ANAHEIM, CA -- DDi reported fourth-quarter net income rose 633% year-over-year to $4.4 million.

The printed circuit board fabricator said net income 32% sequentially to $6.5 million. Gross margin increased 163 basis points to 22.1% of net sales.

For the quarter ended Dec. 31, net sales increased 55.7% from last year to $65.7 million and declined 4.7% sequentially. Commercial demand softened in the quarter, partially offset by strength in military/aerospace, instrumentation and medical market segments.

For the year, net sales rose 69.5% over 2009 to $267.8 million, including 22% over pro-forma 2009 net sales, which include Coretec, which DDi acquired last year. Net income was $20.7 million, versus $1.8 million a year ago. Net sales to the military/aerospace segment were exceptional, growing to $84.6 million from $48 million in 2009. Cash on hand increased to $28.3 million.

President and chief executive Mikel Williams said, “2010 was a year of significant accomplishment for DDi. We drove net sales, margins and earnings to record levels, while also completing the integration of Coretec. While we started the year operating out of three facilities in Toronto, by the end of the fourth quarter we successfully consolidated all operational activity into our single, state-of-the-art facility on Sheppard Avenue. With the physical integration now complete, we are focused on enhancing the operational execution and efficiencies of our Sheppard facility. Importantly, we finished 2010 in solid financial position, posting a significant increase in cash flow for the year and a stronger balance sheet."

Williams forecast year-over-year growth would exceed that of the broader North American PCB industry, currently predicted to be in the mid-single digits.

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