Edac Technologies Corp. (EDAC, Financial) filed Quarterly Report for the period ended 2010-04-03.
Edac Technologies Corp. has a market cap of $22 million; its shares were traded at around $4.54 with a P/E ratio of 2.9 and P/S ratio of 0.4. EDAC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
As of April 3, 2010, the Companys total sales backlog was approximately $136,100 compared to $53,400, as of April 4, 2009. Backlog consists of accepted purchase orders and long-term contracts that are cancelable by the customer without penalty, except for payment of costs incurred. The Company presently expects to complete approximately $46,100 of its April 3, 2010 backlog during the remainder of the 2010 fiscal year. The remaining $90,000 of backlog is deliverable in fiscal year 2011 and beyond. The increase in backlog was mainly due to the acquisition of AERO.
Impacting cash flow for the first three months of 2010 was cash used by working capital items in the amount of $2,271, and consisted primarily of increases in accounts receivable and inventory of $1,681 and $206, respectively, due to the increase in sales and backlog for the quarter.
Cash used in investing activities reflects expenditures primarily for machinery and equipment to increase machining capacity. Total capital expenditures for the remainder of the current fiscal year are targeted at $3,000 to $4,000.
During the three months ended April 3, 2010, payments of $470 against term debt were offset by borrowings on the revolving line of credit totaling $1,900. Amounts advanced on the equipment line of credit will convert to a term note on July 31, 2010, unless converted earlier at the option of the Company.
As of April 3 2010, $2,100 and $1,391 were outstanding on the revolving line of credit and the equipment line of credit, respectively with $2,900 and $3,309 available for additional borrowings on the revolving line of credit and the equipment line of credit, respectively.
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Edac Technologies Corp. has a market cap of $22 million; its shares were traded at around $4.54 with a P/E ratio of 2.9 and P/S ratio of 0.4. EDAC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Sales for the EDAC Aero product line increased $7,368, or 142.1%, for the three month period ended April 3, 2010, as compared to the three month period ended April 4, 2009. The increase was due primarily to the Companys May 27, 2009 acquisition of AERO which contributed $6,280 for the three month period ended April 3, 2010. Additionally, shipments of certain jet engine parts to our major aerospace customers increased slightly.As of April 3, 2010, the Companys total sales backlog was approximately $136,100 compared to $53,400, as of April 4, 2009. Backlog consists of accepted purchase orders and long-term contracts that are cancelable by the customer without penalty, except for payment of costs incurred. The Company presently expects to complete approximately $46,100 of its April 3, 2010 backlog during the remainder of the 2010 fiscal year. The remaining $90,000 of backlog is deliverable in fiscal year 2011 and beyond. The increase in backlog was mainly due to the acquisition of AERO.
Impacting cash flow for the first three months of 2010 was cash used by working capital items in the amount of $2,271, and consisted primarily of increases in accounts receivable and inventory of $1,681 and $206, respectively, due to the increase in sales and backlog for the quarter.
Cash used in investing activities reflects expenditures primarily for machinery and equipment to increase machining capacity. Total capital expenditures for the remainder of the current fiscal year are targeted at $3,000 to $4,000.
During the three months ended April 3, 2010, payments of $470 against term debt were offset by borrowings on the revolving line of credit totaling $1,900. Amounts advanced on the equipment line of credit will convert to a term note on July 31, 2010, unless converted earlier at the option of the Company.
As of April 3 2010, $2,100 and $1,391 were outstanding on the revolving line of credit and the equipment line of credit, respectively with $2,900 and $3,309 available for additional borrowings on the revolving line of credit and the equipment line of credit, respectively.
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