EDO Reports Sales Hike, Plans to Sell Barnes Unit
NEW YORK, Nov. 11 -- EDO Corp. announced that third-quarter net sales from continuing operations increased 19 percent to $23,812,000 from last year's sales of $20,035,000. The company also reported that its board of directors had approved the decision to sell the satellite products business represented by its Barnes business unit; EDO's historical financial information has been adjusted accordingly to show Barnes as discontinued operations. The company's earnings from continuing operations for the third quarter of fiscal 1999 were $1,677,000, or 18 cents per diluted share, reflecting an effective tax rate of 30 percent.
Frank A. Fariello, EDO's chairman and CEO, commented, Our recent strategic acquisition of M. Technologies, Inc. and our decision to divest Barnes reflect our commitment to focus on EDO's core aerospace and defense markets. We are solidifying our niche positions in key growth markets including 'smart' weapons carriage systems, advanced integrated combat systems, airborne mine countermeasures, and naval warfare sensors and systems.
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