Ceradyne’s Profit More Than Doubles on Sales
Ceradyne Inc., a maker of ceramic parts used in the military, automotive and industrial industries, said its second-quarter profit more than doubled, driven by a sales surge.
The Costa Mesa-based company also said it would review stock option grants going back to 1997, after concerns were raised by non-regulatory parties.
Net income rose to $30 million, or $1.10 a share, from $11.4 million, or 46 cents, a year earlier. Revenue jumped 80% to $162 million from $89.9 million a year earlier.
Sales were partly driven by U.S. government demand for the company’s lightweight ceramic body armor.
Although the review of stock option grant practices is not yet complete, a special committee found that the exercise dates did differ from the dates the grants were issued.
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