Astronics Corporation Reports First Quarter 2004 Results; Backlog Increases 22% on Republic of Korea F-16 NVIS Production Order.Business Editors 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.--(BUSINESS WIRE)--April 28, 2004 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 ), a leader in advanced, high performance lighting and electronics systems for the global aerospace and defense industry, today announced earnings results for the first quarter, which ended April 3, 2004. 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 for the first quarter of 2004 increased 3% to $9.0 million compared with $8.7 million for the same period last year. Sales were strong for all markets. Sales to the Business Jet market were $2.5 million, up $.4 million, or 19%, compared with the same period in 2003. Sales to the Commercial Transport market were up $.2 million, or 14% to $1.9 million compared with the year ago period. Sales to the military market were $4.2 million, down from $4.6 million in the same period of 2003. Last year's first quarter included $.5 million in revenue from the U.S. Government's F-16 NVIS NVIS Near Vertical Incidence Skywave NVIS Night Vision Imaging System NVIS Night Vision Imaging Spectrometer NVIS Nuclear Verification Information System retrofit ret·ro·fit v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in program, which was completed in 2003. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the first quarter was $226 thousand, or $.03 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, compared with $277 thousand for the first quarter of 2003, also $.03 per share on a diluted basis. Net income for the first quarter of 2004 was $226 thousand, equivalent to income from continuing operations. This compared with $558 thousand for the first quarter of 2003, which included $281 thousand of income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Net income and income from continuing operations for the first quarter this year were impacted by a $500 thousand increase in engineering and development costs associated with new program opportunities. Last year's first quarter included approximately $75 thousand in expenses associated with the spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. of its former print and packaging business and corporate restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). . Bookings, or orders received, during the first quarter of 2004 were $13.2 million, up 25% from $10.6 million for the same period of 2003. Backlog, or firm purchase orders for production, was up 22% to $23.0 million at the end of the first quarter of 2004 from $18.8 million at the end of the first quarter of 2003, and up $4.2 million compared with backlog at December 31, 2003. Contributing to the growing backlog was the production order received for the Republic of Korea Night Vision Instrument System (NVIS) retrofit kits for its F-16 Fighting Falcons The F-16 Fighting Falcon is an American multirole jet fighter aircraft developed by General Dynamics and Lockheed Martin for the United States Air Force. Designed as a lightweight fighter, it evolved into a successful multirole aircraft. . 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 Corporation, commented, "We are pleased with the many opportunities we see emerging. Bookings are strong, and we see increased activity across the markets we compete in. Our book to ship ratio for the quarter was 1.48 and has trended upward since the third quarter of last year. The ratio is an indication of future periods' sales potential and the trend correlates well with sales. However, not all bookings translate into sales due to cancellations, and the timing of the release of shipments is dependent upon production schedules and customer needs. But we like the direction that the ratio has been trending." He added "Our bottom line results reflect our continued investment in engineering and development in new products and new generation technology for the various development contracts we have won. Even with the increased investment, we were able to maintain profitability through continued cost discipline and improved sales." Year-to-date, the company has announced its receipt of development contracts for the Hawker Horizon, Cessna Mustang mustang [Sp. mesteño=a stray], small feral horse of the W United States. Mustangs are descended from escaped Native American horses, which in turn were descended from horses of North African blood, brought to the New World by the Spanish c.1500. and the Eclipse 500 business jet. Mr. Gundermann continued, "Development programs, such as the ones we have announced this year and the 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. , are expensive in the short term, but they are the key to our long term growth and prosperity." Capital expenditures in the first quarter of 2004 were $90 thousand. Depreciation and amortization for the quarter was $323 thousand. Webcast and Conference Call Astronics will hold a teleconference and webcast to discuss its First Quarter 2004 results at 11:00 a.m. ET today. 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 dialling (303) 262-2142 approximately 5-10 minutes prior to the call. To listen to an archived call: -- The archived webcast will be at http://www.astronics.com approximately two hours after the completion of the call. 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 576982#. The telephonic replay will be available through Wednesday, May 5, 2004 at 11:59 p.m. ET. ABOUT ASTRONICS CORPORATION Astronics Corporation is a manufacturer of specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. lighting and electronics for the cockpit This article is about the flight deck of an aircraft. For other uses, see Cockpit (disambiguation). A cockpit is the area usually nearer the front of a piloted aircraft from which a pilot controls the aircraft. , cabin and exteriors of military, commercial transport and business jet aircraft. A major lighting and electronics supplier to the aircraft industry, its strategy is to expand from a components and subsystems supplier to an aircraft lighting systems integrator An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. , increasing the value and content it provides to various aircraft platforms. Luminescent lu·mi·nes·cent adj. Capable of, suitable for, or exhibiting luminescence. [Latin l  men, l Systems Inc. is Astronics' primary
operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. which produces its aerospace and defense products.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 than those contemplated by the statements. Important factors that could cause actual results to differ materially include the Company's ability to execute its strategy, the impact of the economy; the likelihood activity in the markets served will translate into future sales, and the state of the aerospace industry, 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 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.
CONSOLIDATED INCOME STATEMENT DATA
----------------------------------
(unaudited)
(in thousands except per share data)
Three Months Ended
-----------------------------
% Increase
4/3/04 3/29/03 (Decrease)
------- -------- ----------
Net sales $ 8,969 $ 8,686 3.3 %
Cost of products sold 7,281 6,698 8.7 %
Selling, general and administrative 1,324 1,548 (14.5)%
------- --------
Income before taxes 364 440 (17.3)%
Income taxes 138 163 (15.3)%
------- --------
Income from continuing operations 226 277 (18.4)%
Income from discontinued operations - 281 (100.0)%
------- --------
Net income $ 226 $ 558 (59.5)%
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Basic earnings per share:
Continuing operations $ 0.03 $ 0.03 0.0 %
Discontinued operations $ - $ 0.04 (100.0)%
Net Income $ 0.03 $ 0.07 (57.1)%
----------------------------------------------------------------------
Diluted earnings per share:
Continuing operations $ 0.03 $ 0.03 0.0 %
Discontinued operations $ - $ 0.04 (100.0)%
Net income $ 0.03 $ 0.07 (57.1)%
----------------------------------------------------------------------
Weighted average diluted shares
outstanding 7,815 7,923
----------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET DATA
-------------------------------
(in thousands) (unaudited)
4/3/04 12/31/03
------- ---------
ASSETS:
-------
Cash and cash equivalents $ 11,420 $ 11,808
Accounts receivable 5,618 4,383
Inventories 6,106 5,707
Prepaid expenses 1,257 1,378
Property, plant and equipment, net 14,952 15,119
Other assets 7,006 7,079
------- ---------
$ 46,359 $ 45,474
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LIABILITIES AND SHAREHOLDERS' EQUITY:
-------------------------------------
Current maturities of long-term debt $ 895 $ 896
Accounts payable and accrued expenses 4,128 3,458
Net current liabilities of discontinued
operations. 236 155
Long-term debt 12,434 12,482
Long term liabilities of discontinued
operations 287 397
Other liabilities 5,219 5,146
Shareholders' equity 23,160 22,940
------- ---------
$ 46,359 $ 45,474
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