Astronics Corporation to Record Fourth Quarter 2009 Non-Cash Goodwill and Intangible Asset Impairment Charge
January 19 2010 - 6:32PM
Business Wire
Astronics Corporation (NASDAQ: ATRO), a leader in advanced, high
performance lighting, electrical power management and automated
test systems for the global aerospace and defense industries, today
announced that it expects to record a fourth quarter non-cash,
pre-tax charge of approximately $19.4 million for impairment of
goodwill and other intangible assets related to its Test Systems
business. As a result of this charge, the Company expects to report
a net loss for the fourth quarter and the year ended December 31,
2009.
The impairment charge reflects lower than previously anticipated
revenue and future cash flow from Astronics’ Test Systems business,
which was acquired as part of the Company’s acquisition of DME
Corporation in January 2009. Astronics has reduced its revenue
outlook for the Test Systems business as compared with its initial
assessment as a result of low new order bookings.
ABOUT ASTRONICS CORPORATION
Astronics Corporation is a trusted leader in innovative, high
performance lighting, 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. 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, national defense budgets 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.
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