ELKHART, IN -- CTS Corp. today announced third-quarter revenues of $126.6 million, up 5% sequentially as its EMS business remained flat.

The third-quarter net income was $4.5 million, reversing a second-quarter net loss of $7 million, which included a charge of $9.1 million.

Revenues were down 26% year-over-year, 23% in the company's Components and Sensors segment and 27% in its EMS segment.

Cash flow from operations was $18.4 million, up $10.6 million from last year. Gross margins improved year-over-year.

CTS chairman and chief executive Vinod M. Khilnani said, “We have now booked the strongest level of business awards on a year-to-date basis, approximating $220 million over a five-to-six-year program life, primarily starting 2011-2012 timeframe.”

EMS sales, at $70.8 million, were unchanged from the second quarter, reflecting improved demand in medical, communications and defense and aerospace markets offset by lower demand in industrial and HP sales. Segment operating earnings of $2.2 million increased $1.1 million from the second quarter, primarily due to improved gross margins driven by favorable product mix, but were down 18.5% from a year ago. The segment won a new contract from Thales, one of the world’s largest defense and aerospace companies.

CTS is ranked 32d worldwide among EMS companies, according to the CIRCUITS ASSEMBLY Top 50.

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