0-24293
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43-1309065
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(Commission File Number)
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(IRS Employer Identification No.)
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411 Fountain Lakes Blvd.
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St. Charles, MO | 63301 | |
(Address of Principal Executive Offices)
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(Zip Code)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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99.1
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Text of press release issued by the Company dated May 7, 2012.
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LMI AEROSPACE, INC.
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By:
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/s/ Lawrence E. Dickinson
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Lawrence E. Dickinson
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Vice President, Chief Financial Officer and Secretary
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Exhibit
Number
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Description
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Text of press release issued by the Company dated May 7, 2012.
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Contact:
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Ed Dickinson
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Chief Financial Officer, 636.916.2150
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·
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Sales of $66.7 million, up 9.6 percent from the first quarter of 2011 with growth in both segments.
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·
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Income from operations of $7.4 million or 11.1 percent of sales compared to $5.9 million or 9.7 percent of sales in the prior year quarter.
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·
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Earnings per share of $0.41, up from $0.37, including a $0.04 one-time tax benefit, in the prior year quarter.
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Net Sales
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Q1 2012 |
% of Total
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Q1 2011 |
% of Total
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($ in millions)
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Large commercial aircraft
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$ | 16.5 | 39.8 | % | $ | 14.4 | 36.5 | % | ||||||||
Corporate and regional aircraft
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13.4 | 32.3 | % | 12.3 | 31.1 | % | ||||||||||
Military
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9.1 | 21.9 | % | 9.0 | 22.8 | % | ||||||||||
Other
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2.5 | 6.0 | % | 3.8 | 9.6 | % | ||||||||||
Total
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$ | 41.5 | 100.0 | % | $ | 39.5 | 100.0 | % |
Net Sales
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Q1 2012 |
% of Total
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Q1 2011 |
% of Total
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($ in millions)
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Large commercial aircraft
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$ | 7.7 | 30.2 | % | $ | 9.2 | 40.9 | % | ||||||||
Corporate and regional aircraft
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8.0 | 31.4 | % | 6.2 | 27.6 | % | ||||||||||
Military
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8.1 | 31.8 | % | 4.3 | 19.1 | % | ||||||||||
Other
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1.7 | 6.6 | % | 2.8 | 12.4 | % | ||||||||||
Total
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$ | 25.5 | 100.0 | % | $ | 22.5 | 100.0 | % |
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·
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Net sales of between $282.0 million and $298.0 million
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Gross profit of between 24.2 percent and 25.3 percent
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SG&A of between $36.7 million and $37.7 million
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Interest and other expenses of approximately $1.0 million
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Effective income tax rate of approximately 35.3 percent
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Capital expenditures of between $14.0 million and $16.0 million
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Depreciation, amortization and stock compensation expense of approximately $9.7 million
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Free cash flow is expected to break even
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Net sales of between $186.0 million and $198.0 million
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Gross profit of between 27.6 percent and 28.8 percent
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SG&A of between $28.5 million and $29.1 million
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Net sales of between $96.0 million and $100.0 million
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Gross profit of between 17.5 percent and 18.5 percent
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·
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SG&A of between $8.2 million and $8.6 million
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March 31,
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December 31,
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2012
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2011
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 5,494 | $ | 7,868 | ||||
Trade accounts receivable, net of allowance of $232 at March 31, 2012 and $359 at December 31, 2011
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47,271 | 42,720 | ||||||
Inventories
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55,497 | 51,081 | ||||||
Prepaid expenses and other current assets
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3,982 | 2,595 | ||||||
Deferred income taxes
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3,908 | 4,085 | ||||||
Total current assets
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116,152 | 108,349 | ||||||
Property, plant and equipment, net
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28,207 | 27,340 | ||||||
Goodwill
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49,102 | 49,102 | ||||||
Intangible assets, net
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17,148 | 17,642 | ||||||
Other assets
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2,118 | 2,173 | ||||||
Total assets
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$ | 212,727 | $ | 204,606 | ||||
Liabilities and shareholders’ equity
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Current liabilities:
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Accounts payable
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$ | 11,825 | $ | 13,253 | ||||
Accrued expenses
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14,675 | 10,875 | ||||||
Short-term deferred gain on sale of real estate
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233 | 233 | ||||||
Total current liabilities
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26,733 | 24,361 | ||||||
Long-term deferred gain on sale of real estate
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2,781 | 2,840 | ||||||
Long-term deferred revenue
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701 | 701 | ||||||
Deferred income taxes
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8,919 | 8,919 | ||||||
Total long-term liabilities
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12,401 | 12,460 | ||||||
Shareholders’ equity:
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Common stock, $0.02 par value per share; authorized 28,000,000 shares: issued 12,110,310 and 12,123,992 shares at March 31, 2012 and December 31, 2011, respectively
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242 | 242 | ||||||
Preferred stock, $0.02 par value per share; authorized 2,000,000 shares; none issued at either date
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- | - | ||||||
Additional paid-in capital
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75,379 | 74,823 | ||||||
Treasury stock, at cost, 152,198 shares at March 31, 2012 and 249,082 shares at December 31, 2011
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(722 | ) | (1,182 | ) | ||||
Retained earnings
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98,694 | 93,902 | ||||||
Total shareholders’ equity
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173,593 | 167,785 | ||||||
Total liabilities and shareholders’ equity
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$ | 212,727 | $ | 204,606 |
Three Months Ended
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March 31,
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2012
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2011
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Sales and service revenue
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Product sales
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$ | 40,165 | $ | 37,354 | ||||
Service revenue
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26,584 | 23,545 | ||||||
Net sales
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66,749 | 60,899 | ||||||
Cost of sales and service revenue
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Cost of product sales
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27,385 | 26,649 | ||||||
Cost of service revenue
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22,846 | 19,692 | ||||||
Cost of sales
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50,231 | 46,341 | ||||||
Gross profit
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16,518 | 14,558 | ||||||
Selling, general and administrative expenses
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9,080 | 8,651 | ||||||
Income from operations
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7,438 | 5,907 | ||||||
Other income (expense):
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Interest expense
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(201 | ) | (139 | ) | ||||
Other, net
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169 | 25 | ||||||
Total other expense
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(32 | ) | (114 | ) | ||||
Income before income taxes
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7,406 | 5,793 | ||||||
Provision for income taxes
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2,614 | 1,524 | ||||||
Net income
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$ | 4,792 | $ | 4,269 | ||||
Amounts per common share:
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Net income per common share
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$ | 0.41 | $ | 0.37 | ||||
Net income per common share assuming dilution
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$ | 0.41 | $ | 0.37 | ||||
Weighted average common shares outstanding
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11,618,008 | 11,509,198 | ||||||
Weighted average dilutive common shares outstanding
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11,783,241 | 11,693,800 |
Three Months Ended
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March 31,
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2012
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2011
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Operating activities:
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Net income
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$ | 4,792 | $ | 4,269 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
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Depreciation and amortization
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1,936 | 1,812 | ||||||
Intangible asset impairment
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- | 1,163 | ||||||
Contingent consideration write-off
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- | (1,235 | ) | |||||
Restricted stock compensation
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375 | 375 | ||||||
Other noncash items
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(150 | ) | 377 | |||||
Changes in operating assets and liabilities:
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Trade accounts receivable
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(4,678 | ) | (3,158 | ) | ||||
Inventories
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(4,311 | ) | (2,308 | ) | ||||
Prepaid expenses and other assets
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(1,291 | ) | (320 | ) | ||||
Current income taxes
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2,466 | 1,314 | ||||||
Accounts payable
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(822 | ) | (85 | ) | ||||
Accrued expenses
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2,111 | 635 | ||||||
Net cash provided by operating activities
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428 | 2,839 | ||||||
Investing activities:
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Additions to property, plant and equipment
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(2,909 | ) | (1,617 | ) | ||||
Other, net
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27 | - | ||||||
Net cash used by investing activities
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(2,882 | ) | (1,617 | ) | ||||
Financing activities:
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Other, net
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80 | (148 | ) | |||||
Net cash provided (used) by financing activities
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80 | (148 | ) | |||||
Net (decrease) increase in cash and cash equivalents
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(2,374 | ) | 1,074 | |||||
Cash and cash equivalents, beginning of year
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7,868 | 1,947 | ||||||
Cash and cash equivalents, end of quarter
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$ | 5,494 | $ | 3,021 |
Three Months Ended
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March 31,
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2012
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2011
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Non-GAAP Financial Information
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Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)(1):
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Net Income
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$ | 4,792 | $ | 4,269 | ||||
Income tax expense
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2,614 | 1,524 | ||||||
Depreciation and amortization
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1,936 | 1,812 | ||||||
Intangible asset impairment
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- | 1,163 | ||||||
Contingent consideration write-off
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- | (1,235 | ) | |||||
Stock based compensation
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375 | 375 | ||||||
Interest expense
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201 | 139 | ||||||
Other, net
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(169 | ) | (25 | ) | ||||
Adjusted EBITDA
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$ | 9,749 | $ | 8,022 | ||||
Free Cash Flow (2):
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Net cash provided by operating activities
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$ | 428 | $ | 2,839 | ||||
Less:
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Capital expenditures
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(2,909 | ) | (1,617 | ) | ||||
Free cash flow
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$ | (2,481 | ) | $ | 1,222 |
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