Astronics Announces Filing of Universal Shelf Registration Statement
August 09 2011 - 10:06AM
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 today that it has filed a universal shelf
registration statement on Form S-3 with the Securities and Exchange
Commission (SEC). The offering of securities covered by the shelf
registration statement is designed to provide the Company with
greater financial flexibility to take advantage of financing
opportunities, acquisitions and other business opportunities when
and if such opportunities arise, subject to market conditions and
the capital requirements of the Company.
If and when the shelf registration is declared
effective, it will permit the Company to offer and sell, from time
to time in one or more offerings, up to $150 million of common
stock, preferred stock, debt securities, warrants to purchase any
of these securities, stock purchase contracts, units or any
combination of such securities. The actual amount and type of
securities, or combination of securities, and the terms of those
securities will be determined at the time of sale, if such sale
occurs. As of the date of this release, the Company has no specific
plans to offer the securities covered by the registration
statement, and is not required to offer the securities in the
future.
Peter J. Gundermann, President and Chief
Executive Officer of Astronics, commented, “While this filing gives
us increased financial flexibility, and when effective will give us
access to additional resources to pursue opportunities as part of
our long-term growth strategy, we have no immediate plans to draw
down the shelf.”
Unless otherwise indicated by a prospectus the
Company intends to use the net proceeds from the sale of any
securities for general corporate purposes, which may include, among
other things: reducing or refinancing debt, acquisition of assets,
businesses or securities; stock repurchases and capital
expenditures; and working capital. The timing of any offering will
be at the Company’s discretion and will depend on many factors,
including prevailing market conditions.
A registration statement relating to these
securities has been filed with the SEC but has not yet become
effective. The terms of any offering under the registration
statement will be established at the time of any such offering, and
will be described in a prospectus supplement that Astronics will
file at that time with the SEC. Once declared effective, the
registration statement would remain in place for a period of three
years. These securities may not be sold, nor may offers to buy be
accepted, prior to the time the registration statement becomes
effective. This press release is not an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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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