OLATHE, Kan., Sept. 15, 2014 /PRNewswire/ -- Butler
National Corporation (OTC Pink: BUKS), a leading manufacturer and
provider of support systems for commercial and military aircraft
and a recognized provider of management services in diverse
business groups including the gaming industry, announces its
financial results for the first quarter fiscal 2015 ended
July 31, 2014. In conjunction
with the release, the Company has scheduled a conference call
Wednesday, September 17, 2014 at
9:00 AM Central Daylight Time.
What: Butler National Corporation First Quarter Fiscal 2015
Financial Results Conference Call
When: Wednesday, September 17,
2014 - 9:00 AM Central Daylight
Time
How: Live via phone by dialing 800-624-7038. Code: Butler
National Corporation. Participants to the conference call
should call in at least 5 minutes prior to the start time.
Clark Stewart, President &
CEO, Butler National Corp., will be leading the call and discussing
results of the first quarter, the status of new and existing
orders, gaming activities and an outlook on the balance of fiscal
2015.
Historical selected financial data related to all
operations:
|
Quarter Ended July
31
|
Quarter Ended April
30
|
|
(In
thousands)
|
(In
thousands)
|
|
2014
|
2013
|
2012
|
2014
|
2013
|
2012
|
Net
Revenue
|
$ 12,391
|
$ 10,997
|
$ 13,023
|
$ 14,632
|
$ 12,326
|
$ 13,938
|
Operating
Income
|
806
|
143
|
1,285
|
1,958
|
38
|
1,864
|
Net Income
(Loss)
|
252
|
(289)
|
268
|
965
|
225
|
765
|
Total
Assets
|
41,450
|
43,908
|
41,620
|
41,678
|
43,860
|
40,562
|
Long-term
Obligations
|
6,093
|
9,148
|
8,386
|
6,820
|
10,155
|
8,678
|
Stockholders'
Equity
|
24,738
|
23,529
|
23,544
|
24,354
|
23,574
|
22,604
|
Weighted Average
Shares – Diluted
|
61,493
|
59,019
|
57,528
|
60,893
|
59,015
|
56,596
|
New Product Research
and Development Cost
|
405
|
557
|
372
|
196
|
487
|
444
|
Management Comments
"The fiscal quarter-ended July 31,
2014 was a successful period for Butler National
Corporation. Revenue increased 13% to $12.4 million in the three months ended
July 31, 2014, as compared to
$11.0 million in the three months
ended July 31, 2013. The
increase in revenue reflects a decrease in Professional Services
revenue (down 8%) and an increase in Aerospace Products revenue (up
78%). Butler National Corporation continues to drive growth
in international markets and through the development of new
supplemental type certificates. This includes significant
efforts in South America,
Europe, Africa, and Asia.
First quarter fiscal 2015 resulted in a net income of
$252,000 compared to a net loss of
$289,000 in the first quarter fiscal
2014. The $541,000 increase in
net income was primarily due to the resurgence in the aircraft
modification business. Butler National Corporation is working
on exceeding previous revenue levels while continuing to focus on
our margin expansion initiatives, including efficiencies in our
implementation and operational processes and controlling general
and administrative expenses.
During the three months ending July 31,
2014, we invested approximately $405,000 in projects focused on the development
and acquisition of new products. We feel this expenditure for
the design and development engineering, testing, and certification
of new products may help stabilize our long-term revenue and
enhance our profits.
This is an exciting time for Butler National Corporation.
Management and all employees are focused on the execution of
our numerous business development opportunities as well as
increasing revenue while managing costs. We continue to believe we
are positioned for the future as we focus on serving the needs of
our customers and enhancing shareholder value," commented
Clark D. Stewart, President of the
Company.
Business Segment Highlights
Professional Services:
Revenue from Professional Services decreased 8% to $7.6 million in the three months ended
July 31, 2014 from $8.3 million in the three months ended
July 31, 2013. Total costs and
expenses decreased 5% in the three months ended July 31, 2014 to $7.2
million compared to $7.5
million the three months ended July
31, 2013. Total costs and expense were 94% of segment
total revenues in the three months ended July 31, 2014, as compared to 90% of segment
total revenues in the three months ended July 31, 2013. Operating income from
Professional Services decreased 44% to $443,000 in in the three months ended
July 31, 2014 from $792,000 in the three months ended July 31, 2013.
Aerospace Products:
Revenue from Aerospace Products increased 78% to $4.8 million in the three months ended
July 31, 2014, compared to
$2.7 million in the three months
ended July 31, 2013. The
company continues to invest in the development of new product
supplemental type certificates (STCs). These STCs are state
of the art avionics and we are aggressively marketing both
domestically and internationally. Total costs and expenses
increased 33% in the three months ended July
31, 2014 to $4.4 million
compared to $3.3 million the three
months ended July 31, 2013.Total
costs and expenses were 92% of segment total revenue in the three
months ended July 31, 2014, as
compared to 124% of segment total revenue in the three months ended
July 31, 2013. Aerospace
Products had an operating profit of $363,000 in the three months ended July 31, 2014 compared to an operating loss of
$649,000 in the three months ended
July 31, 2013.
Backlog:
As of September 2, 2014 our
backlog totaled approximately $4.4
million. The backlog includes firm, pending, and
contract orders, which may not be completed within the next fiscal
year. This is consistent with the industry in which
modifications services and related contracts may take several
months and sometimes years to complete. There can be no
assurance that all orders will be completed or that some may ever
commence.
Our Business:
Butler National Corporation operates in the
Aerospace and Services business segments. The Aerospace
segment focuses on the manufacturing of support systems for
"Classic" commercial and military aircraft including the Butler
National TSD for the Boeing 737 and 747 Classic aircraft, switching
equipment for Boeing McDonnell Douglas Aircraft, weapon control
systems for Boeing Helicopter and performance enhancement
structural modifications for Learjet, Cessna, Dassault and
Beechcraft business aircraft. Services include temporary
employee services, gaming services and administrative management
services.
Forward-Looking Information:
Statements made in this report, filed with the Securities and
Exchange Commission, communications to stockholders, press
releases, and oral statements made by representatives of the
Company that are not historical in nature, or that state the
Company or management intentions, hopes, beliefs, expectations or
predictions of the future, may constitute "forward-looking
statements" within the meaning of Section 21E of the Securities and
Exchange Act of 1934, as amended (the "Exchange Act").
Forward-looking statements can often be identified by the use of
forward-looking terminology, such as "could," "should," "will,"
"intended," "continue," "believe," "may," "expect," "hope,"
"anticipate," "goal," "forecast," "plan," "guidance" or "estimate"
or the negative of these words, variations thereof or similar
expressions. Forward-looking statements are not guarantees of
future performance or results. They involve risks, uncertainties,
and assumptions. It is important to note that any such performance
and actual results, financial condition or business, could differ
materially from those expressed in such forward-looking
statements. The forward looking statements in this report are
only predictions and actual events or results may differ
materially. These factors and risks include, but are not
limited to the Cautionary Statements and Risk Factors, filed as
Exhibit 99 and Section 1A to the Company's Annual Report on Form
10-K, incorporated herein by reference. Investors are
specifically referred to such Cautionary Statements and Risk
Factors for discussion of factors, which could affect the Company's
operations, and forward-looking statements contained herein.
FOR MORE
INFORMATION, CONTACT:
|
David Drewitz, Public
Relations
david@creativeoptionscommunications.com
www.creativeoptionscommunications.com
|
Ph (972)
814-5723
|
Butler National
Corporation Investor Relations
|
Ph (913)
780-9595
|
THE WORLDWIDE WEB:
Please review www.butlernational.com for pictures of our
products and details about Butler National Corporation and its
subsidiaries.
SOURCE Butler National Corporation