New York | 0-7087 | 16-0959303 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
130 Commerce Way East Aurora, New York |
14052 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Astronics Corporation |
||||
Dated: May 4, 2011 | By: | /s/ David C. Burney | ||
Name: | David C. Burney Vice President and Chief Financial Officer |
Exhibit | Description | |||
99.1 | Press Release of Astronics Corporation May 4, 2011 |
![]() |
NEWS RELEASE |
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 |
| 2011 first quarter sales total $55.1 million, an increase of 17.5% over 2010 first quarter | ||
| Diluted earnings per share of $0.45 in 2011 first quarter up from $0.31 in 2010 first quarter | ||
| 2011 revenue guidance range raised to $210 Million to $225 Million |
Three Months Ended | ||||||||||||
April 2, | April 3, | % | ||||||||||
2011 | 2010 | Change | ||||||||||
Sales |
$ | 55,128 | $ | 46,936 | 17.5 | % | ||||||
Gross profit |
$ | 14,506 | $ | 11,546 | 25.6 | % | ||||||
Gross margin |
26.3 | % | 24.6 | % | ||||||||
SG&A |
$ | 6,345 | $ | 5,428 | 16.9 | % | ||||||
SG&A percent to sales |
11.5 | % | 11.6 | % | ||||||||
Income from Operations |
$ | 8,161 | $ | 6,118 | 33.4 | % | ||||||
Operating margin % |
14.8 | % | 13.0 | % | ||||||||
Net Income |
$ | 5,209 | $ | 3,400 | 53.2 | % | ||||||
Net Income % |
9.4 | % | 7.2 | % |
Three Months Ended | ||||||||
4/2/2011 | 4/3/2010 | |||||||
Sales |
$ | 55,128 | $ | 46,936 | ||||
Cost of products sold |
40,622 | 35,390 | ||||||
Gross profit |
14,506 | 11,546 | ||||||
Gross margin |
26.3 | % | 24.6 | % | ||||
Selling, general and administrative |
6,345 | 5,428 | ||||||
SG&A % to Sales |
11.5 | % | 11.6 | % | ||||
Income from operations |
8,161 | 6,118 | ||||||
Operating margin |
14.8 | % | 13.0 | % | ||||
Interest expense, net |
537 | 599 | ||||||
Income before tax |
7,624 | 5,519 | ||||||
Income tax expense |
2,415 | 2,119 | ||||||
Net Income |
$ | 5,209 | $ | 3,400 | ||||
Basic earnings per share: |
$ | 0.47 | $ | 0.31 | ||||
Diluted earnings per share: |
$ | 0.45 | $ | 0.31 | ||||
Weighted
average diluted shares outstanding (in thousands) |
11,628 | 10,966 | ||||||
Capital Expenditures |
$ | 754 | $ | 875 | ||||
Depreciation and Amortization |
$ | 1,190 | $ | 1,239 |
4/2/2011 | 12/31/2010 | |||||||
(Unaudited) | ||||||||
ASSETS: |
||||||||
Cash and cash equivalents |
$ | 16,888 | $ | 22,709 | ||||
Accounts receivable |
37,179 | 30,941 | ||||||
Inventories |
39,875 | 37,763 | ||||||
Other current assets |
6,098 | 5,727 | ||||||
Property, plant and equipment, net |
30,687 | 30,873 | ||||||
Other long-term assets |
3,120 | 3,342 | ||||||
Deferred taxes long-term |
6,664 | 6,883 | ||||||
Intangible assets |
4,930 | 5,040 | ||||||
Goodwill |
7,712 | 7,610 | ||||||
Total Assets |
$ | 153,153 | $ | 150,888 | ||||
LIABILITIES AND SHAREHOLDERS EQUITY: |
||||||||
Current maturities of long term debt |
$ | 5,316 | $ | 5,314 | ||||
Accounts payable and accrued expenses |
24,224 | 25,971 | ||||||
Long-term debt |
31,239 | 33,264 | ||||||
Other liabilities |
8,985 | 9,124 | ||||||
Shareholders equity |
83,389 | 77,215 | ||||||
Total Liabilities and Shareholders Equity |
$ | 153,153 | $ | 150,888 | ||||
Three Months Ended | ||||||||
4/2/2011 | 4/3/2010 | |||||||
Sales |
||||||||
Aerospace |
$ | 50,199 | $ | 43,190 | ||||
Test Systems |
4,929 | 3,746 | ||||||
Total Sales |
$ | 55,128 | $ | 46,936 | ||||
Operating Profit and Margins |
||||||||
Aerospace |
$ | 9,319 | $ | 6,742 | ||||
18.6 | % | 15.6 | % | |||||
Test Systems |
17 | 187 | ||||||
0.3 | % | 5.0 | % | |||||
Total Operating Profit |
9,336 | 6,929 | ||||||
16.9 | % | 14.8 | % | |||||
Corporate Expenses, Interest and Other |
1,712 | 1,410 | ||||||
Income Before Income Taxes |
$ | 7,624 | $ | 5,519 | ||||
13.8 | % | 11.8 | % |
Three Months Ended | 2011 | |||||||||||||||
% | YTD | |||||||||||||||
4/2/2011 | 4/3/2010 | change | % | |||||||||||||
Aerospace Segment |
||||||||||||||||
Commercial Transport |
$ | 32,926 | $ | 27,445 | 20 | % | 60 | % | ||||||||
Military |
9,259 | 8,398 | 10 | % | 17 | % | ||||||||||
Business Jet |
6,637 | 5,592 | 19 | % | 12 | % | ||||||||||
FAA/Airport |
1,377 | 1,755 | (22 | )% | 2 | % | ||||||||||
Aerospace Total |
50,199 | 43,190 | 16 | % | 91 | % | ||||||||||
Test Systems Segment |
||||||||||||||||
Military |
4,929 | 3,746 | 32 | % | 9 | % | ||||||||||
Total |
$ | 55,128 | $ | 46,936 | 17 | % | 100 | % | ||||||||
Three Months Ended | 2011 | |||||||||||||||
% | YTD | |||||||||||||||
4/2/2011 | 4/3/2010 | change | % | |||||||||||||
Aerospace Segment |
||||||||||||||||
Cabin Electronics |
$ | 26,075 | $ | 21,496 | 21 | % | 47 | % | ||||||||
Aircraft Lighting |
18,171 | 15,733 | 15 | % | 33 | % | ||||||||||
Airframe Power |
4,576 | 4,206 | 9 | % | 8 | % | ||||||||||
Airfield Lighting |
1,377 | 1,755 | (22 | )% | 3 | % | ||||||||||
Aerospace Total |
50,199 | 43,190 | 16 | % | 91 | % | ||||||||||
Test Systems Segment |
4,929 | 3,746 | 32 | % | 9 | % | ||||||||||
Total |
$ | 55,128 | $ | 46,936 | 17 | % | 100 | % | ||||||||
Q2 | Q3 | Q4 | Q1 | Trailing 12 | ||||||||||||||||
2010 | 2010 | 2010 | 2011 | Months | ||||||||||||||||
7/4/2010 | 10/3/2010 | 12/31/2010 | 4/3/2011 | 4/3/2011 | ||||||||||||||||
Sales |
||||||||||||||||||||
Aerospace |
$ | 43,599 | $ | 46,024 | $ | 46,773 | $ | 50,199 | $ | 186,595 | ||||||||||
Test Systems |
3,490 | 3,882 | 5,050 | 4,929 | 17,351 | |||||||||||||||
Total Sales |
$ | 47,089 | $ | 49,906 | $ | 51,823 | $ | 55,128 | $ | 203,946 | ||||||||||
Bookings |
||||||||||||||||||||
Aerospace |
$ | 46,227 | $ | 58,250 | $ | 40,378 | $ | 48,682 | $ | 193,537 | ||||||||||
Test Systems |
5,411 | 4,358 | 1,224 | 5,756 | 16,749 | |||||||||||||||
Total Bookings |
$ | 51,638 | $ | 62,608 | $ | 41,602 | $ | 54,438 | $ | 210,286 | ||||||||||
Backlog |
||||||||||||||||||||
Aerospace |
$ | 85,744 | $ | 97,970 | $ | 91,573 | $ | 90,056 | N/A | |||||||||||
Test Systems |
11,565 | 12,041 | 8,216 | 9,043 | N/A | |||||||||||||||
Total Backlog |
$ | 97,309 | $ | 110,011 | $ | 99,789 | $ | 99,099 | N/A | |||||||||||
Book:Bill Ratio |
||||||||||||||||||||
Aerospace |
1.06 | 1.27 | 0.86 | 0.97 | 1.04 | |||||||||||||||
Test Systems |
1.55 | 1.12 | 0.24 | 1.17 | 0.97 | |||||||||||||||
Total Book:Bill |
1.10 | 1.25 | 0.80 | 0.99 | 1.03 | |||||||||||||||
#A`5':0
MA0YXH"2,V)_8^B"`'=#B6N,`10@B4(-E``:3%P(4`9(P@'K:\Y[XO"<).G"-
M4MPN0I!``@6R2$T+S"`<>*/#*P[0@&.9T8;<^>``?D7-/"3@"==;DHT^(()C
MSB%$<<`6X^@0`B`H4T?^Y,,6ZL0&-[3`!2AJ)IQV@006X&U*5N23FL_2[`&H5,9`H<,I",CUM,]9K`%`\`#)9@'5%D5VO=N
M(;`!7\`Y+=L')D`""J6$EY!,!&%J-\0'4]49I^QZTK8!!/#&D7"/0)2MF.`#
M,\`#0%#_1H^