Airport Systems Reports Second Quarter Results; Announces Navaid Contracts Valued At $3.4 Million.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.--(BUSINESS WIRE)--Dec. 4, 1998--Airport Systems International, Inc. (Nasdaq/NM:ASII) today reported results for the second quarter and first six months of the Company's 1999 fiscal year. The Company also announced that it recently has been awarded contracts valued at more than $3.4 million to manufacture and install navaids both at airports within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and in several international locations. For the three months ended October 31, 1998, 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 $3.2 million compared with $6.2 million a year ago. The Company reported a net loss for the second quarter of $714,000, or $0.32 per share, versus net income of $381,000, or $0.16 per diluted share, in the year-earlier period. Net sales for the first six months of fiscal 1999 totaled $8.0 million compared with $11.9 million in the first half of fiscal 1998. The Company reported a net loss for the first half of $700,000, or $0.31 per share, compared with net income of $541,000, or $0.22 per diluted share, in the year-earlier period. "As we had anticipated, fiscal 1999 is proving to be a challenging year," remarked Keith S. Cowan, president and chief executive officer. "The abrupt slowdown in navaid awards in the Asian marketplace, which has been caused by the unsettled economic conditions there, has affected the overall industry. Although this has led to a break in our longer term record of progress, we remain optimistic about the underlying demand for upgrading the world's infrastructure for air navigation air navigation, science and technology of determining the position of an aircraft with respect to the surface of the earth and accurately maintaining a desired course (see navigation). . Air transport is an essential component of international commerce, and we expect the pace of investment in airport construction and modernization to accelerate once those economies recover." Cowan added, "Two positive notes for Airport Systems thus far this year have been the affirmation of the continuing role of conventional navaids in air navigation systems and our success in shifting the Company's marketing focus toward other geographic regions. There has been a decided renewal of interest in conventional navaids because of the delays that have developed in full implementation of satellite-based technology. Airport Systems is well positioned to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. this opportunity because of the investment we have made in technology in recent years that has significantly lowered the expense of purchasing and maintaining our systems. "The awards announced today are tangible evidence of our strong competitive standing. The new business includes instrument landing systems ("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. ") consisting of localizers, glideslopes and distance measuring equipment Distance Measuring Equipment (DME) is a transponder-based radio navigation technology that measures distance by timing the propagation delay of VHF or UHF radio signals. ("DME (Distributed Management Environment) A network monitoring and control protocol defined by the Open Software Foundation (now The Open Group). DME was not widely used. DME - Distributed Management Environment ") for sites in Taiwan and Mexico as well as for airports at Orlando-Sanford, Fl., Emporia, Va. and Columbus, Oh. We also have been awarded a contract for the Siam Reap airport in Cambodia that includes a Doppler very high frequency omni-range ("DVOR DVOR Doppler VHF (Very-High-Frequency) Omnidirectional Range ")/DME system, a non-directional beacon A Non-Directional Beacon (NDB) is a radio broadcast station in a known location, used as an aviation or marine navigational aid. As the name implies, the signal does not include internal ("NBD NBD Next Business Day NBD National Bank of Dubai (United Arab Emirates) NBD No Big Deal NBD Network Block Device (Linux) NBD Nucleotide Binding Domain NBD New Business Development ") and tower as well as related communications equipment. Additionally, we have installed DME equipment that the U.S. Air Force ordered for five military locations in Alaska. We have the advantage of sound relationships with many airport authorities An airport authority is an independent entity charged with the operation and oversight of an airport (or group of airports). These authorities are often governed by a group of airport commissioners, who are appointed to lead the authority by a government official. in the United States and internationally that underlies our conviction about Airport Systems' future prospects." Cowan concluded, "We continue to have a strong financial position. At the end of the second quarter, we had stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $9.7 million and long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. of only $1.2 million." Airport Systems International, Inc. designs, manufactures, markets and installs ground-based equipment (navaids) and airfield signage 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 a flight and in all visibility conditions. -0-
AIRPORT SYSTEMS INTERNATIONAL, INC.
Unaudited Financial Highlights
Three Months Ended
October 31,
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1998 1997
----------- -----------
Sales $ 3,241,000 $ 6,167,000
Net income (loss) $ (714,000) $ 381,000
Net income (loss) per share - basic $ (0.32) $ 0.17
Net income (loss) per share - diluted $ (0.32) $ 0.16
Weighted average shares outstanding
- basic 2,231,000 2,231,000
Weighted average shares outstanding
- diluted 2,231,000 2,428,000
Six Months Ended
October 31,
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1998 1997
----------- -----------
Sales $ 7,968,000 $11,920,000
Net income (loss) $ (700,000) $ 541,000
Net income (loss) per share - basic $ (0.31) $ 0.24
Net income (loss) per share - diluted $ (0.31) $ 0.22
Weighted average shares outstanding
- basic 2,231,000 2,231,000
Weighted average shares outstanding
- diluted 2,231,000 2,424,000
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