Astronics Corporation (NASDAQ: ATRO) today announced that its
previously reported results for the 2008 fourth quarter and full
year ended December 31, 2008, have been revised to reflect the
write off of all remaining assets related to its business with
Eclipse Aviation, which last week informed its suppliers that it
has suspended all business operations after deciding not to contest
a motion by senior secured creditors to convert its bankruptcy
proceedings to a Chapter 7 liquidation.
On February 12, 2009, Astronics reported its fourth quarter and
full year 2008 results, which included a $7.5 million, or $0.46 per
share, charge related to Eclipse. The charge was comprised of $1.0
million for accounts receivable and $6.5 million for inventory and
equipment. At the time, the Company had $1.0 million of accounts
receivable and $9.0 million of inventory and equipment related to
Eclipse. In November 2008, Eclipse had filed for protection under
Chapter 11 of the bankruptcy law. Its stated intention at that time
was to reorganize and emerge from bankruptcy under new ownership.
Based on this information, Astronics retained inventory and
equipment totaling $2.5 million in anticipation of future business
with Eclipse.
In light of the most recent information, specifically the change
in bankruptcy status which occurred prior to Astronics� filing of
its financial statements, the Company recorded an additional
pre-tax charge of $2.5 million for inventory and equipment related
to the Eclipse business. The effect net of tax was an additional
$1.6 million, or $0.15 per share, reduction in net income for the
2008 fourth quarter and full year compared with earlier released
financial results. As a result, net loss for the fourth quarter of
2008 was $1.8 million, or $0.17 per diluted share, and net income
for 2008 was $8.4 million, or $0.79 per diluted share. Revised
consolidated financial data is included with this release.
Astronics also reaffirms its previous expectations for 2009
revenue to be in the range of approximately $230 and $245
million.
ABOUT ASTRONICS CORPORATION
Astronics Corporation is a designer and manufacturer of high
performance lighting and power management systems for the global
aerospace industry; automated diagnostic test systems, training and
simulation devices for the defense industry; and safety and
survival equipment for airlines and airfields. Astronics� strategy
is to develop and maintain positions of technical leadership in its
chosen aerospace and defense markets, to leverage those positions
to grow the amount of content and volume of product it sells to
those markets and to selectively acquire businesses with similar
technical capabilities that could benefit from our leadership
position and strategic direction. Astronics Corporation, and its
wholly-owned subsidiaries, DME Corporation, Astronics Advanced
Electronic Systems Corp. and Luminescent Systems Inc., have 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
website at www.Astronics.com.
Safe Harbor Statement
This press 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
expression. Because such statements apply to future events, they
are subject to risks and uncertainties that could cause the actual
results to differ materially from those contemplated by the
statements. Important factors that could cause actual results to
differ materially include the state of the aerospace industry, the
market acceptance of newly developed products, internal production
capabilities, the timing of orders received, the status of customer
certification processes, the demand for and market acceptance of
new or existing aircraft which contain the Company�s products,
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 press release whether to reflect changed
assumptions, the occurrence of unanticipated events or changes in
future operating results, financial conditions or prospects, or
otherwise.
ASTRONICS CORPORATION
CONSOLIDATED INCOME STATEMENT
DATA
(unaudited) � � � � (in thousands except per share data)
Three
months ended Twelve months ended �
12/31/2008 � �
�
12/31/2007 � � �
12/31/2008 � � �
12/31/2007
� Sales $ 44,381 $ 36,273 $ 173,722 $ 158,240 Cost of products sold
� 42,438 � � � 28,630 � � 143,249 � � � 117,370 � 1,943 7,643
30,473 40,870 Gross margin 4.4 % 21.1 % 17.5 % 25.8 % Selling,
general and administrative 4,867 3,851 17,419 16,408 � � � � � � �
Income(loss) from operations (2,924 ) 3,792 13,054 24,462 Operating
margin -6.6 % 10.5 % 7.5 % 15.5 % Interest expense, net 140 298 694
1,370 Other (income) expense � (3 ) � � 105 � � � 70 � � � 94 �
Income(loss) before tax (3,061 ) 3,389 12,290 22,998 Income
taxes(benefit) � (1,280 ) � � 1,320 � � � 3,929 � � � 7,607 �
Net Income(loss) $ (1,781 ) �
$
2,069 � �
$ 8,361 � �
$ 15,391 �
� *Basic earnings(loss) per share: $ (0.17 ) $ 0.20 $ 0.82 $ 1.52
*Diluted earnings(loss) per share: $ (0.17 ) $ 0.19 $ 0.79 $ 1.44 �
*Weighted average diluted shares outstanding 10,556 10,854 10,650
10,711 � � � � � � � � � Capital Expenditures $ 1,137 $ 2,026 $
4,325 $ 9,592 Depreciation and Amortization � $ 1,153 � � $ 993 � �
$ 4,142 � � $ 3,440 � � � * All share quantities and per share data
reported for 2007 has been restated to reflect the impactof the
one-for-four Class B stock distribution for shareholders of record
on October 6, 2008.
ASTRONICS CORPORATION
CONSOLIDATED BALANCE SHEET
DATA
(unaudited) (in thousands) � �
12/31/2008 �
12/31/2007
ASSETS:
Cash and cash equivalents $ 3,038 $ 2,818 Accounts receivable
22,053 20,720 Inventories 35,586 36,920 Other current assets 6,078
3,563 Property, plant and equipment, net 29,075 30,083 Other assets
� 8,844 � � 10,017 Total Assets $ 104,674 � $ 104,121 �
LIABILITIES AND SHAREHOLDERS'
EQUITY:
Current maturities of long term debt $ 920 $ 951 Note payable -
7,300 Accounts payable and accrued expenses 22,475 23,670 Long-term
debt 13,526 14,684 Other liabilities 9,498 8,284 Shareholders'
equity � 58,255 � � 49,232 Total liabilities and shareholders'
equity $ 104,674 � $ 104,121
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