Valpey Fisher Corporation (NASDAQ: VPF), a leader in low-noise timing solutions, today reported results for the first quarter ended April 4, 2010.
For the first quarter of 2010, the Company reported an operating profit of $182,000 and net earnings of $95,000 or $.02 per share on sales of $3,567,000, compared to an operating loss of $54,000 and a net loss of $16,000 on sales of $2,582,000 for the same period last year.
Michael Ferrantino Jr., the Company’s President and Chief Executive Officer, commented, “We are pleased to report 2010 first quarter results that include a 38% increase in revenue and a 63% increase in gross profit over the same period of 2009. The $236,000 increase in operating profit is after the negative impact of our $204,000 investment in marketing and development expenses incurred by our Microwave Product line that was formed in the 4 th quarter of 2009. New customer orders were up $1,291,000 or 52% from the first quarter of last year. Our backlog amounts to $2,218,000 at April 4, 2010 compared to $2,023,000 at December 31, 2009 and $1,601,000 at the end of the first quarter of 2009.”
“During the first quarter we saw sales increases across all of our product lines and we are gaining significant market acceptance of our Synchronous Ethernet product offering registering several design wins at major telecommunication OEMs. We have also begun sampling the first products from our Microwave Product Line,” added Ferrantino.About Valpey Fisher: Valpey Fisher is a pioneer in the design of high-accuracy subsystems used in digital and optical telecommunications systems in use throughout the world for digital, voice, data and military communications. The Company’s products enable communications systems vendors to increase network data capacity and improve voice and video quality. Valpey Fisher manufactures precision low-noise timing modules used in Point-to-Point Radio, Satellite, Base Station, Test & Measurement, Microwave Communications and Synthesizers. The Company’s major OEM customers include Alcatel-Lucent, Blade Networks, Juniper Networks, Harris, Raytheon, BAE Systems and Broadcom Corporation.