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Valpey Fisher Corporation Reports Fourth Quarter and 2010 Results
HOPKINTON, Mass.--(BUSINESS WIRE)--March 3, 2011--Valpey Fisher Corporation (NASDAQ: VPF), a leader in low-noise timing solutions, today reported results for the fourth quarter and year ended December 31, 2010.
For the fourth quarter of 2010, the Company reported an operating profit of $239,000 and net earnings of $218,000 or $.05 per share on sales of $3,547,000, compared to an operating profit of $54,000 and net earnings of $23,000 on sales of $2,798,000 for the same period last year.
For 2010, the Company reported an operating profit of $885,000 and net earnings of $623,000 or $.14 per share on sales of $14,716,000. In 2009, the Company reported an operating loss of $332,000 and a net loss of $213,000 on sales of $10,378,000 for 2009.
Michael Ferrantino Jr., the Company’s President and Chief Executive Officer, commented,” We are pleased to report your management team successfully executed its plan to increase revenue in 2010. We also continued to execute our strategic plan in the area of new product development during 2010. In the past year we brought to market a series of new products in both our precision products and microwave products areas. New product development has been focused on high-growth markets including synchronous Ethernet, IEEE 1588, and wireless infrastructure.”
Mr. Ferrantino added, “We saw improvement in virtually all of our financial metrics compared to 2009. For 2010, our sales increased 42% over 2009. All product lines reported sales increases over 2009, with our precision products seeing the largest increase at 74%. The increased sales had a positive effect on our gross margin which increased to 38% from 33% in 2009. During 2010 we did a great job of managing our expenses while at the same time continuing to invest in our business, increasing our investment in research and development by 99% compared to 2009 levels. We continue to be committed to developing the cutting-edge products required by our customers’ future products. Our operating profit for 2010 was $885,000 compared to an operating loss of $332,000 in 2009.”
“Our precision products group continued to gain print position as reference designs at several major semiconductor companies. These reference designs have lead to some significant opportunities at major OEM’s whom we have had difficulty penetrating in the past. In addition, several of our timing modules have been modified for use in harsh environments allowing us to bring these products to the military markets, Mr. Ferrantino stated.”
Mr. Ferrantino said, “2010 marked the first full year of our microwave products group. The group’s primary focus has been to design, develop and bring to market a new line of microwave components and multichip modules utilizing semiconductor manufacturing techniques. This capability, a first for Valpey Fisher, enables the improvement of electrical performance while maintaining a competitive cost advantage. The addition of the microwave products will also allow us to provide our customers with a broader portfolio of high-performing solutions to address their existing and next generation needs.”
The following information was filed by Valpey Fisher Corp (VPF) on Friday, March 4, 2011 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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