Radyne Corp. reported April 24 sales for the first quarter of 2006 of $31.2 million compared to first quarter 2005 sales of $13.7 million. The company said the increase resulted from both continued growth in sales of its satellite and broadcast business and the addition of sales from recently acquired Xicom Technology Inc. The consolidated results include Xicom’s sales during the first quarter of 2006. Net sales for Radyne’s pre-acquisition business, excluding Xicom, increased by 23 percent to $16.9 million during the first quarter compared to the same period one year ago.

Earnings from operations increased 86 percent to $3.6 million during the first quarter of 2006 from $2.0 million for the first quarter of 2005. Net earnings, after taxes and interest, for the first quarter of 2006 were $2.4 million, or $0.13 per fully diluted share compared to earnings of $1.4 million, or $0.08 per fully diluted share for the same quarter of 2005. As a result of adopting new compensation expense accounting standards during the first quarter of 2006, earnings included equity compensation expense, which had the effect of $0.02 per fully diluted share.

Bookings during the quarter were $32.7 million, a 142 percent increase over bookings of $13.5 million in the first quarter of 2005. At the end of the first quarter of 2006, Radyne’s consolidated backlog was $33.8 million compared to $9.4 million at the end of the first quarter of 2005. The backlog for the Radyne pre-acquisition business was $14.9 million at the end of the first quarter of 2006.

At the end of the quarter, Radyne’s cash balance increased to $21.6 million compared to $16.9 million in cash at year-end 2005. Consolidated Accounts Receivable decreased to $18.2 million compared to $20.3 million at the beginning of 2006. Consolidated Inventory increased to $22.1 million from $18.1 million at the beginning of 2006.