FARMINGTON, Conn., April 30 /PRNewswire-FirstCall/ -- EDAC
Technologies Corporation (OTC:EDAC) (BULLETIN BOARD: EDAC) , a
designer and manufacturer of tools, fixtures, jet engine
components, injection molds and spindles, today reported record
results for the first quarter of 2007. Sales for the first quarter
of 2007 were $12,316,000 and net income was $781,000 or $0.16 per
diluted share, versus sales of $9,596,000 and net income of
$293,000 or $0.06 per diluted share for the first quarter of 2006.
Income from operations increased to $1,430,000 in 2007 from
$611,000 in 2006. The first quarter of 2006 included costs of
$226,000 associated with expansion of our manufacturing capacity by
approximately 24,000 square feet and other non- recurring expenses.
Dominick A. Pagano, President and Chief Executive Officer, said,
"We are very pleased with the continued strong results. Our
operating profit for the first quarter was the highest in our
history. Total backlog increased from $28,800,000 at the end of the
fiscal 2006 to $31,600,000 at the end of the first quarter. As
recently announced, our first quarter sales were our highest
quarterly sales in six years. Sales increased $2,751,000 in our
Precision Aerospace product line for the first quarter 2007
compared to the first quarter 2006. Our 2007 capital plan includes
over $3.7 million in machinery and equipment additions to increase
productivity and production capacity. Through the first quarter we
have invested over $579,000 in machinery and equipment and have
made commitments for an additional $1 million. We've made these
investments to meet our sales backlog requirements and to further
position us for future growth. We will continue to pursue
opportunities that will strengthen EDAC for the long term." 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.
Contact: Glenn L. Purple Vice President-Finance 860 677-2603 EDAC
TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS UNAUDITED For the quarter ended March 31, April 1, 2007
2006 Sales $12,315,638 $9,595,579 Cost of Sales 9,968,094 7,970,934
Gross Profit 2,347,544 1,624,645 Selling, General and
Administrative Expenses 917,625 1,013,865 Income From Operations
1,429,919 610,780 Non-Operating Income (Expense): Interest Expense
(194,436) (153,399) Other 4,795 14,388 Income Before Income Taxes
1,240,278 471,769 Provision for Income Taxes 459,000 179,000 Net
Income $ 781,278 $ 292,769 Income per common share data: Basic
income per share $0.17 $0.06 Diluted income per share $0.16 $0.06
Weighted average shares outstanding: Basic 4,532,687 4,506,145
Diluted 4,829,478 4,791,735 EDAC TECHNOLOGIES CORPORATION CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited) (Audited) March 30,
December 30, 2007 2006 ASSETS CURRENT ASSETS: Cash $637,441
$925,197 Accounts receivable, net 7,215,186 7,331,226 Inventories,
net 8,632,477 8,234,866 Prepaid expenses and other current assets
244,227 56,438 Refundable income taxes 140,650 140,650 Deferred
income taxes 211,394 211,394 Total current assets 17,081,375
16,899,771 PROPERTY, PLANT AND EQUIPMENT 31,225,772 30,646,744
Less: accumulated depreciation 20,873,938 20,315,938 10,351,834
10,330,806 DEFERRED INCOME TAXES 1,022,786 1,248,786 OTHER ASSETS
80,292 86,001 TOTAL ASSETS $28,536,287 $28,565,364 LIABILITIES AND
SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Revolving line of credit
$850,000 $ 1,000,000 Current portion of long-term debt 1,926,779
1,895,436 Trade accounts payable 4,541,348 4,806,090 Employee
compensation and amounts withheld 1,454,907 1,511,820 Accrued
expenses 509,640 355,415 Customer advances 55,377 120,767 Total
current liabilities 9,338,051 9,689,528 LONG-TERM DEBT, less
current portion 7,586,279 8,081,720 OTHER LONG-TERM LIABILITIES
163,981 163,981 SHAREHOLDERS' EQUITY: Common stock 11,345 11,316
Additional paid-in capital 9,567,222 9,530,688 Retained earnings
3,352,450 2,571,172 Accumulated other comprehensive loss
(1,483,041) (1,483,041) Total shareholders' equity 11,447,976
10,630,135 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $28,536,287
$28,565,364 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/
Copyright