ELKHART, IN – CTS Corp. announced third-quarter revenues of $174.8 million and net earnings of $7.8 million. EMS sales improved 5% year-over-year on higher demand for industrial, defense and aerospace.

Revenue increased 6% year-over-year, driven by the components and sensors segment sales, which increased 6%, primarily from higher sales into infrastructure applications and automotive components, says CTS.

Net earnings were up about 20% compared to the same period in 2006.

“Looking forward, we continue to expect sales growth from new products, new customers and tuck-in acquisitions. Earnings in 2008 are further expected to benefit from the fact that certain unusual costs such as the Moorpark investigation, CEO transition and Czech Republic startup … will be behind us,” said Vinod M. Khilnani, CTS president and CEO.
 
The company earlier stated it would take about a $4 million charge to earnings due to financial irregularities at the company's Moorpark, CA, EMS site. An earlier investigation found "problematic entries" in certain accounts, which the company later confirmed were substantially all made by or caused to be made by the former plant controller. The facility was acquired by CTS as part of its SMTEK acquisition in the first quarter 2005.

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