Aerosonic Announces Filing of Form 10-Q and Results for the Second Quarter of Fiscal Year 2006.CLEARWATER Clearwater, city, United States Clearwater, residential and resort city (1990 pop. 98,784), seat of Pinellas co., W central Fla., on the Pinellas peninsula, between Clearwater Bay and the Gulf of Mexico; inc. 1891. , Fla. -- Aerosonic Corporation (AMEX AMEX See: American Stock Exchange : 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 Form 10-Q See 10-Q. for the quarter ended July 29, 2005, with the U.S. Securities and Exchange Commission. For its fiscal quarter ended July 29, 2005, the Company reported revenue of approximately $8,977,000, up $1,040,000, or 13%, when compared to revenues of approximately $7,937,000 for the fiscal quarter ended July 30, 2004. Continuing improvements in production throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. across product lines resulted in significant increases in revenues for core instruments and electronics that offset revenue decreases of approximately $515,000 due to a reduction in progress on the F-35 (Joint Strike Fighter A strike fighter is a fighter aircraft which is also capable of attacking surface targets, including ships. It differs from an attack aircraft in that the aircraft remains a capable fighter. ) development contract. Net earnings for the quarter ended July 29, 2005 were approximately $482,000, or $0.12 per share, a decrease of $421,000 from approximately $903,000, or $0.23 per share, for the quarter ended July 30, 2004. The Company had recognized a non-recurring after-tax benefit of approximately $618,000 in the quarter ended July 30, 2004 due to an insurance settlement. For the current fiscal quarter, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was approximately $836,000, an increase of $392,000, or 88%, from approximately $444,000 for the quarter ended July 30, 2004. For the six months ended July 29, 2005, the Company reported revenue of approximately $18,052,000, up $3,019,000, or 20%, when compared to revenues of approximately $15,033,000 for the six months ended July 30, 2004. Substantial increases in revenues for core instruments and electronics offset revenue decreases of approximately $828,000 due to a reduction in progress on the F-35 development contract versus the prior year. Net earnings for the six months ended July 29, 2005 were approximately $931,000, or $0.24 per share, a decrease of $181,000 from approximately $1,112,000, or $0.28 per share, for the six months ended July 30, 2004. While net income was lower due to the one-time insurance settlement noted above, operating income for the six months ended July 29, 2005 was approximately $1.5 million, an increase of approximately $0.8 million when compared to the six months ended July 30, 2004, as improvements in volume and operating efficiency continue. "We are pleased to report another quarter of solid performance to our shareholders. Our business is healthy, well-positioned and committed to growth," stated David Baldini, Aerosonic's Chairman, President and Chief Executive Officer. "This is an exciting time for our Company. The Aerospace and Defense industry continues to be a strong sector with many opportunities to support our growth plans. We will continue to build our company through new product innovations and solid performance to support our customers and benefit our shareholders." Aerosonic Corporation, headquartered in Clearwater, Florida Clearwater is a city located in central Pinellas County, Florida, USA, nearly due west of Tampa. As of the 2000 census, the city had a total population of 108,787; however, according to the 2005 U.S. Census Bureau's estimates, the city's population fell slightly to 108,687. , is principally engaged in the manufacture of aviation products. Locations and divisions of the Company include the Clearwater, Florida Instrument Division (Clearwater Instruments), the Aerosonic Wichita, Kansas
Wichita, also known as the Air Capital of the World, is the largest city in the U.S. state of Kansas, as well as a major aircraft manufacturing hub and cultural center. Division (Kansas Instruments), and Avionics Specialties, Inc., a Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). corporation wholly owned by the Company. For additional information, visit the corporate web site 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 a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are not guarantees of future performance, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management 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 with respect to the resolution of current stockholder litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , 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. |
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