CPI Announces Strong Financials for Second Quarter 2014
[Via Satellite 05-15-2014] CPI International announced financial results for its second quarter of fiscal year 2014, ending on April 4. The company reported increased net income, higher sales and backlog and a greater adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) in the second quarter compared to the same quarter of 2013.
“On the heels of a very strong fiscal 2013, fiscal year 2014 is shaping up to be a financially successful year for CPI. Our defense market is stable and is enjoying improved demand for X-ray imaging products, particularly in Asia,” said Joe Calderelli, CEO of CPI. “In addition, the integration of the Radant Technologies business, which we acquired in October 2013, has progressed seamlessly, and together with our other recent acquisitions, the new Radant Technologies Division is making significant contributions to our product portfolio and financial results.”
Sales increased by 19 percent to $121 million for the second quarter of 2014. Excluding defense and communications sales by the recently acquired Radant Technologies business, CPI’s total sales increased by 9 percent compared to the second quarter of 2013. Net income totaled $5.9 million, an increase from the $1.3 million net income generated in the second quarter of 2013.