C&D Reports FY99 Results
C&D Technologies Inc. (Blue Bell, PA) reported net income for the fourth quarter ended January 31, 1999, of $5,552,000, or $0.43 per diluted share, compared to $5,527,000, or $0.43 per diluted share, for the same period last year. Sales for the fourth quarter were $73,386,000, compared to $77,952,000 for the same period a year ago.For the year ended January 31, 1999, C&D reported net income of $24,080,000, or $1.88 per diluted share, compared to $19,685,000, or $1.56 per diluted share, in fiscal 1998. Fiscal 1999 sales were a record $313,966,000, compared to sales of $308,054,000 last year."Our telecommunications business has resumed strong growth in the new year from the weakness we experienced in the fourth quarter due to delayed orders," stated Chairman and CEO Alfred Weber. "Also, with last week's acquisition of the industrial battery division of Johnson Controls Inc., we further enhanced our ability to serve the telecommunications industry and, for the first time, participate in the cable/broadband market which will gain increasing importance as a future telecommunications vehicle. We are also expanding our presence in the growing uninterruptible power supply systems market where some applications serve to back up data transmission and the Internet."