News
LaBarge Inc. (St. Louis) reported that financial results for its fiscal 2004 second quarter and first half, ended Dec. 28, 2003, rose significantly over prior-year levels. The company also signed a letter of intent to acquire Pinnacle Electronics LLC (Pittsburgh, PA.) LaBarge indicated the acquisition will be immediately accretive to earnings.
For the second quarter, net sales rose 20% to $29,070,000, up from $24,302,000 one year ago. Net earnings from continuing operations increased 81% over last year. The quarter included a net loss from discontinued operations of $393,000, or $.02 per diluted share. Net earnings grew 267% to $1,404,000 or $.09 per diluted share, up from $383,000, or $.03 per diluted share, in the same quarter last year.
For the fiscal 2004 first half, net sales rose 24% over the first half of 2003. Earnings from continuing operations increased 169% to $2,775,000, or $.18 per diluted share. First-half results also included a net loss from discontinued operations of $102,000, or $.01 per diluted share. In total, net earnings for the fiscal 2004 first half grew 475% to $2,673,000 or $.17 per diluted share, year-on-year.
"The primary contributor to fiscal 2004 second-quarter revenues was shipments to defense customers representing 59% of sales versus 43% in last year's second quarter," said president and chief executive officer Craig LaBarge. "Bookings of new business strengthened during the second quarter from first-quarter levels, primarily attributable to orders from defense customers which represented the largest single component of second-quarter bookings. We continue to experience lingering weakness in our non-defense markets. One brightening spot is oil and gas where we have begun to see increased order activity."
LaBarge has entered into a letter of intent to acquire Pinnacle Electronics, a privately held contract electronics manufacturer that designs, engineers and manufactures printed circuit assemblies, cables and harnesses, full "box-build" assemblies and electronic/electro-mechanical systems for customers in a variety of industrial, non-military markets. Pinnacle, owned by Main Street Capital Holdings LLC, had 2003 revenues of approximately $38 million.
LaBarge expects the acquisition to be immediately accretive to earnings per share. The transaction is expected to close by the end of February and is subject to the satisfactory conclusion of due diligence, finalization of financing, finalization of definitive agreements and other customary terms and conditions.
LaBarge expects to fund the anticipated purchase price of approximately $41 million with a combination of cash on hand and bank financing.
Copyright 2004, UP Media Group. All rights reservedThe National Electronics Manufacturing Initiative (NEMI, Herndon, VA), an industry-led consortium focused on strengthening the global electronics manufacturing supply chain, is planning several meetings at IPC SMEMA Council's APEX conference on Feb. 23-26, in Anaheim, CA. Several projects will be reporting on activities in conference sessions; the recently formed RoHS Transition initiatives will hold meetings to discuss areas of focus, objectives and activities; and several of the roadmap Technology Working Groups (TWGs) will begin discussions for the 2004 NEMI Roadmap.
NEMI's Defects per Million Opportunities (DPMO) Project will be featured as one of the APEX free forums on Feb. 25. The project is nearing completion of its investigation into package-level DPMO rates throughout the electronics assembly industry. Such DPMO data can be used to quantify the expected fault spectrum on particular printed circuit board (PCB) assemblies, enabling manufacturers to more accurately assess the cost of assembly, test, repair and scrap and also to estimate shipped product quality levels. During the forum, the DPMO Project team will present findings from their study, briefly review methodology, share lessons learned and discuss their vision for follow-on DPMO efforts in the industry.
Several of NEMI's optoelectronics projects will be discussed in conference sessions. Reports from the Fiber Optic Splice Improvement Project and the Optoelectronic Substrate Cost/Performance Analysis Project are featured in a panel on optoelectronics on Feb. 26. A third optoelectronic project—the Fiber Optical Signal Performance team—has a paper session scheduled on the show floor on Feb. 26 to discuss their paper, "Degradation of Optical Performance of Fiber Optic Connectors in a Manufacturing Environment."
Several of the roadmap TWGs are holding their initial organizational meetings. The TWGs are responsible for development of roadmap chapters on specific topics and are actively recruiting industry participants. Board Assembly, Environmentally Conscious Electronics and Interconnect Substrates—Organic are all scheduled to meet at APEX.
The RoHS Transition Task Group and four initiatives organized under this group will also hold meetings that are open to non-members. These efforts were organized in late 2003 in response to findings of the 2002 NEMI Roadmap, which highlighted the need for standards for collection, documentation and transmittal of material content data of components, assemblies and systems to meet the requirements of pending regulations. The group addresses supply chain issues surrounding the transition of the electronics industry to lead-free assembly. The meeting on Feb. 26 will provide an overview of group activities and include presentations from all of the working projects as well as a panel discussion with a question and answer session.
NEMI's Board Assembly & Substrates Technology Integration Groups (TIGs) have scheduled a joint "call for participation" meeting on Feb. 24 to launch two new collaborative efforts: materials and processes for high-frequency products; and substrate surface finishes for lead-free assembly
For a complete schedule of meetings, visit http://www.nemi.org/APEXmtgs_public.pdf.
Copyright 2004, UP Media Group. All rights reserved.
Kester (Des Plaines, IL) is working with BTU International (North Billerica, MA) to co-host a seminar focusing on lead-free technology. The seminar is scheduled for Tuesday, Feb. 10 in Tampa Bay, FL.
This series of seminars is part of the Kester University, which offers complete solder technology training programs coupled with consulting services to assist the electronics industry with training and process issues. Training courses are offered for surface-mount assembly, wave soldering and rework. Each course also offers technical and practical information for implementing lead-free assembly, wave and rework.
Courses in traditional leaded solder processes are available and are offered in both English and Spanish. The courses are customizable to accommodate a customer's need for in-house training of operators, line supervisors and managers. Courses come with complete in-class training materials and CD training modules.
This series of seminars is part of the Kester University, which offers solder technology training programs coupled with consulting services to assist the electronics industry with training and process issues. For information, contact: kesteruniversity@kester.com or call (847) 297-1600.
The Lead-Free Solutions seminar is co-produced by Kester, a supplier of solder and related materials and services to the electronics assembly, micro-component, industrial soldering, hardware/retail and wholesale plumbing markets, as well as by BTU International, a supplier of advanced thermal processing equipment for semiconductor packaging, surface mount and advanced materials processing.
Copyright 2004, UP Media Group. All rights reserved.
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