Astronics Corp. Reports 75% Increase in First Quarter Revenue.EAST AURORA Aurora, cities, United States Aurora (ərôr`ə, ô–). 1 City (1990 pop. 222,103), Adams and Arapahoe counties, N central Colo., a growing suburb on the east side of Denver; inc. 1903. , N.Y. -- Astronics Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ATRO ATRO Actual Time of Return to Operation ) --Acquisition drives growth in revenue --Net Income increases by 169% Astronics Corporation (NASDAQ: ATRO), a leader in advanced, high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" lighting, electronics and electrical power systems for the global aerospace industry, reported revenue of $15.7 million in the first quarter of 2005, up $6.7 million compared with the first quarter of 2004. Net income more than doubled, to $609 thousand for the quarter compared with net income of $226 thousand in the same period last year. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of grew to $.08 from $.03 in the first quarter of 2004. First quarter results include Astronics Advanced Electronic Systems (AES), which was acquired on February February: see month. 3, 2005. AES had sales in the quarter of $4.8 million. Organic sales grew 21% year-over-year, contributing $1.9 million to the overall increase. Peter Gundermann, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Astronics, commented, "The first quarter saw brisk Brisk as a proper name may refer to:
Engineering and development costs excluding AES were $1.5 million for the first quarter, up $500 thousand compared with the 2004 first quarter. This level of costs remained in line with expenditure levels during the second half of 2004. Sales to the commercial transport market in the first quarter 2005 were $6.2 million, making up 39% of the total sales. Business jet market sales were $4.0 million or 26% of the total, and military aerospace sales were 33% of total sales, or $5.1 million this quarter. Mr. Gundermann added, "As a result of the AES acquisition, our mix of sales to each market will be different than it has been historically. In recent years, military aerospace has been Astronics' dominant market. We expect a more balanced distribution in the future, and the first quarter results support this." The higher level of debt at the end of the first quarter reflects the acquisition of AES from General Dynamics General Dynamics Corporation (NYSE: GD) is a defense conglomerate formed by mergers and divestitures, and as of 2006 it is the sixth largest defense contractor in the world[1]. The company has changed markedly in the post-Cold War era of defense consolidation. on February 3, 2005, for $13 million using a combination of available cash and the Company's line of credit. The Company is in the final stages of establishing a larger credit facility with a line of $15 million, increasing from the current level of $8 million. Capital expenditures for the quarter were $551 thousand, an increase of $461 thousand over first quarter 2004 levels, due to the expansion of production capacity and capabilities. Depreciation and amortization expense was $616 thousand, an increase of $293 thousand in the first quarter of 2004. Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. , or firm purchase orders for production, increased to $72.3 million including $45.0 million associated with AES. Backlog at the end of the fourth quarter of 2004 was $27 million. Bookings, or orders received, were $14.9 million for the quarter, trailing shipments by a small margin. "We are pleased with the momentum created in the first quarter," said Gundermann. "We anticipate we will have higher engineering and development costs in the second quarter which will likely impact profits. However, we believe that these costs will decline in the second half of the year. We also anticipate stronger sales for the second half of the year as deliveries begin on three major programs: the night vision program for the Korean Korean, language of uncertain ancestry. It is thought by some scholars to be akin to Japanese, by others to be a member of the Altaic subfamily of the Ural-Altaic family of languages (see Uralic and Altaic languages), and by still others to be unrelated to any known F-16 fleet, the power conditioning program for the Tactical Tomahawk tomahawk [from an Algonquian dialect of Virginia], hatchet generally used by Native North Americans as a hand weapon and as a missile. The earliest tomahawks were made of stone, with one edge or two edges sharpened (sometimes the stone was globe shaped). cruise missile cruise missile, low-flying, continuously powered offensive missile designed to evade defense systems. Although the German V-1 (1944) was a simple cruise missile, the cruise missile did not realize its potential until the 1970s, when the United States sought to , and the power distribution program for Panasonic
adj. 1. Almost exact or correct: the approximate time of the accident. 2. $40 million recognized in the latter half." Webcast and Conference Call The Astronics' conference call can be accessed the following ways: --The live webcast can be found at http://www.astronics.com. Participants should go to the website 10 - 15 minutes prior to the scheduled conference in order to register and download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. any necessary audio software. --The teleconference can be accessed by dialing (303) 262-2194 approximately 5 - 10 minutes prior to the call. To listen to the archived call: --The archived webcast will be at http://www.astronics.com. A transcript A generic term for any kind of copy, particularly an official or certified representation of the record of what took place in a court during a trial or other legal proceeding. A transcript of record will also be posted once available. --A replay can also be heard by calling (303) 590-3000, and entering passcode 11027903#. The telephonic replay will be available through Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , May 6, 2005 at 11:59 p.m. ET. ABOUT ASTRONICS CORPORATION Astronics Corporation is a leader in advanced, high-performance lighting, electrical power generation, control and distribution systems for the global aerospace industry. Its strategy is to expand the value and content it provides to various aircraft platforms through product development and acquisition. Astronics Corporation, and its wholly-owned subsidiaries Astronics Advanced Electronic Systems Corp. and Luminescent lu·mi·nes·cent adj. Capable of, suitable for, or exhibiting luminescence. [Latin l  men, l Systems Inc., have a reputation for high quality designs, exceptional
responsiveness responsiveness Medtalk The ability to respond to a stimulus. See Airway responsiveness. , strong brand recognition and best-in-class See best-of-class. manufacturing
practices.For more information on Astronics and its products, visit its website at www.Astronics.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This press release contains 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. as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words "expect," "anticipate," "plan," "may," "will," "estimate" or other similar expression. Because such statements apply to future events, they are subject to risks and uncertainties that could cause the actual results to differ materially from those contemplated by the statements. Important factors that could cause actual results to differ materially include the state of the aerospace industry, the market acceptance of newly developed products, the ability to cross sell products and expand markets, internal production capabilities, the timing of orders received, the status of customer projects, customer preferences, and other factors which are described in filings by Astronics with the Securities and Exchange Commission. The Company assumes no obligation to update forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information in this press release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.
ASTRONICS CORPORATION
CONSOLIDATED INCOME STATEMENT DATA
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(unaudited)
(in thousands except per share data)
Three months ended
4/2/2005 4/3/2004
------------------------
Sales $15,656 $8,969
Cost of products sold 12,363 7,281
Selling general and administrative 2,207 1,267
Interest expense 126 57
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Income before tax 960 364
Income taxes 351 138
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Net Income $609 $226
========================
Basic earnings per share: $0.08 $0.03
Diluted earnings per share: $0.08 $0.03
Weighted average diluted shares outstanding 7,900 7,815
ASTRONICS CORPORATION
CONSOLIDATED BALANCE SHEET DATA
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(unaudited)
(in thousands)
4/2/2005 12/31/2004
------------------------
ASSETS:
-------
Cash and cash equivalents $2,915 $8,476
Short -term investments - 1,000
Accounts receivable 13,202 5,880
Inventories 15,390 7,110
Prepaid expenses 1,054 1,356
Deferred income taxes 660 660
Property, plant and equipment, net 21,095 15,221
Other assets 6,066 5,533
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Total Assets $60,382 $45,236
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LIABILITIES AND SHAREHOLDERS' EQUITY:
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Current maturities of long term debt $905 $908
Note payable 7,000 -
Accounts payable and accrued expenses 12,081 4,937
Net current liabilities of discontinued
operations 396 533
Long-term debt 11,079 11,154
Other liabilities 5,630 5,044
Shareholders' equity 23,291 22,660
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Total liabilities and shareholders' equity $60,382 $45,236
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ASTRONICS CORPORATION
NET SALES BY MARKET
($, in thousands)
Three Months Ended
4/2/2005 4/3/2004 % change
-------------------------------
Military $5,095 $4,234 20.3%
Commercial
Transport 6,162 1,873 229.0%
Business Jet 4,004 2,480 61.5%
Other 395 382 3.4%
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Total $15,656 $8,969 74.6%
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ASTRONICS CORPORATION
NET SALES BY PRODUCT
($, in thousands)
Three Months Ended
4/2/2005 4/3/2004 % change
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Cockpit Lighting $6,720 $4,747 41.6%
Cabin Power & Data 2,992 - NA
Airframe Power 1,840 - NA
External Lighting 1,972 2,067 -4.6%
Cabin Lighting 1,737 1,773 -2.0%
Other 395 382 3.4%
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Total $15,656 $8,969 74.6%
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ASTRONICS CORPORATION
ORDER AND BACKLOG TREND
($, in thousands)
Q104 Q204 Q304 Q404 FY Q105
4/3/04 7/3/04 10/2/04 12/31/04 12/31/04 4/2/05
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Bookings $13,270 $8,300 $11,700 $9,862 $43,132 $14,868
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Backlog $23,030 $22,300 $25,600 $27,170 $27,170 $72,292
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Book:Bill Ratio 1.48 0.93 1.38 1.18 1.24 0.95
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