OLATHE, Kan.,
Dec. 15, 2014 /PRNewswire/ -- Butler
National Corporation (OTC Pink: BUKS), a leader in the growing
global market for structural modification, maintenance, repair and
overhaul (MRO) and a recognized provider of management services in
diverse business groups, announces its financial results for the
second quarter and six months fiscal 2015 for the period ended
October 31, 2014. In conjunction with
the release, the Company has scheduled a conference call
Tuesday, December 16, 2014 at
9:00 AM Central Standard
Time.
What: Butler National Corporation Second Quarter Fiscal
2015 Conference Call
When: Tuesday, December 16,
2014 - 9:00 AM Central Standard
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. For
those who cannot attend the call, an audio replay will be archived
on the Company's web site (www.butlernational.com).
Clark D. Stewart, President
& CEO, Butler National Corp., will be leading the call and
discussing results of the second quarter, the status of new and
existing orders, and an outlook on the balance of fiscal
2015.
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Historical
selected financial data related to all operations:
|
|
|
|
Quarter Ended October
31
|
Six Months Ended
October 31
|
|
|
(In
thousands)
|
(In
thousands)
|
|
|
2014
|
2013
|
2012
|
2014
|
2013
|
2012
|
|
Net Sales
|
$ 11,752
|
$ 10,799
|
$ 13,152
|
$ 24,143
|
$ 21,795
|
$ 26,175
|
|
Operating Income
(Loss)
|
367
|
(198)
|
700
|
1,173
|
(55)
|
1,985
|
|
Net Income
(Loss)
|
29
|
(345)
|
114
|
282
|
(634)
|
382
|
|
Total
Assets
|
40,373
|
42,457
|
45,288
|
40,373
|
42,457
|
45,288
|
|
Long-term
Obligations
|
5,228
|
8,571
|
10,624
|
5,228
|
8,571
|
10,624
|
|
Stockholders'
Equity
|
24,805
|
23,081
|
23,883
|
24,805
|
23,081
|
23,883
|
|
Weighted Average
Shares – Diluted
|
60,893
|
59,019
|
57,546
|
60,893
|
59,019
|
57,546
|
|
New Product Research
and Development Cost
|
354
|
486
|
425
|
795
|
1,043
|
797
|
Management Comments
"The fiscal quarter-ended October
31, 2014 was a successful period for Butler National
Corporation. Revenue increased 9% to $11.8
million in the three months ended October 31, 2014, as compared to $10.8 million in the three months ended
October 31, 2013. The increase
in revenue reflects an increase in Aerospace Products revenue (up
31%) and a decrease in Professional Services revenue (down
1%). 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.
Second quarter fiscal 2015 resulted in a net income of
$29,000 compared to a net loss of
$345,000 in the second quarter fiscal
2014. The $374,000 increase in
net income was primarily due to effectively managing costs and
expenses. Butler National Corporation is working to exceed
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 October 31, 2014, we invested approximately
$354,000 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 1% to
$7.5 million for the three months
ended October 31, 2014 from
$7.5 million in the three months
ended October 31, 2013.
Operating income from professional services increased to an
operating income of $397,000 in the
three months ended October 31, 2014
compared with an operating loss of $32,000 in the three months ended October 31, 2013.
Aerospace Products:
Revenue increased 31% to $4.3
million in the three months ended October 31, 2014, compared to $3.3 million in the three months ended
October 31, 2013. Aerospace
products had operating loss of $30,000 in the three months ended October 31, 2014 compared to operating loss of
$166,000 in the three months ended
October 31, 2013. We are
working to overcome this volatility by increasing marketing efforts
in international markets and continuing to diversify product
offerings.
Backlog:
As of October 31, 2014, our
backlog totaled approximately $5.9
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:
|
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David Drewitz, Public
Relations
david@creativeoptionscommunications.com www.creativeoptionscommunications.com
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Ph (972)
814-5723
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Butler National
Corporation Investor Relations
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Ph (913)
780-9595
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THE WORLDWIDE WEB:
Please review
www.butlernational.com for pictures of our products and details
about Butler National Corporation and its subsidiaries.
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SOURCE Butler National Corporation