Expanding Farmington aeroparts maker Edac Technologies Corp. posted strong second-quarter sales and profits as accelerating demand and a new acquisition delivered the goods.
For three months ended June 30, Edac said Wednesday it netted $1.4 million, or 26 cents a diluted share, up 48 percent from $977,000, or 19 cents a share, netted the same quarter a year ago.
Second-quarter sales rose 21 percent to a record $26.5 million from $21.9 million last year.
Sales included $1 million in one-month revenue from the Ebtec division that Edac acquired June 1, the company said.
Backlog at June 30 totaled $304 million vs. $168 million the date a year earlier.
Meantime, Edac officials said the state of Connecticut delivered on its pledge of a $6.6 million, low-interest loan for the company to equip the recently acquired former Pratt & Whitney Cheshire facility that will house Edac headquarters and some production.
Edac said it may be eligible for loan principal forgiveness of up to $500,000 for creating 50 jobs or up to $1 million for creating 100 jobs within five years.
Edac used separate financing in July from TD Bank to pay Pratt $8.6 million for the building at 500 Knotter Drive in the Cheshire Industrial Park.
The rest of Edac’s Connecticut properties, including a Plainville site that for a time was to have its new home, are on the sales block for about $7 million – about what Edac owes on mortgages on the properties, it said.
