Valpey Fisher Corporation (NASDAQ: VPF), a leader in low-noise timing solutions, today reported results for the fourth quarter and year ended December 31, 2010.
For the fourth quarter of 2010, the Company reported an operating profit of $239,000 and net earnings of $218,000 or $.05 per share on sales of $3,547,000, compared to an operating profit of $54,000 and net earnings of $23,000 on sales of $2,798,000 for the same period last year.
For 2010, the Company reported an operating profit of $885,000 and net earnings of $623,000 or $.14 per share on sales of $14,716,000. In 2009, the Company reported an operating loss of $332,000 and a net loss of $213,000 on sales of $10,378,000 for 2009.
Michael Ferrantino Jr., the Company’s President and Chief Executive Officer, commented,” We are pleased to report your management team successfully executed its plan to increase revenue in 2010. We also continued to execute our strategic plan in the area of new product development during 2010. In the past year we brought to market a series of new products in both our precision products and microwave products areas. New product development has been focused on high-growth markets including synchronous Ethernet, IEEE 1588, and wireless infrastructure.”Mr. Ferrantino added, “We saw improvement in virtually all of our financial metrics compared to 2009. For 2010, our sales increased 42% over 2009. All product lines reported sales increases over 2009, with our precision products seeing the largest increase at 74%. The increased sales had a positive effect on our gross margin which increased to 38% from 33% in 2009. During 2010 we did a great job of managing our expenses while at the same time continuing to invest in our business, increasing our investment in research and development by 99% compared to 2009 levels. We continue to be committed to developing the cutting-edge products required by our customers’ future products. Our operating profit for 2010 was $885,000 compared to an operating loss of $332,000 in 2009.”