© homiel / dreamstime.com Electronics Production | January 26, 2012
CTS announce decreased revenue, completed acquisition
CTS Corporation today announced fourth quarter 2011 revenues and the completion of the acquisition of Valpey-Fisher.
Fourth quarter 2011 revenues of $144 US million, a 1% decrease in the same period last year and from the third quarter 2011 revenues. Flooding in Thailand negatively impacted fourth quarter revenues by approximately $11-$13 US million the company said. Fourth quarter 2011 Components and Sensors segment sales grew 8% from the same period last year driven by a 17% increase in automotive sensor and actuator sales and partially offset by a 5% decrease in electronic component product sales. EMS fourth quarter sales decreased 8% year-over-year. 2011 Full-Year Financial Results Full-year 2011 revenue was $588.5 US million, an increase of $35.9 million, or 6.5%, from 2010 full- year revenue. The Components and Sensors segment revenue decreased 1% year-over-year. Full-year 2011 EMS segment revenue increased 14% over 2010, primarily driven by industrial sales which grew 28% and defense and aerospace sales which increased by 20%. Acquisition of Valpey-Fisher The acquisition of Valpey-Fisher was completed this week. The $18 US million deal was announced in November last year.