Edac Technologies Corp. posted strong fiscal fourth-quarter and 2011 earnings amid strong demand for the Farmington manufacturer's precision aerospace and industrial parts.
For three months ended Dec. 31, Edac netted $1.2 million, or 21 cents a diluted share, well above the $56,000, or a penny a share, netted the comparable period ended Jan. 1, 2011.
Fourth-quarter sales rose 27 percent to a record $22.7 million from $17.9 million a year earlier.
For fiscal 2011, the company netted $3.6 million, or 68 cents a diluted share, up from $845,000, or 17 cents a share, netted in fiscal 2010.
Full-year sales rose 19 percent to $86.6 million vs. $73.1 million a year earlier.
Sales backlog stood on Dec. 31 at $252.1 million, way up from its $138.3 million backlog at the end of fiscal 2010.
Edac said all its major product lines, including aerospace, machinery and Apex Machine Tool, contributed to its strong financial performance.
In February, Edac announced plans to buy General Electric Co.'s old Plainville manufacturing plant for $2.65 million as part of a $6.5 million relocation and expansion.
Edac is buying GE's 15-acre site and 181,000-square-foot building at 10 New Britain Ave. The site is four miles from most of Edac's facilities in Farmington and Newington. The move will take place in stages over the next 18 months.