EDAC Posts 20c/share.......
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.
ADVERTISEMENT
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."
