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Nah, the $1 trade was bogus as far as I could tell (it blipped down and then never got close again and I don't remember seeing volume when that happened but maybe I'm mistaken).
I got some at $1.61 today but will buy more tomorrow in the $1.3s and $1.4s if it stays down.
I need to look over them again, it has been awhile. Make sure no debt is coming due or something. Seems more like someone wanting out. Hopefully to do with end of year:)
Put them back in my favs list with it down under $1.50.
Picked some up at $1.56 as well... Wish my order was lower though as the price went as low as $1.00.
I picked up some shares also.
Mike
Picked up some EDAC today:)
Hope you are enjoying being snowed in, I am! Time to go play outside...
Merry Fishmas.
KIK.....EDAC did 20 cents a share on $12.7M in 4th Q last year. If the 787 gets going and Boeing gets going again on the 777 (and toss in what the F-35 contract is worth), EDAC will eventually get back to that revenue per quarter. Probably 3rd Q of next year or so. So I could see EDAC rising from the ashes again. They have a solid backlog (that keeps getting pushed off) and are investing more in equipment still.
It'd be nice to see management buy some shares at these prices (that is if they have any extra money!).
I could see EDAC back at $5-6 by the end of 2009.
D
Thanks, Mike
with the right entry point, I'll bet you can make over 100% on EDAC within the next year. Of course picking that "right" entry point is always problematic...
I'm sure the strike resolution is good for them. Here is a quote from the Q3 release PR: "The fourth quarter will experience further scheduling changes due to production delays in Boeing's 787 program, and delivery delays in its 777 program caused by its machinists' strike."
I only have a token position in EDAC (<1K) and am mainly watching it right now.
Mike
revenue/GM trends, bad; backlog, good
any opinion on whether the Boeing strike resolution is good for EDAC?
Here is the updated historical backlog information:
Date Amount
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
Here is a table showing revenue and GM by quarter:
Quarter Revenue GM
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%
EDAC Technologies Reports Third Quarter Results
Tuesday October 28, 4:05 pm ET
FARMINGTON, Conn., Oct. 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 third quarter of 2008.
Sales for the third quarter of 2008 were $10,547,000 and net income was $255,000 or $0.05 per diluted share, versus sales of $12,525,000 and net income of $864,000 or $0.17 per diluted share for the third quarter of 2007.
For the nine months ended September 27, 2008, sales were $32,577,000 and net income was $1,418,000 or $0.28 per diluted share versus sales of $37,308,000 and net income of $2,465,000 or $0.50 per diluted share for the nine months ended September 29, 2007.
Dominick A. Pagano, President and Chief Executive Officer, said, "Conditions in the aerospace markets and in the economy in general impacted our third quarter greater than we had anticipated. Our aerospace customers continued to make changes to our delivery schedules. The fourth quarter will experience further scheduling changes due to production delays in Boeing's 787 program, and delivery delays in its 777 program caused by its machinists' strike. Our Apex Machine Tool product line, while experiencing some softness in its traditional markets over the past quarter, committed certain resources to the process development and production of a large order from a customer in a new energy market that will ship in late 2008 and early 2009. Our commitment to broaden EDAC's customer base and product line is yielding results. While we maintain our traditional customers, the growth in our sales backlog to a large extent, consists of customers that we did not have at the beginning of the year."
Pagano added, "We have and will continue to be proactive in minimizing the impact of external forces that are beyond our control, 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 changes in customer delivery schedules, 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 ended For the nine months ended
Sept. 27, Sept. 29, Sept. 27, Sept. 29,
2008 2007 2008 2007
Sales $10,547,124 $12,525,403 $32,577,388 $37,308,102
Cost of sales 9,161,877 10,012,338 27,276,156 30,001,252
Gross profit 1,385,247 2,513,065 5,301,232 7,306,850
Selling, general and
administrative
expenses 842,868 980,308 2,676,232 2,877,958
Income from
operations 542,379 1,532,757 2,625,000 4,428,892
Non-operating income
(expense):
Interest expense (158,885) (179,324) (478,510) (543,813)
Other income 8,425 18,897 62,354 29,212
Income before income
taxes 391,919 1,372,330 2,208,844 3,914,291
Provision for income
taxes 137,000 508,000 791,000 1,449,000
Net income $254,919 $864,330 $1,417,844 $2,465,291
Income per common share
data:
Basic income per
share $0.05 $0.19 $0.30 $0.54
Diluted income per
share $0.05 $0.17 $0.28 $0.50
Weighted average shares
outstanding:
Basic 4,746,137 4,605,603 4,693,020 4,571,936
Diluted 5,139,922 4,953,970 5,152,739 4,909,430
EDAC TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (Audited)
September 27, December 29,
2008 2007
ASSETS
CURRENT ASSETS:
Cash $2,011,935 $3,286,203
Accounts receivable, net 8,035,291 7,638,573
Inventories, net 9,648,975 6,598,111
Prepaid expenses and other current
assets 143,905 51,339
Refundable income taxes - 284,577
Deferred income taxes 880,124 933,124
Total current assets 20,720,230 18,791,927
PROPERTY, PLANT AND EQUIPMENT 35,192,245 34,869,219
Less: accumulated depreciation 23,665,109 22,390,417
11,527,136 12,478,802
OTHER ASSETS, net 1,224,174 492,051
TOTAL ASSETS $33,471,540 $31,762,780
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Equipment line of credit $1,365,590 $-
Current portion of long-term debt 2,350,876 2,285,704
Trade accounts payable 4,342,755 4,021,827
Employee compensation and amounts
withheld 1,484,161 1,800,390
Accrued expenses 226,508 395,950
Customer advances 891,827 424,439
Total current liabilities 10,661,717 8,928,310
LONG-TERM DEBT, less current portion 5,434,412 7,204,769
DEFERRED INCOME TAXES 448,660 448,660
SHAREHOLDERS' EQUITY:
Common stock 12,063 11,591
Additional paid-in capital 10,573,271 10,245,877
Retained earnings 7,438,086 6,020,242
Accumulated other comprehensive loss (1,096,669) (1,096,669)
Total shareholders' equity 16,926,751 15,181,041
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $33,471,540 $31,762,780
Hey there southacres, hadn't heard from you in awhile. How's Gig Harbor? Never did connect with you if you moved already. If not, maybe one of these days we can talk stock over a beer or something.
EDAC I just missed on getting some, had an order in just over $4 but whiffed with the dip not quite going that far.
EDAC work-in-progress is suggesting a much better Q3 result.
Quarter Work-in-progress Revenue Next Q
Q2'08 $6,468,931 Q3'08 - ?
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
Here is the updated historical backlog information:
Date Amount
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
Here is a table showing revenue and GM by quarter:
Quarter Revenue GM
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%
EDAC Technologies Reports Second Quarter Results
Tuesday July 29, 4:30 pm ET
FARMINGTON, Conn., July 29 /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 second quarter of 2008.
Sales for the second quarter of 2008 were $10,849,000 and net income was $533,000 or $0.11 per diluted share, versus sales of $12,467,000 and net income of $820,000 or $0.17 per diluted share for the second quarter of 2007.
For the six months ended June 28, 2008, sales were $22,030,000 and net income was $1,163,000 or $0.23 per diluted share versus sales of $24,783,000 and net income of $1,601,000 or $0.33 per diluted share for the six months ended June 30, 2007.
Dominick A. Pagano, President and Chief Executive Officer, said, "Continued changes by certain of our aerospace customers to our delivery schedules impacted our second quarter greater than we had anticipated. While we believe that sales for the second half of 2008 will improve over the first half of the year, it now appears that we will be unable to match our 2007 results. However, we are encouraged that our backlog has increased significantly and is currently at an historic high, due to our continuing efforts to broaden our customer base and product line."
Pagano added, "We fully anticipate that the aerospace market will remain strong for 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 changes in customer delivery schedules, 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 ended For the six months ended
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
Sales $10,849,161 $12,467,061 $22,030,264 $24,782,699
Cost of sales 9,019,185 10,020,820 18,114,279 19,988,914
Gross profit 1,829,976 2,446,241 3,915,985 4,793,785
Selling, general and
administrative
expenses 864,244 980,025 1,833,364 1,897,650
Income from
operations 965,732 1,466,216 2,082,621 2,896,135
Non-operating income
(expense):
Interest expense (155,048) (170,053) (319,625) (364,489)
Other income 9,374 5,520 53,929 10,315
Income before income
taxes 820,058 1,301,683 1,816,925 2,541,961
Provision for income
taxes 287,000 482,000 654,000 941,000
Net income $533,058 $819,683 $1,162,925 $1,600,961
Income per common
share data:
Basic income per
share $0.11 $0.18 $0.25 $0.35
Diluted income per
share $0.11 $0.17 $0.23 $0.33
Weighted average
shares outstanding:
Basic 4,666,970 4,571,853 4,658,946 4,554,294
Diluted 4,956,739 4,920,872 4,970,310 4,885,743
EDAC TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (Audited)
June 28, December 29,
2008 2007
ASSETS
CURRENT ASSETS:
Cash $2,767,063 $3,286,203
Accounts receivable, net 7,305,002 7,638,573
Inventories, net 8,408,363 6,598,111
Prepaid expenses and other current assets 181,461 51,339
Refundable income taxes 284,577 284,577
Deferred income taxes 889,124 933,124
Total current assets 19,835,590 18,791,927
PROPERTY, PLANT AND EQUIPMENT 34,940,198 34,869,219
Less: accumulated depreciation 23,163,609 22,390,417
11,776,589 12,478,802
OTHER ASSETS, net 865,253 492,051
TOTAL ASSETS $32,477,432 $31,762,780
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Equipment line of credit $903,740 $-
Current portion of long-term debt 2,336,926 2,285,704
Trade accounts payable 3,441,405 4,021,827
Employee compensation and amounts withheld 1,467,662 1,800,390
Accrued expenses 449,331 395,950
Customer advances 898,865 424,439
Total current liabilities 9,497,929 8,928,310
LONG-TERM DEBT, less current portion 6,028,025 7,204,769
DEFERRED INCOME TAXES 448,660 448,660
SHAREHOLDERS' EQUITY:
Common stock 11,668 11,591
Additional paid-in capital 10,404,652 10,245,877
Retained earnings 7,183,167 6,020,242
Accumulated other comprehensive loss (1,096,669) (1,096,669)
Total shareholders' equity 16,502,818 15,181,041
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $32,477,432 $31,762,780
EDAC insiders buying:
http://finance.yahoo.com/q/it?s=EDAC
INSIDER TRANSACTIONS REPORTED - LAST TWO YEARS
Date Insider Shares Type Transaction Value*
6-May-08 TRACY DANIEL C
Director 3,385 Indirect Purchase at $7.20 per share. $24,372
5-May-08 TRACY DANIEL C
Director 3,453 Indirect Purchase at $7.19 per share. $24,827
2-May-08 TRACY DANIEL C
Director 3,162 Indirect Purchase at $7.19 per share. $22,734
19-Mar-08 LEBEL JOSEPH P
Director 2,000 Direct Purchase at $6.50 per share. $13,000
11-Mar-08 RAFFAY STEPHEN J
Director 3,000 Indirect Purchase at $6.62 per share. $19,860
10-Mar-08 PAGANO DOMINICK A
Officer 5,600 Direct Purchase at $6.56 per share. $36,736
7-Mar-08 PAGANO DOMINICK A
Officer 4,400 Direct Purchase at $6.54 per share. $28,776
6-Mar-08 TRACY DANIEL C
Director 3,000 Direct Purchase at $6.62 per share. $19,860
4-Mar-08 LEBEL JOSEPH P
Director 2,000 Direct Purchase at $6.53 per share. $13,060
Yes, I think a double will happen.
Mike
Looking for an easy double on this one IMO.
EDAC work-in-progress is suggesting a much better Q2 result which is consistent with management's statements.
Quarter Work-in-progress Revenue Next Q
Q1'08 $5,398,303 Q2'08 - ?
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
Here is the updated historical backlog information:
Date Amount
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
Back in EDAC for a few.
Here is a table showing revenue and GM by quarter:
Quarter Revenue GM
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%
EDAC Technologies Reports Solid First Quarter Results
Tuesday April 22, 6:23 pm ET
FARMINGTON, Conn., April 22 /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 2008.
Sales for the first quarter of 2008 were $11,181,000 and net income was $630,000 or $0.13 per diluted share, versus sales of $12,316,000 and net income of $781,000 or $0.16 per diluted share for the first quarter of 2007.
Dominick A. Pagano, President and Chief Executive Officer, said, "While this was a challenging quarter for our company, we are pleased with our results. As previously announced, during the first quarter, our aerospace customers changed their delivery schedules reducing our sales for the first half of 2008. However, while we were not able to react to minimize the impact of these changes on our first quarter results, going forward we believe that, our sales in each of the next three quarters will progressively allow us to show increased sales and net income for the year ending 2008 vs. 2007. Operating income for the first quarter was further impacted by the addition of sales and engineering personnel hired to handle our planned growth and order backlog.
Pagano added, "We fully anticipate that the aerospace market will remain strong for 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 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
March 29, March 31,
2008 2007
Sales $11,181,103 $12,315,638
Cost of Sales 9,095,094 9,968,094
Gross Profit 2,086,009 2,347,544
Selling, General and Administrative Expenses 969,120 917,625
Income From Operations 1,116,889 1,429,919
Non-Operating Income (Expense):
Interest Expense (164,577) (194,436)
Other 44,555 4,795
Income Before Income Taxes 996,867 1,240,278
Provision for Income Taxes 367,000 459,000
Net Income $629,867 $781,278
Income per common share data:
Basic income per share $0.14 $0.17
Diluted income per share $0.13 $0.16
Weighted average shares outstanding:
Basic 4,652,928 4,532,687
Diluted 4,976,915 4,829,478
EDAC TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (Audited)
March 29, December 29,
2008 2007
ASSETS
CURRENT ASSETS:
Cash $2,371,539 $3,286,203
Accounts receivable, net 7,690,524 7,638,573
Inventories, net 7,353,123 6,598,111
Prepaid expenses and other current assets 205,606 51,339
Refundable income taxes 284,577 284,577
Deferred income taxes 908,124 933,124
Total current assets 18,813,493 18,791,927
PROPERTY, PLANT AND EQUIPMENT 35,124,253 34,869,219
Less: accumulated depreciation 22,721,927 22,390,417
12,402,326 12,478,802
OTHER ASSETS, net 486,342 492,051
TOTAL ASSETS $31,702,161 $31,762,780
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $ 2,315,334 $ 2,285,704
Trade accounts payable 4,214,692 4,021,827
Employee compensation and amounts withheld 1,262,077 1,800,390
Accrued expenses 562,931 395,950
Customer advances 369,601 424,439
Total current liabilities 8,724,635 8,928,310
LONG-TERM DEBT, less current portion 6,614,855 7,204,769
DEFERRED INCOME TAXES 448,660 448,660
SHAREHOLDERS' EQUITY:
Common stock 11,668 11,591
Additional paid-in capital 10,348,903 10,245,877
Retained earnings 6,650,109 6,020,242
Accumulated other comprehensive loss (1,096,669) (1,096,669)
Total shareholders' equity 15,914,011 15,181,041
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $31,702,161 $31,762,780
I added more shares of EDAC today. The PR today was another nice addition to their backlog. Their backlog has been continuing to grow. They are projecting weakness in the first and possibly second quarter of this year but IMO should do quite well after that given their backlog. They are also continuing to invest heavily in the business which bodes well for the future. Lastly, there have been continued insider purchases. EDAC is still a small holding for me but may become a large holding again over time.
Mike
EDAC Technologies Receives Additional $1.9 Million Upon an Option Exercise from the U.S. Military, Doubling a Contract That Had Been EDAC's Largest Military Contract to Date
Wednesday April 2, 7:38 pm ET
FARMINGTON, Conn., April 2, 2008 /PRNewswire-FirstCall/ EDAC Technologies Corporation (Nasdaq: EDAC - News), a designer and manufacturer of jet engine components, tools, fixtures, injection molds and spindles, reported today that the U.S. Military has exercised its option for an additional $1.9 million on a contract that EDAC had been awarded earlier this year and announced by EDAC on January 10, 2008. This option exercise by the U.S. Military doubles the size of what had been EDAC's largest military contract to date. The original $1.9 million contract commences shipping in April 2008 continuing through February 2009. Delivery on the $1.9 million exercised option will commence after February 2009. This order will be produced by EDAC's Precision Aerospace product line. EDAC has been actively pursuing qualification by the military as a supplier of certain products that it has produced for many years.
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
EDAC Technologies Corporation
860-677-2603
--------------------------------------------------------------------------------
Source: EDAC Technologies Corporation
EDAC Technologies Announces Annual Meeting Date
Wednesday March 26, 6:30 pm ET
FARMINGTON, Conn., March 26 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (OTC Bulletin Board: 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 4, 2008, at 9:30 a.m. local time and its record date for voting at the annual meeting as April 15, 2008. The Company anticipates mailing proxy materials to its shareholders on or about April 18, 2008.
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
--------------------------------------------------------------------------------
Source: EDAC Technologies Corporation
I picked up a very small starter position in EDAC today at $6.64.
Mike
I guess the next logical question would be how much lower guidance will be for Q1, especially in light of an acquisition likely adding to #s (so the core biz may be seeing some near term slowing). So they're guiding lower even with the small acquisition. At least the wording made it seem like Q2 they might be pretty close to last year's revs before things hopefully pick back up.
"Due to our aerospace customers changing their delivery schedules, shipments in the first and possibly second quarters of 2008 will be down compared to 2007 levels. We believe that this is a temporary condition."
And they're still talking about Cap Ex spending so seems they're looking out beyond the next 2 Qs.
Cool MikeS- that helps and makes good sense. I may continue adding on weakness (have been a bit already).
I'm pretty sure the backlog jump isn't from the acquisition and is organic. The company they acquired only had 11 employees. I doubt they would have an $18M contract. Also, that acquisition closed on December 14th. The big jump in backlog occurred between December 31st and February 23rd. Lastly the business they acquired is a repair business and may not have a backlog as the business is probably primarily done on demand.
Mike
MikeS- backlog #s, it wasn't at all clear from the 8-K whether the backlog was due to the acquistion or not.
"Approximately $18 million of this increase was from a new aerospace customer with deliveries scheduled from 2009 through 2012."
The big jump made me guess at it as possible from acquisition since the company didn't announce any big order to commence starting 2009 and they just made the acquistion so I would think the acqu would have some backlog of their own that was taken on board (or maybe it wouldn't show until next Q? not sure, I don't know how that stuff is accounted for).
Any ideas on that? It is backlog that is quite a ways out too for aerospace (i.e. it is possible for orders to be cancelled but not saying that will be the case).
Thought I owuld ask and fly it by people to see what thoughts are on this. Thanx.
Here is a table showing revenue and GM by quarter:
Quarter Revenue GM
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%
Here is the updated historical backlog information:
Date Amount
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
EDAC Technologies Reports Fourth Quarter and Full Year EPS of $0.20 and $0.70, Up 43% and 119%, Respectively
Tuesday February 26, 7:00 pm ET
FARMINGTON, Conn., Feb. 26 /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 2007.
Sales for the fourth quarter of 2007 were $12,710,000 and net income was $984,000 or $0.20 per diluted share, versus sales of $10,975,000 and net income of $677,000 or $0.14 per diluted share for the fourth quarter of 2006. Income from operations increased to $1,632,000 in the fourth quarter of 2007 from $1,057,000 in the fourth quarter of 2006.
For the year ended December 29, 2007, sales were $50,019,000 and net income was $3,449,000 or $0.70 per diluted share versus sales of $38,329,000 and net income of $1,554,000 or $0.32 per diluted share for the year ended December 30, 2006.
Dominick A. Pagano, President and Chief Executive Officer, said, "This year is our fourth year of improving sales and operating profits. For the fourth quarter we posted our highest quarterly sales in the past eight years and our highest quarterly operating income in our history. Comparing the fourth quarter to the third quarter, our sales increased $185,000 and net income increased $119,000. For the year we have invested $4,300,000 in property, plant and equipment, including the acquisition of our new Aero Engine Components Repair business in December. This was made possible by strong cash flow provided by operating activities of over $7,600,000 which also provided funds to reduce debt. Total company backlog increased from $28.8 million at the end of fiscal 2006 to $30.1 million at December 29, 2007, and to $51.0 million at February 23, 2008. Approximately $18 million of this increase was from a new aerospace customer with deliveries scheduled from 2009 through 2012."
"Due to our aerospace customers changing their delivery schedules, shipments in the first and possibly second quarters of 2008 will be down compared to 2007 levels. We believe that this is a temporary condition. We are continuing our strategy of investing heavily in state-of-the-art machinery and equipment and plan on investing $3.7 to $5.0 million in 2008 primarily in machinery and equipment to increase our capabilities and capacity, and improve productivity in the aerospace product line."
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
Dec. 29, Dec. 30, Dec. 29, Dec. 30,
2007 2006 2007 2006
Sales $12,710,482 $10,974,503 $50,018,584 $38,329,212
Cost of sales 10,034,056 9,213,682 40,035,308 32,072,085
Gross profit 2,676,426 1,760,821 9,983,276 6,257,127
Selling, general and
administrative expenses 1,044,069 703,472 3,922,027 3,369,020
Income from operations 1,632,357 1,057,349 6,061,249 2,888,107
Non-operating income
(expense):
Interest expense (177,422) (178,783) (721,235) (664,327)
Other income 31,358 17,205 60,570 90,846
Income before income
taxes 1,486,293 895,771 5,400,584 2,314,626
Provision for income taxes 502,514 219,238 1,951,514 760,238
Net income $983,779 $676,533 $3,449,070 $1,554,388
Income per common share data:
Basic income per share $0.21 $0.15 $0.75 $0.34
Diluted income per share $0.20 $0.14 $0.70 $0.32
Weighted average shares
outstanding:
Basic 4,624,403 4,522,437 4,584,913 4,515,757
Diluted 4,979,532 4,777,398 4,943,291 4,795,564
EDAC TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
December 29, December 30,
2007 2006
ASSETS
CURRENT ASSETS:
Cash $3,286,203 $925,197
Accounts receivable, net 7,638,573 7,331,226
Inventories, net 6,598,111 8,234,866
Prepaid expenses and other current assets 51,339 56,438
Refundable income taxes 284,577 140,650
Deferred income taxes 933,124 211,394
Total current assets 18,791,927 16,899,771
PROPERTY, PLANT AND EQUIPMENT 34,869,219 30,646,744
Less: accumulated depreciation 22,390,417 20,315,938
12,478,802 10,330,806
DEFERRED INCOME TAXES - 1,248,786
OTHER ASSETS 492,051 86,001
TOTAL ASSETS $31,762,780 $28,565,364
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Revolving line of credit $- $1,000,000
Current portion of long-term debt 2,285,704 1,895,436
Trade accounts payable 4,021,827 4,806,090
Employee compensation and amounts withheld 1,800,390 1,511,820
Accrued expenses 395,950 355,415
Customer advances 424,439 120,767
Total current liabilities 8,928,310 9,689,528
LONG-TERM DEBT, less current portion 7,204,769 8,081,720
OTHER LONG-TERM LIABILITIES - 163,981
DEFERRED INCOME TAXES 448,660 -
SHAREHOLDERS' EQUITY:
Common stock 11,591 11,316
Additional paid-in capital 10,245,877 9,530,688
Retained earnings 6,020,242 2,571,172
Accumulated other comprehensive loss (1,096,669) (1,483,041)
Total shareholders' equity 15,181,041 10,630,135
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $31,762,780 $28,565,364
EDAC Technologies Receives $1.9 Million Military Contract Including an Option for Up To an Additional $1.9 Million, Its Largest Military Contract to Date
Thursday January 10, 5:33 pm ET
FARMINGTON, Conn., Jan. 10 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (Nasdaq: EDAC - News), a designer and manufacturer of jet engine components, tools, fixtures, injection molds and spindles, today announced the receipt of its largest U.S. military contract to date. This $1.9 million contract commences shipping in April 2008 continuing through February 2009 and includes an option for up to an additional $1.9 million that can be exercised by the military. Should the option be exercised, the delivery on the option would commence after February 2009. This order will be produced by EDAC's Precision Aerospace product line. EDAC has been actively pursuing qualification by the military as a supplier of certain products that it has produced for many years.
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
EDAC Technologies Corporation
860-677-2603
--------------------------------------------------------------------------------
Source: EDAC Technologies Corporation
Bullish symmetrical triangle formation - needs high volume and break past 9.69
then straight to 10.8-11.20
waiting for close past 9.69.
EDAC Technologies Announces Acquisition of Repair Business Unit
Friday December 14, 5:16 pm ET
FARMINGTON, Conn., Dec. 14 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (Nasdaq: EDAC - News) announced today that it has closed on its asset purchase agreement with MTU Aero Engines North America, Inc. ("MTU") today acquiring the assets of MTU's Repair Business Unit, including its facility located at 35 Holland Drive in Newington, Connecticut. The acquisition will operate under the name of EDAC Aero Engine Components Repair providing precision machining for the maintenance and repair of selected components in the aircraft engine industry. EDAC has employed all eleven of MTU's Repair Business Unit employees.
NovaHill Partners LLC advised MTU Aero Engines GmbH in this transaction.
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
860-679-7418
--------------------------------------------------------------------------------
Source: EDAC Technologies Corporation
EDAC Technologies Announces Proposed Acquisition of Repair Business Unit
12/05/2007 17:45
FARMINGTON, Conn., Dec. 5 /PRNewswire-FirstCall/ -- EDAC Technologies Corporation (Nasdaq: EDAC) announced today that it has entered into an asset purchase agreement with MTU Aero Engines North America, Inc. ("MTU"). Under the agreement, EDAC Technologies will purchase the assets of MTU's Repair Business Unit, including its facility located at 35 Holland Drive in Newington, Connecticut. MTU's Repair Business Unit is engaged in precision machining for the maintenance and repair of selected components in the aircraft engine industry. MTU's Repair Business Unit has 11 employees, and EDAC intends to offer employment to each of them.
Dominick A. Pagano, President and Chief Executive Officer of EDAC Technologies, said, "We are clearly excited about this acquisition. It permits us to further diversify our core Aerospace business to adjacent markets and is consistent with our long term growth plan."
The acquisition, which is subject to various normal closing conditions, is expected to close by the end of this year.
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
/CONTACT: Glenn L. Purple of EDAC Technologies Corporation, Vice President-Finance, +1-860-677-2603
/Web site: http://www.edactechnologies.com/
(END) Dow Jones Newswires
I am no longer holding, but for anyone still in or following EDAC....from the yahoo board: http://www.microcapgems.com/issue/current.html
brgds and Happy Tksgiving, b
Now that the 10Q is out, I may sell the rest tomorrow. The free cash flow was very nice and backlog is stable, but the run does seem a bit extended and the Cap Ex #s in PR were forthe 1st 9 months (duh, I mistook the $2.3 mill Cap Ex for Q3 alone LOL so thought they had spent a bunch on Cap Ex for the Q but realize my mistake).
Here is the updated historical backlog information:
Date Amount
09/29/2007 $31.9M LOI still in play?
07/30/2007 $31.5M LOI still in play?
03/31/2007 $31.6M + $4.5M LOI^ = $36.1M
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
EDAC hitting multi-year highs this week. I only sold a little on earnings in the $9.3s, feeling that the cash flows looked way too strong to be worried about a 17 cents EPS report. Plus Cap Ex spending was very strong so growth looks to continue pushing out a ways.
Company still looks good to me and I'm holding tight to what I have left (not a lot unfortunately), although I want to see the 10Q to get a feel for where all that cash flow came from.
Good luck all.
Wow, printed $10.10. Congrats to those who held.
Mike
I think some may be missing the more important (IMO) signals. Backlogs can jump around depending on many factors (especially with items that can take awhile to build like airplane components/parts). However, Cap Ex is usually a more firm item to look at regarding growth going forward in a manufacturer such as EDAC. The Cap Ex spending of over $2 mill is quite a bit, plus they had the cash flows to support it. So even though many seem to gravitate toward EPS (and it obviously is an important number), I think the growth will likely continue based on the Cap Ex #. And cash flows look healthy (another important metric for manufacturers, especially ones expanding so they can keep debt levels down).
MikeS- you shoulda listened to your own thoughts here:
"... However, EDAC has been expanding capacity. I have to believe that they have a good reason for expanding capacity and that will ultimately result in higher revenue."
All IMO and I could be wrong, but it is my take. I did sell a little at $9.37 this AM but definitely want to hold some to see what's in store. Good luck all!
Could be a dividend (whether wanted or not LOL) eventually if cash flows keep kicking like that. But they're still growing and spending on equipment.
Out EADC at 9.50
If I remember correctly the backlog had already started to shrink in the previous 10-Q. Maybe thats why the lack of backlog info in the current 10-Q
I sold out of my EDAC this morning and last night in AH. The earnings were OK but not great. The lack of specific information on backlog makes me suspect that it likely dropped off and is flat at best. I am wondering how much growth if any they have left. If earnings are topping off here then I think they are fully valued or pretty close to it. I will continue to watch the company and may buy again if there is a pull back. They are continuing to expand capacity so sales could still move up. I will not be surprised if the stock continues to move up today.
Mike
Here is a table showing revenue and GM by quarter:
Quarter Revenue GM
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%
EDAC Technologies Continues To Report Record Quarterly Operating Profit
Monday October 22, 4:44 pm ET
FARMINGTON, Conn., Oct. 22 /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 third quarter of 2007.
Sales for the third quarter of 2007 were $12,525,000 and net income was $864,000 or $0.17 per diluted share, versus sales of $8,178,000 and net income of $171,000 or $0.04 per diluted share for the third quarter of 2006. Income from operations increased to $1,533,000 in 2007 from $426,000 in 2006.
For the nine months ended September 29, 2007, sales were $37,308,000 and net income was $2,465,000 or $0.50 per diluted share versus sales of $27,355,000 and net income of $878,000 or $0.18 per diluted share for the nine months ended September 30, 2006.
Dominick A. Pagano, President and Chief Executive Officer, said, "We are very pleased with the continued strong and balanced quarterly results. Third quarter 2007 sales were our highest quarterly sales in eight years and the total backlog remains strong. Operating profit for the third quarter 2007 was the highest quarterly operating profit in our history. Comparing the third quarter to the second quarter, our sales increased $58,000 and net income increased $45,000. Through the third quarter we have further diversified our client base and invested over $2,305,000 in machinery and equipment to further expand our capacity and productivity. This was made possible by strong cash flow from operations which also reduced debt and increased shareholders' equity. We will continue to make investments and pursue opportunities that will sustain and position us for future growth and strengthen EDAC for the long term."
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
EDAC TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (Audited)
September 29, December 30,
2007 2006
ASSETS
CURRENT ASSETS:
Cash $2,750,300 $925,197
Accounts receivable, net 7,752,080 7,331,226
Inventories, net 7,668,798 8,234,866
Prepaid expenses and other current assets 147,302 56,438
Refundable income taxes - 140,650
Deferred income taxes 211,394 211,394
Total current assets 18,529,874 16,899,771
PROPERTY, PLANT AND EQUIPMENT 32,952,486 30,646,744
Less: accumulated depreciation 22,013,938 20,315,938
10,938,548 10,330,806
DEFERRED INCOME TAXES 561,786 1,248,786
OTHER ASSETS 68,874 86,001
TOTAL ASSETS $30,099,082 $28,565,364
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Revolving line of credit $ - $ 1,000,000
Current portion of long-term debt 2,254,095 1,895,436
Trade accounts payable 4,408,010 4,806,090
Employee compensation and amounts withheld 1,827,462 1,511,820
Accrued expenses 246,214 355,415
Customer advances 131,689 120,767
Total current liabilities 8,867,470 9,689,528
LONG-TERM DEBT, less current portion 7,786,004 8,081,720
OTHER LONG-TERM LIABILITIES 163,981 163,981
SHAREHOLDERS' EQUITY:
Common stock 11,533 11,316
Additional paid-in capital 9,716,672 9,530,688
Retained earnings 5,036,463 2,571,172
Accumulated other comprehensive loss (1,483,041) (1,483,041)
Total shareholders' equity 13,281,627 10,630,135
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $30,099,082 $28,565,364
EDAC TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
For the three months ended For the nine months ended
Sept 29, Sept. 30, Sept 29, Sept 30,
2007 2006 2007 2006
Sales $12,525,403 $8,178,356 $ 37,308,102 $ 27,354,709
Cost of sales 10,012,338 7,071,446 30,001,252 22,858,403
Gross profit 2,513,065 1,106,910 7,306,850 4,496,306
Selling, general
and
administrative
expenses 980,308 681,405 2,877,958 2,665,548
Income from
operations 1,532,757 425,505 4,428,892 1,830,758
Non-operating
income (expense):
Interest expense (179,324) (167,069) (543,813) (485,544)
Other income 18,897 17,619 29,212 73,641
Income before
income taxes 1,372,330 276,055 3,914,291 1,418,855
Provision for
income taxes 508,000 105,000 1,449,000 541,000
Net income $864,330 $171,055 $2,465,291 $877,855
Income per common
share data:
Basic income
per share $0.19 $0.04 $0.54 $0.19
Diluted income
per share $0.17 $0.04 $0.50 $0.18
Weighted average shares
outstanding:
Basic 4,605,603 4,518,437 4,571,936 4,513,354
Diluted 4,953,970 4,784,457 4,909,430 4,791,205
Thanks alot for your reply, Mike! I appreciate your thoughts and posts! FWIW, I own EDAC, TRGD, LBWR, ENZ, PCOP
brgds, biot
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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
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