LOS ANGELES -- Ducommun today reported fourth-quarter sales at its LaBarge Technologies unit of $109.3 million, up 2% from 2013.

The unit saw a 61% increase in commercial aerospace revenue, partially offset by lower military and space revenue, for the period ended Dec. 31.

Operating income for the quarter was $8.5 million, compared to $9.4 million a year ago, primarily due to higher accrued compensation and benefit costs, and higher manufacturing costs, partially offset by favorable product mix and higher revenue. EBITDA was $13 million for the quarter, down $900,000 from 2013. 

Overall fourth-quarter revenue was $187.6 million and net income was $5.2 million.

"Looking ahead, we continue to see many opportunities to grow the business even in an environment of lower defense spending," said CEO Anothony Reardon. "We believe 2015 will be a transition year where the first half is impacted by a reduction in sales to certain legacy military programs and overall reduced government procurement activity, partially offset by further expansion in Ducommun’s commercial aerospace and non A&D end-markets. However, we see a solid second half of the year with continued strength in these areas driving topline expansion and paving the way for further growth in 2016."

Net revenue for the year was $742 million compared to $736.7 million a year ago. Commercial aerospace revenue rose 14% and non-aerospace and defense revenue was up 7%, partially offset by a 8% drop in the military and space markets. Net income was $19.9 million, up from $11.4 million. Operating income increased 33.4% to $51.8 million, and EBITDA rose 18.7% to was $83.3 million. Annual cash flow was $53.4 million. 

The DLT segment reported net revenue for the 12 months ended Dec. 31 of $422.1 million, compared to $421.4 million a year earlier. Commercial aerospace revenue was up 32% and non-A&D revenue up 7%, partially offset by a 7% decline in defense technologies revenue. Operating income fell to $34.6 million, from $37 million in 2013 due to higher accrued compensation and benefit costs and lower revenue, partially offset by favorable product mix. EBITDA was $52.5 million, compared to $55.4 million in 2013.

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