-----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, RigxJJR6QOFlAGLEl7B82ZYj0i+TRf2M/1Zn4iWRh1YAOY3C2+Q0HyBUwas9JwVF b59i2gClrLeADS6ypWLW7g== 0001193125-09-254043.txt : 20091217 0001193125-09-254043.hdr.sgml : 20091217 20091216174005 ACCESSION NUMBER: 0001193125-09-254043 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091214 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091217 DATE AS OF CHANGE: 20091216 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AEROSONIC CORP /DE/ CENTRAL INDEX KEY: 0000109471 STANDARD INDUSTRIAL CLASSIFICATION: SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812] IRS NUMBER: 741668471 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11750 FILM NUMBER: 091245477 BUSINESS ADDRESS: STREET 1: 1212 N HERCULES AVE CITY: CLEARWATER STATE: FL ZIP: 33765 BUSINESS PHONE: 727-461-3000 MAIL ADDRESS: STREET 1: 1212 N HERCULES AVE CITY: CLEARWATER STATE: FL ZIP: 33765 8-K 1 d8k.htm FORM 8K Form 8K

 

 

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): December 14, 2009

 

 

AEROSONIC CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-11750   74-1668471

State or other jurisdiction of

incorporation or organization

  (Commission File Number)  

(I.R.S. Employer

Identification No.)

1212 North Hercules Avenue

Clearwater, Florida 33765

(Address of principal executive offices and Zip Code)

(727) 461-3000

(Registrant’s telephone number, including Area Code)

Not applicable

(Former name, former address and former fiscal year, 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:

 

¨ 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))

 

 

 


Item 2.02. Results of Operations and Financial Condition

 

(a) On December 14, 2009, Aerosonic Corporation (“Aerosonic”) issued a press release announcing its third quarter results. A copy of this press release is attached hereto as an exhibit and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

 

(d) Exhibits

 

99.1    Press Release of Aerosonic dated December 14, 2009, announcing its third quarter results.


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.

 

  AEROSONIC CORPORATION
Dated: December 16, 2009   By:  

/S/    KEVIN J. PURCELL        

    Kevin J. Purcell
    Executive Vice President and Chief Financial Officer


EXHIBIT INDEX

 

Exhibit
Number

  

Description

Exhibit 99.1    Press Release of Aerosonic dated December 14, 2009, announcing its third quarter results.
EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

Aerosonic Reports Third Quarter Results

CLEARWATER, Fla. – December 14, 2009 – Aerosonic Corporation (NYSE AMEX: AIM), a leading supplier of precision flight products for commercial, business and military aircraft, announced that today it filed its quarterly report on Form 10-Q for the quarter ended October 30, 2009, with the United States Securities and Exchange Commission.

 

     Three Months Ended
(Unaudited)
    Nine Months Ended
(Unaudited)
 
     October 30, 2009    October 31, 2008     October 30, 2009    October 31, 2008  

Sales, net

   $ 7,537,000    $ 2,915,000      $ 24,425,000    $ 15,528,000   

Gross profit (loss)

     2,672,000      (96,000     9,145,000      3,347,000   

Operating income (loss)

     918,000      (1,853,000     3,663,000      (2,339,000

Net income (loss)

     728,000      (992,000     2,659,000    $ (1,462,000

Earnings (loss) per share

          

Basic

   $ 0.20    $ (0.28   $ 0.72    $ (0.41

Diluted

   $ 0.18    $ (0.28   $ 0.69    $ (0.41

Net sales for the third quarter of fiscal year 2010 increased $4,622,000, or 159%, to $7,537,000 when compared to $2,915,000 for the third quarter of fiscal year 2009. On a year to date basis, net sales were $24,425,000 during the first nine months of fiscal year 2010, an increase of $8,897,000, or 57%, when compared to $15,528,000 for the first nine months of fiscal year 2009. The increase in net sales for the third quarter of fiscal year 2010, when compared to the third quarter of fiscal year 2009, was the result of net sales returning to normal levels as compared to lower net sales in the prior period due primarily to the business interruption caused by the August 2008 fire. The increase in net sales for the third quarter of fiscal year 2010 and on a year to date basis was also attributable to increased productivity across several product lines, including our transmitter product line. During fiscal year 2010 we were successful in stabilizing manufacturing processes and improving upon critical manufacturing and planning processes.

Gross profit increased from (3%) for the third quarter of fiscal year 2009 to 35% for the third quarter of fiscal year 2010. On a year to date basis, gross profit increased from 22% for the first nine months of fiscal year 2009 to 37% for the first nine months of fiscal year 2010. During the comparable periods in fiscal 2009, the gross profit performance was negatively and significantly impacted by the effects of the fire in August 2008. The significant improvements in gross profit performance in fiscal 2010, both in the third quarter and year to date are due to the improvement in operational performance across several product lines and focused production in the transmitter product line.

The Company reported net income for the three months ended October 30, 2009 of approximately $728,000, or $0.20 basic and $0.18 diluted earnings per share, versus a net loss of approximately ($992,000), or ($0.28) basic and diluted loss per share for the quarter ended October 31, 2008. For the nine months ended October 30, 2009, the Company reported net income of approximately $2,659,000, or $0.72 basic and $0.69 diluted earnings per share, versus a net loss of approximately ($1,462,000), or ($0.41) basic and diluted loss per share for the nine months ended October 31, 2008.

“As we work our way through fiscal 2010, our focus has evolved from delivering products delayed by last year’s fire to managing our business through the challenges of the current economy. Overall we have made excellent progress in our operational and financial performance. We have now repaid more than 85% of the almost five million dollars advanced to us by our customers post fire. We have also made great strides in our operational effectiveness, enabling the Company to continue investing in its technical capabilities and new product offerings in support of an eventual aviation market turnaround,” stated Doug Hillman, Aerosonic’s CEO.

Aerosonic Corporation, headquartered in Clearwater, Florida, is principally engaged in the manufacture of aviation products. Locations of the Company include Clearwater, Florida and Charlottesville, Virginia. For additional information, visit the Company’s website at www.aerosonic.com.


This document contains statements that constitute “forward-looking” statements within the meaning of the Securities Act of 1933 and the Securities Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. “Forward-looking” statements contained in this document include the intent, belief or current expectations of the Company and its senior management team with respect to future actions by officers and directors of the Company, prospects of the Company’s operations, profits from future operations, overall future business prospects and long term stockholder value, as well as the assumptions upon which such statements are based.

Investors are cautioned that any such forward-looking statements are not guarantees of future performance, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors that could cause actual results to differ materially from those contemplated by the forward-looking statements in this document include, but are not limited to, adverse developments involving operations of the Company’s business units, failure to meet operating objectives or to execute the business plan, and the failure to reach revenue or profit projections. The Company undertakes no obligation to update or revise the forward-looking statements contained in this document to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results over time.

Contact:

Kevin J. Purcell

727-461-3000

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