Airport Systems Reports Third Quarter Results; Announces First Airfield Lighting Product Order.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)--Feb. 26, 1999--Airport Systems International, Inc. (Nasdaq/NM:ASII) today reported results for the third quarter and nine months of the Company's 1999 fiscal year. The Company also announced that it had received its first order for airfield lighting products. The Company will supply PAPI's (precision approach path indicators The Precision Approach Path Indicator (PAPI) is a light system positioned beside the runway that consists of two, three, or four boxes of lights that provide a visual indication of a fixed-wing aircraft's position on the glidepath for the associated runway. ) to the National Aeronautical aer·o·nau·tic also aer·o·nau·ti·cal adj. Of or relating to aeronautics. aer  o·nau and
Space Administration (NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. ) for use in its Space Shuttle space shuttle, reusable U.S. space vehicle. Developed by the National Aeronautics and Space Administration (NASA), it consists of a winged orbiter, two solid-rocket boosters, and an external tank. program. For the three months ended Jan. 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 $4.1 million compared with $6.5 million a year ago. The Company reported a net loss for the second quarter of $527,000, or $0.24 per share, versus net income of $150,000, or $0.06 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 nine months of fiscal 1999 totaled $12.0 million compared with $18.4 million in the first half of fiscal 1998. The Company reported a net loss for the first nine months of $1.2 million, or $0.55 per share, compared with net income of $691,000, or $0.29 per diluted share, in the year-earlier period. "Fiscal 1999 continues to be a challenging year for us because of lower order levels in the first half of the year and continuing investments in airfield lighting and our new instrument landing system," remarked Keith S Keith may refer to: People with the given name Keith:
"The order received to supply PAPI's to the NASA Space Shuttle program represents a significant positive step in the implementation of our airfield lighting product line. This first set of PAPI's will be installed at the Shuttle Landing Facility The NASA Shuttle Landing Facility (IATA: TTS, ICAO: KTTS, FAA LID: TTS) is an airport located on Merritt Island in Brevard County, Florida, USA. It is a part of the John F. at White Sands White Sands, uninhabited desert area, S central N.Mex. It is a center for U.S. military-weapons research and testing. On July 16, 1945, the first atomic bomb was exploded at Holloman Air Force Base (formerly Alamogordo Air Base). , N.M. Being named a supplier to this prestigious and quality oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. program re-affirms our decision to expand into airfield lighting products. We continue to make positive progress on the certification of the products in 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, because of our existing international marketing infrastructure, we are beginning to bid international projects. We are hopeful that we will begin seeing additional orders for airfield lighting products over the next two quarters." Cowan added, "We continue to see trends affirming the long-term role of conventional navaids in 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). systems. There has been a decided renewal of interest in conventional navaids because of the delays that have developed in the 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." Cowan concluded, "We continue to have a strong financial position. At the end of the third 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 $9.2 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 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 a flight and in all visibility conditions. -0-
AIRPORT SYSTEMS INTERNATIONAL, INC.
Unaudited Financial Highlights
Three Months Ended
January 31,
-------------------------
1999 1998
-------------------------
Sales $ 4,080,000 $ 6,482,000
Net income (loss) $ (527,000) $ 150,000
Net income (loss)
per share - basic $ (0.24) $ 0.07
Net income (loss)
per share - diluted $ (0.24) $ 0.06
Weighted average
shares outstanding - basic 2,231,000 2,231,000
Weighted average
shares outstanding - diluted 2,231,000 2,430,000
Nine Months Ended
January 31,
--------------------------
1999 1998
--------------------------
Sales $ 12,048,000 $ 18,402,000
Net income (loss) $ (1,231,000) $ 690,000
Net income (loss)
per share - basic $ (0.55) $ 0.31
Net income (loss)
per share - diluted $ (0.55) $ 0.29
Weighted average
shares outstanding - basic 2,231,000 2,231,000
Weighted average
shares outstanding - diluted 2,231,000 2,422,000
AIRPORT SYSTEMS INTERNATIONAL, INC. AND SUBSIDIARY
Condensed Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended Nine Months Ended
January 31, January 31,
----------------------------------
1999 1998 1999 1998
-------------- --------------
Sales $ 4,080 $ 6,482 $ 12,048 $ 18,402
Cost of Products Sold 3,367 4,779 9,187 13,019
-------- -------- -------- --------
Gross Margin 713 1,703 2,861 5,383
Selling, General and
Administrative Expenses 1,088 1,130 3,332 3,341
Research & Development Expenses 418 335 1,412 1,054
-------- -------- -------- --------
Operating Income (loss) (793) 239 (1,883) 988
Other Income:
Interest Expense (30) (25) (45) (30)
Other, Net 3 24 16 60
-------- -------- -------- --------
Income (Loss) Before
Income Taxes (820) 238 (1,912) 1,018
Provision (benefit) For
Income Taxes (293) 88 (687) 328
Net Income (loss) $ (527) $ 150 $ (1,225) $ 690
======== ======== ======== ========
Income (loss) Per Share:
Basic $ (0.24) $ 0.07 $ (0.55) $ 0.31
======== ======== ======== ========
Diluted $ (0.24) $ 0.06 $ (0.55) $ 0.29
======== ======== ======== ========
Weighted Average Common Shares
Basic 2,231 2,231 2,231 2,231
======== ======== ======== ========
Diluted 2,231 2,430 2,231 2,422
======== ======== ======== ========
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