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CEO Letter
In 2006 our sales and net income performance was the best in your company’s history. We accomplished this while continuing to invest in expanding our plants and distribution centers and adding key new pieces of equipment which will enable us to generate strong results in coming years. The aerospace industry and the particular market sectors in which we operate are enjoying a strong upsurge in demand, allowing us to strengthen our financial standing in order to build for the future.
Key financial results for 2006 include:
- Sales in 2006 were a record $123 million, a 22% increase over 2005.
- Operating income increased 58% to $16 million, another all time record.
- Earnings per diluted common share increased from $0.61 in 2005 to $1.01 in 2006.
- Backlog, the value of firm orders under contract, increased to $140 million from $106 million in 2005.
- Proceeds from a public offering of common shares in March, 2006 were used to repay our debt and invest in short term securities.
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