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 nine months ended September 29,
2018. Results for the quarter and the first nine months of 2018
include the results of Telefonix PDT, which was acquired on
December 1, 2017 and Custom Control Concepts (“CCC”), which was
acquired on April 3, 2017. Earnings per share for all periods are
adjusted for the 3 for 20 (15%) distribution of Class B Stock for
shareholders of record on October 12, 2018.
Three Months Ended Nine Months Ended
($ in thousands)
September
29, 2018
September
30, 2017
%
Change
September
29, 2018
September
30, 2017
%
Change
Sales $ 212,674 $ 149,636 42.1% $ 600,339 $ 453,146
32.5%
Gross profit $ 46,320 $ 32,493 42.6% $ 133,024 $
104,960 26.7% Gross margin 21.8 % 21.7% 22.2% 23.2%
SG&A
$ 27,976 $ 22,099 26.6% $ 87,919 $ 65,573 34.1% SG&A percent of
sales 13.2 % 14.8% 14.6% 14.5%
Income from Operations $
18,344 $ 10,394 76.5% $ 45,105 $ 39,387 14.5% Operating margin %
8.6 % 6.9% 7.5% 8.7%
Net Income $ 16,999 $ 6,060 180.5% $
34,318 $ 25,332 35.5% Net Income % 8.0 % 4.0% 5.7% 5.6%
Peter J. Gundermann, President and Chief Executive Officer,
commented, "Our business continued to show excellent momentum in
the third quarter, with record revenue once again and bookings that
exceeded shipments by 10%. Our bottom line was solid as well,
though it was aided by a significant tax benefit resulting from a
change in state tax treatment. This helped compensate for poor
results from three of our aerospace businesses that continue to
struggle, though we are making progress there also.”
Consolidated Review
Third Quarter 2018 Results
Consolidated sales were up 42%, or $63.0 million, from the same
period last year, including $20.8 million in sales from the
Telefonix PDT acquisition. Organic revenue was $191.9 million, up
28% compared with the prior-year period driven by Test revenue more
than doubling and 15.6% organic growth in the Aerospace
segment.
Consolidated gross margin was 21.8% compared with 21.7% in the
prior-year period. Consolidated gross margin benefited from higher
organic sales and Telefonix PDT's contribution in gross profit.
This was partially offset by a $3.9 million program charge
recognized due to the revision of estimated costs to complete a
long-term contract assumed with the acquisition of the CCC
business.
Consolidated Engineering and Development ("E&D") costs were
$31.2 million. Organic E&D costs were $26.4 million, compared
with $23.7 million in last year’s third quarter. As a percent of
organic sales, organic E&D costs were 13.8% and 15.8% in the
third quarters of 2018 and 2017, respectively.
Selling, general and administrative (“SG&A”) expenses were
up $5.9 million to $28.0 million, or 13.2% of sales, compared with
$22.1 million, or 14.8% of sales, in the same period last year. The
acquisition contributed $4.6 million to SG&A, including $1.6
million of intangible asset amortization expense. Consolidated
intangible asset amortization expense was $4.3 million compared
with $2.9 million in the prior year. Consolidated intangible asset
amortization expense is expected to be $4.3 million in the fourth
quarter of 2018 also.
A tax benefit was recorded for the third quarter of 2018
compared with a 29.9% effective tax rate in the third quarter of
2017. This was the result of a net tax benefit of $4.0 million
recorded in the quarter for refund claims derived from a revised
state filing position that reduces the taxable income apportioned
for state income tax purposes and the resulting revaluation of
deferred tax liabilities. In addition, the 2018 third quarter tax
rate was favorably impacted by a reduction to the provisional
income tax on the deemed repatriation of foreign earnings and
profits of approximately $0.4 million. Absent these discrete
adjustments, the tax rate for the quarter would have been 19.3%.
The 2018 third quarter tax rate also benefited from the lower
Federal statutory tax rate partially offset by the elimination of
the Domestic Production Activities Deduction resulting from the Tax
Cuts and Jobs Act.
Net income was $17.0 million, or $0.52 per diluted share,
compared with $6.1 million, or $0.18 per diluted share in the prior
year.
Bookings were up 25% to $233.8 million, for a book-to-bill ratio
of 1.10:1. Backlog at the end of the quarter was $398.1 million.
Approximately $187 million of backlog is expected to ship in the
final quarter of 2018.
Mr. Gundermann commented, “We believe the 42% growth in revenue
and the strong bookings in the quarter validate the value
proposition of our solutions and strength of our market position.
Both segments performed well and contributed to the volume. The tax
change obviously helped our bottom line, compensating for the
combined operating loss of $11.2 million from our three struggling
Aerospace business which we have discussed in the past.”
Year-to-Date 2018 Results
Consolidated sales for the first nine months of 2018 increased
by $147.2 million, or 32.5%, including $72.8 million in acquired
revenue. Aerospace segment sales were up $105.3 million to $500.4
million. The Test segment sales were up $41.8 million, or 72.0%, to
$100.0 million.
Consolidated gross margin was 22.2% in the first nine months of
2018 compared with 23.2% in the first nine months of 2017.
Consolidated gross margin benefited from higher organic sales and
the gross profit contribution of Telefonix PDT that was more than
offset by the lower margin profile of CCC due to low volume and
$7.5 million year-to-date loss associated with the long-term
contract, as previously discussed. Organic E&D costs were 14.4%
of organic sales, or $76.0 million, compared with $69.5 million, or
15.3% of sales, in the prior year’s first nine months.
Additionally, acquisitions contributed E&D costs of $13.0
million in the first nine months of 2018.
SG&A expenses were $87.9 million, or 14.6% of sales, in the
first nine months of 2018 compared with $65.6 million, or 14.5% of
sales, in the same period last year. Acquisitions contributed $16.9
million to SG&A, including $7.2 million of intangible asset
amortization expense. Also contributing to higher SG&A was a
$1.0 million litigation reserve recorded in the first quarter of
2018 for an ongoing matter. Corporate overhead expenses increased
by $2.5 million due to increased staffing and higher legal and
accounting costs.
The effective tax rate for the first nine months of 2018 was
6.5%, compared with 27.0% in the first nine months of 2017. The
decrease was due to the factors identified in the quarter, as
described above. Absent these discrete adjustments, the tax rate
for the first nine months of 2018 would have been 18.5%. Finally,
the tax rate for the first nine months of 2018 was favorably
impacted when compared with the first nine months of 2017 by the
decrease in the Federal statutory tax rate partially offset by the
elimination of the Domestic Production Activities Deduction
resulting from the Tax Cuts and Jobs Act.
Net income for the first nine months of 2018 totaled $34.3
million, or $1.04 per diluted share.
Mr. Gundermann summarized, “We have developed solid momentum
across our business over the first three quarters of 2018, with
revenue up 32.5% and solid bookings to match. Our margins have been
under pressure from our three struggling business, which have
suffered $28.3 million in operating losses year-to-date. We believe
we are making progress resolving the problems with these businesses
which will become apparent as we move into 2019.”
Aerospace Segment Review (refer to sales by market and
segment data in accompanying tables)
Aerospace Third Quarter 2018
Results
Aerospace segment sales increased by $40.9 million, or 31.8%, to
$169.6 million, when compared with the prior year’s third quarter.
Organic sales increased $20.1 million, or 15.6%, while Telefonix
PDT contributed $20.8 million in sales in the 2018 third
quarter.
Avionics sales were up $19.7 million, largely due to the
addition of Telefonix PDT, which contributed $17.2 million.
Electrical Power & Motion sales increased by $14.6 million, or
22.9%, due to higher sales of in-seat power and seat motion
products. Sales of Lighting & Safety products were up $6.5
million due to a general increase in volume. Sales of other
products were up $3.6 million, due primarily to the acquisition.
System Certification sales decreased by $2.1 million on lower
project activity.
Aerospace operating profit for the third quarter of 2018 was
$16.2 million, or 9.6% of sales, compared with $13.0 million, or
10.1% of sales, in the same period last year. Organic Aerospace
E&D costs were $23.3 million compared with $21.1 million in the
same period last year. The acquisition added $4.8 million in
E&D costs.
Aerospace operating profit benefited from the contribution
margin on higher organic sales and the addition of Telefonix PDT
offset by a $3.9 million program charge related to the
aforementioned CCC long-term contract. Intangible asset
amortization expense for Telefonix PDT was $1.6 million in the
third quarter.
Aerospace bookings in the third quarter of 2018 were up 35% to
$196.7 million compared with the prior year period. The
book-to-bill ratio was 1.16:1 for the quarter. Backlog was $325.7
million at the end of the third quarter of 2018.
Mr. Gundermann commented, “Our Aerospace segment had another
strong quarter with record revenue of $170 million, and even
stronger bookings of $197 million, leaving us with a record backlog
of $326 million at the end of the period. Operating margin was
somewhat disappointing at $16.2 million, or 9.6% of sales, but
again, this includes an operating loss of $11.2 million at the
three struggling Aerospace operations in the third quarter.
Progress is being made at each and we expect significant
improvement at these operations in 2019.”
Aerospace Year-to-Date 2018
Results
Aerospace segment sales increased by $105.3 million, or 26.7%,
to $500.4 million when compared with the prior year’s first nine
months.
Avionics sales increased by $68.9 million, driven primarily by
the acquisitions, which contributed $63.6 million in Avionics
sales. Electrical Power & Motion sales increased $19.9 million,
or 10.0%, and Lighting & Safety sales increased $6.9 million,
both for similar reasons as in the quarter. Systems Certifications
sales increased $2.6 million on higher project activity earlier in
the year. Sales of other products were up $8.1 million to $21.1
million, due primarily to the Telefonix PDT acquisition.
Aerospace operating profit was $47.5 million, or 9.5% of sales,
compared with $46.8 million, or 11.8% of sales, in the same period
last year. Aerospace operating profit in the first nine months of
2018 benefited from higher organic sales and the addition of
Telefonix PDT, offset by the $7.5 million year-to-date loss related
to the CCC long-term contract previously discussed. Aerospace
operating profit in the first nine months of 2018 was also
negatively impacted by a $1.0 million litigation reserve and
purchase accounting expenses. As is typical during the first few
quarters following an acquisition, non-cash costs were higher than
what is expected over the long-term, as short-lived intangible
assets are amortized and the fair value step-up costs relating to
the acquired inventory is expensed. Intangible asset amortization
expense for the acquisitions was $7.2 million in the first nine
months. Also related to the acquisitions was fair value inventory
step-up expense of $1.3 million that was recorded in the first
quarter.
E&D costs for Aerospace were $80.3 million and $62.5 million
in the first nine months of 2018 and 2017, respectively.
Acquisitions contributed $13.0 million in 2018 to Aerospace E&D
expenses.
Test Systems Segment Review (refer to sales by market and
segment data in accompanying tables)
Test Systems Third Quarter 2018
Results
Sales in the third quarter of 2018 increased approximately $22.1
million to $43.1 million, more than doubling when compared with the
same period in 2017. A $27.0 million increase in sales to the
Semiconductor market was offset by a $4.8 million decrease in sales
to the Aerospace & Defense market when compared with the
prior-year period.
Operating profit for the segment was $5.8 million, or 13.5% of
sales, compared with $1.1 million, or 5.2% of sales, in last year’s
third quarter. Higher margin was driven by the increase in volume.
E&D costs were $3.1 million, up from $2.6 million in the third
quarter of 2017.
Bookings for the Test Systems segment in the quarter were $37.1
million, for a book-to-bill ratio of 0.86:1 for the quarter.
Backlog was $72.3 million at the end of the third quarter of
2018.
Test Systems Year-to-Date 2018
Results
Sales in the first nine months of 2018 increased 72.0% to $100.0
million compared with sales of$58.1 million for the same period in
2017. The growth was driven by a $53.7 million increase in sales to
the Semiconductor market. This was somewhat offset by a decrease in
Aerospace & Defense sales of $11.9 million.
Operating profit increased $7.3 million to $10.2 million, or
10.2% of sales, as a result of increased volume. E&D costs were
$8.7 million in the first nine months of 2018 compared with $7.0
million in the prior year period.
Mr. Gundermann commented, “Our Test segment continues to perform
well, with third quarter revenue the strongest of any quarter in
three years, combined with solid bookings. Year-to-date, our Test
revenue is up 72% over 2017. We continue to make very good progress
on new programs also, and continue negotiations on the awarded
letter of intent from the transportation project that we announced
during the quarter, which was not included in bookings. We believe
the segment is very well positioned for 2019.”
2018 Fourth Quarter Outlook
Fourth quarter sales are forecasted to be in the range of $190
million to $200 million, with $170 million to $175 million expected
from the Aerospace segment and $20 million to $25 million from the
Test segment.
Consolidated annual sales for 2018 are forecasted to be in the
range of $790 million to $800 million, with $670 million to $675
million expected from the Aerospace segment and $120 million to
$125 million from the Test segment.
Consolidated backlog at September 29, 2018 was $398.1
million. Approximately 47% of backlog is expected to ship in
2018.
We expect the effective tax rate for the fourth quarter to be in
the range of 18% to 21%. The effective tax rate for the year,
inclusive of the adjustments referred to above, is expected to be
in the range of 10% to 13%.
Capital equipment spending in 2018 is expected to be between $18
million to $22 million, lower than the prior forecast of $24
million to $28 million.
E&D costs for 2018 are expected to be in the range of $115
million to $120 million, up slightly from the previous forecast of
$110 million to $115 million.
Mr. Gundermann concluded, “We expect to finish 2018 with a solid
fourth quarter, though it will be a little lighter than the second
and third quarters. Revenue will be weighted more towards Aerospace
and Test will be lighter. Also, we believe our record backlog and
continued strong demand for our products sets us up well for
another year of growth in 2019.”
Third Quarter 2018 Webcast and Conference Call
The Company will host a teleconference today at 5:00 p.m. ET.
During the teleconference, management 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)
493-6784. The listen-only audio webcast can be monitored at
www.astronics.com. To listen to the archived call, dial (412)
317-6671 and enter replay pin number 13683920. The telephonic
replay will be available from 8:00 p.m. on the day of the call
through Monday, November 12, 2018. 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
and semiconductor industries. Astronics’ products and services
include advanced, high-performance electrical power generation and
distribution systems, seat motion solutions, lighting and 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.
Through its wholly owned subsidiaries, Astronics 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 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 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
Nine Months
Ended
9/29/2018 9/30/2017 9/29/2018
9/30/2017 Sales $ 212,674
$ 149,636 $ 600,339 $
453,146 Cost of products sold 166,354
117,143 467,315 348,186 Gross profit 46,320
32,493 133,024 104,960
Gross margin 21.8%
21.7% 22.2% 23.2% Selling, general and
administrative 27,976 22,099 87,919 65,573
SG&A % of
sales 13.2% 14.8%
14.6% 14.5% Income from operations
18,344 10,394 45,105 39,387
Operating margin 8.6%
6.9% 7.5% 8.7% Other expense, net of
other income 253 311 1,091 931 Interest expense, net 2,511
1,437 7,326 3,750 Income before
tax 15,580 8,646 36,688 34,706 Income tax (benefit) expense
(1,419) 2,586 2,370 9,374
Net
income $ 16,999 $ 6,060
$ 34,318 $ 25,332 Net income
% of sales 8.0% 4.0% 5.7% 5.6%
*Basic earnings per share: $ 0.53 $ 0.19 $ 1.06 $
0.77 *Diluted earnings per share: $ 0.52 $ 0.18 $ 1.04 $ 0.74
*Weighted average diluted shares
outstanding (in thousands)
32,969 33,350 33,035 34,220 Capital expenditures $ 3,921 $
3,965 $ 12,416 $ 9,715 Depreciation and amortization $ 8,172 $
6,681 $ 26,756 $ 19,269 *All 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 12,
2018.
ASTRONICS CORPORATION
CONSOLIDATED
BALANCE SHEET DATA
($ in thousands) (unaudited)
9/29/2018
12/31/2017
ASSETS
Cash and cash equivalents $ 4,893 $ 17,914 Accounts receivable and
uncompleted contracts 189,110 132,633 Inventories 154,870 150,196
Other current assets 17,155 14,586 Property, plant and equipment,
net 124,652 125,830 Other long-term assets 21,893 15,659 Intangible
assets, net 138,347 153,493 Goodwill 125,136
125,645
Total assets $ 776,056 $
735,956
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current maturities of long term debt $ 1,965 $ 2,689 Accounts
payable and accrued expenses 85,522 80,595 Customer advances and
deferred revenue 30,186 19,607 Long-term debt 257,680 269,078 Other
liabilities 31,258 34,060 Shareholders' equity 369,445
329,927
Total liabilities and shareholders'
equity $ 776,056 $ 735,956
SEGMENT
DATA
(Unaudited, $ in thousands)
Three Months
Ended
Nine Months
Ended
9/29/2018 9/30/2017 9/29/2018
9/30/2017 Sales Aerospace $ 169,588 $
128,663 $ 500,445 $ 395,037 Less inter-segment (9) —
(62) — Total Aerospace 169,579 128,663 500,383 395,037
Test Systems 43,095 20,973 99,956
58,109
Total consolidated sales 212,674 149,636
600,339 453,146 Operating profit and margins
Aerospace 16,210 13,015 47,525 46,753 9.6% 10.1% 9.5% 11.8% Test
Systems 5,833 1,093 10,151 2,843 13.5% 5.2% 10.2%
4.9%
Total operating profit 22,043 14,108 57,676
49,596 Interest expense 2,511 1,437 7,326 3,750
Corporate expenses and other 3,952 4,025 13,662
11,140
Income before taxes $ 15,580 $ 8,646
$ 36,688 $ 34,706
ASTRONICS
CORPORATION
CONSOLIDATED CASH
FLOWS DATA
(Unaudited, $ in thousands)
Nine Months
Ended
September 29, September 30, 2018 2017
Cash flows from operating activities: Net income $ 34,318 $
25,332 Adjustments to reconcile net income to cash provided by
operating activities: Depreciation and amortization 26,756 19,269
Provisions for non-cash losses on inventory and receivables 2,432
943 Stock compensation expense 2,349 2,203 Deferred tax benefit
(1,536 ) (920 ) Other (507 ) (657 ) Cash flows from changes in
operating assets and liabilities: Accounts receivable (52,890 )
(1,515 ) Inventories (15,768 ) (18,480 ) Accounts payable 571 8,267
Accrued expenses 4,977 (5,483 ) Other current assets and
liabilities (1,620 ) (4,556 ) Customer advanced payments and
deferred revenue 19,241 (2,336 ) Income taxes (4,315 ) (883 )
Supplemental retirement and other liabilities 1,351 1,129
Cash provided by operating activities 15,359 22,313
Cash flows from investing activities: Acquisition of
business, net of cash acquired — (10,199 ) Capital expenditures
(12,416 ) (9,715 ) Other investing activities (3,376 ) (2,070 )
Cash used for investing activities (15,792 ) (21,984 )
Cash
flows from financing activities: Proceeds from long-term debt
35,015 42,000 Payments for long-term debt (47,116 ) (13,031 )
Purchase of outstanding shares for treasury — (32,382 ) Debt
acquisition costs (516 ) — Proceeds from exercise of stock options
283 349 Cash used for financing activities (12,334 )
(3,064 ) Effect of exchange rates on cash (254 ) 211
Decrease in cash and cash equivalents (13,021 ) (2,524 ) Cash and
cash equivalents at beginning of period 17,914 17,901
Cash and cash equivalents at end of period $ 4,893 $ 15,377
ASTRONICS CORPORATION
SALES BY
MARKET
(Unaudited, $ in thousands)
Three Months
Ended
Nine Months
Ended
2018
YTD
9/29/2018
9/30/2017
%
change
9/29/2018
9/30/2017
%
change
% of
Sales
Aerospace Segment Commercial Transport $ 136,692 $ 98,821
38.3% $ 402,539 $ 306,898 31.2% 67.1% Military 16,125 15,365 4.9%
46,410 46,297 0.2% 7.7% Business Jet 9,289 10,592 (12.3)% 30,291
28,844 5.0% 5.1% Other 7,473 3,885 92.4% 21,143
12,998 62.7% 3.5%
Aerospace Total
169,579 128,663 31.8% 500,383 395,037 26.7% 83.4%
Test
Systems Segment Semiconductor 33,596 6,632 406.6% 72,061 18,343
292.9% 12.0% Aerospace & Defense 9,499 14,341
(33.8)% 27,895 39,766 (29.9)% 4.6%
Test
Systems Total 43,095 20,973 105.5% 99,956
58,109 72.0% 16.6%
Total $ 212,674
$ 149,636 42.1% $ 600,339 $ 453,146
32.5%
SALES BY PRODUCT
LINE
(Unaudited, $ in thousands)
Three Months
Ended
Nine Months
Ended
2018
YTD
9/29/2018
9/30/2017
%
change
9/29/2018
9/30/2017
%
change
% of
Sales
Aerospace Segment Electrical Power & Motion $ 78,610 $
63,972 22.9% $ 218,931 $ 199,014 10.0% 36.5% Lighting & Safety
43,481 37,001 17.5% 129,244 122,317 5.7% 21.6% Avionics 31,059
11,348 173.7% 100,354 31,424 219.4% 16.7% Systems Certification
2,373 4,454 (46.7)% 12,028 9,405 27.9% 2.0% Structures 6,583 8,003
(17.7)% 18,683 19,879 (6.0)% 3.1% Other 7,473 3,885
92.4% 21,143 12,998 62.7% 3.5%
Aerospace
Total 169,579 128,663 31.8% 500,383 395,037 26.7% 83.4%
Test Systems Segment 43,095 20,973 105.5%
99,956 58,109 72.0% 16.6%
Total
$ 212,674 $ 149,636 42.1% $ 600,339 $ 453,146
32.5%
ASTRONICS CORPORATION
ORDER AND BACKLOG
TREND
(Unaudited, $ in thousands)
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Trailing Twelve
Months
12/31/2017 3/31/2018 6/30/2018
9/29/2018 9/29/2018 Sales
Aerospace $ 139,566 $ 164,600 $ 166,204 $ 169,579 $ 639,949 Test
Systems 31,752 14,459 42,402
43,095 131,708
Total Sales
$ 171,318 $ 179,059
$ 208,606 $ 212,674
$ 771,657 Bookings Aerospace $ 179,340
$ 180,883 $ 158,870 $ 196,671 $ 715,764 Test Systems 57,719
15,280 28,060 37,137
138,196
Total Bookings $ 237,059
$ 196,163 $ 186,930
$
233,808 $ 853,960
Backlog* Aerospace $ 298,604 $ 305,977 $ 298,643 $ 325,735
Test Systems 95,086 92,635
78,293 72,335
Total Backlog
$ 393,690 $ 398,612
$ 376,936 $ 398,070
N/A
Book:Bill Ratio Aerospace 1.28 1.10 0.96
1.16 1.12 Test Systems 1.82 1.06
0.66 0.86 1.05
Total Book:Bill
1.38 1.10
0.90 1.10 1.11 *
During the fourth quarter of 2017, the Telefonix PDT acquisition
added backlog of approximately $25.7 million for the Aerospace
segment. In the first quarter of 2018, the implementation of new
required revenue recognition accounting rules resulted in a
reduction to backlog of $8.9 million and $3.3 million for the
Aerospace and Test Systems segments, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181105005932/en/
Company:Astronics CorporationDavid C. Burney,
716-805-1599, ext. 159Chief Financial
Officerdavid.burney@astronics.comorInvestor Relations:Kei
Advisors LLCDeborah K. Pawlowski,
716-843-3908dpawlowski@keiadvisors.com
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