LaBarge's Sales Down, Bookings Up
ST. LOUIS -- Top 35 EMS firm LaBarge today reported September quarter sales fell 7.4% year-over-year to $63.2 million.
Sales for the fiscal first quarter ended Sept. 27 were down 2.5% from the fiscal fourth quarter. The current quarter sales included $10.2 million 000 contributed by the company’s Appleton, WI, operation, acquired in December 2008.
Bookings of new orders strengthened during the quarter, resulting in modest backlog growth, and the pipeline of new business opportunities remains strong, the company said.
Net earnings were $3.1 million, down 15.5% from a year ago and up 18.8% from the previous quarter.
Gross margin was 19.4 percent, down 1.5 points from a year earlier. Cash from operations was $6.3 million, compared with $7.3 milion a year ago. Total debt at quarter's end was $45.5 million, roughly even with the previous quarter and up from $8.3 million in September 2008. Backlogs as of Sept. 27 were $171.7 million, up from $168 million in June and $218.4 million a year earlier.
Shipments to customers in the defense, natural resources, industrial and medical market sectors comprised 93% of LaBarge’s first-quarter net sales. Defense customers made up 49%, natural resources 16%, industrial 17% and medical 11%.
LaBarge said first-quarter net sales would likely be the weakest of its 2010 fiscal year.
