C&D Technologies Announces First-Quarter Results
C&D Technologies (Blue Bell, PA) announced that in its fiscal 2002 first quarter, ended April 30, 2001, net income increased 52 percent to $16,847,000, or $0.62 per share, from $11,053,000, or $0.41 per share, in the first quarter of fiscal 2001. Sales for the fiscal 2002 first quarter increased 13 percent to $155,383,000, from $138,011,000 in the first quarter of last year.
“We’re pleased to report that our first-quarter results exceeded our expectations as well as the estimates of the investment community,” said Wade Roberts, Jr., president and CEO of the company. “However, the second quarter will be a challenge. Although we are confident of improving upon the $0.49 per share earned in last year’s second quarter, it is unlikely that we will achieve another record quarter. While we are cautious, the current level of business, combined with recently implemented cost-containment and spending programs, could enable us to meet analysts' earning estimates in the range of $0.57 to $0.60 per share in the second quarter.”