Astronics Corporation (NASDAQ:ATRO), a leading supplier of advanced
technologies and products to the global aerospace, defense, and
semiconductor industries, today reported financial results for the
three and six months ended July 2, 2016. Earnings per share
for 2015 are adjusted for the 3 for 20 (15%) distribution of Class
B Stock for shareholders of record on October 8, 2015.
|
|
Three Months Ended |
|
Six Months Ended |
|
|
July 2, 2016 |
|
July 4, 2015 |
% Change |
|
|
July 2, 2016 |
|
July 4, 2015 |
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
$ |
|
164,426 |
|
$ |
|
173,156 |
|
|
-5.0 |
% |
|
$ |
|
323,956 |
|
$ |
|
334,794 |
|
|
-3.2 |
% |
Gross
profit |
$ |
|
44,835 |
|
$ |
|
49,452 |
|
|
-9.3 |
% |
|
$ |
|
84,318 |
|
$ |
|
89,614 |
|
|
-5.9 |
% |
Gross margin |
|
|
27.3 |
% |
|
|
28.6 |
% |
|
|
|
|
26.0 |
% |
|
|
26.8 |
% |
|
SG&A |
$ |
|
22,224 |
|
$ |
|
21,297 |
|
|
4.4 |
% |
|
$ |
|
44,108 |
|
$ |
|
43,916 |
|
|
0.4 |
% |
SG&A percent of
sales |
|
|
13.5 |
% |
|
|
12.3 |
% |
|
|
|
|
13.6 |
% |
|
|
13.1 |
% |
|
Income from
Operations |
$ |
|
22,611 |
|
$ |
|
28,155 |
|
|
-19.7 |
% |
|
$ |
|
40,210 |
|
$ |
|
45,698 |
|
|
-12.0 |
% |
Operating margin
% |
|
|
13.8 |
% |
|
|
16.3 |
% |
|
|
|
|
12.4 |
% |
|
|
13.6 |
% |
|
Net
Income |
$ |
|
14,980 |
|
$ |
|
17,690 |
|
|
-15.3 |
% |
|
$ |
|
26,465 |
|
$ |
|
28,373 |
|
|
-6.7 |
% |
Net Income % |
|
|
9.1 |
% |
|
|
10.2 |
% |
|
|
|
|
8.2 |
% |
|
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Peter J. Gundermann, President and Chief Executive
Officer, commented, “We had strong second quarter performance with
our Aerospace business setting new records for sales, operating
profit and bookings. Our Test Systems business, as expected,
continues to struggle with lower 2016 volume, but is making solid
progress on promising programs for the future. All in all, we
feel well-positioned and our major initiatives remain on
track.”
Consolidated Review
Second Quarter 2016 Results
Consolidated sales were down $8.7 million from the
same period last year as record Aerospace segment sales of $142.5
million, which were up 7.8%, or $10.3 million, helped to offset
lower Test Systems segment sales which were down 46.5% to $21.9
million.
Lower consolidated gross margin was the result of
lower volume and marginally higher engineering and development
(“E&D”) costs. E&D was $21.9 million in the quarter,
up slightly from $21.3 million of E&D costs in last year’s
second quarter. As a percent of sales, E&D was 13.3% and
12.3% in the second quarters of 2016 and 2015,
respectively.
Selling, general and administrative (“SG&A”)
expenses increased $0.9 million compared with the 2015 second
quarter. However, the second quarter of 2015 benefited from a
$1.3 million reduction to the contingent consideration liability
related to prior acquisitions.
The effective tax rate for the quarter was 30.5%,
compared with 34.6% in the second quarter of 2015. The second
quarter 2016 tax rate was favorably impacted by the permanent
reinstatement of the federal research and development tax credit in
the fourth quarter of 2015.
Net income of $15 million translated to $.57 per
diluted share.
Year-to-Date 2016 Results
Consolidated sales for the first six months of 2016
decreased by $10.8 million, or 3.2%, to $324.0 million.
Aerospace segment sales were up 2.3% year-over-year to $280.8
million, while Test Systems segment sales were down 28.4% to $43.1
million.
Solid gross margin performance was the result of
improved operational efficiencies as well as product mix, which
partially offset $1.6 million higher E&D costs. E&D
costs were 14.0% of sales, or $45.2 million, compared with $43.6
million, or 13.0% of sales, in the prior year’s first six
months.
SG&A expenses were $44.1 million, or 13.6% of
sales, in the first six months of 2016 compared with $43.9 million,
or 13.1% of sales, in the same period last year. The first
half of 2015 benefited from a $1.3 million reduction to the
contingent consideration liability related to prior acquisitions in
the second quarter.
The effective tax rate for the first six months of
2016 was 30.5%, compared with 34.5% in the first six months of
2015. The tax rate in the first six months of 2016 was
favorably impacted by the permanent reinstatement of the federal
research and development tax credit in the fourth quarter of
2015.
Net income for the first half of 2016 totaled $26.5
million, or $1.00 per diluted share.
During the second quarter, the Company repurchased
approximately 231,000 shares at an aggregate cost of $7.9 million
under its share repurchase program. Since the inception of
the program in February 2016, the Company has repurchased 360,000
shares at an aggregate cost of $12.2 million.
Aerospace Segment Review (refer to
sales by market and segment data in accompanying tables)
Aerospace Second Quarter 2016 Results
Aerospace segment sales increased by $10.3 million,
or 7.8%, when compared with the prior year’s second quarter to
$142.5 million, which represents a record level for the Aerospace
segment.
Electrical Power & Motion sales grew $7.7
million, or 11.4%, largely driven by higher sales of in-seat power
products, which were up 13.1%. Additionally, Lighting &
Safety products increased by $4.1 million, or 10.7%. These
increases were offset by a $2.3 million decline in Avionics
products, which was largely due to lower sales of satellite antenna
systems and in-flight entertainment/cabin management systems for
VVIP aircraft.
Aerospace operating profit for the second quarter
of 2016 also set an all-time high of $24.9 million, or 17.4% of
sales, compared with $20.3 million, or 15.3% of sales, in the same
period last year. Operating margins gained on higher volume
were partially offset by increased E&D spending and a general
increase in operating costs. Aerospace E&D costs were
$19.0 million in the quarter compared with $18.5 million in the
same period last year.
Aerospace orders in the second quarter of 2016 were
its best ever, at $163.5 million, an increase of 21.6% over orders
of $134.5 million in the 2015 second quarter. The Aerospace
segment book to bill ratio for the quarter was 1.15. Backlog
was $235.8 million at the end of the second quarter of 2016, also a
new record.
Aerospace Year-to-Date 2016 Results
Aerospace segment sales increased by $6.3 million,
or 2.3%, when compared with the prior year’s first six months to
$280.8 million.
Electrical Power & Motion sales grew $13.5
million, or 9.9%, largely driven by higher sales of in-seat power
products, which were up 10.2%. This increase was offset by a
$12.2 million decline in Avionics products, which was largely due
to lower sales of satellite antenna systems.
Aerospace operating profit for the first six months
of 2016 was $43.5 million, or 15.5% of sales, compared with $43.7
million, or 15.9% of sales, in the same period last year.
Operating leverage gained on increased volume for the business was
offset by higher E&D costs of approximately $1.4 million.
E&D costs for Aerospace were $39.4 million and $38.0 million in
the first half of 2016 and 2015, respectively. Aerospace
SG&A expense increased $0.7 million in the first six months of
2016 as compared with 2015. The first six months of 2015
included inventory step-up costs of $0.7 million that reduced
normal operating margins for that period.
Mr. Gundermann commented, “Our Aerospace business
continues to perform very well. We continue to see strong
demand for both new build and retrofit programs. We remain
confident in our belief that our compelling array of products that
we provide to the industry are favored by airframe manufacturers,
airlines, and passengers.”
Test Systems Segment Review (refer
to sales by market and segment data in accompanying tables)
Test Systems Second Quarter 2016 Results
Sales in the second quarter of 2016 decreased
approximately $19.0 million to $21.9 million compared with the same
period in 2015, a decrease of 46.5%. Sales to the
Semiconductor market decreased $21.6 million compared with the same
period in 2015, which was partially offset by increased sales of
$2.6 million to the Aerospace & Defense market.
Operating profit was $1.1 million, or 4.9% of
sales, compared with $9.9 million or 24.1% of sales in last year’s
second quarter. E&D costs remained relatively consistent
at $2.9 million and $2.8 million in the second quarters of 2016 and
2015, respectively.
Orders for the Test Systems segment in the quarter
were $17.9 million, up $5.7 million, or 46.7%, over the prior year
period. Backlog was $58.0 million at the end of the second
quarter of 2016.
Test Systems Year-to-Date 2016 Results
Sales in the first six months of 2016 decreased
28.4% to $43.1 million compared with sales of $60.3 million for the
same period in 2015, due to lower shipments to the Semiconductor
market. Sales to the Semiconductor market decreased $19.3
million compared with the same period in 2015, which was partially
offset by increased sales of $2.1 million to the Aerospace &
Defense market.
Operating profit was $3.3 million, or 7.6% of
sales, compared with $7.6 million, or 12.7% of sales, in the first
six months of 2015. E&D costs were $5.9 million in the
first six months of 2016 compared with $5.6 million in the prior
year period.
Mr. Gundermann commented, “As expected, our Test
business is operating with lower volume this year as demand from
the semiconductor industry dropped. At the same time, we are
involved in a significant number of development programs which hold
great promise for the future. We have very positive
expectations for Test Systems in 2017.”
Forecast
Consolidated sales in 2016 are forecasted to be in
the range of $655 million to $685 million, which represents a
decline from the previous range which was $665 million to $710
million. Approximately $560 million to $580 million of
revenue is expected from the Aerospace segment. Expectations
for Test Systems segment revenue in 2016 remains relatively
unchanged at approximately $95 million to $105 million.
Consolidated backlog at July 2, 2016 was $293.8
million, of which approximately $199.9 million is expected to ship
in 2016.
Mr. Gundermann commented, “Our backlog and prospect
lists are in pretty good shape, but customer schedules suggest that
we may see some revenue weakness in the second half of the year,
particularly in the third quarter. These scheduling
challenges seem to be rooted in the weaker bookings we saw in the
second half of 2015, particularly on the Aerospace side. This
being said, our stronger bookings of today, combined with our
prospects in Test Systems, have us looking forward already to a
stronger 2017.”
The effective tax rate for 2016 is expected to be
approximately 29% to 32%.
Capital equipment spending in 2016 is planned to be
in the range of $17 million to $20 million. E&D costs are
expected to be similar to 2015.
Second Quarter 2016 Webcast and Conference
Call
The Company will host a teleconference today at
11:00 a.m. ET. During the teleconference, Peter J.
Gundermann, President and CEO, and David C. Burney, Executive Vice
President and CFO, will review the financial and operating results
for the period and discuss Astronics’ corporate strategy and
outlook. A question-and-answer session will follow.
The Astronics conference call can be accessed by
calling (201) 689-8562. The listen-only audio webcast can be
monitored at www.astronics.com. To listen to the archived
call, dial (858) 384-5517 and enter conference ID number 13640541.
The telephonic replay will be available from 2:00 p.m. on the
day of the call through Wednesday, August 10, 2016. A
transcript will also be posted to the Company’s Web site once
available.
About Astronics Corporation
Astronics Corporation (NASDAQ:ATRO) is a leading supplier of
advanced technologies and products to the global aerospace,
defense, electronics and semiconductor industries. Astronics’
products and services include advanced, high-performance electrical
power generation, distribution and motion systems, lighting &
safety systems, avionics products, aircraft structures, systems
certification and automated test systems. Astronics’ strategy
is to increase its value by developing technologies and
capabilities, either internally or through acquisition, and using
those capabilities to provide innovative solutions to its targeted
markets and other markets where its technology can be beneficial.
Astronics Corporation, through its wholly-owned subsidiaries,
has a reputation for high-quality designs, exceptional
responsiveness, strong brand recognition and best-in-class
manufacturing practices. The Company routinely posts news and
other important information on its website at
www.astronics.com.
For more information on Astronics and its
products, visit its Web site at www.astronics.com.
Safe Harbor StatementThis news
release contains forward-looking statements 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
expressions. Because such statements apply to future events,
they are subject to risks and uncertainties that could cause actual
results to differ materially from those contemplated by the
statements. Important factors that could cause actual results
to differ materially from what may be stated here include the state
of the aerospace, defense, consumer electronics and semiconductor
industries, the market acceptance of newly developed products,
internal production capabilities, the timing of orders received,
the status of customer certification processes and delivery
schedules, the demand for and market acceptance of new or existing
aircraft which contain the Company’s products, the need for new and
advanced test and simulation equipment, customer preferences 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 news
release whether to reflect changed assumptions, the occurrence of
unanticipated events or changes in future operating results,
financial conditions or prospects, or otherwise.
FINANCIAL TABLES FOLLOW
ASTRONICS CORPORATION |
CONSOLIDATED INCOME STATEMENT DATA |
(Unaudited, $ in
thousands except per share data) |
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
7/2/2016 |
7/4/2015 |
|
7/2/2016 |
7/4/2015 |
Sales |
$ |
164,426 |
|
$ |
173,156 |
|
|
$ |
323,956 |
|
$ |
334,794 |
|
Cost of products
sold |
|
119,591 |
|
|
123,704 |
|
|
|
239,638 |
|
|
245,180 |
|
Gross profit |
|
44,835 |
|
|
49,452 |
|
|
|
84,318 |
|
|
89,614 |
|
Gross margin |
|
27.3 |
% |
|
28.6 |
% |
|
|
26.0 |
% |
|
26.8 |
% |
|
|
|
|
|
|
Selling, general and
administrative |
|
22,224 |
|
|
21,297 |
|
|
|
44,108 |
|
|
43,916 |
|
SG&A % of
sales |
|
13.5 |
% |
|
12.3 |
% |
|
|
13.6 |
% |
|
13.1 |
% |
Income from
operations |
|
22,611 |
|
|
28,155 |
|
|
|
40,210 |
|
|
45,698 |
|
Operating
margin |
|
13.8 |
% |
|
16.3 |
% |
|
|
12.4 |
% |
|
13.6 |
% |
|
|
|
|
|
|
Interest expense,
net |
|
1,056 |
|
|
1,111 |
|
|
|
2,143 |
|
|
2,357 |
|
Income before tax |
|
21,555 |
|
|
27,044 |
|
|
|
38,067 |
|
|
43,341 |
|
Income tax expense |
|
6,575 |
|
|
9,354 |
|
|
|
11,602 |
|
|
14,968 |
|
Net
income |
$ |
14,980 |
|
$ |
17,690 |
|
|
$ |
26,465 |
|
$ |
28,373 |
|
Net income % of
sales |
|
9.1 |
% |
|
10.2 |
% |
|
|
8.2 |
% |
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
*Basic earnings per
share: |
$ |
0.59 |
|
$ |
0.70 |
|
|
$ |
1.04 |
|
$ |
1.12 |
|
*Diluted earnings per
share: |
$ |
0.57 |
|
$ |
0.67 |
|
|
$ |
1.00 |
|
$ |
1.08 |
|
|
|
|
|
|
|
*Weighted average
diluted shares outstanding (in thousands) |
|
26,284 |
|
|
26,261 |
|
|
|
26,339 |
|
|
26,243 |
|
|
|
|
|
|
|
Capital
expenditures |
$ |
3,726 |
|
$ |
5,218 |
|
|
$ |
6,176 |
|
$ |
12,277 |
|
Depreciation and
amortization |
$ |
6,600 |
|
$ |
6,418 |
|
|
$ |
13,146 |
|
$ |
12,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*All 2015 share quantities and per-share data have
been restated to reflect the impact of the fifteen percent Class B
stock distribution to shareholders of record on October 8,
2015.
ASTRONICS CORPORATION |
CONSOLIDATED BALANCE SHEET DATA |
(Unaudited, $ in thousands) |
|
7/2/2016 |
12/31/2015 |
ASSETS |
|
|
Cash and cash
equivalents |
$ |
20,411 |
|
$ |
18,561 |
|
Accounts
receivable |
|
106,316 |
|
|
95,277 |
|
Inventories |
|
119,329 |
|
|
115,467 |
|
Other current
assets |
|
11,308 |
|
|
20,662 |
|
Property, plant and
equipment, net |
|
123,709 |
|
|
124,742 |
|
Other long-term
assets |
|
11,966 |
|
|
10,889 |
|
Intangible assets,
net |
|
103,598 |
|
|
108,276 |
|
Goodwill |
|
115,614 |
|
|
115,369 |
|
Total
assets |
$ |
612,251 |
|
$ |
609,243 |
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
Current maturities of
long term debt |
|
2,691 |
|
$ |
2,579 |
|
Accounts payable and
accrued expenses |
|
60,828 |
|
|
62,896 |
|
Customer advances and
deferred revenue |
|
28,729 |
|
|
38,757 |
|
Long-term debt |
|
163,898 |
|
|
167,210 |
|
Other liabilities |
|
37,661 |
|
|
37,576 |
|
Shareholders'
equity |
|
318,444 |
|
|
300,225 |
|
Total liabilities
and shareholders' equity |
$ |
612,251 |
|
$ |
609,243 |
|
|
|
|
|
|
|
|
ASTRONICS CORPORATION |
Segment Data |
(Unaudited, $ in thousands) |
|
Three Months Ended |
Six Months Ended |
|
|
7/2/2016 |
|
7/4/2015 |
|
7/2/2016 |
|
7/4/2015 |
Sales |
|
|
|
|
|
|
|
|
Aerospace |
$ |
|
142,528 |
|
$ |
|
132,170 |
|
|
$ |
281,177 |
|
|
$ |
274,522 |
|
Less Inter-segment |
|
|
(27 |
) |
|
|
- |
|
|
|
(367 |
) |
|
|
- |
|
Total Aerospace |
|
|
142,501 |
|
|
|
132,170 |
|
|
|
280,810 |
|
|
|
274,522 |
|
|
|
|
|
|
|
|
|
|
Test Systems |
|
|
21,925 |
|
|
|
40,986 |
|
|
|
43,146 |
|
|
|
60,327 |
|
Less Inter-segment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(55 |
) |
Total Test Systems |
|
|
21,925 |
|
|
|
40,986 |
|
|
|
43,146 |
|
|
|
60,272 |
|
Total
sales |
|
|
164,426 |
|
|
|
173,156 |
|
|
|
323,956 |
|
|
|
334,794 |
|
|
|
|
|
|
|
|
|
|
Operating profit and
margins |
|
|
|
|
|
|
|
|
Aerospace |
|
|
24,851 |
|
|
|
20,271 |
|
|
|
43,542 |
|
|
|
43,673 |
|
|
|
|
17.4 |
% |
|
|
15.3 |
% |
|
|
15.5 |
% |
|
|
15.9 |
% |
Test Systems |
|
|
1,074 |
|
|
|
9,863 |
|
|
|
3,284 |
|
|
|
7,638 |
|
|
|
|
4.9 |
% |
|
|
24.1 |
% |
|
|
7.6 |
% |
|
|
12.7 |
% |
Total operating
profit |
|
|
25,925 |
|
|
|
30,134 |
|
|
|
46,826 |
|
|
|
51,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
1,056 |
|
|
|
1,111 |
|
|
|
2,143 |
|
|
|
2,357 |
|
Corporate expenses and
other |
|
|
3,314 |
|
|
|
1,979 |
|
|
|
6,616 |
|
|
|
5,613 |
|
Income before
taxes |
$ |
|
21,555 |
|
$ |
|
27,044 |
|
$ |
|
38,067 |
|
$ |
|
43,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASTRONICS CORPORATION |
SALES BY MARKET |
(Unaudited, $ in thousands) |
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
7/2/2016 |
7/4/2015 |
% change |
|
7/2/2016 |
7/4/2015 |
% change |
2016 YTD |
Aerospace
Segment |
|
|
|
|
|
|
|
|
Commercial Transport |
$ |
116,423 |
|
$ |
107,629 |
|
|
8.2 |
% |
|
$ |
229,818 |
|
$ |
227,823 |
|
|
0.9 |
% |
|
71.0 |
% |
Military |
|
13,973 |
|
|
10,569 |
|
|
32.2 |
% |
|
|
26,254 |
|
|
19,827 |
|
|
32.4 |
% |
|
8.1 |
% |
Business Jet |
|
7,707 |
|
|
9,061 |
|
|
-14.9 |
% |
|
|
14,232 |
|
|
17,153 |
|
|
-17.0 |
% |
|
4.4 |
% |
Other |
|
4,398 |
|
|
4,911 |
|
|
-10.4 |
% |
|
|
10,506 |
|
|
9,719 |
|
|
8.1 |
% |
|
3.2 |
% |
Aerospace
Total |
|
142,501 |
|
|
132,170 |
|
|
7.8 |
% |
|
|
280,810 |
|
|
274,522 |
|
|
2.3 |
% |
|
86.7 |
% |
|
|
|
|
|
|
|
|
|
Test Systems
Segment |
|
|
|
|
|
|
|
|
Semiconductor |
|
9,848 |
|
|
31,507 |
|
|
-68.7 |
% |
|
|
16,985 |
|
|
36,258 |
|
|
-53.2 |
% |
|
5.2 |
% |
Aerospace & Defense |
|
12,077 |
|
|
9,479 |
|
|
27.4 |
% |
|
|
26,161 |
|
|
24,014 |
|
|
8.9 |
% |
|
8.1 |
% |
Test Systems
Total |
|
21,925 |
|
|
40,986 |
|
|
-46.5 |
% |
|
|
43,146 |
|
|
60,272 |
|
|
-28.4 |
% |
|
13.3 |
% |
|
|
|
|
|
|
|
|
|
Total |
$ |
164,426 |
|
$ |
173,156 |
|
|
-5.0 |
% |
|
$ |
323,956 |
|
$ |
334,794 |
|
|
-3.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASTRONICS CORPORATION |
SALES BY PRODUCT LINE |
(Unaudited, $ in thousands) |
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
7/2/2016 |
7/4/2015 |
% change |
|
7/2/2016 |
7/4/2015 |
% change |
2016 YTD |
|
|
|
|
|
|
|
|
|
Aerospace
Segment |
|
|
|
|
|
|
|
|
Electrical Power & Motion |
$ |
75,564 |
|
$ |
67,844 |
|
|
11.4 |
% |
|
$ |
150,957 |
|
$ |
137,415 |
|
|
9.9 |
% |
|
46.6 |
% |
Lighting & Safety |
|
41,979 |
|
|
37,907 |
|
|
10.7 |
% |
|
|
82,544 |
|
|
79,985 |
|
|
3.2 |
% |
|
25.5 |
% |
Avionics |
|
9,344 |
|
|
11,663 |
|
|
-19.9 |
% |
|
|
16,818 |
|
|
29,030 |
|
|
-42.1 |
% |
|
5.2 |
% |
Systems Certification |
|
5,391 |
|
|
5,771 |
|
|
-6.6 |
% |
|
|
9,997 |
|
|
10,344 |
|
|
-3.4 |
% |
|
3.1 |
% |
Structures |
|
5,825 |
|
|
4,074 |
|
|
43.0 |
% |
|
|
9,988 |
|
|
8,029 |
|
|
24.4 |
% |
|
3.1 |
% |
Other |
|
4,398 |
|
|
4,911 |
|
|
-10.4 |
% |
|
|
10,506 |
|
|
9,719 |
|
|
8.1 |
% |
|
3.2 |
% |
Aerospace
Total |
|
142,501 |
|
|
132,170 |
|
|
7.8 |
% |
|
|
280,810 |
|
|
274,522 |
|
|
2.3 |
% |
|
86.7 |
% |
|
|
|
|
|
|
|
|
|
Test
Systems |
|
21,925 |
|
|
40,986 |
|
|
-46.5 |
% |
|
|
43,146 |
|
|
60,272 |
|
|
-28.4 |
% |
|
13.3 |
% |
|
|
|
|
|
|
|
|
|
Total |
$ |
164,426 |
|
$ |
173,156 |
|
|
-5.0 |
% |
|
$ |
323,956 |
|
$ |
334,794 |
|
|
-3.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASTRONICS CORPORATIONORDER AND
BACKLOG TREND(Unaudited, $ in thousands) |
|
|
|
|
|
|
Q3 2015 |
|
Q4 2015 |
|
Q1 2016 |
|
Q2 2016 |
|
TrailingTwelve |
|
|
|
|
|
10/3/2015 |
|
12/31/2015 |
|
4/2/2016 |
|
7/2/2016 |
|
Months |
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
|
|
$ |
138,728 |
$ |
136,488 |
$ |
138,309 |
$ |
142,501 |
$ |
556,026 |
Test Systems |
|
|
|
|
61,417 |
|
20,852 |
|
21,221 |
|
21,925 |
|
125,415 |
Total
Sales |
|
|
|
$ |
200,145 |
$ |
157,340 |
$ |
159,530 |
$ |
164,426 |
$ |
681,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bookings |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
|
|
$ |
129,807 |
$ |
121,796 |
$ |
140,427 |
$ |
163,532 |
$ |
555,562 |
Test Systems |
|
|
|
|
15,352 |
|
12,860 |
|
21,503 |
|
17,941 |
|
67,656 |
Total
Bookings |
|
|
|
$ |
145,159 |
$ |
134,656 |
$ |
161,930 |
$ |
181,473 |
$ |
623,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
|
|
$ |
227,345 |
$ |
212,651 |
$ |
214,769 |
$ |
235,800 |
|
|
Test Systems |
|
|
|
|
69,705 |
|
61,713 |
|
61,995 |
|
58,011 |
|
|
Total
Backlog |
|
|
|
$ |
297,050 |
$ |
274,364 |
$ |
276,764 |
$ |
293,811 |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book:Bill
Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
|
|
|
0.94 |
|
0.89 |
|
1.02 |
|
1.15 |
|
1.00 |
Test Systems |
|
|
|
|
0.25 |
|
0.62 |
|
1.01 |
|
0.82 |
|
0.54 |
Total
Book:Bill |
|
|
|
|
0.73 |
|
0.86 |
|
1.02 |
|
1.10 |
|
0.91 |
For more information, contact:
Company:
David C. Burney, Chief Financial Officer
Phone: (716) 805-1599, ext. 159
Email: david.burney@astronics.com
Investor Relations:
Deborah K. Pawlowski, Kei Advisors LLC
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com
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