Ceradyne Inc. (CRDN), a California-based manufacturer of technical ceramic products, Tuesday said it received an additional $14.1 million order from the U.S Army for the supply of Small Arms Protective Inserts or SAPI lightweight ceramic body armor.
Shipment of the product, which is a Foreign Military Sales requirement, is expected to commence by the end of the fourth quarter. The company expects to complete the shipment before May 2009.
On Monday, Ceradyne received a $25.1 million order for SAPI lightweight ceramic body armor from the Army. The company expects to begin shipments by the end of quarter 2008. With the latest order, Ceradyne's recent SAPI awards totals $39.2 million.
David Reed, President, Ceradyne's of North American Operations, said, "We believe that the government placed this order with Ceradyne, at least in part, due to its reliable delivery and quality performance on previous SAPI procurements. This is a new order from the U.S. Army and should not be confused with the anticipated XSAPI/ESAPI 5-year procurement which has not been awarded as of this date."
Shares of CRDN are currently trading at $35.74, up $0.53 or 1.51%, on a volume of about 249 thousand.
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