Ceradyne Comments on Long-Range Strategy, Recent VIOX Acquisition, Updates 2011 Guidance at New York City Investment Reception
11 January 2011 - 7:30AM
Marketwired
Ceradyne, Inc. (NASDAQ: CRDN) will host its second annual
investment reception today at the New York Palace Hotel. In
addition to displaying Ceradyne's portfolio of advanced technical
ceramic products, Joel P. Moskowitz, Ceradyne's CEO and Board
Chairman, and Ceradyne's CFO Jerrold J. Pellizzon are presenting a
webcast overview of Ceradyne this afternoon at 3:30 p.m. EST.
One may listen to the webcast live by accessing the Investor
Relations Page of Ceradyne's website, www.ceradyne.com, where the
presentation will be archived.
The overview will include the following:
- Ceradyne $1 Billion. Mr. Moskowitz will
be outlining a preliminary growth strategy for Ceradyne to achieve
sales of $1 billion in approximately 5 years. This 150% growth will
be based on continued substantive growth in solar products, as well
as anticipated growth in current and recently introduced industrial
and oil and gas related products from Ceradyne's ESK Ceramics
subsidiary in Kempten, Germany. The Company anticipates that its
ceramic armor business will remain at recent levels, and that its
recent entry into the military ballistic helmet business may be a
source of new defense contracts. Other areas to be discussed
include nuclear power plant neutron absorbing materials and new
products and markets from Ceradyne's internal R&D efforts.
- VIOX Corporation Acquisition. Mr.
Moskowitz will also comment on Ceradyne's recent acquisition of
VIOX Corporation, a Seattle, Washington-based specialty glass
company. VIOX develops, manufactures and markets specialty glass
powders for solar, health care, electronic and other applications.
Specialty glass is often considered a subset of advanced technical
ceramics -- Ceradyne's core business. This acquisition, which was
announced in a January 4, 2011 press release, is expected to be
immediately accretive. The purchase price was approximately $27
million plus contingent payments of up to a maximum of $22 million
based on VIOX achieving earnings growth and revenue diversification
targets during the 30-month period following the closing.
- Revised Guidance. On October 26, 2010,
Ceradyne issued its initial 2011 Guidance of $1.35 to $1.75 per
fully diluted share on sales ranging from $445 to $515 million.
Based on the recent VIOX acquisition and strength in the defense
sector, Ceradyne is raising its 2011 Guidance to a range of $1.50
to $1.90 per fully diluted share on sales ranging from $470 to $540
million.
About Ceradyne, Inc. Ceradyne develops, manufactures, and
markets advanced technical ceramic products and components for
defense, industrial, automotive/diesel, and commercial
applications. In many high performance applications, products made
of advanced technical ceramics meet specifications that similar
products made of metals, plastics or traditional ceramics cannot
achieve. Advanced technical ceramics can withstand extremely high
temperatures, combine hardness with light weight, are highly
resistant to corrosion and wear, and often have excellent
electrical capabilities, special electronic properties and low
friction characteristics. Additional information about the Company
can be found at http://www.ceradyne.com.
Forward-Looking Statements Except for the historical information
contained herein, this press release contains forward-looking
statements regarding future events and the future performance of
Ceradyne that involve risks and uncertainties that could cause
actual results to differ materially from those projected. Words
such as "anticipates," "believes," "plans," "expects," "intends,"
"future," and similar expressions are intended to identify
forward-looking statements. These risks and uncertainties are
described in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2009 and its Quarterly Reports on
Form 10-Q as filed with the U.S. Securities and Exchange
Commission.
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