March 6, 2007
EDAC profits grow slightly
Farmington-based EDAC Technologies posted fourth quarter net income of $677,000, or $0.14 per diluted share, compared with $631,000, or $0.13 per diluted share, in fourth quarter 2005. For the year, the aerospace design and manufacturing firm netted $1.5 million on sales of $38.3 million - a huge drop compared with fiscal year 2006, when the firm posted earnings of $3.3 million on sales of $35 million. EDAC said the difference was due in large part to tax credits and debt forgiveness of $1.1 million in 2005, as well as $280,000 in plant upgrades, moving expenses and bonuses booked in 2006.
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