Ducommun Inc. (DCO, Financial) filed Quarterly Report for the period ended 2010-10-02.
Ducommun Inc. has a market cap of $230.8 million; its shares were traded at around $21.47 with a P/E ratio of 11.2 and P/S ratio of 0.6. The dividend yield of Ducommun Inc. stocks is 1.3%. Ducommun Inc. had an annual average earning growth of 1.8% over the past 10 years.DCO is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., Paul Tudor Jones of The Tudor Group, Chuck Royce of Royce& Associates, Richard Snow of Snow Capital Management, L.P., Jim Simons of Renaissance Technologies LLC.
Gross profit, as a percent of sales, decreased to 20.0% in the third quarter of 2010, compared to 20.5% in the third quarter of 2009. Gross profit margins for the third quarter of 2010 were negatively impacted by a decline in operating performance at DAS, which resulted principally from an unfavorable change in sales mix and lower volume. Gross profit was also negatively impacted in the third quarter of 2010 by approximately $759,000, or 1.0 percentage point, due to the continuation of 2010 start-up and development costs for several new programs which generated approximately $2,117,000 in sales.
In the space sector, the Company produces components for a variety of unmanned launch vehicles and satellite programs and provides engineering services. Sales related to space programs were approximately $4,823,000, or 2% of total sales in the first nine months of 2010, compared to $7,948,000, or 2% of total sales in the first nine months of 2009. The decrease in sales for space programs resulted principally from a decrease in engineering services at DTI.
Backlog is subject to delivery delays or program cancellations, which are beyond the Companys control. As of October 2, 2010, backlog believed to be firm was approximately $320,903,000, compared to $367,183,000 at December 31, 2009. The reduction in backlog is reflective of (i) late order releases on the C-17 program and Carson helicopter follow-on orders, (ii) a change in order release policy from Boeing and United Technologies from annual order
Gross profit, as a percent of sales, increased to 20.1% in the first nine months of 2010, compared to 18.3% in the first nine months of 2009. Gross profit margins were negatively impacted in the first nine months of 2010 by approximately $3,653,000, or 1.5 percentage points, due to the continuation of incremental start-up and development costs on several new programs which generated approximately $7,998,000 in sales. In addition, gross profit for the first nine months of 2010 was favorably impacted by an adjustment to operating expenses of approximately $1,278,000, or 0.4 percentage points, relating to the reversal of certain accounts payable accruals recorded in prior periods. The Company determined that certain accounts payables that were accrued during the period from 2004 to 2010, in fact had been paid or were not otherwise owed to suppliers. The Company assessed the materiality of this reversal and concluded it was immaterial to previously reported annual and interim amounts. Gross profit for the first nine months of 2009 was negatively impacted by $5,141,000, or 1.7 percentage points of sales, due to an inventory reserve of $4,359,000 related to the Eclipse Aviation Corporation bankruptcy filing in March 2009 and an inventory valuation adjustment of $782,000.
Net cash used in operating activities for the first nine months of 2010 and 2009 was $2,715,000 and $8,646,000, respectively. Net cash used in operating activities for the first nine months of 2010 was impacted by an increase in accounts receivables of $7,432,000 primarily related to the timing of billings to customers and extension of payment terms by key customers, a reduction in accrued and other liabilities of $7,042,000 (consisting primarily of a $3,750,000 decrease in accrued bonuses, a $1,586,000 reduction in customer deposits and $1,706,000 reduction in other accrued liabilities), a decrease in accounts payable of $6,045,000, an increase in inventory of $8,280,000 and tooling production cost of contracts increases of $4,720,000, primarily related to work-in-process for production jobs scheduled to be shipped in 2010 an
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Ducommun Inc. has a market cap of $230.8 million; its shares were traded at around $21.47 with a P/E ratio of 11.2 and P/S ratio of 0.6. The dividend yield of Ducommun Inc. stocks is 1.3%. Ducommun Inc. had an annual average earning growth of 1.8% over the past 10 years.DCO is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., Paul Tudor Jones of The Tudor Group, Chuck Royce of Royce& Associates, Richard Snow of Snow Capital Management, L.P., Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
In the space sector, the Company produces components for a variety of unmanned launch vehicles and satellite programs and provides engineering services. Sales related to space programs were approximately $1,348,000, or 1% of total sales in the third quarter of 2010, compared to $2,636,000, or 2% of total sales in the third quarter of 2009. The decrease in sales for space programs resulted principally from a decrease in engineering services at DTI.Gross profit, as a percent of sales, decreased to 20.0% in the third quarter of 2010, compared to 20.5% in the third quarter of 2009. Gross profit margins for the third quarter of 2010 were negatively impacted by a decline in operating performance at DAS, which resulted principally from an unfavorable change in sales mix and lower volume. Gross profit was also negatively impacted in the third quarter of 2010 by approximately $759,000, or 1.0 percentage point, due to the continuation of 2010 start-up and development costs for several new programs which generated approximately $2,117,000 in sales.
In the space sector, the Company produces components for a variety of unmanned launch vehicles and satellite programs and provides engineering services. Sales related to space programs were approximately $4,823,000, or 2% of total sales in the first nine months of 2010, compared to $7,948,000, or 2% of total sales in the first nine months of 2009. The decrease in sales for space programs resulted principally from a decrease in engineering services at DTI.
Backlog is subject to delivery delays or program cancellations, which are beyond the Companys control. As of October 2, 2010, backlog believed to be firm was approximately $320,903,000, compared to $367,183,000 at December 31, 2009. The reduction in backlog is reflective of (i) late order releases on the C-17 program and Carson helicopter follow-on orders, (ii) a change in order release policy from Boeing and United Technologies from annual order
Gross profit, as a percent of sales, increased to 20.1% in the first nine months of 2010, compared to 18.3% in the first nine months of 2009. Gross profit margins were negatively impacted in the first nine months of 2010 by approximately $3,653,000, or 1.5 percentage points, due to the continuation of incremental start-up and development costs on several new programs which generated approximately $7,998,000 in sales. In addition, gross profit for the first nine months of 2010 was favorably impacted by an adjustment to operating expenses of approximately $1,278,000, or 0.4 percentage points, relating to the reversal of certain accounts payable accruals recorded in prior periods. The Company determined that certain accounts payables that were accrued during the period from 2004 to 2010, in fact had been paid or were not otherwise owed to suppliers. The Company assessed the materiality of this reversal and concluded it was immaterial to previously reported annual and interim amounts. Gross profit for the first nine months of 2009 was negatively impacted by $5,141,000, or 1.7 percentage points of sales, due to an inventory reserve of $4,359,000 related to the Eclipse Aviation Corporation bankruptcy filing in March 2009 and an inventory valuation adjustment of $782,000.
Net cash used in operating activities for the first nine months of 2010 and 2009 was $2,715,000 and $8,646,000, respectively. Net cash used in operating activities for the first nine months of 2010 was impacted by an increase in accounts receivables of $7,432,000 primarily related to the timing of billings to customers and extension of payment terms by key customers, a reduction in accrued and other liabilities of $7,042,000 (consisting primarily of a $3,750,000 decrease in accrued bonuses, a $1,586,000 reduction in customer deposits and $1,706,000 reduction in other accrued liabilities), a decrease in accounts payable of $6,045,000, an increase in inventory of $8,280,000 and tooling production cost of contracts increases of $4,720,000, primarily related to work-in-process for production jobs scheduled to be shipped in 2010 an
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