C&D Technologies Reports First-Quarter 2002 Financial Results

May 21, 2001 by Jeff Shepard

C&D Technologies Inc. (Blue Bell, PA) announced that in its fiscal 2002 first quarter, ended April 30, 2001, net income increased 52 percent to a record $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 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 H. Roberts, Jr., the company's president and CEO. “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 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' earnings estimates in the range of $0.57 to $0.60 per share in the second quarter,” Mr. Roberts stated.