Labarge (NYSE AMEX:LB)

ST. LOUIS-- BUSINESS WIRE --LaBarge, Inc. today announced it achieved significant year-over-year increases in bookings, sales and earnings for its fiscal 2011 second quarter and six months ended January 2, 2011.

"The excellent year-over-year comparisons in fiscal 2011 second-quarter sales and earnings were the result of our outstanding operational execution and higher shipments to natural resources and industrial customers. Bookings of new business also continued to be strong with bookings from defense customers leading the way during the second quarter," said Craig LaBarge, chairman of the board, chief executive officer and president.

• Fiscal 2011 second-quarter net sales grew 18 percent to $81,441,000, compared with $69,000,000 in the fiscal 2010 second quarter.
• Fiscal 2011 second-quarter net earnings grew 56 percent to $4,412,000, or $0.28 per diluted share, compared with $2,837,000, or $0.18 per diluted share, in the comparable period a year earlier.
• Net sales in the fiscal 2011 first half grew 26 percent to $166,889,000, compared with $132,155,000 in the fiscal 2010 first half.
• Net earnings in the fiscal 2011 first half increased 57 percent to $9,340,000, or $0.59 per diluted share, compared with $5,940,000, or $0.37 per diluted share, in the comparable period a year earlier.

The fiscal 2011 first half 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.

• Fiscal 2010 fourth-quarter net sales grew 27 percent to a record $82,413,000, compared with $64,753,000 in the comparable period a year earlier, and grew 10 percent from $74,735,000 in the fiscal 2010 third quarter.
  
• Fiscal 2010 fourth-quarter net earnings grew 85 percent to a record $4,820,000, or $0.30 per diluted share, compared with $2,608,000, or $0.16 per diluted share, in the comparable period a year earlier, and grew 17 percent from $4,128,000, or $0.26 per diluted share, in the fiscal 2010 third quarter.

“Outstanding operational performance and increased customer demand across most key market sectors propelled LaBarge’s sales and earnings to record levels in the Company’s fiscal 2010 fourth quarter and full year,” said Craig LaBarge, chief executive officer and president. “Additionally, bookings of new business in fiscal 2010 set a new Company record, and fiscal 2010 full-year gross profit, operating income and backlog generated double-digit increases over the previous fiscal year’s levels. We begin fiscal 2011 in a position of strength and look forward to another year of growth and excellent operational performance.”

Commentary and Outlook:

“Looking ahead, bookings of new business have continued at a strong pace into the fiscal 2011 first quarter. We also expect sales and earnings in the fiscal 2011 first quarter to be up significantly from the year-ago period with sales of $80 million to $82 million and earnings per share of $0.26 to $0.28. Based on our current visibility, we believe this business strength will continue throughout the current fiscal year, fueled by healthy order flow in our major market sectors,” said Mr. LaBarge.