Ceradyne Inc. (CRDN:NASDAQ)

Ceradyne Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company has posted sales of $108.0 million, compared with $167.7 million in third quarter 2008. Net income was $4.9 million, or $0.19 per fully diluted share compared to net income of $18.8 million or $0.71 diluted per share for the same period a year ago. Income from operations was $8.93 million compared to $32.20 million for the same period a year ago. For the nine months, the company's sales were $303.0 million, compared with $541.3 million in the same period last year. Net loss was $5.6 million, or $0.22 per fully diluted share compared to net income of $83.8 million or $3.12 diluted per share for the same period a year ago. Loss from operations was $0.82 million compared to income from operations of $32.20 million for the same period a year ago. Purchases of property, plant and equipment was $13.58 million compared to $35.93 million for the same period a year ago. Purchases of marketable securities were $136.17 million. Net cash provided by operating activities was $48.41 million compared to $126.99 million for the same period a year ago. The company is adjusting its guidance for the full fiscal year 2009 from $0.70 per fully diluted share to approximately $0.60 per fully diluted share and from sales of $420 to $440 million to sales of $410 to $415 million. The forward looking estimated fully diluted earnings per share guidance does not include the impact of the total restructuring and impairment pre-tax charges for all of 2009, which are estimated to be approximately $0.55 per fully diluted share. For the year 2010, the company expects sales range from $380 million to $430 million and earnings range from $0.60 to $1.05 per fully diluted share.

Ceradyne Inc. announced earnings results for the third quarter and nine months ended September 30, 2009. The company reported EBITDA was $17 million in the third quarter compared to $43 million in the same period last year. For the nine months of 2009, the company reported EBITDA of $17 million compared to a $156 million in a comparable period last year. The company announced the capital expenditure for the fiscal 2010 is $48 million and the big pieces of that really is China, where the company is going to spend a budget amount of $25.7 million. The company expects to close the full year 2009 with about $16 million to $17 million to capital expenditure.

Ceradyne Inc., Q3 2009 Earnings Call, Oct 27 2009