From staff reports
JOPLIN, Mo. —
LaBarge today reported record sales and earnings for its fourth quarter, as well as for the full year. The company’s fourth quarter ended June 27.
Fourth-quarter net sales grew to $82.4 million, compared with $64.8 million for the fourth quarter of the previous year.
Some of that growth was the result of LaBarge’s acquisition of a plant in Appleton, Wis., in December 2008. That plant contributed sales of $19.9 million in the fiscal 2010 fourth quarter, versus $12.1 million in the comparable period a year earlier.
Net earnings to $4.8 million, or 30 cents per share, compared to $2.6 million, or 16 cents per share, one year earlier.
“Outstanding operational performance and increased customer demand across most key market sectors propelled LaBarge’s sales and earnings to record levels ...,” Craig LaBarge, chief executive officer and president, said in a statement.
“Additionally, bookings of new business in fiscal 2010 set a new company record, and fiscal 2010 full-year gross profit, operating income and backlog generated double-digit increases over the previous fiscal year’s levels,” LaBarge said.
Net sales for the full year grew to $289.3 million, versus $273.4 million a year ago. The Appleton acquisition added $62.5 million in sales for the fiscal year that just ended. The previous year’s results included two quarters from the Appleton acquisition.
Net earnings for the full year grew to $14.9 million, or 93 cents per share, versus $10.3 million, or 64 cents per share, in 2009.
The St. Louis-based company reported that fiscal 2009 results also reflect the write-off of inventory and accounts receivable related to the bankruptcy of Eclipse Aviation Corp., a former LaBarge customer.
LaBarge has a plant in Joplin employing close to 400 people.
Craig LaBarge also said in his statement: “Looking ahead, bookings of new business have continued at a strong pace into the fiscal 2011 first quarter. We also expect sales and earnings in the fiscal 2011 first quarter to be up significantly from the year-ago period with sales of $80 million to $82 million and earnings per share of 26 cents to 28 cents.
“Based on our current visibility, we believe this business strength will continue throughout the current fiscal year, fueled by healthy order flow in our major market sectors.”
