Ducommun Incorporated (NYSE:DCO) today reported results for its fourth quarter and twelve months ended December 31, 2012.
- Net income for the fourth quarter of 2012 was $3.4 million, or $0.32 per diluted share, after recording a one-time charge for an income tax valuation allowance of $0.21 per diluted share
- Adjusted EBITDA was $22.7 million for the fourth quarter of 2012, compared to $17.8 million for the fourth quarter of 2011
- Cash flow from operations was $36.1 million in the fourth quarter of 2012 and $47.5 million for all of 2012
- Ducommun made voluntary principal pre-payments of $25 million on its term loan in 2012
- The Company’s firm backlog at the end of 2012 was a record $657 million
“In 2012 our goal was to continue the transformation of Ducommun and provide shareholders with stronger operating performance, and we believe we accomplished this by ending the year with solid margins, a record backlog, and greatly improved financial results,” said Anthony J. Reardon, chairman, president and chief executive officer. “In addition, we pre-paid $25 million of our term loan last year and expect to pre-pay a similar amount in 2013, as we execute a strategy of de-levering our balance sheet and reducing interest expense going forward.
“Our ability to provide Ducommun’s customers with a vast array of high technology products, assemblies, and engineering services has resulted in robust demand across our aerospace and defense markets. We are demonstrating the ability to bring both new and existing clients innovative solutions with a more sophisticated product offering. Even with current budget uncertainties in the defense arena and some softness in our industrial and natural resource segments, we are confident that providing our customers with greater value will make growth achievable in times of change. We believe that Ducommun has developed an organization that has some of the best capabilities to serve an increasing number of leading companies in the aerospace, defense, and industrial landscape.”