Edac Technologies Corp. boosted profitability in the fiscal fourth quarter and full year, as sales climbed steeply for the Farmington maker and servicer of aerospace and industrial components.
Edac also was upbeat about its pipeline of future orders.
In the three months ended Jan. 2, Edac earned $113,000, or 2 cents a share, reversing a loss of $279,000, or 6 cents a share, in the comparable period a year earlier.
Sales climbed 35 percent to $16.3 million from $12.1 million in the same period.
For fiscal 2010, Edac earned $7.6 million, or $1.54 a share, a seven-fold increase from net profits of $1.1 million, or 23 cents a share, in fiscal 2009.
Sales rose 22 percent to $54.6 million from $44.7 million.
CEO Dominick Pagano said “2009 was a building year for EDAC,” pointing to its purchase of the Newington operations of MTU Aero Engines North America last May. Three months later, Edac acquired the grinder-production assets of bankrupt Service Network International in Massachusetts.
Both contributed to Edac’s sales growth, Pagano said.
Its sales backlog – an indicator of future revenue – reached $134 million on Feb. 28, up $8 million from a year earlier. Most of the orders were parts for military and commercial aircraft engines, including the stalled F-35 Joint Strike Fighter, landing gear and other aerospace components.
