Edac Technologies Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended October 3, 2009. For the quarter, the company reported sales of $15,132,000 and net income was $80,000 or $0.02 per diluted share versus sales of $10,547,000 and net income of $255,000 or $0.05 per diluted share for the third quarter of 2008. Income from operations was $456,070 and income before income taxes of $120,251 compared to income from operations of $542,379 and income before income taxes of $391,919 for the same quarter a year ago. For the nine months ended October 3, 2009, sales were $38,345,000 and net income was $7,513,000 or $1.53 per diluted share versus sales of $32,577,000 and net income of $1,418,000 or $0.28 per diluted share for the nine months ended September 27, 2008. Income from operations was $1,190,442 and income before income taxes of $12,270,651 compared to income from operations of $2,625,000 and income before income taxes of $2,208,844 for the same period a year ago.

Edac Technologies Corp. reported unaudited consolidated earnings results for the second quarter and six months ended July 4, 2009. Sales for the second quarter of 2009 were $13,629,000 and net income was $7,376,000 or $1.50 per diluted share against sales of $10,849,000 and net income of $533,000 or $0.11 per diluted share for the second quarter of 2008. Income from operations was $515,192 against $965,732 for the second quarter of 2008. Income before income taxes was $12,064,187 against $820,058 for the second quarter of 2008. For the six months ended July 4, 2009, sales were $23,213,000 and net income was $7,433,000 or $1.52 per diluted share against sales of $22,030,000 and net income of $1,163,000 or $0.23 per diluted share for the six months ended June 28, 2008. Income from operations was $734,372 against $2,082,621 for the same period of last year. Income before income taxes was $12,150,400 against $1,816,925 for the second quarter of 2008.

Edac Technologies Corp. entered into a Credit Agreement among TD Bank, EDAC, and its subsidiaries Gros-Ite Industries, Inc. and Apex Machine Tool Company, Inc., pursuant to which TD Bank has agreed to provide EDAC with a $7,500,000 revolving line of credit, a $4,360,000 term loan, and a $2,640,000 mortgage loan. The Credit Agreement contains customary representations and warranties, affirmative and negative covenants, and events of default. The credit facilities are secured by cross-guaranties and liens on the business assets of EDAC, Gros-Ite and Apex in favor of TD Bank, along with a mortgage on the facility located at 275 Richard Street in Newington, Connecticut. The $7,500,000 revolving line of credit replaces EDAC�s previous $5,000,000 revolving line of credit with TD Bank. It is payable in monthly installments of interest only beginning on June 1, 2009 and will mature on July 31, 2011, unless renewed by TD Bank. Interest will accrue on the revolving line of credit at the greater of the prime rate or 4%. The proceeds of the revolving line of credit will be used by EDAC for general corporate purposes. The $4,360,000 term loan and $2,640,000 mortgage loan are payable in monthly installments of principal and interest beginning on June 27, 2009 and will mature on May 27, 2014 and May 27, 2019, respectively. Interest will accrue on the term loan and mortgage loan at an adjustable rate equal to the monthly LIBOR rate plus 3%. EDAC also entered into interest rate swap contracts to fix the interest rates on the term loan at 5.8% and for the first five years on the mortgage at 6.1%.