EDO
August 2, 2007: EDO
Corporation (NYSE: EDO) reported today an increase of 61.4%
in its quarterly revenue over the same period last year. For
the second quarter of 2007 the company's revenue reached $246.0
million compared to sales of $152.4 million last year. This
increase was attributed to the acquisitions of CAS Inc and Impact
Science & Technology Inc in September of 2006, as well as
strong sales of battlefield-communications equipment.
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Net earnings
dropped to $5.7 million, from $6.3 million in the prior year’s
quarter due to various adjustments. Excluding these effects,
net earnings were $5.7 million or $0.27 per diluted share in
the second quarter of 2007, versus $2.6 million, or $0.14 per
share in the prior year’s quarter. In the past six month
revenue increased 84.3% compared to the first half of 2006,
reaching $501.4 million with net earnings of $11.7 million,
compared to $5.3 million earned in the same period last year.
On a diluted per-share basis, earnings were $0.56, versus $0.29
in the first half of 2006.
“Even during the challenging year in 2006, we invested
in our counter-IED and other promising technology, and we successfully
pursued high-quality acquisitions." said Chief Executive
Officer James M. Smith. "As a result, we are accelerating
our record of revenue growth that has averaged more than 30
percent annually since 1999. We expect continued strong revenue
growth in the second half of 2007, as we begin production under
our recently-awarded CREW 2.1 contracts. And as capacity utilization
improves, we expect corresponding margin improvement for the
remainder of 2007 and into 2008.”
The total funded backlog of unfilled orders as of June 30 was
$981.3 million, up 11.7% from March 31, and up 61.4% from the
end of the second quarter of 2006. This amount does not include
additional $210 million of new CREW 2.1-related orders received
July 16. Resulting from the increase in CREW 2.1 orders, EDO
has raised its 2007 forecasting revenue, previously set at $1,100
million to $1,150 million.
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