ST. LOUIS -- LaBarge reported record quarterly earnings and income for the period ended Oct. 3 on broad-based customer demand.

The electronics manufacturing services provider said fiscal 2011 first quarter net profits grew 59% from a year earlier to $4.9 million as net sales grew 35% to $85.5 million.

The quarter consisted of 14 weeks instead of the typical 13 weeks.

“Our robust first-quarter results are attributable to outstanding operational execution and continued broad-based strength in customer demand, particularly in the defense, industrial and natural resources market sectors,” said Craig LaBarge, chairman, chief executive and president.

Gross margin increased 100 basis points to 20.4%. Operating income was $8 million, up 94%. Cash from operations was $3 million, about half of last year's, as inventories grew. Bookings hit a record $113.6 million, up 70% from a year ago, led by defense (up 77%).

Total debt was $33.3 million, down 11% sequentially.

Shipments to customers in the defense, industrial, natural resources and medical market sectors comprised approximately 96% of LaBarge’s fiscal first-quarter net sales.

Defense shipments, LaBarge's largest market, were flat and made up 36% of sales. Industrial was up 106%, and is now 27% of sales. Natural resources was up 114% and is at 25% of sales. Medical (9% of sales) grew 8%.

LaBarge guided for second quarter sales to be "significantly higher" than in last year’s fiscal second quarter, and fiscal 2011 net sales of $325 million to $340 million.

• Prev
• Next