in 2007. Concurrently, Mr. Sansone serves as an analyst for Robotti & Company LLC, a New York City-based investment research boutique, where his responsibilities include advising the firm's institutional clients on small cap investment opportunities. During his career, he also has served as an executive in the private equity sector. Mr. Sansone is a graduate of Pace University.

EDAC's Chairman, Daniel C. Tracy, commented, "Christopher Sansone brings valuable investment community experience and an understanding of the opportunities and challenges that face entrepreneurial businesses such as EDAC. We welcome the addition of his expertise and perspective to our Company."

"I am pleased that the shareholders have elected me to the Board of Directors and I look forward to contributing to EDAC's solid foundation and dynamic future," Mr. Sansone stated.

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 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.

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

MikeDDKing PremiumMember

04/27/11 8:59 AM

Post #181

EDAC Technologies Reports Improved Fiscal 2011 First Quarter Results
- Net Income Increases to $0.08 per Share on Sales of $20.2 Million -
- Current Backlog Totals Approximately $171 Million, Including New Long-Term Agreement -
On Wednesday April 27, 2011, 8:00 am

FARMINGTON, Conn., April 27, 2011 /PRNewswire/ -- EDAC Technologies Corporation (NASDAQ:EDAC - News), a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, today reported sales of $20.2 million for the first quarter of fiscal 2011, an increase of 14% compared with $17.8 million for the first quarter of fiscal 2010.

Net income for the first quarter of 2011 increased 13% to $408,000, or $0.08 per diluted share, from $360,000, or $0.07 per diluted share, for the same period of 2010. The first quarter of 2010 benefited from non-recurring other income of $350,000. The 2011 first quarter net income improved sequentially from $56,000, or $0.01 per share, reported for the fourth quarter of 2010.

The increase in EDAC's 2011 first quarter sales compared with the same period a year ago reflected substantial growth in each of the Company's three major product lines: EDAC Aero, APEX Machine Tool and EDAC Machinery. The improvement in net income versus the 2010 first quarter primarily reflected the increased sales, particularly in the Company's higher margin product lines, and improved absorption of the costs of new products developed.

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 $13.7 million, an increase of 9% from the first quarter of 2010 and 18% from the 2010 fourth quarter. This reflected continued ramp-up in the shipment of parts for a large aerospace contract that had experienced qualification delays in 2010 as well as increased volumes of other new parts and improved aerospace market demand.
* Sales for the Apex Machine Tool product line were $4.7 million in the 2011 first quarter, an increase of 17% from the year-ago first quarter and up 10% sequentially, reflecting increased demand for fixture, tooling and mold products due to the economic recovery, as well as the Company's efforts to expand the customer base and markets for Apex products.
* Sales for the EDAC Machinery product line were $1.8 million, an increase of 45% from the first quarter of 2010 and although above expectations it was down 10% sequentially. The improvement from the year-ago first quarter reflected increased sales of SNI precision grinders following its acquisition out of bankruptcy by EDAC in 2009.

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

* The gross profit for the 2011 first quarter was $2.8 million, or 13.9% of sales. This compares with $2.1 million, or 12.0% of sales, in the 2010 first quarter and $1.8 million, or 10.1% of sales, in the 2010 fourth quarter. The gross margin increase reflected the move from development to production of new aerospace parts and improved cost absorption with the production ramp-up of the parts that experienced qualification delays in 2010. The margin improvement over the year-ago first quarter also reflected a shift in sales to the Company's higher margin businesses.
* SG&A expenses for the first quarter of 2011 were $1.9 million, or 9.6% of sales, compared with $1.7 million or 9.7% of sales in the first quarter of 2010 and $1.6 million, or 8.8% of sales, in the fourth quarter of 2010.
* Operating income for the first quarter of 2011 was $864,000, more than double the first quarter of 2010 and more than triple the 2010 fourth quarter.
* EDAC had negligible other income in the 2011 first quarter, compared to other income of $360,000 in the 2010 first quarter from the recognition of a deposit on an equipment purchase made by AERO prior to its acquisition.

Backlog and Outlook

EDAC announced that in April it has signed a multi-year agreement to supply additional engine parts to a leading European engine manufacturer, for use on a commercial airliner program. The agreement has a five-year term and is valued at approximately $42 million over that period. The addition of this contract has resulted in backlog reaching approximately $171 million at April 27, 2011, compared with $138.3 million at the end of the 2010 fourth quarter.

"Our results for the first quarter represent a strong start for 2011, and demonstrate that we are beginning to deliver on our vision of EDAC as a more diversified, faster growing and increasingly profitable supplier to major aerospace and industrial customers. We are beginning to benefit from our investments in recent years to bring a significant number of new parts to market. We have also shown that our team can work successfully to overcome production challenges and satisfy the needs of demanding customers for high-precision parts. And, we have proven our ability to integrate, enhance the performance and realize the value of acquired product lines," said Dominick A. Pagano, EDAC's President and Chief Executive Officer.

"We are especially pleased to have achieved a gross margin of 13.9% for the 2011 first quarter. This is not only a significant improvement over the previous year, but also is more reflective of the margin level we are striving to achieve and improve upon going forward. Based on our backlog, as well as the seasonality of our business, in which sales are somewhat more heavily weighted toward the first and second quarters of the year, we expect to see a continued strong level of sales in the second quarter of 2011," Mr. Pagano concluded.

Conference Call and Webcast

The Company will host a conference call to review the above results at 1:00 p.m. (Eastern Time) today, April 27, 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 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

http://www.prnewswire.com/news-releases/edac-technologies-reports-improved-fiscal-2011-first-quarter-results-120769319.html

MikeDDKing PremiumMember

03/10/11 5:34 PM

Post #180

EDAC Technologies Reports Fiscal 2010 Fourth Quarter Results
- Net Income is $0.01 per Share on Sales of $17.9 Million -
- Backlog Totals $138.3 Million at Year-End -
On Thursday March 10, 2011, 8:00 am EST

FARMINGTON, Conn., March 10, 2011 /PRNewswire/ -- EDAC Technologies Corporation (Nasdaq:EDAC - News), a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, today reported sales of $17.9 million for the fourth quarter of fiscal 2010, an increase of 10% compared with $16.3 million for the fourth quarter of fiscal 2009.

Net income for the fourth quarter of 2010 was $56,000, or $0.01 per diluted share, compared to $113,000, or $0.02 per diluted share, for the same period of 2009.

The year-over-year increase in EDAC’s fourth quarter sales reflected substantial growth in the Company’s APEX Machine Tool and EDAC Machinery product lines, which offset 4% lower sales in the EDAC AERO product line. Net income in the fourth quarter of 2010 was below the same period of 2009 despite improved operating income, as the 2009 fourth quarter included $262,000 of other income due to a favorable adjustment to the net gain on the acquisition of AERO recorded in the 2009 second quarter.

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 $11.7 million, a decrease of 4% from the fourth quarter of 2009. The comparison reflected an 8% increase in sales of the AERO product line acquired in May 2009 primarily due to increased demand for the Company’s products. This was offset by 15% lower sales of the traditional EDAC Aerospace product line compared to the prior year fourth quarter primarily due to longer than expected development and qualification time on products for a customer, which delayed the ramp-up of shipments until later in the 2010 fourth quarter. The ramp-up has continued in the 2011 first quarter.

* Sales of the Apex Machine Tool product line were $4.2 million in the 2010 fourth quarter, an increase of 27% from the year-ago fourth quarter, as the Company’s strategy to focus on increasing the number and size of customer orders and expanding the markets served by Apex continued to gain traction.

* Sales of the EDAC Machinery product line were $2.0 million, an increase of 148% from the fourth quarter of 2009. This included a 109% increase in sales of Gros-Ite Spindle products, due to continued strong demand for hydrostatic spindles from a key OEM customer. It also reflected a more than three-fold increase in the sales of Service Network International (SNI), the assets of which were acquired in August 2009.

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

* The gross profit was $1.8 million for the 2010 fourth quarter and included higher than normal development and qualification costs for a new parts program that resulted in a loss on that program for a second consecutive quarter. Having qualified all of the parts, the Company is now in a production ramp-up that will further allow the implementation of improved production processes for this program. In the fourth quarter of 2009, the gross profit was $1.4 million and included $252,000 of costs related to re-start of the then recently acquired SNI operations. The gross profit margin was 10.1% and 8.5% of total sales in the fourth quarters of 2010 and 2009, respectively.

* SG&A expenses for the fourth quarter of 2010 were $1.6 million or 8.8% of sales compared with $1.5 million or 9.2% of sales in the fourth quarter of 2009.

* Operating income increased to $242,000 for the fourth quarter of 2010, compared to a loss from operations of $114,000 for the same period of 2009.

On a sequential basis, EDAC’s sales for the fourth quarter of 2010 were 3% lower than the third quarter. While sales for Apex Machine Tool increased 7% and sales for EDAC Machinery products increased 65%, including an SNI order that had shifted from the third quarter, there was a 13% decrease in the EDAC AERO product line. This was due to the reduction in a military spare parts order and a requested delay in parts for a ground-based turbine project in Spain, which were only partially offset by an increased order for drum detail parts for a commercial aircraft engine.

For the 52 weeks of fiscal 2010, ended January 1, 2011, EDAC’s sales increased 34% to $73.1 million from $54.6 million for fiscal 2009 and included a full year of sales of the AERO acquisition completed May 27, 2009 and of the SNI acquisition completed August 10, 2009. Income from operations was $1.8 million for 2010, compared with $1.1 million for 2009. Net income for 2010 was $845,000, or $0.17 per diluted share. For 2009, net income was $7.6 million, or $1.54 per diluted share, but included other income of $11.9 million, due to a net gain on the acquisition of the manufacturing business unit of MTU Aero Engines North America Inc.

Backlog and Outlook

EDAC’s total sales backlog at January 1, 2011 was approximately $138.3 million, compared with $133.6 million at the end of the 2010 third quarter and approximately $125.9 million at year-end fiscal 2009.

Separately, EDAC announced that it has received a letter of intent from a leading European engine manufacturer to proceed with all necessary tooling for parts production in anticipation of being awarded a multi-year agreement to supply eight engine parts for a commercial airliner program. The agreement has a five-year term and is valued at approximately $36 million over that period.

“Our team is hard at work on our priorities to generate sustainable top-line growth and stronger profit margins. We have invested in the development of a significant number of new parts for major aerospace programs, and are continuing to see steady progress in having those parts qualified and in ramping up volume. Our newest agreement also demonstrates our ability to gain traction with an increasingly diverse range of customers and aviation platforms. As we reach greater critical mass in delivering the new parts, and also institute more efficient processes as needed, the impact on our gross margin should be solidly positive. Consequently, we expect to see an improvement in sales and profitability in the first quarter of 2011 as compared with the fourth quarter of 2010,” said Dominick A. Pagano, EDAC’s President and Chief Executive Officer.

Conference Call and Webcast

The Company will host a conference call to review the above results at 10:00 a.m. (Eastern Time) today, March 10, 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 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

MikeDDKing PremiumMember

12/30/10 9:07 AM

Post #179

Re: #178: @WOLDUMAR - TOP 5 COMPANIES IN THE AEROSPACE & DEFENSE

Interesting.

WOLDUMAR

12/30/10 8:58 AM

Post #178

TOP 5 COMPANIES IN THE AEROSPACE & DEFENSE INDUSTRY WITH THE LOWEST OPERATING MARGIN (AVAV, EDAC, ORB, KTOS, GY)Print Share Dec 28, 2010 (SmarTrend(R) News Watch via COMTEX) -- Below are the top five companies in the Aerospace & Defense industry as ranked by lowest operating margin. A healthy operating margin is required for a company to pay for its fixed costs and generate cash.

Aerovironment (NASDAQ:AVAV) has an operating margin of 0.6% on trailing 12 months sales of $262.2 million and sales growth of 24.2%.

Edac Technologies (NASDAQ:EDAC) has an operating margin of 2% on trailing 12 months sales of $71.5 million and sales growth of 22.4%.

Orbital Sciences (NYSE:ORB) has an operating margin of 6.2% on trailing 12 months sales of $1.2 billion and sales growth of 13.5%.

Kratos Defense & Security Solutions (NASDAQ:KTOS) has an operating margin of 6.2% on trailing 12 months sales of $362.9 million and sales growth of 39.3%.

GenCorp (NYSE:GY) has an operating margin of 6.8% on trailing 12 months sales of $871.7 million and sales growth of 4.6%.

SmarTrend currently has shares of Orbital Sciences in an Uptrend and issued the Uptrend alert on September 21, 2010 at $14.49. The stock has risen 21.4% since the Uptrend alert was issued.

Write to Chip Brian at cbrian@tradethetrend.com

MikeDDKing PremiumMember

10/22/10 9:42 AM

Post #177

EDAC Technologies Reports Fiscal 2010 Third Quarter Results
- Net Income is $0.02 per Share on Sales of $18.5 Million -
- Backlog Totals $133.6 Million at Quarter-End -
On Friday October 22, 2010, 8:00 am EDT

FARMINGTON, Conn., Oct. 22 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (Nasdaq:EDAC - News), a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, today reported sales of $18.5 million for the third quarter of fiscal 2010, an increase of 22% compared with $15.1 million for the third quarter of fiscal 2009.

Net income for the 2010 third quarter was $84,000, or $0.02 per diluted share, compared to $80,000, or $0.02 per diluted share, for the same period last year.

EDAC's higher sales for the 2010 third quarter reflected year-over-year growth in each of its three major product lines, primarily due to the Company's expanding parts programs and customer base, along with improved market conditions. The trend in net income reflected the increase in sales, largely offset by higher cost of sales due to development costs for an emerging program, unabsorbed expenses related to the SNI product line, and costs associated with integrating Accura Technics, acquired in May 2010. These items increased cost of sales by a total of approximately $600,000.

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

* Sales of the EDAC AERO product line were $13.4 million, an increase of nearly 20% compared with the 2009 third quarter. This growth reflected increased sales of 20% to nearly $7 million in the Company's traditional EDAC Aerospace product line and 19% to $6.4 million in the Aero product line that was acquired in May 2009 as a result of EDAC's purchase of the manufacturing business unit of MTU Aero Engines North America, Inc. ("AERO"). In particular, EDAC AERO began to ship parts for applications such as rotor aircraft, LEAPX, and GTF (Gear Turbo Fan) engine programs, while also providing an expanded range of parts for the GE90 engine (Boeing 777).
* Sales of the Apex Machine Tool product line were $3.9 million in the 2010 third quarter, rising 17% from the year-ago quarter. This reflected a focus on increasing the number and size of customer orders and expanding the markets served by Apex.
* Sales of the EDAC Machinery product line totaled $1.2 million in the 2010 third quarter, an increase of 107% from the same 2009 period. This reflected a 71% rise in sales of Gros-Ite Spindle products, which exceeded the $1.0 million level due to strong demand for hydrostatic spindles from a key OEM customer. Service Network Inc. assets ("SNI"), acquired in August 2009, contributed $197,000 in sales for the 2010 third quarter. The Company recently received orders totaling $1.8 million for SNI products, which it expects to ship in the fourth quarter of 2010 and the first quarter of 2011.

Other factors contributing to EDAC's results for the recent period are as follows:

* Gross profit was $1.8 million for the 2010 third quarter, matching the year-ago period. The gross profit margin was 9.5% and 11.6% of total sales in the third quarters of 2010 and 2009, respectively.
* SG&A costs for the 2010 third quarter increased 6.7% from a year ago, primarily due to costs associated with the SNI product line. As a percentage of total sales, SG&A declined to 7.5% for the third quarter of 2010, from 8.6% in the third quarter of 2009.
* Operating income was $375,000 for the third quarter of 2010, compared to $456,000 for the same period of 2009.
* The Company's tax rate was 28.4% for the 2010 third quarter, compared with 33.1% for the 2009 third quarter.

On a sequential basis, EDAC's $18.5 million in sales for the 2010 third quarter were nearly even with the second quarter. A 6% increase in the EDAC AERO product line, including a 23% increase in the Company's traditional aerospace products, was offset by a 19% decline in Apex Machine Tool due to seasonality and a 14% decrease in EDAC Machinery products caused by a shift in an SNI order out of the third quarter. The Company's net income of $84,000, or $0.02 per diluted share, for the 2010 third quarter compared with $345,000, or $0.07 per diluted share, for the second quarter of 2010.

For the first nine months of fiscal 2010, EDAC's sales increased to $55.2 million from $38.3 million for the comparable 2009 period. Income from operations was $1.5 million for the first nine months of 2010, versus $1.2 million for the same period of 2009. Net income was $788,000, or $0.16 per diluted share, for the first nine months of 2010. For the same period of 2009, net income was $7.5 million, or $1.53 per diluted share, but included other income of $11.7 million, due to a net gain on the acquisition of AERO.

"Our strong sales increase compared to the year-ago period reflected EDAC's efforts to drive organic growth by investing in the development of new parts for an expanding customer base, as well as the integration and continued growth of acquired operations. At the same time, the higher cost of sales restrained earnings in the recent quarter. We are working to refine the cost-effectiveness of certain production processes in our AERO product line to address this issue. We believe that the rising demand for our product lines, including substantial shipments of SNI products expected in the next two quarters, should also help to improve gross profit," said Dominick A. Pagano, President and Chief Executive Officer.

Backlog and Outlook

EDAC's total sales backlog at October 2, 2010 was approximately $133.6 million, compared with $135.1 million at the end of the 2010 second quarter and approximately $125.9 million at year-end fiscal 2009.

Mr. Pagano noted, "Based on our backlog, as well as our efforts to expand our range of products and cultivate strong customer relationships, we expect our sales in the 2010 fourth quarter to increase sequentially as compared to the third quarter."

Conference Call and Webcast

The Company will host a conference call to review the above results at 10:00 a.m. (Eastern Time) today, October 22, 2010. 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 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

See the PR for tables

MikeDDKing PremiumMember

08/06/10 11:22 PM

Post #176

EDAC Technologies Reports Fiscal 2010 Second Quarter Results
- Record Sales of $18.8 Million, Up 6% from 1Q10 -
- Backlog Totals $135.1 Million at Quarter-End -
On Tuesday July 27, 2010, 8:00 am EDT

FARMINGTON, Conn., July 27 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (Nasdaq:EDAC - News), a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, today reported record sales of $18.8 million for the second quarter of fiscal 2010, compared with $13.6 million for the second quarter of 2009 and $17.8 million for the first quarter of 2010.

Net income for the 2010 second quarter was $345,000, or $0.07 per diluted share. For the second quarter of 2009, net income was $7.4 million, or $1.50 per diluted share, including other income of $11.7 million due to a net gain on an acquisition. For the first quarter of 2010, net income was $360,000, or $0.07 per diluted share, including other income of $350,000 from the recognition of a deposit on an equipment purchase in association with AERO. There was no other income in the 2010 second quarter.

Income from operations was $729,000 for the 2010 second quarter, up from $515,000 in the 2009 second quarter and $410,000 in the 2010 first quarter.

The Company's tax rate declined to 31.4% for the 2010 second quarter, from 38.9% for the 2009 second quarter and 33.8% for the 2010 first quarter.

EDAC's results for the second quarter of 2010 included $7.4 million in sales from product lines acquired during 2009. These included the manufacturing business unit of MTU Aero Engines North America, Inc. ("AERO"), purchased in May 2009, and certain assets of Service Network Inc. ("SNI"), purchased in August 2009. The AERO and SNI acquisitions now operate as part of the Company's EDAC AERO and EDAC Machinery product lines, respectively.

Sales rose 6% on a sequential basis comparing the first and second quarters of 2010. This was largely due to organic growth of the acquired product lines, as well as a significant increase in sales at Apex Machine Tool. Sales for the Company's three product lines, and key factors contributing to the sequential sales increase, are as follows:

* Sales of the EDAC AERO product line were $12.6 million, a slight increase of less than 1% compared with the 2010 first quarter. This reflected a 10% increase in sales of the acquired AERO product line from organic growth, which offset a decrease in sales of the Company's traditional EDAC Aerospace product line mainly due to the shift of a scheduled shipment into the third quarter.

* Sales of the Apex Machine Tool product line were $4.8 million in the 2010 second quarter, increasing 21% from the 2010 first quarter. EDAC realigned management of Apex earlier this year, resulting in a successful focus on increasing the number and size of customer orders and expanding the markets served.

* Sales of the EDAC Machinery product line (formerly known as Gros-Ite Spindles) totaled $1.4 million in the 2010 second quarter, up 13% sequentially. Both the original spindle unit and acquired SNI operations experienced organic sales growth.

Other factors contributing to EDAC's results for the recent period are as follows:

* Gross profit was $2.3 million for the 2010 second quarter, increasing 5% from the first quarter of 2010. The gross profit margin was 12.0% of total sales in both the first and second quarters of 2010.

* SG&A costs for the 2010 second quarter declined 12% from the 2010 first quarter primarily due to reduced bonus and employee benefit expense. SG&A was 8.1% of total sales in the second quarter of 2010, a decrease from 9.7% in the first quarter of 2010.

* Operating income rose 78% from the first quarter of 2010 to $729,000. The second quarter 2010 operating margin was 3.9%, compared with 2.3% for the first quarter of 2010.

For the first six months of fiscal 2010, EDAC's sales increased to $36.6 million from $23.2 million for the comparable 2009 period. Income from operations was $1.1 million for the first half of 2010, versus $734,000 for the same period of 2009. Net income was $704,000, or $0.14 per diluted share for the first half of 2010. For the same period of 2009, net income was $7.4 million, or $1.52 per diluted share, including other income of $11.7 million due to a net gain on the acquisition of AERO.

"The performance of each of EDAC's product lines in the 2010 second quarter showed the early positive effects of our growth strategies. The acquired operations that are now part of EDAC Aero produced higher sales as we increased our delivery of parts for new programs such as the LEAP-X and Geared Turbofan high-efficiency jet engines, and the Joint Strike Fighter. Apex Machine Tools is benefitting from a new management team that is successfully transitioning that product line from short-term tool and die work to more extensive production programs for significant customers. Our EDAC Machinery product line increased sales in both its traditional and SNI components, while SNI also has benefitted from its relocation to a new, more efficient manufacturing facility," said Dominick A. Pagano, President and Chief Executive Officer.

On May 18, 2010, EDAC acquired certain assets of Accura Technics, LLC, a manufacturer of computer numerical control (CNC) grinding systems used in manufacturing precisely engineered parts for a wide variety of applications. The purchase price was approximately $300,000. The contributions of Accura Technics during the 2010 second quarter were not material.

Backlog and Outlook

EDAC's total sales backlog at July 3, 2010 was approximately $135.1 million, compared with $136.1 million at the end of the 2010 first quarter and $134.0 million at July 4, 2009.

"We see a number of positive factors heading into the second half of 2010," noted Mr. Pagano. "Our traditional EDAC Aerospace unit has been pursuing an ambitious program of new parts development, and we believe it is now positioned to ramp up deliveries of parts for platforms such as the V2500 engine. EDAC AERO also is actively participating in a number of development programs. Both our Apex and EDAC Machinery product lines are successfully working to grow and diversify their operations, and the acquisition of Accura Technics should allow us to serve an expanded range of precision grinding applications."

"We are encouraged by our backlog and these other favorable developments as we look toward the 2010 third quarter and the balance of the year," 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 27, 2010. 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 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

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 3,

July 4,

July 3,

July 4,

2010

2009

2010

2009

Sales

$ 18,841

$ 13,629

$ 36,628

$ 23,213

Cost of sales

16,583

11,933

32,229

20,436

Gross profit

2,258

1,696

4,399

2,776

Selling, general and administrative expenses

1,529

1,181

3,260

2,042

Income from operations

729

515

1,139

734

Non-operating income (expense):

Interest expense

(226)

(191)

(452)

(330)

Other income

-

11,740

360

11,746

Income before income taxes

503

12,064

1,047

12,150

Provision for income taxes

158

4,688

343

4,718

Net income

$ 345

$ 7,376

$ 704

$ 7,433

Income per common share

Data:

Basic income per share

$0.07

$1.53

$0.15

$1.54

Diluted income per share

$0.07

$1.50

$0.14

$1.52

Weighted average shares outstanding:

Basic

4,857

4,830

4,850

4,828

Diluted

5,102

4,919

5,029

4,892

EDAC TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(Unaudited)

(Audited)

July 3,

January 2,

2010

2010

ASSETS

CURRENT ASSETS:

Cash

$ 661

$ 1,100

Accounts receivable, net

13,782

10,862

Inventories, net

21,206

19,990

Prepaid expenses and other current assets

356

306

Refundable income taxes

112

112

Deferred income taxes

1,098

1,098

Total current assets

37,215

33,468

PROPERTY, PLANT AND EQUIPMENT

49,727

48,431

Less: accumulated depreciation

27,279

25,974

22,448

22,457

OTHER ASSETS

178

202

TOTAL ASSETS

$59,841

$56,127

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

Lines of credit

$ 2,450

$ 1,591

Current portion of long-term debt

2,071

1,833

Trade accounts payable

7,642

6,828

Employee compensation and amounts withheld

1,307

1,185

Accrued expenses

2,038

1,819

Customer advances

583

1,028

Total current liabilities

16,091

14,284

LONG-TERM DEBT, less current portion

13,211

12,154

PENSION LIABILITIES

1,448

1,448

DEFERRED INCOME TAXES

4,483

4,475

SHAREHOLDERS' EQUITY:

Common stock

12

12

Additional paid-in capital

11,475

11,225

Retained earnings

15,489

14,785

Accumulated other comprehensive loss

(2,368)

(2,256)

Total shareholders' equity

24,608

23,766

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$59,841

$56,127

MikeDDKing PremiumMember

05/02/10 9:50 AM

Post #175

EDAC Technologies Reports Fiscal 2010 First Quarter Results
- Sales Increase 9% from 4Q09 to Record $17.8 Million on Organic Growth -
- Sales Growth of 86% over 1Q09 Reflects Acquisitions and 16% Organic Growth -
- Backlog Rises to $136 Million from $126 Million at 2009 Year End -
On Wednesday April 28, 2010, 8:00 am EDT

FARMINGTON, Conn., April 28 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (Nasdaq:EDAC - News), a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, today reported record sales of $17.8 million for the first quarter of fiscal 2010, compared with $9.6 million for the first quarter of 2009 and $16.3 million in the 2009 fourth quarter. Net income for the 2010 first quarter was $360,000, or $0.07 per diluted share, up from $56,000, or $0.01 per diluted share, in the 2009 first quarter and $113,000, or $0.02 per diluted share, in the fourth quarter of 2009.

The sharp increase in sales compared with the 2009 first quarter primarily reflected the acquisition in May 2009 of the manufacturing business unit of MTU Aero Engines North America Inc. ("AERO") and, to a lesser extent, the acquisition in August 2009 of the assets of Service Network Inc. ("SNI"). The acquired AERO and SNI units now operate as part of the Company's EDAC AERO and Gros-Ite Spindles product lines, respectively. The sequential rise in sales from the fourth quarter of 2009 to the first quarter of 2010 was due to organic growth, driven by management's strategies to diversify the range of parts EDAC supplies to aerospace and industrial customers, and to expand its participation in emerging aviation programs.

Additional details of EDAC's 2010 first quarter results include the following:

* Total sales increased 85.6% from the first quarter of 2009 and included $6.7 million of sales from the AERO and SNI operations acquired in the second and third quarters of 2009. The increase also reflects 16.0% organic growth. The 9.1% increase in sales from the fourth quarter of 2009 resulted entirely from organic growth. Total sales include three product lines:
o Sales of the EDAC AERO product line were $12.6 million, an increase of 142.1% from the first quarter of 2009. The increase included $6.3 million of sales from the AERO acquisition and 21% organic growth. EDAC AERO sales rose 3.4% from the 2009 fourth quarter.
o Sales of the Apex Machine Tool product line were $4.0 million in the 2010 first quarter, increasing 3.5% from the first quarter of 2009 and 19.4% from the 2009 fourth quarter. The sequential increase includes sales to new customers in the space, medical and consumer sectors.
o Sales of the Gros-Ite Spindles product line totaled $1.2 million in the 2010 first quarter, up 127.8% from the 2009 first quarter and 53.4% sequentially. The year-over-year increase included $386,000 of sales from SNI in the 2010 first quarter. The organic growth in spindle sales year-over-year and sequentially was due to rising demand from customers in the telecommunications and other industries.

* Gross profit was $2.1 million for the 2010 first quarter, increasing 98.2% from the first quarter of 2009 primarily due to the acquisition of AERO, and 54.1% sequentially largely due to improved manufacturing processes. Gross profit was 12.0% of total sales in the first quarter of 2010 compared with 11.3% in the first quarter of 2009 and 8.5% in the 2009 fourth quarter.

* SG&A costs for the 2010 first quarter increased 100.9% from the 2009 first quarter primarily due to the acquisition of AERO, and 15.1% sequentially primarily due to management incentive programs and marketing expense. SG&A represented 9.7% of total sales in the first quarter of 2010 compared with 9.0% in the first quarter of 2009 and 9.2% in the fourth quarter of 2009.

* Results for the 2010 first quarter included other income of $350,000, equivalent to $0.05 per diluted share after-tax, from the recognition of a deposit on an equipment purchase made by AERO prior to its acquisition.

"EDAC's performance in the 2010 first quarter reflects our efforts to build the business both through acquisitions and organic growth. We have demonstrated our ability to absorb last year's acquisitions of AERO and SNI, which expanded our footprint in the aerospace and industrial sectors, and to grow those businesses under our ownership. At the same time, we have made investments to expand the range of parts we supply to a variety of aerospace customers, and to win an increasing role in emerging programs such as the Joint Strike Fighter, Boeing 787 Dreamliner, and LEAP-X and Geared Turbofan high-efficiency jet engines. We realigned the Apex Machine Tool management to sharpen our focus on opportunities in that product line, and are continuing to expand the applications for Gros-Ite Spindles among existing and new customers. As a result, we feel confident in the potential of all of our businesses to deliver profitable growth in 2010," said Dominick A. Pagano, President and Chief Executive Officer.

Backlog and Outlook

EDAC's total sales backlog at April 3, 2010 was approximately $136.1 million, an increase of $10.2 million from the $125.9 million reported at the end of 2009. Subsequent to the end of the 2010 first quarter, backlog increased by an additional $4 million, to approximately $140.0 million currently. The increase reflected an expanding range of parts for aircraft engines, the addition of a significant contract to supply structural aerospace products, and several contracts to provide components for new military and commercial aircraft programs.

Mr. Pagano noted, "Based on our backlog, we expect our sales in the second quarter to slightly exceed our first quarter sales of $17.8 million and to be substantially higher than the $13.6 million recorded in the second quarter of 2009. We are continuing to pursue strategies and evaluate opportunities to gain share in our markets through complementary acquisitions and investments that expand and diversify our product lines, services and manufacturing capabilities."

Conference Call and Webcast

The Company will host a conference call to review the above results at 1:00 p.m. (Eastern Time) today, April 28, 2010. 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 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

EDAC TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED

For the quarter ended
April 3, April 4,
(in thousands except per share amounts) 2010 2009
Sales $ 17,787 $ 9,584

Cost of Sales 15,646 8,504

Gross Profit 2,141 1,080

Selling, General and
Administrative Expenses 1,730 861

Income From Operations 410 219

Non-Operating Income (Expense):

Interest Expense (226 ) (140 )
Other 360 7

Income Before Income Taxes 544 86

Provision for Income Taxes 184 30

Net Income $ 360 $ 56

Income per common share data:

Basic income per share $ 0.07 $ 0.01

Diluted income per share $ 0.07 $ 0.01

Weighted average shares outstanding:

Basic 4,842 4,825
Diluted 4,958 4,862

EDAC TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited) (Audited)
April 3, January 2,
(in thousands) 2010 2010
ASSETS

CURRENT ASSETS:

Cash
$ 766 $ 1,100
Accounts receivable, net
12,543 10,862
Inventories, net
20,196 19,990
Prepaid expenses and other current assets
556 306
Refundable income taxes
112 112
Deferred income taxes
1,098 1,098

Total current assets
35,270 33,468

PROPERTY, PLANT AND EQUIPMENT
49,175 48,431
Less: accumulated depreciation
26,663 25,974

22,553 22,457

OTHER ASSETS
190 1,202

TOTAL ASSETS
$ 58,013 $ 56,127

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Lines of credit
$ 3,491 $ 1,591
Current portion of long-term debt
1,773 1,833
Trade accounts payable
6,405 6,828
Employee compensation and amounts withheld
1,596 1,185
Accrued expenses
2,020 1,819
Customer advances
702 1,028

Total current liabilities
15,988 14,284

LONG-TERM DEBT, less current portion
11,744 12,154

PENSION LIABILITIES
1,521 1,448

DEFERRED INCOME TAXES
4,557 4,475

SHAREHOLDERS’ EQUITY:

Common stock
12 12
Additional paid-in capital
11,342 11,225
Retained earnings
15,145 14,785
Accumulated other comprehensive loss
(2,296 ) (2,256 )

Total shareholders’ equity
24,203 23,766

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$ 58,013 $ 56,127

MikeDDKing PremiumMember

03/15/10 12:48 AM

Post #174

EDAC Technologies Reports Fiscal 2009 Fourth Quarter and Full Year Results
Current Backlog Rises to $134 Million from $126 Million at 2009 Year End due to Expanded Aerospace Products and Emerging Programs
On Tuesday March 2, 2010, 6:27 pm EST

FARMINGTON, Conn., March 2 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (Nasdaq:EDAC - News), a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, today reported sales for the fourth quarter of fiscal 2009 of $16.3 million, up from $12.1 million for the same period of 2008 and $15.1 million in the 2009 third quarter. Net income for the 2009 fourth quarter was $113,000, or $0.02 per diluted share, versus a net loss of ($279,000), or ($0.06) per diluted share in the 2008 fourth quarter and net income of $80,000 or $0.02 in the third quarter of 2009.

For the full year fiscal 2009 ended January 2, 2010, EDAC's sales increased to $54.6 million from $44.7 million for 2008. Net income was $7.6 million, or $1.54 per diluted share, for 2009, and included other income of $11.9 million due to a net gain on the acquisition of the manufacturing business unit of MTU Aero Engines North America, Inc. (AERO) completed on May 27, 2009. This compares with net income of $1.1 million, or $0.23 per diluted share, for 2008. There were 52 weeks in fiscal 2009 versus 53 weeks in fiscal 2008.

Results for the fourth quarter of fiscal 2009 primarily reflected the following factors:

* Sales increased 34.7% from the fourth quarter of 2008 and 7.7% sequentially. This was mainly due to the contribution of AERO, which represented $5.8 million of fourth quarter 2009 sales and $5.4 million of 2009 third quarter sales. As a result of this contribution, fourth quarter 2009 sales from EDAC AERO, which also includes the Precision Aerospace product line, rose to $12.1 million, which was 148% higher than in the fourth quarter of 2008 and 8.7% higher sequentially, also reflecting organic growth due to an increase in shipments of certain jet engine parts. The increase in aerospace sales more than offset a 45% decrease in sales from the Apex Machine Tool product line compared with the fourth quarter of 2008, reflecting the continued impact of the recession on industrial tooling. Apex sales totaled $3.3 million in the fourth quarter of 2009, which were approximately level with the 2009 third quarter. Sales from the Gros-Ite Spindles product line totaled $812,000 in the fourth quarter of 2009 and included $281,000 of sales from Service Network International (SNI), the assets of which EDAC acquired from Bankruptcy Court on August 10, 2009. Gros-Ite Spindles sales were down 25% from the fourth quarter of 2008, but rose 38% sequentially, due to the inclusion of SNI and a pickup in production in the automotive industry.

* The fourth quarter 2009 gross profit of $1.4 million rose 144% from the fourth quarter of 2008, but it was 21% below the third quarter of 2009 primarily due to the absorption of one-time costs of $252,000 related to the re-start of the SNI operations, which had ceased prior to being purchased by the Company.

* SG&A costs for the fourth quarter of 2009 increased 84% from the fourth quarter of 2008 and 15% sequentially, primarily due to pension expense, year-end adjustments to the bad debt reserve and transitional expenses related to acquisitions. The increase in SG&A and re-start costs associated with SNI contributed to an operating loss for the 2009 fourth quarter.

"2009 was a building year for EDAC", said Dominick A. Pagano, President and Chief Executive Officer. "We completed the acquisitions of AERO, which increased our presence in aerospace programs, and SNI, which added new grinder product lines. As a result, we rebalanced our business mix to generate higher margins and positioned the Company to be a more valuable partner to our customers. We also invested in developing jet engine parts for the Joint Strike Fighter and for GE engines, as well as in other products and capabilities. While these investments resulted in the need to absorb additional costs during the year, they have expanded our capabilities and provided a solid platform for future profitable growth."

Backlog and Outlook

EDAC's total sales backlog at the end of fiscal 2009 was approximately $125.9 million compared with $52.4 million at the end of fiscal 2008 and $134.0 million at the end of the 2009 third quarter.

The backlog increased by approximately $8 million from year-end to reach $134 million as of February 28, 2010, as new orders replaced sales from backlog in the fourth quarter. The recent orders were for an expanding range of parts for aircraft engines, the addition of a significant contract to supply structural aerospace products, and several new contracts to provide components for new military and commercial aircraft programs. These included:

* Additional parts for the IAE V2500;
* Additional parts for the Joint Strike Fighter;
* Development parts for the Gear Turbo Fan;
* Development parts for the Leap-X;
* First time orders for mature engine programs, including rotating components for rotor aircraft, compressor cases, stators, and large fan cases; and
* First time orders for landing gear components.

Mr. Pagano noted, "Our recent growth in backlog and sequential increase in sales from the third to the fourth quarter of 2009 provide a good indicator of our ability to grow the business going forward. About $7 million of the increase in backlog since year-end came from parts that only recently were added to our product lines."

Mr. Pagano added, "Based on our backlog, we expect sales for the first quarter of 2010 to slightly exceed our 2009 fourth quarter sales of $16.3 million and to be substantially higher than the $9.6 million recorded in the first quarter of 2009, reflecting our recent acquisitions and continued organic growth."

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 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

(See attached financial tables)

    EDAC TECHNOLOGIES CORPORATION 
     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
     (in thousands except per share amounts) 
      
                                For the three months    For the twelve months 
                                        ended                   ended 
                                 Jan. 2,        Jan. 3,  Jan. 2,       Jan. 3, 
                                   2010           2009     2010          2009 
                                    ---           ----      ---          ---- 
      
     Sales                      $16,298        $12,099  $54,643       $44,677 
      
     Cost of sales               14,909         11,529   48,716        38,805 
                                 ------         ------   ------        ------ 
      
         Gross profit             1,389            570    5,927         5,872 
      
     Selling, general and 
      administrative 
      expenses                    1,503            815    4,850         3,492 
                                  -----            ---    -----         ----- 
      
         (Loss) income from 
          operations               (114)          (245)   1,076         2,380 
      
     Non-operating income 
      (expense): 
         Interest expense          (236)          (152)    (829)         (631) 
         Other income               268             10   11,941            73 
                                    ---            ---   ------           --- 
      
         (Loss) income before 
          income taxes              (82)          (387)  12,188         1,822 
      
     (Benefit from) 
      provision for income 
      taxes                        (195)          (108)   4,562           683 
                                   ----           ----    -----           --- 
      
         Net income (loss)         $113          $(279)  $7,626        $1,138 
                                   ====          =====   ======        ====== 
      
      Income (loss) per 
       common share Data: 
       Basic income (loss) per 
        share                     $0.02         ($0.06)   $1.58         $0.24 
                                  =====         ======    =====         ===== 
       Diluted income (loss) 
        per share                 $0.02         ($0.06)   $1.54         $0.23 
                                  =====         ======    =====         ===== 
      
     Weighted average shares 
      outstanding: 
       Basic                      4,839          4,825    4,833         4,724 
       Diluted                    4,990          4,905    4,945         5,038

EDAC TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands) January 2, January 3,
2010 2009
---- ----
ASSETS
------
CURRENT ASSETS:
Cash $1,100 $1,311
Accounts receivable, net 10,862 7,932
Inventories, net 19,990 7,962
Prepaid expenses and other current assets 306 107
Refundable income taxes 112 687
Deferred income taxes 1,098 983
----- ---
Total current assets 33,468 18,982
------ ------

PROPERTY, PLANT AND EQUIPMENT 48,431 35,347
Less: accumulated depreciation 25,974 23,993
------ ------
22,457 11,354
------ ------

DEFERRED INCOME TAXES - 106
--- ---

OTHER ASSETS 202 1,022
--- -----
TOTAL ASSETS $56,127 $31,464
======= =======

LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES:
Equipment line of credit $1,591 $1,675
Current portion of long-term debt 1,833 2,376
Trade accounts payable 6,828 3,485
Employee compensation and amounts withheld 1,185 1,112
Accrued expenses 1,819 361
Customer advances 1,028 262
----- ---
Total current liabilities 14,284 9,271
------ -----

LONG-TERM DEBT, less current portion 12,154 4,828
------ -----

PENSION LIABILITIES 1,448 1,698
----- -----

DEFERRED INCOME TAXES 4,475 -
----- ---

SHAREHOLDERS' EQUITY:
Common stock 12 12
Additional paid-in capital 11,225 10,935
Retained earnings 14,785 7,159
Accumulated other comprehensive loss (2,256) (2,439)
------ ------
Total shareholders' equity 23,766 15,667
------ ------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $56,127 $31,464
======= =======

HotSpit

03/10/10 11:33 AM

Post #173

EDAC Insider Buy

http://www.dailyfinance.com/company/edac-technologies-corporation/edac/nas/4/10668302/html/sec-filings

HotSpit

03/10/10 11:09 AM

Post #172

Top ten defence stocks

http://www.cnanalyst.com/2010/03/top-10-defense-stocks-with-highest-return-on-assets-irsn-flir-edac-astc-pcp-col-asei-eslt-apsg-lmt-m.html

HotSpit

03/05/10 9:11 AM

Post #171

Check this out.

http://quote.barchart.com/texpert.asp?sym=edac&code=BSTK

HotSpit

03/03/10 9:01 AM

Post #170

Earnings Are In

http://www.prnewswire.com/news-releases/edac-technologies-reports-fiscal-2009-fourth-quarter-and-full-year-results-86036097.html

MikeDDKing PremiumMember

01/25/10 2:58 PM

Post #169

Re: #168: @HotSpit - Pagano RE-Signs.

Thanks. I'm not following that closely right now.

HotSpit

01/25/10 2:53 PM

Post #168

Re: #167: @MikeDDKing - EDAC Technologies Corporation Names Lee K. Barba to

Pagano RE-Signs.
http://www.hartfordbusiness.com/news11642.html

MikeDDKing PremiumMember

01/11/10 12:53 PM

Post #167

EDAC Technologies Corporation Names Lee K. Barba to Board of Directors
prnewswire
On Friday January 8, 2010, 11:35 am EST

FARMINGTON, Conn., Jan. 8 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (Nasdaq: EDAC), a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, announced that Lee K. Barba has been named to the Company's Board of Directors, effective January 7, 2010. The appointment of Mr. Barba increases the size of the Board from six to seven members.

From 2000 to 2009, Mr. Barba, age 59, was Chairman and Chief Executive Officer of thinkorswim Group Inc., a leading online brokerage and investor education firm, which he built through acquisitions prior to its sale to TD AMERITRADE. Prior to that, he was President of Coral Energy L.P., a joint venture of Shell Oil Company focused on deregulated energy markets. Mr. Barba spent eight years in a variety of executive positions with Bankers Trust, including Chief Operating Officer of the Global Investment Bank, and began his career in the brokerage and investment banking industry.

EDAC's Chairman, Daniel C. Tracy, commented, "Lee Barba is an important addition to our Board. He has a track record of building successful businesses, and an appreciation for entrepreneurship and innovation. We welcome his experience and perspective, as we continue our efforts to grow EDAC and achieve the Company's full potential."

Mr. Barba said, "EDAC is fully focused on executing its growth strategy. The Company's ability to satisfy the demands of global customers for high quality engineered products will allow them to capture significant opportunities in their market. I look forward to joining with the Board and management team in their efforts to build shareholder value."

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 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. 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:

Glenn L. Purple

Vice President-Finance

860-677-2603

Edward Nebb

Comm-Counsellors, LLC

203-972-8350

MikeDDKing PremiumMember

11/07/09 12:29 AM

Post #166

I have no position.

MikeDDKing PremiumMember

11/07/09 12:27 AM

Post #165

EDAC Technologies Reports Third Quarter Results
On 5:37 pm EDT, Tuesday October 27, 2009

FARMINGTON, Conn., Oct. 27 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (Nasdaq: EDAC - News), a designer and manufacturer of jet engine components, tools, fixtures, injection molds and spindles, today reported results for the third quarter of 2009.

Sales for the third quarter of 2009 were $15,132,000 and net income was $80,000 or $0.02 per diluted share, versus sales of $10,547,000 and net income of $255,000 or $0.05 per diluted share for the third quarter of 2008.

For the nine months ended October 3, 2009, sales were $38,345,000 and net income was $7,513,000 or $1.53 per diluted share versus sales of $32,577,000 and net income of $1,418,000 or $0.28 per diluted share for the nine months ended September 27, 2008.

Dominick A. Pagano, President and Chief Executive Officer, said, "Our results include the operations of our EDAC Aero acquisition since May 27th. EDAC Aero contributed sales of $5,386,000 for the third quarter and $7,755,000 since the acquisition date. Among its domestic and international aerospace customers, EDAC Aero continues as a supplier to MTU Aero Engines in Germany. The third quarter was a challenging one for our other operations. Organically, our sales decreased by $1,514,000 from the second quarter of 2009 due to the down turn in the aerospace and machine tool product lines. Results were further impacted by costs associated with the development of new components for the JSF-135 and other emerging engine programs."

"We also acquired substantially all of the assets of Service Network Incorporated, a manufacturer and rebuilder of precision grinders, as previously announced on August 10th. The new product lines and technologies represent a strategic acquisition that will further broaden our Spindle product line."

As previously announced, EDAC acquired the assets of the manufacturing unit of MTU AENA, located in Newington, Connecticut on May 27, 2009. Operating now as EDAC Aero, the new operation primarily manufactures rotating components such as disks, rings and shafts for the aerospace industry. As prescribed by generally accepted accounting principles, the net assets acquired were recorded at fair value, which exceeded the purchase price by approximately $11,600,000 and has been reflected as a gain in other income in the financial statements.

Pagano added, "To date the EDAC Aero transaction has been accretive to our earnings per share and we fully expect that it will continue to be accretive. It is consistent with our long term strategic plan of incorporating growth through organic operations and acquisitions. The new product lines, customers and technologies have complemented our existing business, and will provide us with a platform to further leverage our assets and resources to enhance shareholder value."

"As always, our strategy is to pursue those long-term opportunities by investing in skilled personnel and state-of-the-art machinery and equipment, and committing to continuous improvement throughout our organization. We will incur costs in the short-term, but in the long-term we believe this will build the financial and operating strength of our company, to the benefit of our shareholders."

About EDAC Technologies Corporation

EDAC Technologies Corporation is a diversified manufacturing company primarily offering (i) manufacturing and design services for the aerospace industry in such areas as jet engine parts, special tooling, equipment, gauges and components used in the manufacture, assembly and inspection of jet engines, (ii) high-precision fixtures, gauges, dies and molds and (iii) the design, manufacture and repair of precision spindles, which are an integral part of numerous machine tools found in virtually every manufacturing environment.

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. 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.

    EDAC TECHNOLOGIES CORPORATION 
     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
     UNAUDITED 
  
                          For the three months ended  For the nine months ended 
                             October 3,    Sept. 27    October 3,    Sept. 27 
                                2009          2008        2009          2008 
                                ----          ----        ----          ---- 
  
     Sales                  $15,132,120  $10,547,124  $38,344,712  $32,577,388 
  
     Cost of sales           13,370,287    9,161,877   33,806,646   27,276,156 
                             ----------    ---------   ----------   ---------- 
  
         Gross profit         1,761,833    1,385,247    4,538,066    5,301,232 
  
     Selling, general and 
      administrative 
      expenses                1,305,763      842,868    3,347,624    2,676,232 
                              ---------      -------    ---------    --------- 
  
         Income from 
          operations            456,070      542,379    1,190,442    2,625,000 
  
     Non-operating income 
      (expense): 
         Interest expense      (262,388)    (158,885)    (592,813)    (478,510) 
         Other income           (73,431)       8,425   11,673,022       62,354 
                                -------        -----   ----------       ------ 
  
         Income before 
          income taxes          120,251      391,919   12,270,651    2,208,844 
  
     Provision for income 
      taxes                      39,803      137,000    4,757,627      791,000 
                                 ------      -------    ---------      ------- 
  
         Net income             $80,448     $254,919   $7,513,024   $1,417,844 
                                =======     ========   ==========   ========== 
  
     Income per common share 
      data: 
       Basic income per share     $0.02        $0.05        $1.56        $0.30 
                                  =====        =====        =====        ===== 
       Diluted income per share   $0.02        $0.05        $1.53        $0.28 
                                  =====        =====        =====        ===== 
  
     Weighted average shares 
      outstanding: 
       Basic                  4,837,803    4,746,137    4,830,803    4,693,020 
       Diluted                5,010,661    5,139,922    4,915,047    5,152,739

    EDAC TECHNOLOGIES CORPORATION 
     CONDENSED CONSOLIDATED BALANCE SHEETS 
  
                                                        (Unaudited) (Audited) 
                                                        October 3,  January 3, 
                                                             2009        2009 
                                                             ----        ---- 
                          ASSETS 
                          ------ 
     CURRENT ASSETS: 
         Cash                                            $851,475   $1,311,092 
         Accounts receivable, net                      11,380,063    7,931,550 
         Inventories, net                              20,406,862    7,961,788 
         Prepaid expenses and other current  assets       357,049      107,333 
         Refundable income taxes                                -      686,708 
         Deferred income taxes                            918,567      983,298 
                                                          -------      ------- 
             Total current assets                      33,914,016   18,981,769 
                                                       ----------   ---------- 
  
     PROPERTY, PLANT AND EQUIPMENT                     48,359,259   35,347,124 
         Less: accumulated depreciation                25,498,519   23,992,878 
                                                       ----------   ---------- 
                                                       22,860,740   11,354,246 
                                                       ----------   ---------- 
  
     DEFERRED INCOME TAXES                                      -      105,971 
                                                              ---      ------- 
  
     OTHER ASSETS                                         228,921    1,021,638 
                                                          -------    --------- 
     TOTAL ASSETS                                     $57,003,677  $31,463,624 
                                                      ===========  =========== 
  
      LIABILITIES AND SHAREHOLDERS' EQUITY 
      ------------------------------------ 
     CURRENT LIABILITIES: 
         Lines of credit                               $1,891,190   $1,674,990 
         Current portion of long-term debt              2,135,023    2,376,018 
         Trade accounts payable                         7,274,442    3,485,192 
         Employee compensation and amounts  withheld    1,726,089    1,112,006 
         Accrued expenses                               1,216,434      361,252 
         Customer advances                                685,901      261,643 
                                                          -------      ------- 
             Total current liabilities                 14,929,079    9,271,101 
                                                       ----------    --------- 
  
     LONG-TERM DEBT, less current portion              12,060,592    4,827,697 
                                                       ----------    --------- 
  
     OTHER LONG-TERM LIABILITIES                        1,698,233    1,698,233 
                                                        ---------    --------- 
  
     DEFERRED INCOME TAXES                              4,411,868            - 
                                                        ---------          --- 
  
     SHAREHOLDERS' EQUITY: 
         Common stock                                      12,095       12,063 
         Additional paid-in capital                    11,118,990   10,934,736 
         Retained earnings                             14,671,626    7,158,600 
         Accumulated other comprehensive loss           2,438,806    2,438,806 
                                                        ---------    --------- 
             Total shareholders' equity                23,363,905   15,666,593 
                                                       ----------   ---------- 
     TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY       $57,003,677  $31,463,624 
                                                      ===========  ===========

Contact: Glenn L. Purple, Vice President-Finance, 860-677-2603

MikeDDKing PremiumMember

08/10/09 10:53 AM

Post #164

EDAC Technologies Announces Strategic Acquisition
On Monday August 10, 2009, 8:30 am EDT

FARMINGTON, Conn., Aug. 10 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (Nasdaq: EDAC - News), a designer and manufacturer of tools, fixtures, jet engine components, composite molds and spindles, announced the purchase of substantially all of the assets of Service Network Incorporated (SNI), a manufacturer and rebuilder of precision grinders. SNI also provides parts and service for Heald grinders.

Dominick A. Pagano, President and Chief Executive Officer of EDAC Technologies, commented: "We are pleased with the addition of the SNI precision grinder manufacturing unit into EDAC's group of companies. The new product lines and technologies represent a strategic acquisition that will further broaden our Spindle product line. The company will continue to manufacture precision grinders, and remain a service and parts supplier. The acquisition is funded through our normal working capital and TD Bank's credit facility. This transaction is consistent with our long term strategic growth plan and product based diversification."

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. 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.

Contact:
Glenn L. Purple
Vice President-Finance
860-677-2603

MikeDDKing PremiumMember

07/29/09 10:02 PM

Post #163

EDAC Technologies Reports Second Quarter Results
On Wednesday July 29, 2009, 7:57 pm EDT

FARMINGTON, Conn., July 29 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (Nasdaq: EDAC - News), a designer and manufacturer of jet engine components, tools, fixtures, injection molds and spindles, today reported results for the second quarter of 2009.

Sales for the second quarter of 2009 were $13,629,000 and net income was $7,376,000 or $1.50 per diluted share, versus sales of $10,849,000 and net income of $533,000 or $0.11 per diluted share for the second quarter of 2008.

For the six months ended July 4, 2009, sales were $23,213,000 and net income was $7,433,000 or $1.52 per diluted share versus sales of $22,030,000 and net income of $1,163,000 or $0.23 per diluted share for the six months ended June 28, 2008.

As previously announced, EDAC acquired the assets of the manufacturing unit of MTU AENA, located in Newington, Connecticut on May 27, 2009. Operating now as EDAC Aero, the new operation primarily manufactures rotating components such as disks, rings and shafts for the aerospace industry. As prescribed by generally accepted accounting principles, the net assets acquired were recorded at fair value, which exceeded the purchase price by approximately $11,700,000. This difference has been recorded primarily as property, plant and equipment and other income in the financial statements.

Dominick A. Pagano, President and Chief Executive Officer, said, "Our results include the operations of our newest acquisition, EDAC Aero, since May 27th. EDAC Aero contributed sales of $2,369,000 for the period and contributed to EDAC's operating income. Among its domestic and international aerospace customers, EDAC Aero continues as a supplier to MTU Aero Engines in Germany. Organically, our sales increased by $1,676,000 over the first quarter of 2009 and by $411,000 over the second quarter of 2008."

Pagano added, "We expect the EDAC Aero transaction to be accretive to our earnings per share and is consistent with our long term strategic plan of incorporating growth through organic operations and acquisitions. The new product lines, customers and technologies will complement our existing business, and will provide us with a platform to further leverage our assets and resources to further enhance shareholder value. Our balance sheet is strong and our shareholders' equity is $23,228,000 at July 4, 2009.

As always, our strategy is to pursue those long-term opportunities by investing in skilled personnel and state-of-the-art machinery and equipment, and committing to continuous improvement throughout our organization. We will incur costs in the short-term, but in the long-term we believe this will build the financial and operating strength of our company, to the benefit of our shareholders."

About EDAC Technologies Corporation

EDAC Technologies Corporation is a diversified manufacturing company primarily offering (i) manufacturing and design services for the aerospace industry in such areas as jet engine parts, special tooling, equipment, gauges and components used in the manufacture, assembly and inspection of jet engines, (ii) high-precision fixtures, gauges, dies and molds and (iii) the design, manufacture and repair of precision spindles, which are an integral part of numerous machine tools found in virtually every manufacturing environment.

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. 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.

Contact: Glenn L. Purple, Vice President-Finance 860-677-2603

    EDAC TECHNOLOGIES CORPORATION 
     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
     UNAUDITED 
  
  
  
                          For the three months ended   For the six months ended 
  
                                 July 4,     June 28,      July 4,     June 28, 
                                  2009         2008         2009         2008 
  
     Sales                  $13,628,817  $10,849,161  $23,212,592  $22,030,264 
  
     Cost of sales           11,933,020    9,019,185   20,436,359   18,114,279 
  
  
       Gross profit           1,695,797    1,829,976    2,776,233    3,915,985 
  
     Selling, general and 
      administrative expenses 1,180,605      864,244    2,041,861    1,833,364 
  
       Income from operations   515,192      965,732      734,372    2,082,621 
  
     Non-operating income 
      (expense): 
       Interest expense        (190,583)    (155,048)    (330,425)    (319,625) 
       Other income          11,739,578        9,374   11,746,453       53,929 
  
       Income before income 
        taxes                12,064,187      820,058   12,150,400    1,816,925 
  
     Provision for income 
      taxes                   4,688,024      287,000    4,717,824      654,000 
  
       Net income            $7,376,163     $533,058   $7,432,576   $1,162,925 
  
     Income per common share 
      data: 
       Basic income per share     $1.53        $0.11        $1.54        $0.25 
       Diluted income per share   $1.50        $0.11        $1.52        $0.23 
  
     Weighted average shares 
      outstanding: 
       Basic                  4,829,678    4,666,970    4,827,803    4,658,946 
       Diluted                4,918,711    4,956,739    4,892,184    4,970,310

    EDAC TECHNOLOGIES CORPORATION 
     CONDENSED CONSOLIDATED BALANCE SHEETS 
  
                                            (Unaudited)               (Audited) 
                                                July 4,              January 3, 
                                                  2009                    2009 
  
                                     ASSETS 
     CURRENT ASSETS: 
       Cash                                   $308,484              $1,311,092 
       Accounts receivable, net             13,059,271               7,931,550 
       Inventories, net                     18,191,098               7,961,788 
       Prepaid expenses and other current 
        assets                                 383,066                 107,333 
       Refundable income taxes                 111,883                 686,708 
       Deferred income taxes                   918,567                 983,298 
  
                 Total current assets       32,972,369              18,981,769 
  
  
     PROPERTY, PLANT AND EQUIPMENT          47,640,684              35,347,124 
       Less: accumulated depreciation       24,861,164              23,992,878 
  
                                            22,779,520              11,354,246 
  
     DEFERRED INCOME TAXES                           -                 105,971 
  
  
     OTHER ASSETS                            2,307,682               1,021,638 
  
     TOTAL ASSETS                          $58,059,571             $31,463,624

                           LIABILITIES AND SHAREHOLDERS' EQUITY 
  
     CURRENT LIABILITIES: 
       Equipment line of credit             $3,258,490              $1,674,990 
       Current portion of long-term debt     2,434,928               2,376,018 
       Trade accounts payable                6,433,669               3,485,192 
       Employee compensation and amounts 
        withheld                             1,586,690               1,112,006 
       Accrued expenses                      1,526,851                 361,252 
       Customer advances                       438,530                 261,643 
  
                 Total current liabilities  15,679,158               9,271,101 
  
  
     LONG-TERM DEBT, less current portion   13,042,605               4,827,697 
  
  
     OTHER LONG-TERM LIABILITIES             1,698,233               1,698,233 
  
  
     DEFERRED INCOME TAXES                   4,411,868                       - 
  
  
     SHAREHOLDERS' EQUITY: 
       Common stock                             12,095                  12,063 
       Additional paid-in capital           11,063,241              10,934,736 
       Retained earnings                    14,591,177               7,158,600 
       Accumulated other comprehensive loss (2,438,806)             (2,438,806) 
  
                 Total shareholders' equity 23,227,707              15,666,593 
  
     TOTAL LIABILITIES AND SHAREHOLDERS' 
      EQUITY                               $58,059,571             $31,463,624

houtheman

06/10/09 9:15 AM

Post #162

Re: #161: @MikeDDKing - EDAC Technologies Announces Combined Sales Backlog

pre-market bid gapping to $4

MikeDDKing PremiumMember

06/03/09 7:37 PM

Post #161

EDAC Technologies Announces Combined Sales Backlog
On Wednesday June 3, 2009, 6:00 pm EDT

FARMINGTON, Conn., June 3 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (Nasdaq: EDAC - News), a designer and manufacturer of tools, fixtures, jet engine components, composite molds and spindles, announced today combined sales backlog in excess of $135 million as a result of new orders and its acquisition of MTU Aero Engines North America Inc.'s manufacturing business unit, located in Newington, Connecticut. As announced previously, EDAC Technologies completed this acquisition on May 27, 2009. The unit primarily manufactures rotating components, such as disks, rings, and shafts for the aerospace industry. Backlog consists of accepted purchase orders that are cancelable or may be rescheduled by the customer without penalty, except for payment of costs incurred, and may involve delivery times that extend over periods as long as five years.

Dominick A. Pagano, President and Chief Executive Officer of EDAC Technologies, commented: "We are optimistic that with the new orders and acquisition, we have achieved a more diverse product line and client base that we believe will benefit us as the aerospace market recovers."

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. 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.

Contact:
Glenn L. Purple
Vice President-Finance
860-677-2603

MikeDDKing PremiumMember

05/28/09 9:37 AM

Post #160

EDAC Technologies Announces Acquisition of MTU Manufacturing Business Unit
On Thursday May 28, 2009, 9:34 am EDT

FARMINGTON, Conn., May 28 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (Nasdaq: EDAC - News) announced today that it has completed its acquisition of MTU Aero Engines North America, Inc.'s manufacturing business unit, including its facility located at 275 Richard Street in Newington, Connecticut. This unit primarily manufactures rotating components, such as disks, rings and shafts for the aerospace industry.

Dominick A. Pagano, President of EDAC, stated "We believe the acquisition of this business unit, which had sales of over $20 million in 2008, will become an important part of EDAC. The new product lines and technologies will complement our existing business, and will provide us with a platform to further leverage our assets and resources to further enhance shareholder value."

About EDAC Technologies Corporation

EDAC Technologies Corporation is a diversified manufacturing company primarily offering (i) design and manufacturing services for the aerospace industry in such areas as jet engine parts, special tooling, equipment, gauges and components used in the manufacture, assembly and inspection of jet engines (ii) high-precision fixtures, gauges, dies and molds and (iii) the design, manufacture and repair of precision spindles, which are an integral part of numerous machine tools found in virtually every manufacturing environment.

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. 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.

CONTACT: Glenn Purple of EDAC Technologies Corporation, +1-860-679-7418

MikeDDKing PremiumMember

05/18/09 8:32 AM

Post #159

EDAC Technologies Announces Strategic Acquisition
On Monday May 18, 2009, 6:00 am EDT
FARMINGTON, Conn., May 18 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (Nasdaq: EDAC - News), a designer and manufacturer of tools, fixtures, jet engine components, composite molds and spindles, announced the signing of a contract to purchase the manufacturing unit assets of MTU Aero Engines North America (AENA), located in Newington, Connecticut. AENA primarily manufactures rotating components, such as disks, rings, and shafts for the aerospace industry. The transaction is anticipated to be completed by June 1, 2009.

Dominick A. Pagano, President and Chief Executive Officer of EDAC Technologies, commented: "We are pleased with the addition of MTU AENA's manufacturing unit into EDAC's group of companies. The new product lines and technologies will broaden our core competencies and further diversify our aerospace presence. The new entity EDAC Aero will remain a supplier to MTU Aero Engines in Germany and will continue to manufacture disks for the V2500 engine program. This transaction is consistent with our long term strategic growth plan and we expect the new line of business to be accretive to our earnings per share. EDAC acquired the assets of MTU AENA's component repair unit in 2007."

MTU CEO Egon Behle stated: "The sale comes as a result of a review and realignment of our entire production structure. We are pleased to have found in EDAC a reliable partner capable of offering AENA Manufacturing excellent development opportunities."

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. 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.

Contact:
Glenn L. Purple
Vice President-Finance
860-677-2603

MikeDDKing PremiumMember

04/30/09 2:22 PM

Post #158

Re: #132: @MikeDDKing - EDAC work-in-progress is suggesting a much better Q3 result.

Quarter Work-in-progress    Revenue Next Q 
 Q1'09      $6,371,920     Q2'09 - ? 
 Q4'08      $5,789,839     Q1'09 -  $9,583,775 
 Q3'08      $7,680,032     Q4'08 - $12,099,280 
 Q2'08      $6,468,931     Q3'08 - $10,547,124 
 Q1'08      $5,398,303     Q2'08 - $10,849,161 
 Q4'07      $4,635,437     Q1'08 - $11,181,103 
 Q3'07      $5,774,877     Q4'07 - $12,710,482 
 Q2'07      $6,097,629     Q3'07 - $12,525,403 
 Q1'07      $5,933,017     Q2'07 - $12,467,061 
 Q4'06      $5,636,354     Q1'07 - $12,315,638 
 Q3'06      $4,241,015     Q4'06 - $10,974,503 
 Q2'06      $2,428,384     Q3'06 -  $8,178,356 
 Q1'06      $2,837,970     Q2'06 -  $9,580,774

MikeDDKing PremiumMember

04/28/09 4:30 PM

Post #157

Re: #149: @MikeDDKing - Here is a table showing revenue and GM

Here is a table showing revenue and GM by quarter:

Quarter  Revenue      GM 
 Q1'09     $9.584M    11.3% 
 Q4'08    $12.099M     4.7% 
 Q3'08    $10.547M    13.1% 
 Q2'08    $10.849M    16.9% 
 Q1'08    $11.181M    18.7% 
 Q4'07    $12.710M    21.1% 
 Q3'07    $12.525M    20.1% 
 Q2'07    $12.467M    19.6% 
 Q1'07    $12.316M    19.1% 
 Q4'06    $10.975M    16.0% 
 Q3'06     $8.178M    13.5% 
 Q2'06     $9.581M    18.4% 
 Q1'06     $9.596M    16.9% 
 Q4'05     $9.442M    17.1% 
 Q3'05     $8.688M    17.0% 
 Q2'05     $8.899M    17.3% 
 Q1'05     $9.596M    16.8%

MikeDDKing PremiumMember

04/28/09 4:19 PM

Post #156

Re: #148: @MikeDDKing - Here is the updated historical backlog information:

Here is the updated historical backlog information:

 Date        Amount 
 04/04/2009  $53.4M 
 01/03/2009  $52.4M 
 09/27/2008  $54.0M 
 06/28/2008  $47.6M 
 03/29/2008  $49.1M 
 02/23/2008  $51.0M 
 12/29/2007  $30.1M 
 09/29/2007  $31.9M 
 07/30/2007  $31.5M 
 03/31/2007  $31.6M 
 02/28/2007  $32.4M 
 09/30/2006  $31.0M 
 07/01/2006  $28.3M 
 04/01/2006  $25.0M 
 12/31/2005  $21.7M 
 10/01/2005  $22.1M 
 07/02/2005  $21.7M 
 04/02/2005  $20.6M 
 01/01/2005  $18.3M

MikeDDKing PremiumMember

04/28/09 4:16 PM

Post #155

EDAC Technologies Reports First Quarter Results
On Tuesday April 28, 2009, 4:10 pm EDT

FARMINGTON, Conn., April 28 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (Nasdaq: EDAC - News), a designer and manufacturer of tools, fixtures, jet engine components, injection molds and spindles, today reported results for the first quarter of 2009.

Sales for the first quarter of 2009 were $9,584,000 and net income was $56,000 or $0.01 per diluted share, versus sales of $11,181,000 and net income of $630,000 or $0.13 per diluted share for the first quarter of 2008.

Dominick A. Pagano, President and Chief Executive Officer, said, "Market and general economic conditions during Q3 and Q4 2008 continued to impact our results in the first quarter. Production delays in Boeing's 787 program and delivery delays in its 777 program caused by its machinists' strike last year continue to impact our shipments. Our aerospace customers made further changes to our delivery schedules. Sales decreased $1,497,000 for aerospace customers and $100,000 for non-aerospace customers in the first quarter of 2009 compared to the first quarter of 2008. While our first quarter sales to the aerospace market decreased by $377,000 from the fourth quarter of 2008, we believe based on our customers' current schedules that sales to the aerospace market for the second quarter of 2009 will improve over the first quarter of 2009.

"While our relentless focus on cost reductions reduced the impact of the sales decline on our profit for the quarter, the profit was further impacted by approximately $120,000 expensed on the product development and engineering of new parts for the aerospace industry.

"Total company backlog increased from $52.4 million at the end of fiscal 2008 to $53.4 million at April 4, 2009, reflecting a net increase of $1.0 million in our Aerospace product line.

"We plan to invest in excess of $4 million in new machinery and equipment in 2009 including the two large machines currently on order, to increase our capabilities and capacity and improve productivity in the aerospace product line.

"I reaffirm what I said last quarter, 'We have and will continue to be proactive in attempting to minimize the impact of external forces by implementing aggressive cost controls and we fully anticipate that the aerospace market will be strong in the long-term. Our strategy is to pursue those long-term opportunities by investing in skilled personnel and state-of-the-art machinery and equipment, and committing to continuous improvement throughout our organization. We will incur costs in the short-term, but in the long-term we believe this will build the financial and operating strength of our company, to the benefit of our shareholders.' "

About EDAC Technologies Corporation

EDAC Technologies Corporation is a diversified manufacturing company primarily offering (i) design and manufacturing services for the aerospace industry in such areas as jet engine parts, special tooling, equipment, gauges and components used in the manufacture, assembly and inspection of jet engines, (ii) high-precision fixtures, gauges, dies and molds and (iii) the design, manufacture and repair of precision spindles, which are an integral part of numerous machine tools found in virtually every manufacturing environment.

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. 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.

    EDAC TECHNOLOGIES CORPORATION 
     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
     UNAUDITED 
  
                                      For the quarter ended 
                                      April 4,      March 29, 
                                       2009           2008 
                                       ----           ---- 
  
     Sales                          $9,583,775    $11,181,103 
  
     Cost of Sales                   8,503,339      9,095,094 
                                     ---------      --------- 
       Gross Profit                  1,080,436      2,086,009 
  
     Selling, General and 
      Administrative Expenses          861,256        969,120 
                                       -------      --------- 
       Income From Operations          219,180      1,116,889 
  
     Non-Operating Income (Expense): 
  
       Interest Expense               (139,842)      (164,577) 
       Other                             6,875         44,555 
                                         -----         ------ 
       Income Before Income Taxes       86,213        996,867 
  
     Provision for Income Taxes         29,800        367,000 
                                        ------        ------- 
       Net Income                      $56,413       $629,867 
                                        ======        ======= 
     Income per common share data: 
       Basic income per share            $0.01          $0.14 
                                         =====          ===== 
       Diluted income per share          $0.01          $0.13 
                                         =====          ===== 
  
      Weighted average shares 
       outstanding: 
       Basic                         4,825,303      4,652,928 
       Diluted                       4,861,617      4,976,915

    EDAC TECHNOLOGIES CORPORATION 
     CONDENSED CONSOLIDATED BALANCE SHEETS 
  
                                     (Unaudited)    (Audited) 
                                      April 4,      January 3, 
                                        2009          2009 
                                        ----          ---- 
                              ASSETS 
                                                       ------ 
     CURRENT ASSETS: 
       Cash                           $657,791     $1,311,092 
       Accounts receivable, net      7,107,831      7,931,550 
       Inventories, net              9,130,132      7,961,788 
       Prepaid expenses and other 
        current assets                 227,200        107,333 
       Refundable income taxes         161,708        686,708 
       Deferred income taxes           983,298        983,298 
                                       -------        ------- 
         Total current assets       18,267,960     18,981,769 
                                    ----------     ---------- 
  
     PROPERTY, PLANT AND EQUIPMENT  35,423,794     35,347,124 
       Less: accumulated 
        depreciation                24,329,100     23,992,878 
                                    ----------     ---------- 
                                    11,094,694     11,354,246 
                                    ----------     ---------- 
     DEFERRED INCOME TAXES              95,971        105,971 
                                        ------        ------- 
     OTHER ASSETS                    1,791,927      1,021,638 
                                     ---------      --------- 
     TOTAL ASSETS                  $31,250,552    $31,463,624 
                                    ----------     ---------- 
  
                LIABILITIES AND SHAREHOLDERS' EQUITY 
                ------------------------------------ 
  
     CURRENT LIABILITIES: 
       Equipment line of credit     $2,448,490     $1,674,990 
       Current portion of 
        long-term debt               2,110,318      2,376,018 
       Trade accounts payable        2,816,566      3,485,192 
       Employee compensation 
        and amounts withheld         1,264,594      1,112,006 
       Accrued expenses                341,646        361,252 
       Customer advances               289,747        261,643 
                                       -------        ------- 
         Total current liabilities   9,271,361      9,271,101 
                                     ---------      --------- 
     LONG-TERM DEBT, 
      less current portion           4,503,139      4,827,697 
                                     ---------      --------- 
     OTHER LONG-TERM LIABILITIES     1,698,233      1,698,233 
                                     ---------      --------- 
     SHAREHOLDERS' EQUITY: 
       Common stock                     12,063         12,063 
       Additional paid-in capital   10,989,549     10,934,736 
       Retained earnings             7,215,013      7,158,600 
       Accumulated other 
        comprehensive loss          (2,438,806)    (2,438,806) 
                                     ---------      --------- 
         Total shareholders' 
          equity                    15,777,819     15,666,593 
                                    ----------     ---------- 
     TOTAL LIABILITIES 
      AND SHAREHOLDERS' EQUITY     $31,250,552    $31,463,624 
                                    ----------     ----------

Contact: Glenn L. Purple, Vice President-Finance, 860-677-2603

MikeDDKing PremiumMember

04/08/09 11:06 AM

Post #154

Resilience Capital Files Schedule 13D in EDAC Technologies Corp.
Wednesday April 8, 2009, 11:01 am EDT
An Affiliate of Resilience Capital Beneficially Owns 246,750 Shares

CLEVELAND, April 8 /PRNewswire/ -- An affiliate of Resilience Capital Partners today announced it had filed a Schedule 13D with the Securities and Exchange Commission with respect to Resilience Capital Partners' beneficial ownership of 246,750 shares of common stock in EDAC Technologies Corp. (Nasdaq: EDAC - News). Resilience Capital Partners acquired its interest, which represents over 5% of EDAC's outstanding common stock, because it believes that the shares are currently undervalued in the marketplace and represent an attractive investment opportunity.

Depending upon prevailing market conditions, other investment opportunities, the availability of shares at prices that would make the purchase of additional shares desirable and other investment considerations, Resilience Capital Partners may increase its position in EDAC Technologies Corp. through, among other things, the purchase of shares on the open market or in private transactions, and may dispose of any or all its shares in the open market or in private transactions, at any time and from time to time.

For further information, please refer to the Schedule 13D filed by Resilience Capital SPIV, LLC with the Securities and Exchange Commission. This communication is not the solicitation of a proxy nor shall it constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any security.

About Resilience Capital Partners

Headquartered in Cleveland, Ohio, Resilience Capital Partners is a leading private equity firm specializing in investing in lower middle market companies in a broad range of industries. Resilience's value oriented investment strategy is to acquire companies with solid business prospects in a wide variety of special situations including underperformers, corporate divestitures, turnarounds and orphan public companies. Since its inception in 2001, Resilience has acquired 16 companies with total revenue in excess of $1.5 billion. In January 2009, Resilience won the 2008 Private Equity Firm of the Year Deal Makers Award from the Association for Corporate Growth. For more information, please visit www.resiliencecapital.com.

CONTACT: Bassem A. Mansour Steven H. Rosen
Co-CEO Co-CEO
BMansour@resiliencecapital.com SRosen@resiliencecapital.com

Resilience Capital Partners
25101 Chagrin Blvd., Suite 350
Beachwood, OH 44122
216.292.0200

MikeDDKing PremiumMember

04/06/09 11:35 PM

Post #153

Re: #152: @southacresdave - Mike....I wonder why they added him in.

I'm not sure why either.

southacresdave Free

04/06/09 10:46 PM

Post #152

Re: #151: @MikeDDKing - EDAC Technologies Announces New Director - John A.

Mike....I wonder why they added him in. I saw where he used to be the CFO of UTX so that's a nice connection. Not sure of the purpose here though.

any thoughts?

MikeDDKing PremiumMember

04/06/09 5:58 PM

Post #151

EDAC Technologies Announces New Director - John A. RollsLast update: 4/6/2009 5:50:00 PMFARMINGTON, Conn., April 6, 2009 /PRNewswire-FirstCall via COMTEX/ -- EDAC Technologies Corporation (EDAC) today announced the addition of John A. Rolls to its Board of Directors, effective as of April 6, 2009, increasing the size of the board from five directors to six.

John A. Rolls is currently the Managing Partner of Core Capital Partners LLP, a private investment partnership. Until 2006 he served as President and Chief Executive Officer of Thermion Systems International and had previously served as President and Chief Executive Officer of Deutsche Bank North America, Executive Vice-President and Chief Financial Officer of United Technologies Corporation, Senior Vice President and Chief Financial Officer of RCA and Treasurer of Monsanto Company.

"John brings exceptional qualifications and experience to our Company and insight into many of the industries in which we operate. He is an outstanding addition to our Board and we are very pleased to welcome him." EDAC Chairman, Daniel C. Tracy

About EDAC Technologies Corporation

EDAC Technologies Corporation is a diversified manufacturing company primarily offering (i) design and manufacturing services for the aerospace industry in such areas as jet engine parts, special tooling, equipment, gauges and components used in the manufacture, assembly and inspection of jet engines, (ii) high-precision fixtures, gauges, dies and molds and (iii) the design, manufacture and repair of precision spindles, which are an integral part of numerous machine tools found in virtually every manufacturing environment.

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. 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.

Contact: Glenn L. Purple, Vice President-Finance, 860-677-2603

SOURCE EDAC Technologies Corporation

Copyright (C) 2009 PR Newswire. All rights reserved

MikeDDKing PremiumMember

04/02/09 3:43 PM

Post #150

EDAC Technologies Announces Annual Meeting Date
Thursday April 2, 2009, 3:26 pm EDT

FARMINGTON, Conn., April 2 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (Nasdaq: EDAC - News), a designer and manufacturer of tools, fixtures, jet engine components, injection molds and spindles, has scheduled its annual meeting of shareholders for June 3, 2009, at 9:30 a.m. local time and its record date for voting at the annual meeting as April 20, 2009. The Company anticipates mailing proxy materials to its shareholders on or about April 23, 2009.

About EDAC Technologies Corporation

EDAC Technologies Corporation is a diversified manufacturing company primarily offering (i) design and manufacturing services for the aerospace industry in such areas as jet engine parts, special tooling, equipment, gauges and components used in the manufacture, assembly and inspection of jet engines (ii) high-precision fixtures, gauges, dies and molds and (iii) the design, manufacture and repair of precision spindles, which are an integral part of numerous machine tools found in virtually every manufacturing environment.

For further information, please contact:
Glenn L. Purple
Vice President-Finance
Tel: (860) 677-2603

MikeDDKing PremiumMember

03/03/09 9:08 PM

Post #149

Re: #135: @MikeDDKing - Here is a table showing revenue and GM

Here is a table showing revenue and GM by quarter:

Quarter  Revenue      GM 
 Q4'08    $12.099M     4.7% 
 Q3'08    $10.547M    13.1% 
 Q2'08    $10.849M    16.9% 
 Q1'08    $11.181M    18.7% 
 Q4'07    $12.710M    21.1% 
 Q3'07    $12.525M    20.1% 
 Q2'07    $12.467M    19.6% 
 Q1'07    $12.316M    19.1% 
 Q4'06    $10.975M    16.0% 
 Q3'06     $8.178M    13.5% 
 Q2'06     $9.581M    18.4% 
 Q1'06     $9.596M    16.9% 
 Q4'05     $9.442M    17.1% 
 Q3'05     $8.688M    17.0% 
 Q2'05     $8.899M    17.3% 
 Q1'05     $9.596M    16.8%

MikeDDKing PremiumMember

03/03/09 9:01 PM

Post #148

Re: #136: @MikeDDKing - Here is the updated historical backlog information:

Here is the updated historical backlog information:

 Date        Amount 
 01/03/2009  $52.4M 
 09/27/2008  $54.0M 
 06/28/2008  $47.6M 
 03/29/2008  $49.1M 
 02/23/2008  $51.0M 
 12/29/2007  $30.1M 
 09/29/2007  $31.9M 
 07/30/2007  $31.5M 
 03/31/2007  $31.6M 
 02/28/2007  $32.4M 
 09/30/2006  $31.0M 
 07/01/2006  $28.3M 
 04/01/2006  $25.0M 
 12/31/2005  $21.7M 
 10/01/2005  $22.1M 
 07/02/2005  $21.7M 
 04/02/2005  $20.6M 
 01/01/2005  $18.3M

MikeDDKing PremiumMember

03/03/09 8:57 PM

Post #147

EDAC Technologies Reports Fourth Quarter and Full Year Results
Tuesday March 3, 4:47 pm ET

FARMINGTON, Conn., March 3 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (Nasdaq: EDAC - News), a designer and manufacturer of tools, fixtures, jet engine components, injection molds and spindles, today reported results for the fourth quarter and the fiscal year of 2008.

Sales for the fourth quarter of 2008 were $12,099,000 and net loss was $(279,000) or $(0.06) per diluted share, versus sales of $12,710,000 and net income of $984,000 or $0.20 per diluted share for the fourth quarter of 2007.

For the year ended January 3, 2009, sales were $44,677,000 and net income was $1,138,000 or $0.23 per diluted share versus sales of $50,019,000 and net income of $3,449,000 or $0.70 per diluted share for the year ended December 29, 2007.

Dominick A. Pagano, President and Chief Executive Officer, said, "As expected, conditions in the aerospace market and the economy in general deteriorated further in the fourth quarter. Production delays in Boeing's 787 program and delivery delays in its 777 program caused by its machinists' strike reduced our fourth quarter shipments. Our aerospace customers continue to make changes to our delivery schedules. Our Apex Machine Tool product line committed certain resources to the process development and production of a large order from a customer in a new energy market that shipped late in the fourth quarter. While the shipment of this order significantly increased our fourth quarter's sales over the third quarter, the experimental nature of the production process and tooling of this order caused significant cost overruns that could not be recovered from the customer. We absorbed these additional costs totaling $334,000 in the fourth quarter. With the new production process and tooling, the customer, as it has indicated, will have a future demand for these new parts.

Total company backlog increased from $30.1 million at the end of fiscal 2007 to $52.4 million at January 3, 2009, of which approximately $18 million was from a new aerospace customer with deliveries scheduled from 2009 through 2012.

For the year we have invested $837,000 in plant, machinery and equipment and paid deposits of $981,000 on two large machines costing $2.3 million. For 2009 we plan on investing in excess of $4 million in new machinery and equipment including the two large machines currently on order, to increase our capabilities and capacity and improve productivity in the aerospace product line."

Pagano added, "We have and will continue to be proactive in attempting to minimize the impact of external forces, by implementing aggressive cost controls, and fully anticipate that the aerospace market will be strong in the long-term. Our strategy is to pursue those long-term opportunities by investing in skilled personnel and state-of-the-art machinery and equipment, and committing to continuous improvement throughout our organization. We will incur costs in the short-term, but in the long-term we believe this will build the financial and operating strength of our company, to the benefit of our shareholders."

About EDAC Technologies Corporation

EDAC Technologies Corporation is a diversified manufacturing company primarily offering (i) design and manufacturing services for the aerospace industry in such areas as jet engine parts, special tooling, equipment, gauges and components used in the manufacture, assembly and inspection of jet engines, (ii) high-precision fixtures, gauges, dies and molds and (iii) the design, manufacture and repair of precision spindles, which are an integral part of numerous machine tools found in virtually every manufacturing environment.

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. 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.

    EDAC TECHNOLOGIES CORPORATION 
     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
  
  
                              For the three months     For the twelve months 
                                     ended                      ended 
                              Jan. 3,      Dec. 29,      Jan. 3,     Dec. 29, 
                               2009         2007          2009        2007 
  
     Sales                  $12,099,280  $12,710,482  $44,676,668  $50,018,584 
  
     Cost of sales           11,528,800   10,034,056   38,804,956   40,035,308 
  
         Gross profit           570,480    2,676,426    5,871,712    9,983,276 
  
     Selling, general and 
      administrative 
      expenses                  815,588    1,044,069    3,491,820    3,922,027 
  
         (Loss) income from 
          operations           (245,108)   1,632,357    2,379,892    6,061,249 
  
     Non-operating 
      income (expense): 
         Interest expense      (152,403)    (177,422)    (630,913)    (721,235) 
         Other income            10,311       31,358       72,665       60,570 
  
         (Loss) income before 
          income taxes         (387,200)   1,486,293    1,821,644    5,400,584 
  
     (Benefit from) 
      provision for 
      income taxes             (107,714)     502,514      683,286    1,951,514 
  
         Net (loss) income    $(279,486)    $983,779   $1,138,358   $3,449,070 
  
     (Loss) income per 
      common share 
      data: 
       Basic (loss) income 
        per share                ($0.06)       $0.21        $0.24        $0.75 
       Diluted (loss) 
        income per share         ($0.06)       $0.20        $0.23        $0.70 
  
     Weighted average 
      shares outstanding: 
       Basic                  4,825,303    4,624,403    4,723,547    4,584,913 
       Diluted                4,904,911    4,979,532    5,037,620    4,943,291

    EDAC TECHNOLOGIES CORPORATION 
     CONDENSED CONSOLIDATED BALANCE SHEETS 
                                               January 3,      December 29, 
                                                  2009              2007 
                            ASSETS 
     CURRENT ASSETS: 
         Cash                                 $1,311,092        $3,286,203 
         Accounts receivable, net              7,931,550         7,638,573 
         Inventories, net                      7,961,788         6,598,111 
         Prepaid expenses and other 
          current assets                         107,333            51,339 
         Refundable income taxes                 686,708           284,577 
         Deferred income taxes                   983,298           933,124 
                  Total current assets        18,981,769        18,791,927 
  
     PROPERTY, PLANT AND EQUIPMENT            35,347,124        34,869,219 
         Less: accumulated depreciation       23,992,878        22,390,417 
                                              11,354,246        12,478,802 
  
     DEFERRED INCOME TAXES                       105,971                 - 
  
     OTHER ASSETS                              1,021,638           492,051 
     TOTAL ASSETS                            $31,463,624       $31,762,780 
  
                  LIABILITIES AND SHAREHOLDERS' EQUITY 
     CURRENT LIABILITIES: 
         Equipment line of credit             $1,674,990                $- 
         Current portion of long-term debt     2,376,018         2,285,704 
         Trade accounts payable                3,485,192         4,021,827 
         Employee compensation and 
          amounts withheld                     1,112,006         1,800,390 
         Accrued expenses                        361,252           395,950 
         Customer advances                       261,643           424,439 
                  Total current liabilities    9,271,101         8,928,310 
  
     LONG-TERM DEBT, less current portion      4,827,697         7,204,769 
  
     OTHER LONG-TERM LIABILITIES               1,698,233                 - 
  
     DEFERRED INCOME TAXES                             -           448,660 
  
     SHAREHOLDERS' EQUITY: 
         Common stock                             12,063            11,591 
         Additional paid-in capital           10,934,736        10,245,877 
         Retained earnings                     7,158,600         6,020,242 
         Accumulated other comprehensive 
          loss                                (2,438,806)       (1,096,669) 
                  Total shareholders' equity  15,666,593        15,181,041 
  
     TOTAL LIABILITIES AND SHAREHOLDERS' 
      EQUITY                                 $31,463,624       $31,762,780

Contact: Glenn L. Purple, Vice President-Finance, 860-677-2603

--------------------------------------------------------------------------------
Source: EDAC Technologies Corporation

Knowledge is King PremiumMember

03/02/09 11:55 AM

Post #146

Resilience Capital holds 5%

according to today's 13-D. Resilience is based in Cleveland...

MikeDDKing PremiumMember

02/26/09 2:02 PM

Post #145

Last year EDAC reported on Feb 26th so I'm thinking they will report any day now. I just have a tiny position and am mainly watching.

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Edac Technologies (EDAC)

Followers	6	Posters	30
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Created	01/10/07	Type	Free
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Company Description
Edac Technologies Corporation provides design and manufacturing services for tooling, fixtures, molds, jet engine components, and machine spindles in the United States. Its products include precision rings, and other components for jet engines, industrial spindles, and specialized machinery. The company also produces fixtures, precision gages, close tolerance plastic injection molds, molds for composite parts, and specialized machinery. In addition, the company offers design and manufacturing services for a range of industries in areas, such as special tooling, equipment and gauges, and components used in the manufacture, assembly, and inspection of jet engines. Further, it designs and repairs spindles for woodworking and automotive markets. Edac Technologies Corporation was founded in 1946 and is based in Farmington, Connecticut.

Web Site
http://www.edactechnologies.com

Historical Financial Information
Backlog - http://investorshub.advfn.com/boards/read_msg.aspx?message_id=37380683
Revenue & GM Historical Info - http://investorshub.advfn.com/boards/read_msg.aspx?message_id=37381055
Work-in-Progress - http://investorshub.advfn.com/boards/read_msg.aspx?message_id=37444309