LaBarge Announces Results

LaBarge Inc., the electronics manufacturing services provider with plants in Berryville and Huntsville, announced Thursday financial results for its fiscal 2011 third quarter and nine months ended April 3.

Fiscal 2011 third-quarter and nine-month net earnings include non-recurring after-tax adjustments of $1.04 million and $1.08 million, respectively, according to a company news release.

The net after-tax adjustment of $0.07 per diluted share in both periods includes additional selling, general and administrative expense of $1.45 million in the third quarter and $1.5 million in the nine months related to transaction costs associated with LaBrage’s pending acquisition by Ducommun Incorporated. That move was announced in April.

The figures also include $200,000 in other expense from a proposed settlement with the Securities and Exchange Commission.

Fiscal 2011 third-quarter net sales grew 11 percent to $83.21 million, compared with $74.74 million in the fiscal 2010 third quarter. Fiscal 2011 third-quarter net earnings decreased 12 percent to $3.65 million, or $0.23 per diluted share, compared with $4.13 million, or $0.26 per diluted share, in the comparable period a year earlier.

Excluding the aforementioned net adjustments, fiscal 2011 third-quarter net earnings increased 14 percent to $4.7 million, or $0.29 per diluted share.

Net sales in the fiscal 2011 first nine months grew 21 percent to $250.1 million, compared with $206.9 million in the fiscal 2010 first nine months. Net earnings in the fiscal 2011 nine months increased 29 percent to $12.99 million, or $0.81 per diluted share, compared with $10.07 million, or $0.63 per diluted share, in the comparable period a year earlier.

Excluding the previously mentioned adjustments, net earnings for the fiscal 2011 first nine months increased 40 percent to $14.07 million, or $0.88 per diluted share. The first nine months of fiscal 2011 was one week longer than the comparable period a year earlier due to the fiscal 2011 first quarter consisting of 14 weeks instead of the typical 13 weeks.

“We are pleased with our performance in fiscal 2011 and encouraged by our level of backlog,” LaBarge president and CEO Craig LaBarge said in the release. “However, because of the pending acquisition by Ducommun Incorporated, we will not be providing specific projections for the fourth fiscal quarter.

“The pending acquisition is progressing and we anticipate the transaction will close by the end of June 2011, subject to approval by LaBarge stockholders and customary closing conditions.”

LaBarge announced last month it would not hold an investor conference call to discuss its fiscal 2011 third-quarter results due to the pending transaction with Ducommun.

The company’s Arkansas plants employ about 375 people and have a combined payroll of more than $11 million.