Airport Systems Reports Second Quarter Results; Announces Agreement to Acquire Product Line.OVERLAND PARK Overland Park, city (1990 pop. 111,790), Johnson co., NE Kans., a residential suburb of Kansas City; inc. 1960. There is printing and publishing, and the manufacture of apparel, aircraft parts, cement, prepared foods, salt, chemicals, marine accessories, and signs. , Kan Kan, river, China: see Gan. .--(BUSINESS WIRE)--Nov. 23, 1999-- Airport Systems International, Inc. (AMEX AMEX See: American Stock Exchange :ASY ASY Ali Sami Yen (Stadium of Galatasaray, Turkey) ASY Assembly Instructions (TMINS) ) today reported results for the second quarter and six months of the Company's 2000 fiscal year. The Company had orders in the second quarter totaling $4.2 million. Previously unannounced orders include navaids and airfield lighting equipment supplied to Freeport, Bahamas Freeport is a city and free trade zone on the island of Grand Bahama, located approximately 100 mi (160 km) east-northeast of Fort Lauderdale, Florida and gives its name to a district of the Bahamas. Freeport proper has 26,910 people. , to replace equipment destroyed in Hurricane Floyd This article is about the 1999 hurricane. For other storms of the same name, see Tropical Storm Floyd (disambiguation). Hurricane Floyd was the sixth named storm, fourth hurricane, and third major hurricane in the 1999 Atlantic hurricane season. . For the six months ended October October: see month. 31, 1999, Airport Systems reported net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $4.6 million compared with $3.2 million a year ago. The Company reported net income for the second quarter of $50,000, or $0.02 per share, versus a net loss of $714,000, or $0.32 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, in the year-earlier period. Net sales for the first six months of fiscal 2000 totaled $8.9 million compared with $8.0 million in the first half of fiscal 1999. The Company reported net income for the first six months of $134,000, or $0.06 share, compared with a net loss of $700,000, or $0.31 per diluted share, in the year-earlier period. "Our second quarter and first half results showed significant improvement over the same periods last year primarily on the strength of higher sales, stronger gross margins and lower S, G, and A expenses," remarked Keith Keith may refer to: People with the given name Keith:
n. 1. One who works as a mason without having served a regular apprenticeship. , President and Chief Executive Officer. "Our improved sales and gross margins are due primarily to increased bookings of higher margin contracts as well as lower manufacturing costs. This reflects a continued high level of customer acceptance of our new generation model 2100 ILS ILS In currencies, this is the abbreviation for the Israeli Shekel. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. , as well as improving demand worldwide for navaids." The Company also announced it had agreed to purchase all of the assets associated with the Portable Instrument Landing System Receiver (PIR "Parent in room." See digispeak. ) product from Navaids, Inc. of Buchanan Dam, Texas Buchanan Dam is a census-designated place (CDP) in Llano County, Texas, United States. The population was 1,688 at the 2000 census. Geography Buchanan Dam is located at (30.764459, -98. . The assets purchased include an inventory of completed units and parts, the product design and a contract with the Federal Aviation Administration Federal Aviation Administration (FAA), component of the U.S. Department of Transportation that sets standards for the air-worthiness of all civilian aircraft, inspects and licenses them, and regulates civilian and military air traffic through its air traffic control (FAA). The Company expects the transaction to be completed in early January, 2000. The purchase price included the cost of the inventory and a royalty on future sales of the unit. "The acquisition of this product line has several important benefits to our company," remarked Mr. Cowan. "Although we have manufactured a competing product, the Navaids PIR we are acquiring has achieved widespread acceptance within the FAA for its ease of use and reliability. Over 850 units have been shipped to the FAA and other customers. The FAA contract includes options for another 450 systems. If the FAA exercises these options, the contract would be worth over $3M to Airport Systems. In addition, the acquisition of this product allows us to avoid a costly redesign re·de·sign tr.v. re·de·signed, re·de·sign·ing, re·de·signs To make a revision in the appearance or function of. re of our current product in order to eliminate obsolete OBSOLETE. This term is applied to those laws which have lost their efficacy, without being repealed, 2. A positive statute, unrepealed, can never be repealed by non-user alone. 4 Yeates, Rep. 181; Id. 215; 1 Browne's Rep. Appx. 28; 13 Serg. & Rawle, 447. parts." Airport Systems International, Inc. designs, manufactures, markets and installs ground-based equipment (navaids) and airfield lighting equipment to aid the in-flight navigation and ground movement of aircraft. The Company's products are used worldwide to guide the navigation of aircraft in various phases of flight and in all visibility conditions. -0-
AIRPORT SYSTEMS INTERNATIONAL, INC.
Unaudited Financial Highlights
Three Months Ended
October 31,
------------------------------------------
1999 1998
----------------- ------------------
Sales $ 4,624,000 $ 3,241,000
Net income (loss) $ 50,000 $ (714,000)
Net income (loss) per
share - basic $ 0.02 $ (0.32)
Net income (loss) per
share - diluted $ 0.02 $ (0.32)
Weighted average shares
outstanding - basic 2,231,000 2,231,000
Weighted average shares
outstanding - diluted 2,388,000 2,231,000
Six Months Ended
January 31,
------------------------------------------
1999 1998
----------------- ------------------
Sales $ 8,875,000 $ 7,968,000
Net income (loss) $ 134,000 $ (700,000)
Net income (loss) per
share - basic $ 0.06 $ (0.31)
Net income (loss) per
share - diluted $ 0.06 $ (0.31)
Weighted average shares
outstanding - basic 2,231,000 2,231,000
Weighted average shares
outstanding - diluted 2,383,000 2,231,000
AIRPORT SYSTEMS INTERNATIONAL, INC. AND SUBSIDIARY
Condensed Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended Six Months Ended
October 31, October 31,
-------------------- -------------------
1999 1998 1999 1998
-------- -------- -------- --------
Sales $ 4,624 $ 3,241 $ 8,875 $ 7,968
Cost of Products Sold 3,342 2,673 6,206 5,823
-------- -------- -------- --------
Gross Margin 1,283 568 2,670 2,145
Selling, General and
Administrative Expenses 930 1,173 1,861 2,244
Research & Development
Expenses 261 510 589 994
-------- -------- -------- --------
Operating Income (loss) 92 (1,115) 220 (1,093)
Other Income:
Interest Expense (42) (24) (86) (47)
Other, Net 0 23 0 46
-------- -------- -------- --------
Income (Loss) Before Income
Taxes 50 (1,116) 134 (1,094)
Provision (benefit) For
Income Taxes 0 (402) 0 (394)
Net Income (loss) $ 50 $ (714) $ 134 $ (700)
======== ======== ======== ========
Income (loss) Per Share:
Basic $ .02 $ (0.32) $ 0.06 $ (0.31)
======== ======== ======== ========
Diluted $ .02 $ (0.32) $ 0.06 $ (0.31)
======== ======== ======== ========
Weighted Average Common
Shares
Basic 2,231 2,231 2,231 2,231
======== ======== ======== ========
Diluted 2,388 2,231 2,283 2,231
======== ======== ======== ========
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