C&D Technologies Reports Fourth-Quarter Results

March 05, 2001 by Jeff Shepard

C&D Technologies Inc. (Bluebell, PA) announced its fiscal 2001 fourth-quarter results, ended January 31, 2001. During this period, net income increased 80 percent to a record $16,706,000, or $0.61 per share, from $9,256,000, or $0.35 per share, in the fourth quarter of fiscal 2000. Sales for the latest quarter increased 24 percent to a record $163,589,000 from $132,436,000 in the fiscal fourth quarter last year. These results exceed the company's previously announced projections as well as analyst consensus estimates.

For the full fiscal year 2001, ended January 31, 2001, net income increased 87 percent to $55,895,000, or $2.05 per share, from $29,842,000, or $1.14 per share, in fiscal year 2000. Sales for fiscal year 2001 rose 28 percent to $615,678,000 from $482,182,000 in fiscal year 2000. Diluted potential common shares outstanding in fiscal 2001 were 27.3 million, an increase of five percent from the prior year's 26.1 million shares.

“We finished the year strongly and entered our fiscal year 2002 with a record year-end order backlog. Most of this backlog is in our core reserve power business, which accounts for approximately 70 percent of our sales," said Wade H. Roberts, Jr., the company's president and CEO.