Spectrum Control Inc.’s Q2 net surges 59%
Designer and manufacturer of electronic control products and systems Spectrum Control, Inc. (Nasdaq: SPEC) reported a 59% increase in net income for the second quarter after the close Tuesday.
For the three months ended May 31, 2007, Spectrum reported net income of $2.8 million or $0.21 per share on sales of $33.6 million, compared with net income of $1.7 million or $0.13 per share on sales of $31.9 million for the second quarter last year.
An analyst surveyed by Thompson Financial expected earnings of $0.18 per share.
"During the current quarter, full production was achieved at our new ceramic manufacturing facility in State College, Pa.,” said Spectrum Control’s CEO Dick Southworth. “With operating efficiencies and productivity at our new State College facility expected to further improve throughout the year, we believe our company is poised for additional profitability and enhanced shareholder value."
As a result of its State College facility, Spectrum eliminated all purchases of specialty ceramic components from third-party suppliers and significantly decreased material costs.
Company officials said they expect 2007 third quarter sales to be between $34.5 million and $35.5 million. Based on its new State College ceramic manufacturing facility, Spectrum expects 2007 third quarter earnings to clock in between approximately $0.22 and $0.23 per share. Those earnings estimates would represent an increase of over 57% from the comparable period of 2006.
Shares of West Marine traded up 5.84% or $0.81 to $14.68 in after-hours trading Tuesday.
