Newspaper article The Florida Times Union

American Technical Ceramics Sees Big Turnaround in Quarter

Newspaper article The Florida Times Union

American Technical Ceramics Sees Big Turnaround in Quarter

Article excerpt

Byline: Mark Basch, Times-Union business writer

After two years of losses in a slumping telecommunications market, American Technical Ceramics Corp. reported a big turnaround in the fourth quarter ended June 30.

In fact, the fourth quarter earnings of 36 cents per diluted share were so good that they wiped out the company's net loss for the first nine months of the year. ATC, which makes high-performance electronic components for telecommunications products, ended up with a net profit of 25 cents per share for the year.

"We are extremely pleased with these results and believe they demonstrated ATC's strength," President and CEO Victor Insetta said in a conference call with investors.

During the past couple of years the company was taking steps to improve its customer service and the efficiency of its manufacturing to prepare for a turnaround in the communications market.

"As we predicted, we were better prepared to meet our customers needs as the business climate improved," Insetta said.

Huntington Station, N.Y.-based ATC's sales rose 45 percent in the fourth quarter to $19 million and 25 percent for the full fiscal year to $61.2 million.

WASTE TECHNOLOGY CORP.

Jacksonville-based Waste Technology Corp. last week reported earnings of $50,596, or 1 cent a share, for the third quarter ended July 31, doubling the year-earlier profit of $26,756. Sales rose from $4.4 million to $4.7 million.

In its quarterly filing with the Securities and Exchange Commission, the company said it benefited from improved economic conditions and marketing efforts.

PARAGON FINANCIAL CORP.

Paragon Financial Corp., which sold off its largest subsidiary in July, said in an SEC filing last week that it has agreed to acquire First Charleston Mortgage LLC of Charleston, S.C.

The Ponte Vedra Beach-based mortgage banking company said this deal, expected to close within 30 days, "is the first of a number of similar planned announcements the company expects to make in its pursuit of its renewed acquisition strategy. …

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