|C&D Technologies Matches Previous Second Quarter Record of 49 Cents Per Share|
BLUE BELL, Pa., Aug. 21 /PRNewswire/ -- C&D Technologies, Inc. (NYSE: CHP), 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 second quarter, ended July 31, 2001, net income was virtually equal to the previous year at $13,100,000, or 49 cents per share, compared to $13,391,000, or 49 cents 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.
``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 chief executive officer. ``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 30 cents per share, unless we experience a meaningful improvement in order intake.''
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's like 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 90 cents per share, in the prior year.
C&D Technologies' fiscal 2002 second quarter operating results from its reporting segments were as follows:
Powercom - Powercom segment sales were down two percent to $65,673,000, compared to $67,261,000 in last year's second quarter. Telecommunications sales for reserve power systems and batteries declined in the quarter, partially offset by stronger sales to the UPS market. Operating income in the second quarter of fiscal 2002 increased 49 percent to $18,655,000 from $12,527,000 in the second quarter of fiscal 2001.
Dynasty - The company's Dynasty segment sales declined 28 percent in the second quarter to $28,706,000 from $40,013,000 in the prior year. Sales in uninterruptible power supply applications and CATV/Broadband decreased in the quarter compared to the same quarter for the prior year. Operating income for the segment decreased 45 percent to $4,885,000 in the second quarter of fiscal 2002, compared with $8,928,000 in last year's second quarter.
Power Electronics - Power Electronics' segment sales decreased by 38 percent in the quarter from $24,564,000 last year to $15,187,000, of which $4,630,000 was contributed by C&D Technologies (NCL) Limited, headquartered in the UK, and acquired in the fourth last of last year. The revenue decrease was primarily in DC to DC power converter sales. The segment had an operating loss of $783,000 in the second quarter of fiscal 2002 compared to operating income of $1,475,000 in the prior year's second quarter.
Motive Power - Sales in the company's Motive Power segment declined 22 percent in the second quarter to $15,927,000 from $20,318,000 in the second quarter of the prior fiscal year. The segment had operating income of $309,000 in the quarter compared to operating income of $805,000 a year earlier.