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EDAC Technologies Reports Fiscal 2009 Fourth Quarter And Full Year Results

Cautionary Statement Regarding Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995; including forward-looking statements regarding future profitability, expected sales and other matters that are subject to risks and uncertainties. The Company uses words such as "plans," seeks," "projects," "expects," "believes," "may," "anticipates," "estimates," "should," and similar expressions to identify these forward looking statements. These statements are subject to risks and uncertainties and are based upon the Company's beliefs and assumptions. There are a number of important factors that may affect the Company's actual performance and results and the accuracy of its forward-looking statements, many of which are beyond the control of the Company and are difficult to predict. These important factors include, without limitation, factors which could affect demand for the Company's products and services such as general economic conditions and economic conditions in the aerospace industry and the other industries in which the Company competes; competition from the Company's competitors; and the Company's ability to enter into satisfactory financing arrangements. These and other factors are described in the Company's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company's expectations and beliefs as of the date of this release. The Company anticipates that subsequent events and developments may cause these expectations and beliefs to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation or intention to do so.

    
    
    
    CONTACTS:     EDAC Technologies Corporation
                  Glenn L. Purple
                  Vice President-Finance
                  860-677-2603
                  
                  Comm-Counsellors, LLC
                  Edward Nebb
                  203-972-8350
                  June Filingeri
                  203-972-0186
    

(See attached financial tables)

    
    
    
    EDAC TECHNOLOGIES CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
    (in thousands except per share amounts)
    
                               For the three months    For the twelve months
                                       ended                   ended
                                Jan. 2,        Jan. 3,  Jan. 2,       Jan. 3,
                                  2010           2009     2010          2009
                                   ---           ----      ---          ----
    
    Sales                      $16,298        $12,099  $54,643       $44,677
    
    Cost of sales               14,909         11,529   48,716        38,805
                                ------         ------   ------        ------
    
        Gross profit             1,389            570    5,927         5,872
    
    Selling, general and
     administrative
     expenses                    1,503            815    4,850         3,492
                                 -----            ---    -----         -----
    
        (Loss) income from
         operations               (114)          (245)   1,076         2,380
    
    Non-operating income
     (expense):
        Interest expense          (236)          (152)    (829)         (631)
        Other income               268             10   11,941            73
                                   ---            ---   ------           ---
    
        (Loss) income before
         income taxes              (82)          (387)  12,188         1,822
    
    (Benefit from)
     provision for income
     taxes                        (195)          (108)   4,562           683
                                  ----           ----    -----           ---
    
        Net income (loss)         $113          $(279)  $7,626        $1,138
                                  ====          =====   ======        ======
    
     Income (loss) per
      common share Data:
      Basic income (loss) per
       share                     $0.02         ($0.06)   $1.58         $0.24
                                 =====         ======    =====         =====
      Diluted income (loss)
       per share                 $0.02         ($0.06)   $1.54         $0.23
                                 =====         ======    =====         =====
    
    Weighted average shares
     outstanding:
      Basic                      4,839          4,825    4,833         4,724
      Diluted                    4,990          4,905    4,945         5,038
    
    
    
    
    EDAC TECHNOLOGIES CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)                                    January 2,   January 3,
                                                           2010         2009
                                                           ----         ----
                                            ASSETS
                                            ------
    CURRENT ASSETS:
        Cash                                             $1,100       $1,311
        Accounts receivable, net                         10,862        7,932
        Inventories, net                                 19,990        7,962
        Prepaid expenses and other current assets           306          107
        Refundable income taxes                             112          687
        Deferred income taxes                             1,098          983
                                                          -----          ---
            Total current assets                         33,468       18,982
                                                         ------       ------
    
    PROPERTY, PLANT AND EQUIPMENT                        48,431       35,347
        Less: accumulated depreciation                   25,974       23,993
                                                         ------       ------
                                                         22,457       11,354
                                                         ------       ------
    
    DEFERRED INCOME TAXES                                     -          106
                                                            ---          ---
    
    OTHER ASSETS                                            202        1,022
                                                            ---        -----
    TOTAL ASSETS                                        $56,127      $31,464
                                                        =======      =======
    
    
           LIABILITIES AND SHAREHOLDERS' EQUITY
           ------------------------------------
    CURRENT LIABILITIES:
        Equipment line of credit                         $1,591       $1,675
        Current portion of long-term debt                 1,833        2,376
        Trade accounts payable                            6,828        3,485
        Employee compensation and amounts  withheld       1,185        1,112
        Accrued expenses                                  1,819          361
        Customer advances                                 1,028          262
                                                          -----          ---
            Total current liabilities                    14,284        9,271
                                                         ------        -----
    
    LONG-TERM DEBT, less current portion                 12,154        4,828
                                                         ------        -----
    
    PENSION LIABILITIES                                   1,448        1,698
                                                          -----        -----
    
    DEFERRED INCOME TAXES                                 4,475            -
                                                          -----          ---
    
    SHAREHOLDERS' EQUITY:
        Common stock                                         12           12
        Additional paid-in capital                       11,225       10,935
        Retained earnings                                14,785        7,159
        Accumulated other comprehensive loss             (2,256)      (2,439)
                                                         ------       ------
            Total shareholders' equity                   23,766       15,667
                                                         ------       ------
    
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY          $56,127      $31,464
                                                        =======      =======
    
    
    

SOURCE EDAC Technologies Corporation

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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