LOS ANGELES – Ducommun DLT segment reported net sales for the fourth quarter of $107.2 million, down 4% year-over-year. The decline reflects a 4.9% decrease in non A&D revenue and a 3.7% decrease in military and space revenues at the company's contract electronics manufacturing business.

EBITDA for the segment was $13.9 million during the quarter, or 13% of revenue, down 14.2% compared to the fourth quarter of 2012. DLT's operating income was $9.4 million, or 8.8% of revenue, a decrease of 17.5% year-over-year. The decrease was primarily due to lower net sales in each product segment, the firm said.

The segment, which includes the former LaBarge Technologies, reported net sales for 2013 of $421.4 million, down 3.6% compared to 2012. The lower revenue reflects a 22.8% decline in the segment’s non-A&D sales, partially offset by a 7.8% increase in the segment’s defense electronics and commercial aerospace revenues. EBITDA for the segment was $54.5 million, or 12.9% of revenue, compared to $59.6 million, or 13.6% of revenue, in the prior-year period.

DLT's operating income for 2013 was $36.2 million, or 8.6% of revenue, compared to $40.7 million, or 9.3% of revenue, in 2012.

Ducommun's overall fourth-quarter net sales were $188 million, down 3.1% year-over-year. The revenue decline primarily reflects lower sales within military and commercial helicopter products, the firm said. Including $14.1 million in program-related charges, Ducommun's net loss for the fourth quarter was $4.5 million, compared to net income of $3.4 million in the same period of 2012. Operating income was $300,000, compared to $14.7 million last year. Cash flow from operations during the quarter was $31.5 million compared to $36.2 million in the fourth quarter 2012.

The company's DAS segment reported net sales of $80.8 million, down 1.7% year-over-year. Revenue decreased primarily due to lower sales of military fixed wing products and military and commercial helicopter products, partially offset by higher sales of commercial fixed wing products, the firm said. Adjusted EBITDA for the segment was $6.4 million, or 7.9% of revenue, down 37.9% year-over-year. DAS segment operating loss was $5.6 million, or 7% of revenue, compared to operating income of $7.2 million, or 8.8% of revenue, in the fourth quarter of 2012.

The company’s net sales for the full year 2013 were $736.7 million, down 1.4%. Revenue declined as a result of a 22.8% decrease in the company’s non-A&D end use markets, partially offset by 4.5% growth in defense technologies and 4.6% growth in commercial aerospace products. Net income for 2013 was $9.3 million, down 43.3% year-over-year. Operating income was $37.6 million, down from $54.8 million last year. Adjusted EBITDA for the full year was $75.5 million, or 10.2% of revenue, compared to $84.9 million, or 11.4% of revenue, for 2012.

During 2013, the company generated $46 million of cash from operations compared to $47.5 million in 2012. The company’s backlog at the end of 2013 was $620 million.

“We grew our large commercial aircraft business by approximately 14%, increased military electronic sales by 43%, and finally saw stability come to our non-A&D end use markets,” said Anthony J. Reardon, chairman and CEO. “In 2014, we will see the winding down of the C-17 program and an expected softening in our helicopter business, reflecting a decline in demand and lower projected defense spending.”

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