Valpey Fisher Corporation (NASDAQ: VPF), a leader in low-noise timing and frequency control, RF/Microwave and ultrasound transducer solutions, today reported results for the first quarter ended April 3, 2011.
For the first quarter of 2011, the Company reported an operating profit of $70,000 and net earnings of $50,000 or $.01 per share on sales of $3,519,000, compared to an operating profit of $182,000 and a net profit of $95,000 or $.02 per share on sales of $3,567,000 for the same period last year.
Michael Ferrantino Jr., the Company’s President and Chief Executive Officer, commented, “These results were in line with our expectations as we entered the current quarter with a firm backlog that was $261,000 lower than the prior year due to softness in our 2010 fourth quarter bookings. In addition, our 2011 personnel and depreciation expenses have increased over 2010 due to the strategic investments we have made in additional personnel in sales, engineering and operations and from our capital equipment additions of $1,030,000 in the last 15 months. “
During the first quarter we saw our new orders strengthen to the highest level we have seen since 2000. Our high reliability and precision product lines were particularly strong accounting for over 51% of our new orders. Our backlog at April 3, 2011 amounted to $2,136,000 compared to $1,762,000 at December 31, 2010 and $2,218,000 at April 4, 2010,” added Mr. 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 L-3 Communications.