C&D Technologies Reports Second-Quarter Results

September 24, 2001 by Jeff Shepard

C&D Technologies Inc. (Blue Bell, PA) announced that in its fiscal 2002 second quarter, ended July 31, 2001, net income was virtually equal to the previous year at $13,100,000, or $0.49 per share, compared to $13,391,000, or $0.49 per share, in the second quarter of fiscal 2001.

Diluted shares for the second quarter were 26,852,000 compared to 27,415,000 last year. Sales for the fiscal 2002 second quarter decreased 18 percent to $125,493,000 from $152,156,000 in the second quarter last year. For the fiscal six-month period ending July 31, 2001, sales declined three percent to $280,876,000, compared to $290,167,000 in the prior-year period. Net income for the fiscal six months rose 23 percent to $29,947,000, or $1.11 per share, from $24,444,000, or $0.90 per share, in the prior year.

"We are pleased that in spite of a meaningful sales decline due to slowing demand in our key markets, second-quarter earnings per share matched the earnings per share of our previous second-quarter record," said Wade H. Roberts, Jr., the company's president and CEO. "We achieved this performance through far-reaching cost-containment programs, which will continue to benefit us in the future. However, we expect sales may drop further in the current fiscal third quarter, resulting in an earnings decrease, to roughly $0.30 per share, unless we experience a meaningful improvement in order intake."