OLATHE, Kan., March 17, 2015 /PRNewswire/ -- Butler
National Corporation (OTC Pink: BUKS), a leader in the global
market for aircraft structural modification, maintenance, repair
and overhaul (MRO) and a recognized provider of management services
in diverse business groups, announces its financial results for the
third quarter and nine months ended January
31, 2015. In conjunction with the release, the Company has
scheduled a conference call Thursday, March
19, 2015 at 10:00 AM Central Daylight
Time.
What: Butler National Corporation Third Quarter Fiscal 2015
Financial Results Conference Call
When: Thursday, March 19, 2015
- 10:00 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. A replay of the
conference call will be available on the Company's web
site.
Clark D. Stewart, President &
CEO, Butler National Corp., will be leading the call and discussing
results of the third quarter and nine months, 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 January
31
|
Nine Months Ended
January 31
|
|
|
|
(In
thousands)
|
(In
thousands)
|
|
|
|
2015
|
2014
|
2013
|
2015
|
2014
|
2013
|
|
|
Net Sales
|
$ 11,083
|
$ 10,844
|
$ 10,651
|
$ 35,226
|
$ 32,639
|
$ 36,826
|
|
|
Operating Income
(Loss)
|
535
|
18
|
(519)
|
1,708
|
(38)
|
1,465
|
|
|
Net Income
(Loss)
|
68
|
(219)
|
(755)
|
350
|
(853)
|
(373)
|
|
|
Total
Assets
|
41,633
|
41,115
|
44,321
|
41,633
|
41,115
|
44,321
|
|
|
Long-term
Obligations
|
5,211
|
7,665
|
9,676
|
5,211
|
7,665
|
9,676
|
|
|
Stockholders'
Equity
|
25,094
|
22,858
|
20,413
|
25,094
|
22,858
|
20,413
|
|
|
Weighted Average
Shares – Diluted
|
60,893
|
59,019
|
57,543
|
60,893
|
59,019
|
57,538
|
|
|
New Product Research
and Development Cost
|
461
|
526
|
471
|
1,220
|
1,569
|
1,268
|
|
Management Comments
"The fiscal quarter ending January 31,
2015 was an encouraging period for Butler National
Corporation. Revenue increased 2% to $11.1 million in the three months ended
January 31, 2015, as compared to
$10.8 million in the three months
ended January 31, 2014. The
quarter to quarter increase in revenue reflects an increase in
professional services revenue (up 11%) and a decrease in aerospace
products revenue (down 14%).
Professional services revenue was positively impacted by the
Boot Hill Casino motor coach program. The motor coach program
has resumed and we are continuing to see an impact as we continue
through fiscal year 2015.
The decrease in aerospace products revenue was a result of a
decrease in the modification business. Butler National
Corporation is continuing to work to drive growth in international
markets, including significant efforts in South America, Europe, Africa, and Asia.
The third quarter of fiscal 2015 resulted in a net income of
$68,000 compared to a net loss of
$219,000 in the third quarter fiscal
2014. Butler National Corporation is working on returning to
and exceeding previous revenue and profitability levels by focusing
on our margin expansion initiatives, including efficiencies in our
implementation and operational processes and controlling general
and administrative expenses.
During the three months ending January
31, 2015, we invested approximately $461,000 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.
We believe fiscal quarter-ended January
31, 2015 was a successful period for Butler National
Corporation. We are encouraged by the recent performance of
professional services. Aerospace products continues to
experience fluctuations in demand and profitability, however the
backlog continues to remain strong. Our entire team is
focused on executing our numerous business development
opportunities as well as increasing revenue while managing costs.
We believe we are positioned for the future, focused on serving the
needs of our customers and dedicated to enhancing shareholder
value," commented Clark D. Stewart,
President of the Company.
Business Segment Highlights
Professional Services:
Revenue from professional services increased 11% to $7.8 million in the three months ended
January 31, 2015 compared to
$7.0 million in the three months
ended January 31, 2014. The increase
in professional services revenue was driven by increased revenue in
gaming activities. Operating income from professional
services increased to $528,000 in the
three months ended January 31, 2015
from $106,000 in the three months
ended January 31, 2014.
Aerospace Products:
Revenue decreased 14% to $3.3
million in the three months ended January 31, 2015 compared to $3.9 million in the three months ended
January 31, 2014. Aerospace
products had an operating income of $7,000 in the three months ended January 31, 2015 compared to an operating loss of
$88,000 in the three months ended
January 31, 2014.
Backlog:
As of January 31, 2015 our backlog
totaled approximately $10.1
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
|
Ph (972)
814-5723
|
david@creativeoptionscommunications.com
|
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www.creativeoptionsmarketing.com
|
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Butler National
Corporation Investor Relations
|
Ph (913)
780-9595
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THE WORLDWIDE WEB:
Please visit
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