|C&D Technologies Reports Record First Quarter - Results Exceed Expectations|
BLUE BELL, Pa., May 21 /PRNewswire/ -- C&D Technologies, Inc. (NYSE: CHP - news), a leading North American producer and marketer of electrical power storage and conversion products used in telecommunications, internet infrastructure, industrial applications, and computers, today announced that in its fiscal 2002 first quarter, ended April 30, 2001, net income increased 52 percent to a record $16,847,000, or 62 cents per share, from $11,053,000, or 41 cents 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 chief executive officer. ``However, the second quarter will be a challenge. Although we are confident of improving upon the 49 cents 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 57 to 60 cents per share in the second quarter,'' Mr. Roberts stated.
C&D Technologies' fiscal 2002 first quarter operating results from its reporting segments were as follows:
Powercom -- Powercom segment sales increased 25 percent to $77,925,000, compared to $62,154,000 in last year's first quarter. Telecommunications industry sales for reserve power systems and batteries were strong in the quarter. Operating income in the first quarter of fiscal 2002 increased 76 percent to $21,390,000 from $12,143,000 in the first quarter of fiscal 2001.
Dynasty -- The company's Dynasty segment sales declined nine percent in the first quarter to $33,437,000 from $36,626,000 in the prior year. Weaker sales in cable and telecommunications more than offset growth of battery sales for uninterruptible power supply applications. Operating income for the segment decreased 17 percent to $6,050,000 in the first quarter of fiscal 2002, compared with $7,293,000 in last year's first quarter.
Power Electronics -- Power Electronics' segment sales increased by 26 percent in the quarter to $25,096,000 from $19,917,000 last year, primarily as a result of sales recorded by the recently acquired Newport Components Division of Newport Technology Group Limited. The revenue gain was in DC to DC power converter and standard power system sales. Operating income was $1,155,000 in the first quarter of fiscal 2002 compared to operating income of $766,000 in the prior year's first quarter.
Motive Power -- Sales in the company's Motive Power segment declined two percent in the first quarter to $18,925,000 from $19,314,000 in the first quarter of the prior fiscal year. The segment had operating income of $1,022,000 in the quarter compared to operating income of $53,000 a year earlier.