Key Developments: Ceradyne, Inc. (CRDN.O)
20.70USD
9 Feb 2010
$0.71 (+3.55%)
$20.70
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$20.89
$19.84
239,671
165,131
$24.96
$14.27
Latest Key Developments
Ceradyne, Inc. Receives $12.4 Million SAPI Body Armor Order
Ceradyne, Inc. announced that it has received a $12.4 million order for SAPI (Small Arms Protective Inserts) lightweight ceramic body armor. The order was issued by the U.S. Army RDECOM, Aberdeen Proving Grounds, Maryland. The Company expects shipments to be completed in the first quarter 2010. The order is a Foreign Military Sales (FMS) requirement.
Ceradyne, Inc. Lowers FY 2009 Revenue Guidance; Sees To Meet Or Slightly Exceed Prior FY 2009 EPS Guidance Range; Reaffirms FY 2010 Guidance
Ceradyne, Inc. announced that its preliminary sales figure for fiscal 2009 is approximately $401 million. These full year preliminary results compare to the guidance given on October 27, 2009 of sales in a range of $410-$415 million. Fiscal 2009 earnings are estimated to meet or slightly exceed the current guidance of approximately $0.60 per fully diluted share which do not include the impact of restructuring and impairment charges for all of 2009 of approximately $0.55 per fully diluted share. Although 2009 earnings may slightly exceed the October 27, 2009 guidance full year sales were impacted by the government's recently revised ceramic body armor testing and inspection procedures, which resulted in approximately $8 million of body armor originally scheduled to be shipped in the fourth quarter of 2009 to be postponed into 2010. The Company reiterates its fiscal 2010 guidance, initially provided on October 27, 2009, of a sales range of $380-$430 million and an earnings range of $0.60 to $1.05 per fully diluted share. According to Reuters Estimates, analysts were expecting the Company to report revenues of $411 million and EPS of $0.59 for fiscal 2009; revenues of $387 million and EPS $0.71 for fiscal 2010.
Ceradyne, Inc. Receives M-ATV Vehicle Armor Contract
Ceradyne, Inc. announced that it has received a multi million dollar blanket purchase order from Plasan Sasa Ltd., Israel, for the production of armor components for the MRAP All Terrain Vehicle (M-ATV). Ceradyne plans to produce these parts in its expanded armor assembly plant in Irvine, California, for delivery to Oshkosh Corporation, the prime contractor. Oshkosh will assemble the components and deliver the M-ATV to the government.
Ceradyne, Inc. Lowers FY 2009 Guidance
Ceradyne, Inc. lowered its fiscal 2009 guidance and expects earnings per share (EPS) 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. According to Reuters Estimates, analysts were expecting the Company to report EPS of $0.65 on revenue of $419 million for the same period.
Ceradyne, Inc. Receives $8 Million ESAPI Order
Ceradyne, Inc. announced that it has received an $8 million ESAPI (Enhanced Small Arms Protective Inserts) order which is expected to be shipped in the first quarter of 2010. This order is a delivery order issued by the Defense Supply Center Philadelphia against a larger ID/IQ (Indefinite Delivery/Indefinite Quantity) three-year contract issued in December 2007. Ceradyne`s practice is to only book firm delivery orders such as the above $8 million as backlog for scheduled delivery.
Ceradyne, Inc. Receives $16.4 Million ESAPI Order
Ceradyne, Inc. announced that it received a $16.4 million ESAPI (Enhanced Small Arms Protective Inserts) order which is expected to be shipped late in the fourth quarter of 2009. This order is a delivery order issued by the Defense Supply Center Philadelphia.
Ceradyne, Inc. Reaffirms FY 2009 Guidance
Ceradyne, Inc. reiterated its fiscal 2009 outlook and expects sales range of $420-$440 million with earnings per fully diluted share (EPS) of approximately $0.70. According to Reuters Estimates, analysts were expecting the Company to report revenues of $423 million and EPS of $0.67 for the same period.
Ceradyne, Inc. Receives $18.7 Million SAPI Body Armor Order
Ceradyne, Inc. announced that it has received an $18.7 million order for SAPI (Small Arms Protective Inserts) lightweight ceramic body armor. The order was issued by the U.S. Army RDECOM, Aberdeen Proving Grounds, Maryland. The Company expects to begin shipments in the fourth quarter of 2009, with completion prior to December 31, 2009. The order is a Foreign Military Sales (FMS) requirement.
Ceradyne, Inc. Receives $8.3 Million Ceramic Body Armor Order For U.S. Marines
Ceradyne, Inc. announced receipt of a $8.3 million delivery order from the U.S. Marine Corps, Quantico, Virginia. This order is for Enhanced Small Arms Protective Inserts (ESAPI), expected to be delivered in full by September 2009.
Ceradyne, Inc. Acquires Business, Assets and Intellectual Property of Diaphorm Technologies, LLC; Lowers FY 2009 Guidance
Ceradyne, Inc. announced that it has acquired substantially all of the business and assets and all technology and intellectual property related to ballistic combat and non combat helmets of Diaphorm Technologies, LLC, based in Salem, New Hampshire. The purchase price consists of $9.5 million in cash paid at closing, the assumption of approximately $300,000 of liabilities, plus contingent consideration not to exceed $10 million over the next five years based upon performance milestones and revenues achieved during that period from Diaphorm`s existing products and new products developed using Diaphorm technology. Ceradyne used a portion of its existing cash for the payment made at closing. The Company revised revenue and earnings guidance for fiscal 2009 to approximately $0.70 per fully diluted share compared to the guidance range at the lower end of $1.60 as provided on April 28, 2009. This revised guidance does not include estimated pre-tax charges of between $11-$13 million to close its Bazet, France, manufacturing plant previously announced, or the impact of the acquisition announced earlier of the business and assets of Diaphorm Technologies, LLC. The Company estimates that its fiscal 2009 sales will be in the range of $420 to $440 million compared to the prior guidance range of $465 to $500 million also provided on April 28, 2009. According to Reuters Estimates, analysts were expecting the Company to report revenue of $466 million and EPS of $1.52 for fiscal 2009.
UPDATE 2-L-3 profit tops view; sees higher 2010 earnings
* L-3 shares fractionally higher; Ceradyne down 8 pct (Recasts, adds Ceradyne results)
Earnings vs. 
Estimates
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