C&D Posts 17 Percent Earnings Increase
C&D Technologies Inc. (Blue Bell, PA) announced a 17 percent increase in net income for the second quarter ended July 31, 1999, to $7,045,000, or $0.54 per diluted share, from $6,000,000, or $0.47 per diluted share, for the same period a year ago. Net sales for the period rose 40 percent to $111,819,000, compared to $80,073,000 for the same period last year. The increase in net sales was attributed primarily to C&D's acquisition of the Specialty Battery Division of Johnson Controls Inc. on March 1, 1999, as well as to increased sales of the company's reserve power systems products by its Powercom Division.Sales for the first six months of fiscal year 2000 rose 33 percent to $211,430,000, from $158,982,000 for the comparable period last year. Net income for the six-month period was $12,380,000, or $0.96 per diluted share, up five percent from $11,756,000, or $0.92 per diluted share, for the same period last year. "This quarter's strong performance was in line with our expectations," stated President and CEO Wade H. Roberts, Jr. "It was based on continuing excellent gains in our core business producing reserve power systems for telecommunications and uninterruptible power suppies. Bookings exceeded sales in the quarter and continue to do so thus far in the third quarter. We are optimistic about the foreseeable future."