Spectrum Control, Inc. reported net income of $3.3 million, or $0.25 per diluted share, in the second quarter of fiscal 2010. The company earned net income of $2.2 million, or $0.18 per diluted share, in the comparable quarter in 2009.
Revenues also increased on a year over year basis in the second quarter of fiscal 2010. Spectrum Control, Inc. reported revenues of $39.7 million in the quarter that just ended compared to $33.6 million in last year’s second fiscal quarter.
The management of Spectrum Control, Inc. indicated that the strong improvement in year over year results was due to orders from the defense and military verticals, as well as higher orders from commercial clients.
Dick Southworth, the CEO of Spectrum Control, Inc., said, “We are very pleased to report current quarter financial results that exceed our previous guidance…This record level of customer orders reflects the continued strength of our military and defense business, combined with a partial rebound of our commercial business as general economic conditions continue to improve.”
Spectrum Control, Inc. gave guidance for the third quarter of fiscal 2010 of $42 million to $43 million in revenue, and earnings per share from $0.27 to $0.28.
Spectrum Control, Inc. said that business would be helped for the balance of the fiscal year by the acquisition of Sage Laboratories, Inc. The company paid $6.5 million for Sage Laboratories, Inc., with the acquisition closing on 6/18/2010
For more information on the company, go to www.spectrumcontrol.com