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Investor / Media Contacts:
Robert J. Cierzan, Vice President, Finance
Sylvia J. Castle, Investor Relations
Aldila, Inc. (858) 513-1801
FOR IMMEDIATE RELEASE
ALDILA REPORTS STRONG 2004 FOURTH QUARTER
AND FISCAL YEAR RESULTS
POWAY, CA., March 2, 2005 Aldila, Inc. (NASDAQ:NMS:ALDA) reported net sales of $12.4 million for the fourth quarter ended December 31, 2004 as compared to $9.8 million in the same quarter of 2003. The Company reported net income of $1.6 million ($0.29 earnings per share-fully diluted) for the fourth quarter of 2004 as compared to a net loss of $1.3 million ($0.26 loss per share) in the same quarter of 2003. Included in the fourth quarter of 2003 was an impairment charge of $2.2 million (pre-tax) related to the Companys carrying value of its investment in Carbon Fiber Technology LLC (CFT), a joint venture limited liability company. Excluding the impairment charge and related income tax benefit of $183,000, the 2003 fourth quarter net income would have been $762,000 ($0.16 earnings per share).
For the year ended December 31, 2004 net sales were $52.8 million as compared to $37.8 million for the year ended December 31, 2003. The Company reported net income of $9.3 million ($1.77 earnings per share-fully diluted) for 2004 as compared to a net loss of $1.7 million ($0.35 loss per share) in 2003.
As of December 31, 2003, the Company had $2.5 million in deferred tax assets and a 100% valuation allowance against such assets. Based upon the Companys performance in 2004 and in accordance with general accepted accounting principles, the Company reduced its valuation allowance to zero as of December 31, 2004. That reduction coupled with a reduction in the Companys deferred tax assets as of December 31, 2004 resulted in $2.2 million reduction in its provision for income tax during 2004. Excluding such tax benefit, the Companys net income for 2004 would have been $7.1 million ($1.35 earnings per share-fully diluted).
The Companys cash and cash equivalents and marketable securities increased by $9.6 million in 2004 to $16.5 million as of December 31, 2004. The Company repurchased 54,989 shares of common stock during the year at prices ranging between $3.50 and $10.00. These purchases were made pursuant to the Companys previously announced stock buyback program.
The Companys backlog of sales orders as of December 31, 2004 was $9.9 million versus $11.0 million as of December 31, 2003. The Company believes that the lower backlog figure as of December 31, 2004 reflects changing order patterns by our
The following information was filed by Aldila Inc on Wednesday, March 2, 2005 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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