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EDAC Technologies Reports Second Consecutive Quarterly Profit
FARMINGTON, Conn., Aug. 3 /PRNewswire-FirstCall/ -- EDAC Technologies
Corporation (OTC:EDAC.OB) (BULLETIN BOARD: EDAC.OB) , a designer and
manufacturer of tools, fixtures, jet engine components, injection molds and
spindles, today reported results for the second quarter of 2004.
Sales for the second quarter of 2004 were $8,767,000 and net income was
$264,000 or $0.06 per diluted share versus sales of $7,138,000 and net income
of $7,228,000 or $1.60 per diluted share for the second quarter of 2003. The
second quarter of 2003 benefited from a gain of $7,253,000 from debt
restructuring. Without the gain, the net loss for the quarter ended June 28,
2003 would have been $25,000.
For the six months ended July 3, 2004, sales were $16,073,000 and net income
was $553,000 (including a gain of $250,000 from debt forgiveness) or $0.12 per
diluted share versus sales of $13,247,000 and net income of $6,737,000 or $1.50
per diluted share for the six months ended June 28, 2003. Without the
$7,253,000 gain on debt restructuring, the net loss for the six months ended
June 28, 2003 would have been $516,000.
Commenting on the second quarter, Dominick A. Pagano, President and Chief
Executive Officer, said, "Our increase in sales from $7,138,000 to $8,767,000
was due to increased sales to our machine tool and aerospace customers. This
plus the improved efficiency and hard work of our employees resulted in
increases in our operating profit of $314,000 for the quarter as compared to
the second quarter of 2003, and $854,000 for the first six months in the
current year compared with the first half of 2003. This was the second
consecutive quarter that EDAC has generated a positive net income exclusive of
gains on debt restructuring, since the fourth quarter of 2001. Sales backlog
was approximately $19,800,000 at the end of the second quarter, up from
$18,000,000 at the start of the fiscal year. Our liquidity has improved
significantly by an agreement with our largest aerospace customer that provided
for a $1.8 million advance payment in July for inventory previously put on
hold. With our debt now at a seven year low, we are better positioned to
pursue opportunities in all of our product lines and remain optimistic about
our future."
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
Financial Highlights
For the three months ended For the six months ended
July 3, June 28, July 3,June 28,
2004 2003 2004 2003
Sales $8,766,891 $7,137,812 $16,073,384 $13,247,145
Cost of sales 7,697,022 6,253,856 14,159,015 11,985,572
Gross profit 1,069,869 883,956 1,914,369 1,261,573
Selling, general and
and administrative
expenses 634,617 762,631 1,272,286 1,473,561
Income (loss)
from operations 435,252 121,325 642,083 (211,988)
Non-operating income
(expense):
Interest (163,221) (177,415) (322,314) (346,933)
Gain on debt
forgiveness - - 250,000 -
Gain on debt
restructuring - 7,253,203 - 7,253,203
Other - 31,294 - 43,213
Income before
income taxes 272,031 7,228,407 569,769 6,737,495
Provision for
income taxes 8,000 - 17,000 -
Net income $264,031 $ 7,228,407 $552,769 $ 6,737,495
Income per common share data:
Basic $0.06 $1.64 $0.12 $1.53
Diluted $0.06 $1.60 $0.12 $1.50
Weighted average shares outstanding:
Basic 4,444,438 4,415,803 4,444,438 4,415,881
Diluted 4,633,146 4,514,220 4,625,185 4,480,779
For further information, please contact:
Glenn L. Purple
Vice President-Finance
Tel: (860) 677-2603
DATASOURCE: EDAC Technologies Corporation
CONTACT: Glenn L. Purple, Vice President-Finance of EDAC Technologies
Corporation, +1-860-677-2603
Web site: http://www.edactechnologies.com/