July 28, 2010 | last updated May 29, 2012 9:08 pm

Edac's 2Q net earnings drop

Edac Technologies Corp.'s fiscal second-quarter net income fell amid a large sales gain for the Farmington maker of precision aerospace and industrial parts.

Edac earned $345,000, or 7 cents a share, in the three months ended July 3, down from $7.4 million, or $1.50 a share, the comparable three-month period last year when the company realized a large one-time gain from an acquisition.

Chief Financial Officer Glenn Purple said a better reflection of Edac's second-quarter peformance was its operating income, which grew to $729,000 for the 2010 second quarter from $515,000 the same quarter last year. Its first-quarter net income was $410,000.

Sales rose to $18.8 million in the second quarter from $13.6 million a year ago.

Edac's sales backlog -- a leading indicator of the manufacturer's financial prospects -- totaled about $135.1 million as of July 3, almost flat from $134 million a year earlier.


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