-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BO4qOACl992PNwQCuLNINanOex9YD/H9z4yPpI72hqXXwJnIRMFUQYMwlr8A9wVP 3MTFHz4IiumVyMuJLH2agQ== 0000950137-05-009965.txt : 20050810 0000950137-05-009965.hdr.sgml : 20050810 20050810093921 ACCESSION NUMBER: 0000950137-05-009965 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050810 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050810 DATE AS OF CHANGE: 20050810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LMI AEROSPACE INC CENTRAL INDEX KEY: 0001059562 STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728] IRS NUMBER: 431309065 STATE OF INCORPORATION: MO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24293 FILM NUMBER: 051012035 BUSINESS ADDRESS: STREET 1: 3600 MUELLER RD CITY: ST CHARLES STATE: MO ZIP: 63302 BUSINESS PHONE: 6369466525 MAIL ADDRESS: STREET 1: P O BOX 900 CITY: ST CHARLES STATE: MO ZIP: 63302 8-K 1 c97612e8vk.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): August 10, 2005 LMI AEROSPACE, INC. (Exact Name of Registrant as Specified in Its Charter) Missouri (State or Other Jurisdiction of Incorporation) 0-24293 43-1309065 (Commission File Number) (IRS Employer Identification No.) 3600 Mueller Road, St. Charles, Missouri 63301 (Address of Principal Executive Offices) (Zip Code) (636) 946-6525 (Registrant's Telephone Number, Including Area Code) (Former Name or Former Address, If Changed Since Last Report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) SECTION 2 - FINANCIAL INFORMATION ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On August 10, 2005, LMI Aerospace, Inc. (the "Company") issued a press release announcing its financial performance during the second quarter of 2005. The full text of the press release is attached hereto. The information in this Item 2.02 of this Current Report on Form 8-K, including the attached press release, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (C) EXHIBITS Exhibit No. Description ----------- ----------- 99.1 Text of press release dated August 10, 2005. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: August 10, 2005 LMI AEROSPACE, INC. By: /s/ Lawrence E. Dickinson ----------------------------------------- Lawrence E. Dickinson Chief Financial Officer and Secretary EXHIBIT INDEX Exhibit Number Description - ------ ----------- 99.1 Text of press release dated August 10, 2005. EX-99.1 2 c97612exv99w1.txt TEXT OF PRESS RELEASE Exhibit 99.1 Contact: Ed Dickinson, Chief Financial Officer 636.916.2150 FOR IMMEDIATE RELEASE LMI AEROSPACE REPORTS RESULTS FOR THE SECOND QUARTER 2005 Quarterly Revenue and Net Income Increase ST. LOUIS - August 10, 2005 - LMI Aerospace, Inc. (Nasdaq:LMIA), a leading provider of assemblies, kits and detail sheet metal and machined components to the aerospace, defense and technology industries, announced second quarter 2005 net sales of $24.0 million and net income of $1.0 million or $0.13 per common share compared to net sales of $21.9 million and net income of $0.1 million or $0.02 per common share in the second quarter of 2004. The sheet metal segment generated net sales of $20.6 million in the second quarter of 2005, an 18% increase from $17.5 million in the second quarter of 2004. The increase was due to higher sales of corporate jet and commercial aircraft components. For the six months ended June 30, 2005, sales for the sheet metal segment grew to $41.0 million, a 27% increase from $32.2 million in the same period of 2004. The majority of the sales growth related to increased sales of components for use on Gulfstream aircraft, resulting from increased production rates and additional work statement. Net sales for the machining and technology segment fell 23% in the second quarter of 2005 to $3.4 million from $4.4 million in the second quarter of 2004. This decrease resulted from a drop in orders for technology products. Demand for laser products began to improve early in the second half of 2005, with shipments expected to reach $4.5 million compared to $1.8 million in the first half of 2005. Gross profit for the second quarter of 2005 was $5.6 million or 23.4%, up from $4.3 million or 19.8% in the second quarter of 2004. The sales gains in the quarter combined with reduced operating costs resulting from the previous restructuring at the company's St. Charles, Missouri and Wichita, Kansas facilities contributed to higher gross profit, as did increased efficiency and aggressive lean manufacturing initiatives. Selling, general and administrative expenses were $3.5 million in the second quarter of 2005, a decrease from $3.6 million in the second quarter of 2004. For the six months ended June 30, 2005, selling general and administrative expenses declined to $6.9 million, compared to $7.3 million in the 2004 period. The six months ended June 30, 2004 included $0.7 million of restructuring expenses, where as no such changes were recorded in the 2005 period. Interest expense for the six months declined to $0.8 million in 2005 from $1.0 million in 2004. Despite increases in interest rates caused by higher prime lending and LIBOR rates, a combination of debt reduction from operational cash flow and the lack of a $0.1 million nonrecurring bank charge incurred in 2004 accounted for the decline. "Demand for our products and services has continued to increase" said Ronald Saks, President and CEO of LMI Aerospace, Inc. "The current aerospace environment of increasing production rates of commercial aircraft and corporate jets and increased demand on new programs from new and existing customers has caused our backlog to reach an all time high on June 30, 2005 of $99 million. Awards during the second quarter of 2005 for assemblies and components for Sikorsky Blackhawk helicopters from both Vought and Sikorsky, as well as a more recent transfer of Boeing 777 work from another supplier, have added to our production demands in 2005 and 2006. In addition, we expect our machining and technology segment to generate increased sales in the second half of 2005." "Consistent with our current guidance, our forecast for 2005 is for sales of $100 to $105 million, gross margins of 22 to 24 percent, selling, general and administrative expense of $14.5 million, interest expense of $1.8 million, and a tax rate of 37 to 38 percent, before any tax credits. Our forecast for 2006 sales has been raised to $110 million to $125 million, based on existing contracts with our customers, increased production rates, and newly awarded business," Saks commented. Saks continued, "We project that increasing demand for our products and services will continue through 2006. The reduced capacity of the domestic supply base will require that we expand organically, both within and outside the United States, through use of direct investment, joint ventures, and independent suppliers." LMI Aerospace, Inc. is a leading supplier of quality components to the aerospace and technology industries. The company operates eight manufacturing facilities that fabricate, machine, finish, kit, and integrates formed, close tolerance aluminum and specialty alloy components for commercial, corporate, regional and military aircraft, laser equipment used in the semiconductor and medical industries, and for the commercial sheet metal industries. This press release includes forward-looking statements related to LMI Aerospace's outlook for the remainder of 2005 and 2006, which are based on current management expectation. Such forward-looking statements are subject to various risks and uncertainties, many of which are beyond the control of LMI Aerospace, Inc. Actual results could differ materially from the forward-looking statements as a result, among other things, of the factors detailed from time to time in LMI Aerospace's filings with the Securities and Exchange Commission. Please refer to the Risk Factors contained in the company's Annual Report on Form 10-K and Form 10-K/A for the year ended December 31, 2004 for more details. LMI AEROSPACE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share data) (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, 2005 2004 2005 2004 ----------------------------------------------------------------------- Net sales $ 24,008 $ 21,875 $ 47,981 $ 40,415 Cost of sales 18,383 17,548 37,134 33,417 ----------------------------------------------------------------------- Gross profit 5,625 4,327 10,847 6,998 Selling, general and administrative expenses 3,486 3,562 6,940 7,307 ----------------------------------------------------------------------- Income (loss) from operations 2,139 765 3,907 (309) Other income (expense): Interest expense (422) (563) (842) (1,008) Other, net (4) 8 (1) 8 ----------------------------------------------------------------------- Income (loss) before income taxes 1,713 210 3,064 (1,309) Provision for income taxes 664 75 1,171 75 ----------------------------------------------------------------------- Net income (loss) $ 1,049 $ 135 $ 1,893 $ (1,384) ======================================================================= Amounts per common share: Net income (loss) per common share $ 0.13 $ 0.02 $ 0.23 $ (0.17) ======================================================================= Net income (loss) per common share assuming dilution $ 0.13 $ 0.02 $ 0.23 $ (0.17) ======================================================================= Weighted average common shares outstanding 8,239,942 8,181,786 8,238,866 8,181,786 ======================================================================= Weighted average diluted stock options outstanding 95,822 - 106,897 - =======================================================================
LMI AEROSPACE, INC. CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share data)
(Unaudited) June 30, 2005 December 31, 2004 ------------------------------------ Assets Current assets: Cash and cash equivalents $ 195 $ 414 Trade accounts receivable, net of allowance of $154 at June 30, 2005 and $213 at December 31, 2004 10,792 9,093 Inventories 23,594 23,687 Prepaid expenses and other current assets 1,249 981 Deferred income taxes 2,043 2,043 ------------------------------------ Total current assets 37,873 36,218 Property, plant and equipment, net 17,702 18,947 Goodwill 5,653 5,653 Customer intangible assets, net 3,246 3,408 Other assets 899 1,155 ------------------------------------ Total assets $ 65,373 $ 65,381 ==================================== Liabilities and stockholders' equity Current liabilities: Accounts payable $ 5,551 $ 5,857 Accrued expenses 2,842 2,728 Income taxes payable 1,009 67 Current installments of long-term debt and capital lease obligations 1,782 1,973 ------------------------------------ Total current liabilities 11,184 10,625 Long-term debt and capital lease obligations, less current installments 15,109 17,583 Subordinated debt 1,000 1,000 Deferred income taxes 1,821 1,821 ------------------------------------ Total long-term liabilities 17,930 20,404 Stockholders' equity: Common stock, $.02 par value per share; authorized 28,000,000 shares; issued 8,736,427 shares in both periods 175 175 Preferred stock, $.02 par value per share; authorized 2,000,000 shares; none issued in both periods - - Additional paid-in capital 26,171 26,171 Treasury stock, at cost, 494,312 shares at June 30, 2005 and 499,712 shares at December 31, 2004 (2,345) (2,371) Retained earnings 12,258 10,377 ------------------------------------ Total stockholders' equity 36,259 34,352 ------------------------------------ Total liabilities and stockholders' equity $ 65,373 $ 65,381 ====================================
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