(State of Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Exhibit | Description | ||||
Press Release of Astronics Corporation dated March 2, 2023 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Astronics Corporation | |||||||||||
Dated: | March 2, 2023 | By: | /s/ David C. Burney | ||||||||
Name: | David C. Burney | ||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||
For more information, contact: | |||||
Company: | Investor Relations: | ||||
David C. Burney, Chief Financial Officer | Deborah K. Pawlowski, Kei Advisors LLC | ||||
Phone: (716) 805-1599, ext. 159 | Phone: (716) 843-3908 | ||||
Email: david.burney@astronics.com | Email: dpawlowski@keiadvisors.com |
Three Months Ended | Year Ended | ||||||||||||||||||||||
($ in thousands) | December 31, 2022 | December 31, 2021 | % Change | December 31, 2022 | December 31, 2021 | % Change | |||||||||||||||||
Sales | $ | 158,153 | $ | 116,052 | 36.3 | % | $ | 534,894 | $ | 444,908 | 20.2 | % | |||||||||||
Loss from Operations | $ | (3,167) | $ | (8,744) | 63.8 | % | $ | (30,044) | $ | (28,674) | (4.8) | % | |||||||||||
Operating Margin % | (2.0) | % | (7.5) | % | (5.6) | % | (6.4) | % | |||||||||||||||
Net Gain on Sale of Businesses | $ | — | $ | 10,677 | $ | 11,284 | $ | 10,677 | |||||||||||||||
Net (Loss) Income | $ | (6,779) | $ | 1,604 | (522.6) | % | $ | (35,747) | $ | (25,578) | (39.8) | % | |||||||||||
Net (Loss) Income % | (4.3) | % | 1.4 | % | (6.7) | % | (5.7) | % | |||||||||||||||
*Adjusted EBITDA | $ | 4,305 | $ | (805) | 634.8 | % | $ | 4,372 | $ | 1,898 | 130.3 | % | |||||||||||
*Adjusted EBITDA Margin % | 2.7 | % | (0.7) | % | 0.8 | % | 0.4 | % |
ASTRONICS CORPORATION | |||||||||||||||||
CONSOLIDATED INCOME STATEMENT DATA | |||||||||||||||||
(Unaudited, $ in thousands except per share data) | |||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||
12/31/2022 | 12/31/2021 | 12/31/2022 | 12/31/2021 | ||||||||||||||
Sales | $ | 158,153 | $ | 116,052 | $ | 534,894 | $ | 444,908 | |||||||||
Cost of products sold 1 | 136,643 | 97,588 | 463,354 | 379,545 | |||||||||||||
Gross profit | 21,510 | 18,464 | 71,540 | 65,363 | |||||||||||||
Gross margin | 13.6 | % | 15.9 | % | 13.4 | % | 14.7 | % | |||||||||
Selling, general and administrative 2 | 24,677 | 32,222 | 101,584 | 99,051 | |||||||||||||
SG&A % of sales | 15.6 | % | 27.8 | % | 19.0 | % | 22.3 | % | |||||||||
Net gain on sale of facility | — | 5,014 | — | 5,014 | |||||||||||||
Loss from operations | (3,167) | (8,744) | (30,044) | (28,674) | |||||||||||||
Operating margin | (2.0) | % | (7.5) | % | (5.6) | % | (6.4) | % | |||||||||
Net gain on sale of business 3 | — | 10,677 | 11,284 | 10,677 | |||||||||||||
Other expense, net of other income | 431 | 532 | 1,611 | 2,159 | |||||||||||||
Interest expense, net | 3,610 | 1,552 | 9,422 | 6,804 | |||||||||||||
Loss before tax | (7,208) | (151) | (29,793) | (26,960) | |||||||||||||
Income tax (benefit) expense | (429) | (1,755) | 5,954 | (1,382) | |||||||||||||
Net (loss) income | $ | (6,779) | $ | 1,604 | $ | (35,747) | $ | (25,578) | |||||||||
Net (loss) income % of sales | (4.3) | % | 1.4 | % | (6.7) | % | (5.7) | % | |||||||||
Basic (loss) earnings per share: | $ | (0.21) | $ | 0.05 | $ | (1.11) | $ | (0.82) | |||||||||
Diluted (loss) earnings per share: | $ | (0.21) | $ | 0.05 | $ | (1.11) | $ | (0.82) | |||||||||
Weighted average diluted shares outstanding (in thousands) | 32,401 | 31,915 | 32,164 | 31,061 | |||||||||||||
Capital expenditures | $ | 3,392 | $ | 1,395 | $ | 7,675 | $ | 6,034 | |||||||||
Depreciation and amortization | $ | 6,872 | $ | 7,055 | $ | 27,777 | $ | 29,005 |
ASTRONICS CORPORATION | |||||||||||||||||
SEGMENT DATA | |||||||||||||||||
(Unaudited, $ in thousands) | |||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||
12/31/2022 | 12/31/2021 | 12/31/2022 | 12/31/2021 | ||||||||||||||
Sales | |||||||||||||||||
Aerospace | $ | 138,335 | $ | 98,836 | $ | 461,206 | $ | 365,261 | |||||||||
Less Inter-segment | — | — | (10) | (23) | |||||||||||||
Total Aerospace | 138,335 | 98,836 | 461,196 | 365,238 | |||||||||||||
Test Systems | 19,818 | 17,216 | 73,717 | 80,027 | |||||||||||||
Less Inter-segment | — | — | (19) | (357) | |||||||||||||
Total Test Systems | 19,818 | 17,216 | 73,698 | 79,670 | |||||||||||||
Total consolidated sales | 158,153 | 116,052 | 534,894 | 444,908 | |||||||||||||
Segment operating profit (loss) and margins | |||||||||||||||||
Aerospace | 5,202 | (2,262) | (1,883) | (8,614) | |||||||||||||
3.8 | % | (2.3) | % | (0.4) | % | (2.4) | % | ||||||||||
Test Systems | (3,993) | (1,807) | (8,118) | (3,765) | |||||||||||||
(20.1) | % | (10.5) | % | (11.0) | % | (4.7) | % | ||||||||||
Total segment operating profit (loss) | 1,209 | (4,069) | (10,001) | (12,379) | |||||||||||||
Net gain on sale of business | — | 10,677 | 11,284 | 10,677 | |||||||||||||
Interest expense | 3,610 | 1,552 | 9,422 | 6,804 | |||||||||||||
Corporate expenses and other 1 | 4,807 | 5,207 | 21,654 | 18,454 | |||||||||||||
Loss before taxes | $ | (7,208) | $ | (151) | $ | (29,793) | $ | (26,960) |
ASTRONICS CORPORATION | |||||||||||||||||||||||
RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA | |||||||||||||||||||||||
(Unaudited, $ in thousands) | |||||||||||||||||||||||
Consolidated | |||||||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||||
12/31/2022 | 12/31/2021 | 12/31/2022 | 12/31/2021 | ||||||||||||||||||||
Net (loss) income | $ | (6,779) | $ | 1,604 | $ | (35,747) | $ | (25,578) | |||||||||||||||
Add back (deduct): | |||||||||||||||||||||||
Interest expense | 3,610 | 1,552 | 9,422 | 6,804 | |||||||||||||||||||
Income tax (benefit) expense | (429) | (1,755) | 5,954 | (1,382) | |||||||||||||||||||
Depreciation and amortization expense | 6,872 | 7,055 | 27,777 | 29,005 | |||||||||||||||||||
Equity-based compensation expense | 1,319 | 1,313 | 6,497 | 6,460 | |||||||||||||||||||
Contingent consideration liability fair value adjustment | — | — | — | (2,200) | |||||||||||||||||||
Restructuring-related charges including severance | — | 85 | 199 | 577 | |||||||||||||||||||
Legal reserve, settlements and recoveries | (1,500) | 8,374 | 500 | 8,374 | |||||||||||||||||||
Customer accommodation settlement | — | — | 2,100 | — | |||||||||||||||||||
Lease termination settlement | — | — | 450 | — | |||||||||||||||||||
Non-cash 401K contribution accrual | 1,212 | 4,199 | 4,512 | 4,199 | |||||||||||||||||||
AMJP grant benefit | — | (7,541) | (6,008) | (8,670) | |||||||||||||||||||
Net gain on sale of facility | — | (5,014) | — | (5,014) | |||||||||||||||||||
Net gain on sale of business | — | (10,677) | (11,284) | (10,677) | |||||||||||||||||||
Adjusted EBITDA | $ | 4,305 | $ | (805) | $ | 4,372 | $ | 1,898 | |||||||||||||||
Sales | $ | 158,153 | $ | 116,052 | $ | 534,894 | $ | 444,908 | |||||||||||||||
Adjusted EBITDA margin | 2.7 | % | (0.7) | % | 0.8 | % | 0.4 | % | |||||||||||||||
ASTRONICS CORPORATION | |||||||||||
CONSOLIDATED BALANCE SHEET DATA | |||||||||||
($ in thousands) | |||||||||||
(unaudited) | |||||||||||
12/31/2022 | 12/31/2021 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 13,778 | $ | 29,757 | |||||||
Accounts receivable and uncompleted contracts | 147,790 | 107,439 | |||||||||
Inventories | 187,983 | 157,576 | |||||||||
Other current assets | 15,743 | 45,089 | |||||||||
Property, plant and equipment, net | 90,658 | 95,236 | |||||||||
Other long-term assets | 21,633 | 21,439 | |||||||||
Intangible assets, net | 79,277 | 94,320 | |||||||||
Goodwill | 58,169 | 58,282 | |||||||||
Total assets | $ | 615,031 | $ | 609,138 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Current maturities of long-term debt | $ | 4,500 | $ | — | |||||||
Accounts payable and accrued expenses | 114,545 | 91,257 | |||||||||
Customer advances and deferred revenue | 32,567 | 27,356 | |||||||||
Long-term debt | 159,500 | 163,000 | |||||||||
Other liabilities | 63,999 | 70,921 | |||||||||
Shareholders' equity | 239,920 | 256,604 | |||||||||
Total liabilities and shareholders' equity | $ | 615,031 | $ | 609,138 |
ASTRONICS CORPORATION | |||||||||||
CONSOLIDATED CASH FLOWS DATA | |||||||||||
(Unaudited, $ in thousands) | Year Ended | ||||||||||
Cash flows from operating activities: | December 31, 2022 | December 31, 2021 | |||||||||
Net loss | $ | (35,747) | $ | (25,578) | |||||||
Adjustments to reconcile net loss to cash flows from operating activities: | |||||||||||
Non-cash items: | |||||||||||
Depreciation and amortization | 27,777 | 29,005 | |||||||||
Provisions for non-cash losses on inventory and receivables | 3,415 | 3,942 | |||||||||
Equity-based compensation expense | 6,497 | 6,460 | |||||||||
Deferred tax expense (benefit) | 19 | (441) | |||||||||
Net gain on sale of business | (11,284) | (10,677) | |||||||||
Net gain on sales of assets | — | (5,083) | |||||||||
Contingent consideration liability fair value adjustment | — | (2,200) | |||||||||
Operating lease non-cash expense | 6,028 | 5,198 | |||||||||
Non-cash 401K contribution accrual | 4,512 | 4,199 | |||||||||
Non-cash litigation provision | 500 | 8,374 | |||||||||
Restructuring activities | — | 267 | |||||||||
Other | 3,086 | 3,912 | |||||||||
Cash flows from changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (41,646) | (14,832) | |||||||||
Inventories | (34,058) | (5,150) | |||||||||
Prepaid expenses and other current assets | 261 | 20 | |||||||||
Accounts payable | 27,843 | 8,610 | |||||||||
Accrued expenses | 787 | (5,037) | |||||||||
Income taxes payable/receivable | 16,134 | 156 | |||||||||
Operating lease liabilities | (7,295) | (6,036) | |||||||||
Customer advanced payments and deferred revenue | 5,264 | (235) | |||||||||
Supplemental retirement plan and other liabilities | (405) | (404) | |||||||||
Cash flows from operating activities | (28,312) | (5,530) | |||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from sales of businesses and assets | 22,061 | 9,213 | |||||||||
Capital expenditures | (7,675) | (6,034) | |||||||||
Cash flows from investing activities | 14,386 | 3,179 | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from long-term debt | 125,825 | 20,000 | |||||||||
Principal payments on long-term debt | (124,825) | (30,000) | |||||||||
Stock award and employee stock purchase plan activity | 97 | 3,396 | |||||||||
Finance lease principal payments | (93) | (901) | |||||||||
Financing-related costs | (2,416) | — | |||||||||
Cash flows from financing activities | (1,412) | (7,505) | |||||||||
Effect of exchange rates on cash | (641) | (799) | |||||||||
Decrease in cash and cash equivalents | (15,979) | (10,655) | |||||||||
Cash and cash equivalents at beginning of year | 29,757 | 40,412 | |||||||||
Cash and cash equivalents at end of year | $ | 13,778 | $ | 29,757 | |||||||
ASTRONICS CORPORATION | ||||||||||||||||||||||||||
SALES BY MARKET | ||||||||||||||||||||||||||
(Unaudited, $ in thousands) | ||||||||||||||||||||||||||
Three Months Ended | Year Ended | 2022 YTD | ||||||||||||||||||||||||
12/31/2022 | 12/31/2021 | % change | 12/31/2022 | 12/31/2021 | % change | % of Sales | ||||||||||||||||||||
Aerospace Segment | ||||||||||||||||||||||||||
Commercial Transport | $ | 102,843 | $ | 58,441 | 76.0 | % | $ | 314,564 | $ | 201,990 | 55.7 | % | 58.8 | % | ||||||||||||
Military | 13,198 | 15,464 | (14.7) | % | 54,534 | 70,312 | (22.4) | % | 10.2 | % | ||||||||||||||||
General Aviation | 14,647 | 15,542 | (5.8) | % | 63,395 | 56,673 | 11.9 | % | 11.9 | % | ||||||||||||||||
Other | 7,647 | 9,389 | (18.6) | % | 28,703 | 36,263 | (20.8) | % | 5.4 | % | ||||||||||||||||
Aerospace Total | 138,335 | 98,836 | 40.0 | % | 461,196 | 365,238 | 26.3 | % | 86.2 | % | ||||||||||||||||
Test Systems Segment | 19,818 | 17,216 | 15.1 | % | 73,698 | 79,670 | (7.5) | % | 13.8 | % | ||||||||||||||||
Total Sales | $ | 158,153 | $ | 116,052 | 36.3 | % | $ | 534,894 | $ | 444,908 | 20.2 | % |
SALES BY PRODUCT LINE | ||||||||||||||||||||||||||
(Unaudited, $ in thousands) | ||||||||||||||||||||||||||
Three Months Ended | Year Ended | 2022 YTD | ||||||||||||||||||||||||
12/31/2022 | 12/31/2021 | % change | 12/31/2022 | 12/31/2021 | % change | % of Sales | ||||||||||||||||||||
Aerospace Segment | ||||||||||||||||||||||||||
Electrical Power & Motion | $ | 54,689 | $ | 39,003 | 40.2 | % | $ | 187,446 | $ | 141,746 | 32.2 | % | 35.0 | % | ||||||||||||
Lighting & Safety | 34,008 | 26,820 | 26.8 | % | 124,347 | 103,749 | 19.9 | % | 23.2 | % | ||||||||||||||||
Avionics | 29,781 | 17,546 | 69.7 | % | 97,234 | 64,901 | 49.8 | % | 18.2 | % | ||||||||||||||||
Systems Certification | 10,566 | 5,113 | 106.6 | % | 17,222 | 13,050 | 32.0 | % | 3.2 | % | ||||||||||||||||
Structures | 1,644 | 965 | 70.4 | % | 6,244 | 5,529 | 12.9 | % | 1.2 | % | ||||||||||||||||
Other | 7,647 | 9,389 | (18.6) | % | 28,703 | 36,263 | (20.8) | % | 5.4 | % | ||||||||||||||||
Aerospace Total | 138,335 | 98,836 | 40.0 | % | 461,196 | 365,238 | 26.3 | % | 86.2 | % | ||||||||||||||||
Test Systems Segment | 19,818 | 17,216 | 15.1 | % | 73,698 | 79,670 | (7.5) | % | 13.8 | % | ||||||||||||||||
Total Sales | $ | 158,153 | $ | 116,052 | 36.3 | % | $ | 534,894 | $ | 444,908 | 20.2 | % |
ASTRONICS CORPORATION | |||||||||||||||||
ORDER AND BACKLOG TREND | |||||||||||||||||
(Unaudited, $ in thousands) | |||||||||||||||||
Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Trailing Twelve Months | |||||||||||||
4/2/2022 | 7/2/2022 | 10/1/2022 | 12/31/2022 | 12/31/2022 | |||||||||||||
Sales | |||||||||||||||||
Aerospace | $ | 101,394 | $ | 109,290 | $ | 112,177 | $ | 138,335 | $ | 461,196 | |||||||
Test Systems | 14,782 | 19,837 | 19,261 | 19,818 | 73,698 | ||||||||||||
Total Sales | $ | 116,176 | $ | 129,127 | $ | 131,438 | $ | 158,153 | $ | 534,894 | |||||||
Bookings | |||||||||||||||||
Aerospace | $ | 160,778 | $ | 126,012 | $ | 165,719 | $ | 151,688 | $ | 604,197 | |||||||
Test Systems | 14,844 | 22,377 | 18,433 | 30,707 | 86,361 | ||||||||||||
Total Bookings | $ | 175,622 | $ | 148,389 | $ | 184,152 | $ | 182,395 | $ | 690,558 | |||||||
Backlog | |||||||||||||||||
Aerospace | $ | 394,043 | $ | 410,765 | $ | 464,307 | $ | 477,660 | |||||||||
Test Systems | 81,095 | 83,635 | 82,807 | 93,696 | |||||||||||||
Total Backlog | $ | 475,138 | $ | 494,400 | $ | 547,114 | $ | 571,356 | N/A | ||||||||
Book:Bill Ratio | |||||||||||||||||
Aerospace | 1.59 | 1.15 | 1.48 | 1.10 | 1.31 | ||||||||||||
Test Systems | 1.00 | 1.13 | 0.96 | 1.55 | 1.17 | ||||||||||||
Total Book:Bill | 1.51 | 1.15 | 1.40 | 1.15 | 1.29 | ||||||||||||
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