East Syracuse, NY -- Anaren Inc. Thursday reported a 41 percent increase in profits for its first fiscal quarter, which ended Sept. 30. The East Syracuse company that makes electronic components for the wireless telephone and space and defense industries reported a profit of $4.1 million, or 28 cents per diluted share, compared with $2.9 million or 19 cents per...
East Syracuse, NY -- Anaren Inc. Thursday reported a 41 percent increase in profits for its first fiscal quarter, which ended Sept. 30.
The East Syracuse company that makes electronic components for the wireless telephone and space and defense industries reported a profit of $4.1 million, or 28 cents per diluted share, compared with $2.9 million or 19 cents per diluted share for the first quarter of fiscal year 2010.
Net sales for the first quarter of 2011 were $44.5 million, up 10.4 percent, from $40.3 million for the year ago quarter.
“We enjoyed robust demand for our standard component products in the wireless group throughout the first quarter,” said Lawrence A. Sala, the company’s chairman, president and chief executive officer.
The demand and a continuing favorable mix of shipments in the company’s space and defense business drove improved gross and operating margins for the quarter, he said.
During the quarter the company spent $700,000 to buy back 40,000 shares of common stock, $10 million to make the July payment on its revolving line of credit, and $1.4 million for capital additions.