Aerosonic Reports Third Quarter Results.CLEARWATER, Fla. -- Aerosonic Corporation (AMEX AMEX See: American Stock Exchange :AIM): * Revenues and 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. rebounded from the second quarter, but remain down from 3Q2006 * Gross profit rate improved to over 32% of revenues, up three percentage points from 3Q2006 and up seven percentage points from 2Q2007 * The initial phase of the consolidation plan was completed via the closure of the Wichita facility Aerosonic Corporation (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 Form 10-Q See 10-Q. for the quarter ended October 27, 2006, with the U.S. Securities and Exchange Commission. [TABLE OMITTED] For its fiscal quarter ended October 27, 2006, the Company reported revenues of approximately $7.9 million, down 12% as compared to revenues of approximately $9.0 million for the fiscal quarter ended October 28, 2005. This decrease compared to last year was primarily attributed to reduced spare parts Spare parts, also referred to as Service Parts is a term used to indicate extra parts available and in proximity to the mechanical item, such as a automobile, boat, engine, for which they might be used. Spare parts are also called “spares. revenue as well as reduced revenue recognition on the nearly complete 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. The Company reported net income for the quarter ended October 27, 2006 of approximately $270,000, or $0.08 per share, versus net income of $490,000, or $0.12 per share for the quarter ended October 28, 2005. This decrease was the result of lower revenue, but the revenue shortfall was nearly offset by improvements in gross profit rates as well as lower administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. associated with the use of outside professionals during the period. Income tax expense was higher due to a reduction in the estimate of extraterritorial ex·tra·ter·ri·to·ri·al adj. 1. Located outside territorial boundaries: fishing in extraterritorial waters. 2. income tax credits in the current year. For the nine months ended October 27, 2006, the Company reported revenues of approximately $24.0 million, down 11% when compared to revenues of approximately $27.0 million for the nine months ended October 28, 2005. This decrease was primarily attributed to continued weak spare parts sales as well as reduced revenue recognition on the F-35 as the development program nears completion. Net income for the nine months ended October 27, 2006 was approximately $776,000, or $0.21 per share, down from $1,421,000, or $0.36 per share for the nine months ended October 28, 2005. This decrease was driven by a reduction in gross profit due to lower revenue as well as higher income tax expense due to a reduction in the estimate of extraterritorial income tax credits in the current year. "We have made progress toward reducing our operating costs operating costs npl → gastos mpl operacionales , improving our margins and positioning our Company for future growth," stated David Baldini, Aerosonic's Chairman, President and Chief Executive Officer. "We completed the initial phase of our consolidation strategy by closing our 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. location and moving its operations to 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. . Consistent with the plan to further develop the capabilities of our business, we will continue the execution of this strategy in a phased approach to ensure that our cost structure is appropriate for our business while preserving capacity for future growth." Aerosonic Corporation, headquartered in Clearwater, Florida, is principally engaged in the manufacture of aviation products. Locations of the Company include Clearwater, Florida and Earlysville, 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 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 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. |
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