Ceradyne, Inc. to Release Second-Quarter 2006 Financial Results on August 4, 2006
August 02 2006 - 7:30AM
Business Wire
Ceradyne, Inc. (Company) (Nasdaq:CRDN) will release financial
results for second-quarter 2006 before the market open on Friday,
August 4, 2006. The Company will also conduct a teleconference to
review the results for the quarter, as well as discuss the
remainder of 2006 and 2007. Ceradyne also announced today that a
Special Committee of its Board of Directors is conducting a
Company-initiated, voluntary review of its historical stock option
grants. The Special Committee has retained independent legal
counsel to assist it with its review, and is reviewing stock option
grants made during the period of 1997 to the present. While the
Special Committee has not completed its review, preliminary
indications are that the measurement dates for accounting purposes
may differ from recorded dates for certain grants made during 1997
through 2003. To the extent that an adjustment to the Company's
financial results may be required, the Company believes that the
estimated cumulative after-tax impact for all the years 1997
through 2005 would total less than $2 million. This would be a
non-cash charge. However, depending on the results of the Special
Committee's review, the actual adjustment could be more than this
estimate. Any investor or interested individual can listen to the
teleconference, which is scheduled to begin at 8 a.m. PDT (11 a.m.
EDT) on August 4. To participate in the teleconference, please call
toll-free 877-869-7690 (or 706-758-0239 for international callers)
approximately 10 minutes prior to the above start time. You may
also listen to the teleconference live via the Internet at
www.ceradyne.com or www.earnings.com. For those unable to attend,
these web sites will host an archive of the call. A telephone
playback will be available beginning at 11:30 a.m. PDT on August 4
through 9 p.m. PDT on August 8, 2006. The playback can be accessed
by calling 800-642-1687 (or 706-645-9291 for international callers)
and providing Conference ID 3833233. Ceradyne develops,
manufactures and markets advanced technical ceramic products and
components for defense, industrial, automotive/diesel and
commercial applications. Additional information about the Company
can be found at www.ceradyne.com. This press release contains a
forward-looking statement regarding the Company's current
anticipation that the stock option review may not result in a
cumulative adjustment of more than $2 million. This forward-looking
statement is based on the Company's current expectations and is
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed in the forward-looking
statement, including risks and uncertainties arising out of the
Company's ongoing review of its stock option grants and
developments in regulatory and legal guidance regarding stock
option grants and accounting for such grants. For example,
information may be learned and analysis may be undertaken
concerning the Company's historic stock option grants and
accounting that may materially impact the Company's financial
statements or results. Readers are cautioned not to place undue
reliance on this forward-looking statement, which speaks only as of
the date hereof. The Company undertakes no obligation to update
this forward-looking statement to reflect subsequent events or
circumstances.
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