ASTRONICS REPORTS RECORD FIRST QUARTER NET INCOME
ORCHARD PARK, N.Y., April 26 /PRNewswire/ -- Astronics Corporation (NASDAQ: ATRO) today reported results for its first quarter ended
April 3, 1993.
Sales for the first quarter ended April 3, 1993, were $6,604,000, up 12.5 percent when compared to sales of $5,872,000 reported for the first quarter of the previous fiscal year. Net income for the quarter increased 13.3 percent to a record $442,000, or $.11 per share compared to the previous record earnings achieved in 1992 of $390,000, or $.10 per share.
Commenting on the first quarter results, Kevin T. Keane, president and chief executive officer, said, "First quarter sales and earnings increased significantly in the Electronics Systems segment which was the key to our first quarter record earnings. The Customized Printing and Packaging segment continued to be strong during the quarter. "Sales increased 12.5 percent and our backlog ended the quarter at $8,000,000, a slight increase over the December 31, 1992 backlog of $7,900,000. At March 28, 1992, our backlog was $6,800,000. "We are on plan with our capital investment program for equipment, technology and processes, where we anticipate investing nearly $4,000,000 during 1993. During 1992, we invested $1,100,000 in these programs. "On April 30, 1993 we will redeem the outstanding 10.25 percent, 9/1/96 subordinated debenture bond issue and will refinance it with a five year term loan at a substantially lower interest rate. In completing this transaction, we will write-off the balance of the bond deferred financing costs and redemption premium of $510,000. This charge against income will be taken in the second quarter and will result in a loss for the quarter. The earnings in future quarters will be strengthened as we realize lower interest and financing costs. "In summary, we are optimistic that the balance of the year will show further development and expansion of our present lines of business, continued improvement in our operating performance and enhancement of shareholder value."
Astronics Corporation is a diversified manufacturing company operating in two business segments: Customized Printing and Packaging and Electronics Systems. The company is headquartered in Orchard Park, N.Y., with operations in Western New York and Eastern Massachusetts. Its common stock is traded on the NASDAQ National Market System under the symbol ATRO. Consolidated Statement of Income For the Three Months Ended April 3, 1993, with Comparative Figures for 1992 (Unaudited) (in thousands except per share data) 1993 1992 Net Sales $6,604 $5,872 Income before taxes $ 739 $ 555 Net income $ 442 $ 390 Earnings per share $ 0.11 $ 0.10 Weighted Averages Shares Outstanding 3,990 3,931 Consolidated Statement of Income For the Twelve Months Ended April 3, 1993, with Comparative Figures for 1992 (Unaudited) (in thousands except per share data) 1993 1992 Net Sales $24,472 $24,631 Income before taxes $ 871 $ 2,071 Net income $ 368 $ 1,330 Earnings per share $ 0.09 $ 0.35 Consolidated Balance Sheet as of April 3, 1993, with Comparative Figures for December 31, 1992 and March 28, 1992 (in thousands) 4/3/93 12/31/92 3/28/92 Assets: Current Assets $12,576 $12,323 $12,387 Property, Plant and Equipment (net) 10,251 10,254 10,504 Other Assets 2,036 2,098 2,114 Total $24,863 $24,675 $25,005 Liabilities and Shareholders' Equity: Current Liabilities $ 2,856 $ 2,970 $ 2,940 Long-term indebtedness/ capitalized leases 3,414 3,513 3,845 Subordinated debt 8,664 8,755 8,948 Deferred taxes 1,313 1,263 1,100 Shareholders' Equity 8,616 8,174 8,172 Total $24,863 $24,675 $25,005 -0- 4/26/93 /CONTACT: John M. Yessa, vice president - finance, Astronics Corporation, 716-662-6640, ext. 22/ (ATRO)
CO: Astronics Corporation ST: New York IN: CPR SU: ERN
KL -- CL007 -- 0554 04/26/93 10:21 EDT
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|Date:||Apr 26, 1993|
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