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Investor / Media Contacts:
Scott M. Bier, Vice President, Chief Financial Officer
Sylvia J. Castle, Investor Relations
Aldila, Inc. (858) 513-1801
FOR IMMEDIATE RELEASE
ALDILA REPORTS FOURTH QUARTER AND YEAR END 2008
POWAY, CA, March 12, 2009 Aldila, Inc. (NASDAQ:GM:ALDA) reported net sales of $11.5 million for the fourth quarter ended December 31, 2008 as compared to $17.7 million in the same quarter of 2007. The Company reported a net loss of $1.3 million ($0.26 loss per share) for the fourth quarter of 2008 compared to net income of $10.9 million ($2.09 earnings per share - fully diluted) in the same quarter of 2007. In the 2007 fourth quarter the Company realized a pretax gain of $16.3 million from the sale of its 50% interest in Carbon Fiber Technology LLC (CFT). Excluding this gain the Companys net income for the fourth quarter 2007 would have been approximately $771,000 ($0.15 earnings per share fully diluted).
For the year ended December 31, 2008, net sales were $53.6 million as compared to $69.1 million for the year ended December 31, 2007. The Company had a net loss of $2.5 million ($0.48 loss per share) for 2008 as compared to net income of $16.0 million ($2.91 earnings per share - fully diluted) in 2007. In the 2007 fiscal year the Company benefited from a pretax gain of $16.3 million from the sale of CFT. Excluding this gain the Companys net income for 2007 would have been $5.7 million ($1.04 earnings per share fully diluted).
Our fourth quarter of 2008 showed continued weakness and reflected the slow retail environment widely reported across all market sectors, with 2008 proving to be one of the weakest years in equipment sales on record. We expect the first half of 2009 to be particularly challenging until some level of consumer confidence is restored and our customers revert back to normal ordering patterns. While we are not pleased with our results in 2008, we believe we have the Company positioned to be successful when the economic conditions improve, said Mr. Peter R. Mathewson, Chairman of the Board & CEO.
With the high level of uncertainty caused by the deteriorating economic conditions, the Company has taken steps to reduce cost in 2009, including a general salary freeze, cutbacks in personnel at our Mexico facility, reduction in advertising and marketing spending, reduced travel and other cuts in selling, general and administrative expense, said Mr. Mathewson.
The following information was filed by Aldila Inc on Thursday, March 12, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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