Astronics Announces 10% Class B Stock Distribution
August 02 2011 - 4:30PM
Business Wire
Astronics Corporation (NASDAQ: ATRO), a leader in advanced,
high-performance lighting, electrical power and automated test
systems for the global aerospace and defense industries, announced
a one-for-ten distribution of Class B Stock to holders of both
Common and Class B Stock. Stockholders will receive one share of
Class B Stock for every ten shares of Common and Class B Stock held
on the record date of August 16, 2011. Fractional shares will be
paid in cash. The Company expects the new shares to be distributed
on or about August 30, 2011.
Astronics initially distributed shares of Class B Stock to
Common and Class B stockholders in 1987. Additional Class B share
distributions were made in 1988, 2000, 2001 and 2008. Currently,
there are approximately 2.1 million Class B and 8.9 million Common
shares outstanding. After the distribution, approximately 3.2
million Class B and 8.9 million Common shares will be
outstanding.
Astronics Class B Stock is entitled to ten votes per share while
Common Stock is entitled to one vote per share. Class B Stock is
not a tradable security, but is convertible, at all times and
without cost to the shareholder, into one share of Astronics
Corporation Common Stock, which is tradable and provides
shareholders of Class B Stock access to the market. The value of
one share of Class B Stock is equivalent to one share of Common
Stock. Subject to certain exceptions, shares of Astronics Class B
Stock automatically convert into an equal number of shares of
Common Stock upon transfer.
Peter J. Gundermann, President and Chief Executive Officer of
Astronics, commented, “The Board of Directors chose to initiate
this distribution of Class B shares to reward our current
stockholders, encourage long-term ownership and interest in
Astronics and increase the total number of shares outstanding.”
Information regarding the Class B share distribution and
instructions to convert Class B stock into Common stock can be
found in the Frequently Asked Questions section of Astronics’
website at www.astronics.com. Registered shareholders and brokers
should contact the Company’s transfer agent, American Stock
Transfer & Trust Company (AST) at (800) 937-5449, regarding the
conversion of Class B Stock to Common Stock. AST is the agent for
the distribution.
ABOUT ASTRONICS CORPORATION
Astronics Corporation is a leader in advanced, high-performance
lighting, electrical power and automated test systems for the
global aerospace and defense industries. 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, Astronics Advanced Electronic Systems
Corp., DME Corporation 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 Web site at www.Astronics.com.
For more information on Astronics and its products, visit its
Web site at www.Astronics.com.
Safe Harbor Statement
This 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 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 and defense
industries, 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 news 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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