Key Developments For Spectrum Control Inc
Spectrum Control Inc (SPEC.O) (Nasdaq)
Spectrum Control, Inc. Signs Definitive Agreement To Acquire Integrated Device Technology Inc.'s Micro Networks Corp.
Spectrum Control, Inc. announced that it has signed a definitive agreement to acquire substantially all of the assets and assume certain liabilities of Micro Networks Corporation (Micro Networks), a subsidiary of Integrated Device Technology Inc. Micro Networks, with operations in Worcester, MA and Auburn, NY, designs and manufactures high-performance data conversion products, custom modules, and a broad line of filters, oscillators, and delay lines based on surface acoustic wave (SAW) technology. The transaction is expected to close by the end of November. The total purchase price of the acquisition is anticipated to approximate $13 million.
Spectrum Control, Inc. Issues Q4 2009 Outlook Below Analysts' Estimates
Spectrum Control, Inc. announced that for the fourth quarter of 2009, it expects sales to be in the range of $32.5 to $33.5 million with earnings of $0.16 to $0.18 per share. According to Reuters Estimates, analysts on an average were expecting the Company to report earnings per share (EPS) of $0.21 on revenue of $37.0 million for the same period.
Spectrum Control, Inc. Awarded $9.1 Million Contract For Complex Microwave Integrated Assemblies
Spectrum Control, Inc. announced that its Spectrum Microwave Business Segment has received a follow-on, multi-year contract for integrated microwave assemblies used in upgrades of fielded RCIED (Radio Controlled Improvised Explosive Devices) Jammer Systems. Specific orders under the contract have already started to be released, with product shipments expected to commence in December 2009 and continue through the second quarter of 2011. Work under this contract will be performed at the Company's facilities located in Delmar, DE; Philadelphia, PA; and State College, PA.
Spectrum Control, Inc. Receives $2 Million In Orders For RCIED Jammer Products
Spectrum Control, Inc. announced that it has received $2 million in orders for microwave and EMI products used in RCIED (Radio Controlled Improvised Explosive Devices) Jammer Systems. In accordance with the customer order requirements, product deliveries are expected to be completed by the end of fiscal year 2009.
Spectrum Control, Inc. Issues Q3 2009 Outlook; Comments On Q4 2009 Outlook
Spectrum Control, Inc. announced that for the third quarter of 2009, it expects sales and profitability to approximate the second quarter performance. For the fourth quarter of 2009, the Company expects the quarter to be strong, with a 10% sequential increase in sales and profitability. The Company reported revenue of $33.62 million, net income of $2.22 million and EPS of $0.18 in the second quarter of 2009. According to Reuters Estimates, analysts were expecting the Company to report revenue of $35 million, net profit of $2.40 million and EPS of $0.19 for the third quarter of 2009; revenue of $37 million, net profit of $2.60 million and EPS of $0.21for the fourth quarter of 2009.
