LOS ANGELES -- Ducommun LaBarge Technologies today reported fourth-quarter net sales rose to $119.4 million from $36.2 million a year ago, primarily due to the acquisition of LaBarge last year.
The LaBarge revenues contributed $90.6 million to the total for the period ended Dec. 31. The operating loss was $45.5 million, compared with operating income of $4.2 million last year. Excluding acquisition-related expenses (including cost of sales related to the write-up of LaBarge inventory) of $2.5 million and goodwill impairment charges of $54.3 million, DLT’s operating income was $11.3 million, as compared with $4.2 million in the prior year period.
The DLT segment reported net sales for 2011 of $288.2 million compared with $136.8 million in 2010, with $175.4 million coming from LaBarge. The operating loss in 2011 was $33.4 million compared with operating income of $13.2 million in 2010. Excluding acquisition-related expenses (including cost of sales related to the write-up of LaBarge inventory) and pre-tax non-cash goodwill impairment charges, DLT’s operating income was $27 million, compared with $13.2 million in 2010.
Overall net sales increased 85% year-over-year to $188.2 million.
“Ducommun ended 2011 much stronger and better positioned than when the year began, with our operations bolstered by the addition of LaBarge,” said Anthony J. Reardon, president and chief executive. “The integration of our two organizations is now effectively complete. We have reduced corporate overhead, and our staffs are working together seamlessly to improve and grow the new Ducommun."
Backlogs as of Dec. 31 were at a record $636 million.