ST. LOUIS -- LaBarge today reported fiscal 2010 fourth-quarter net earnings grew 85% to a record $4.82 million as the company profited from higher demand in most end-markets.

The electronics manufacturing services provider reported net sales grew 27% to a record $82.4 million for the period ended June 27, a new company record. Gross margin was 19.8%, up 190 basis points year-over-year.

“Outstanding operational performance and increased customer demand across most key market sectors propelled LaBarge’s sales and earnings to record levels in the company’s fourth quarter and full year,” said Craig LaBarge, chief executive and president. “Bookings of new business set a record, and fiscal 2010 full-year gross profit, operating income and backlog generated double-digit increases.”

The firm's Appleton, WI, operation, acquired in December 2008, contributed sales of $19.9 million in the quarter, up from $12.1 million a year earlier and $16.7 million sequentially.

Net sales for fiscal 2010 grew 6% to $289,303,000, with the company's Appleton operation contributing sales of $62.5 million in fiscal 2010. Net earnings rose 44% to a record $14.9 million.

For the 2010 fiscal year, gross margin was 19.9%, up from 18.6%. Appleton generated gross margin of 12.3%, compared with 8.8% in fiscal 2009.

Shipments to defense customers represented 42% of net sales for the year, down 5 percentage points. Industrial sales made up 23% of net sales, natural resources 20% and medical 11%.

Bookings rose 44% from a year earlier, the firm said, and backlogs as of June 27 were up 2% sequentially and 18% year-over-year to $198.7 million.

LaBarge guided for fiscal 2011 first quarter sales and earnings to be up significantly with sales of $80 million to $82 million.

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