White Electronic Designs Corporation reported financial results for the first quarter ended December 31, 2009.

Highlights

• First quarter revenue of $15.6 million;
• First quarter bookings of $18.4 million;
• Anti-tamper related bookings of $9.1 million; and
• Backlog as of December 31, 2009 closed at $40.7 million.

First Quarter Fiscal 2010 Results

For the first quarter of fiscal 2010, the company's net sales were $15.6 million, a 17% increase when compared to $13.3 million in the first quarter of fiscal 2009.

Gross margin as a percentage of net sales from continuing operations for the first quarter of fiscal 2010 was 37%, compared with 40% in the first quarter of fiscal 2009. Income from continuing operations for the first quarter was $0.1 million, or $0.01 per diluted share, (which included a non-cash impairment charge of $0.2 million, net of tax, related to the company's Fort Wayne, Indiana electromechanical business) compared to income from continuing operations of $0.5 million, or $0.02 per diluted share, in the first quarter of fiscal 2009.

The company's first quarter results were adversely impacted by a lower gross margin due to reduced shipments from its Fort Wayne, Indiana electromechanical business. The company previously announced its intent on January 13, 2010 to exit and dispose of this business. Based on current and projected market factors, the company concluded that a charge for impairment of the property, plant and equipment was appropriate.

Income from discontinued operations for the first quarter of fiscal 2010 totaled $0.2 million, or $0.01 per diluted share, related to the sale of the land and building in Columbus, Ohio, versus income from discontinued operations of $0.3 million, or $0.01 per diluted share, in the first quarter of fiscal 2009.

Net income for the first quarter of fiscal 2010 was $0.3 million, or $0.01 per diluted share, compared to net income of $0.8 million, or $0.04 per diluted share, in the first quarter of fiscal 2009.

As of December 31, 2009, the company had $65.4 million in cash and no debt.

First quarter bookings included $6.6 million of anti-tamper circuit card assemblies and $2.5 million of anti-tamper component-only product.

Total backlog at the end of the first quarter was $40.7 million, compared to $37.8 million at the end of fiscal 2009.