- Fourth quarter sales up 18.4% to $203
million; full year sales up 28.6% to $803 million
- Achieved record Aerospace segment sales
in fourth quarter and full year 2018
- Record Aerospace backlog of $326
million at year-end
- Earnings per diluted share for 2018 of
$1.41 compared with $0.58 in the prior year
- Strong cash flow from operations of
$39.5 million for the quarter and $54.9 million in 2018
Astronics Corporation (NASDAQ: ATRO), a leading supplier of
advanced technologies and products to the global aerospace and
defense industries, today reported financial results for the three
and twelve months ended December 31, 2018. Results include the
results of Telefonix PDT, which was acquired on December 1, 2017
and Customer Control Concepts (“CCC”), which was acquired on April
3, 2017 (collectively, the “Acquired Businesses”). Earnings per
share for all periods were adjusted for the 3 for 20 (15%)
distribution of Class B Stock for shareholders of record on October
12, 2018.
Peter J. Gundermann, President and Chief Executive Officer,
commented, “We had a strong finish to 2018. Consolidated sales in
the fourth quarter were up 18.4%, leading to 2018 full year sales
of
$803 million, a 28.6% increase over 2017. The increased volume
helped to strengthen margins and deliver net income of $46.8
million in 2018, up from $19.7 million in 2017. We continue to make
solid progress improving margins, especially in our Aerospace
business.”
He continued, “We also had strong demand through the year, with
solid fourth quarter bookings of
$220 million, exceeding sales by 9%. Total bookings for the year
were $837 million, beating sales by 4%. We entered 2019 with a
record backlog of $403 million, excluding the semiconductor backlog
that was sold in 2019, which sets us up well for another solid
year.”
Consolidated Review
Three Months Ended Year Ended ($ in
thousands)
December
31,2018
December
31,2017
% Change
December
31,2018
December
31,2017
% Change
Sales $ 202,917 $ 171,318 18.4 % $ 803,256 $ 624,464 28.6 %
Gross profit $ 47,672 $ 32,153 48.3 % $ 180,696 $ 137,113
31.8 % Gross margin
23.5
%
18.8
%
22.5
%
22.0
%
Impairment loss $ — $ 16,237 $ — $ 16,237
SG&A
$ 29,114 $ 23,202 25.5 % $ 117,033 $ 88,775 31.8 % SG&A percent
of sales
14.3
%
13.5
%
14.6
%
14.2
%
Income (Loss) from Operations $ 18,558 $ (7,286 )
354.7
% $ 63,663 $ 32,101 98.3 % Operating margin %
9.1
%
(4.3
) %
7.9
%
5.1
%
Net Income (Loss) $ 12,485 $ (5,653 ) 320.9 % $ 46,803 $
19,679 137.8 % Net Income %
6.2
%
(3.3
) %
5.8
%
3.2
%
Fourth Quarter Results
Consolidated sales were up 18.4%, or $31.6 million, from the
prior-year period. Aerospace segment sales of $175.2 million were
up $35.7 million including $12.0 million of acquired sales from
Telefonix PDT. Test Systems segment sales of $27.7 million were
down $4.1 million.
Consolidated gross margin improved 470 basis points from the
benefit of higher organic sales and Telefonix PDT's contribution to
gross profit and strong margin profile.
Selling, general and administrative (“SG&A”) expenses were
up $5.9 million primarily due to the acquisition of Telefonix
PDT, which had thirteen weeks of operations in the quarter compared
with four weeks in the prior year. Included in SG&A was
intangible asset amortization expense of $1.6 million related to
the Telefonix PDT acquisition.
Operating income in the fourth quarter was $18.6 million
compared with a $7.3 million operating loss in the same period of
the prior year. The fourth quarter of 2017 was negatively impacted
by an approximate $16.2 million impairment charge associated with
its Armstrong Aerospace reporting unit.
The effective tax rate for the quarter was 19.9%, compared with
41.8% in the fourth quarter of 2017. The 2018 fourth quarter tax
rate had a net benefit from the U.S. Tax Cuts and Jobs Act (the
“Act”). The 2017 fourth quarter tax rate was unfavorably impacted
by the $1.3 million estimated transition tax on the deemed
repatriation of foreign earnings resulting from the Act, enacted in
December 2017.
Bookings in the quarter were $220.4 million, which exceeded
sales by 9%, resulting in a record backlog at year-end of $403.3
million, excluding $12.2 million of semiconductor backlog which was
sold with the business in 2019.
Full Year Results
Consolidated sales were $803.3 million, up 28.6%, or
$178.8 million, from the same period last year. Organic sales
increased $94.0 million, or 15.0%. Acquired sales for 2018 was
$84.8 million and all related to the Aerospace segment. Aerospace
segment sales of $675.6 million were up 26.4%, or
$141.0 million, and Test Systems segment sales were up 42.0% to
$127.6 million.
Consolidated gross profit benefited from higher organic sales
and the gross profit contribution of Telefonix PDT. This was
partially offset by CCC's lower margin profile due to low volume
and the $7.5 million year-to-date loss associated with an acquired
development contract.
The $28.3 million increase in SG&A was due primarily to the
incremental SG&A costs of the Acquired Businesses, which added
$20.9 million. This included $7.4 million of incremental intangible
asset amortization expense in 2018. Corporate overhead expenses
increased $2.6 million due primarily to increased staffing and
infrastructure development.
The effective tax rate for 2018 was 10.5%, compared with 21.3%
in 2017. The decrease was due primarily to the decrease in the
federal rate as a result of the Act and a net tax benefit of $4.0
million related to a revised state tax filing position. The
effective tax rate for 2017 was unfavorably impacted by the $1.3
million estimated transition tax on the deemed repatriation of
foreign earnings resulting from the Act.
Bookings for the year, led particularly by the Aerospace
segment, totaled $837.3 million, exceeding sales by 4%.
Aerospace Segment Review (refer to sales by market and
segment data in accompanying tables)
Aerospace Fourth Quarter
Results
Aerospace segment sales increased by $35.7 million, or 25.6%, to
$175.2 million, when compared with the prior year’s fourth quarter,
driven by strong growth in organic sales of $23.7 million, or
17.0%. Telefonix PDT contributed $12.0 million in acquired sales in
the period.
Electrical Power & Motion sales increased $19.0 million, or
29.1%, due to higher sales of in-seat power and seat motion
products. Avionics sales were up $9.0 million as a result of the
addition of Telefonix PDT which contributed an incremental $11.0
million to sales in this product line, more than offsetting
declines in other avionics products. Lighting & Safety sales
increased by $8.8 million due to a general increase in volume.
Sales of Other products increased $2.5 million, due primarily to
the Telefonix PDT acquisition and increased volume. Systems
Certification sales decreased by $3.0 million on lower project
activity.
Aerospace segment operating profit for the fourth quarter of
2018 was $22.2 million, or 12.7% of sales, compared with an
operating loss of $7.9 million in the same period of 2017.
Aerospace operating profit benefited from the contribution margin
on higher organic sales, the addition of Telefonix PDT, and
operating improvements at CCC, AeroSat and Armstrong. These
business units improved by a combined $4.6 million to a loss of
$6.4 million, exclusive of the $16.2 million impairment charge
related to Armstrong in the 2017 fourth quarter. These improvements
were partially offset by the impact of tariffs enacted during the
latter half of 2018.
Aerospace bookings in the fourth quarter of 2018 were $175.6
million, for a book-to-bill ratio of 1.00:1 for the quarter.
Backlog was a record $326.0 million at the end of the fourth
quarter of 2018.
Aerospace Full Year Results
Aerospace segment sales increased by $141.0 million, or 26.4%,
to $675.6 million, when compared with the prior-year period.
Organic sales increased $56.2 million, or 10.5%, compared with the
prior year.
Avionics sales increased by $77.9 million, driven primarily by
the acquisitions, which contributed incremental sales of $72.5
million to Avionics sales. Electrical Power & Motion sales
increased
$38.9 million, or 14.7%, and Lighting & Safety sales
increased $15.7 million, both for similar reasons as in the
quarter. Sales of Other products were up $10.6 million, due to the
Telefonix PDT business. The increases were slightly offset by a
decrease in Structures sales of $1.7 million.
Aerospace operating profit for 2018 was $69.8 million, or 10.3%
of sales, compared with $38.9 million, or 7.3% of sales, in the
same period of 2017. Aerospace operating profit benefited from
higher organic sales and profits of Telefonix PDT, offset partially
by increased operating losses of CCC, AeroSat and Armstrong which
improved by $3.8 million to $34.7 million compared with the prior
year, excluding Armstrong’s 2017 goodwill impairment charge. For
the year, intangible asset amortization expense was $9.2 million
related to the Acquired Businesses. Operating profit in the prior
year was negatively impacted by the $16.2 million impairment at
Armstrong.
Aerospace bookings for 2018 came to $712.0 million, up 5% over
sales. The Aerospace segment had record backlog of $326.0 million
at year-end.
Mr. Gundermann commented, “Our Aerospace business continues to
perform very well. In the fourth quarter, we set our fourth
quarterly sales record in a row, and the year was up 23% over our
previous high. Demand was strong throughout the year, such that our
Aerospace bookings of $712 million exceeded sales by 5%. We entered
2019 with a record backlog of $326 million, which supports our
expectations that 2019 will be another very strong year.”
He added, “We continue to make progress with respect to margins
in our Aerospace business. Our fourth quarter Aerospace operating
margin of 12.7% was the strongest we have achieved in nearly two
years. A big part of this improvement came from the three troubled
business we have discussed in the past. The operating loss from
these three summed to $6.4 million in the fourth quarter, compared
with $28.3 million during the first three quarters of 2018, showing
good progress. We expect the first quarter of 2019 will be at the
same level as the fourth quarter, but we also expect to make steady
progress thereafter as volume in these businesses picks up.”
Test Systems Segment Review (refer to sales by market and
segment data in accompanying tables)
Test Systems Fourth Quarter
Results
Sales in the fourth quarter of 2018 decreased approximately $4.1
million to $27.7 million compared with $31.8 million in the
prior-year period. Test sales to the Aerospace & Defense market
and the Semiconductor market decreased by $2.6 million and $1.5
million, respectively.
Operating profit declined to $0.6 million, or 2.0% of sales,
from $4.5 million, or 14.2% of sales, in the fourth quarter of 2017
on lower sales and mix change.
Bookings for the Test Systems segment in the quarter were $44.8
million, for a book-to-bill ratio of 1.62:1 for the quarter.
Excluding the divested semiconductor business, bookings were $43.3
million in the fourth quarter. Backlog was $89.5 million at the end
of 2018, of which $12.2 million was related to the since-divested
semiconductor business.
Test Systems Full Year Results
Sales in 2018 increased 42.0% to $127.6 million compared with
sales of $89.9 million for 2017. The growth was driven by a $52.3
million increase in sales to the Semiconductor market, offset by a
decrease in Aerospace & Defense sales of $14.5 million.
Operating profit was $10.7 million, or 8.4% of sales, compared
with $7.4 million, or 8.2% of sales, in 2017. This was primarily
due to increased sales volume partially offset by approximately
$2.0 million in increased engineering costs and elevated initial
costs associated with new products.
Mr. Gundermann commented, “Our Test business had a very strong
2018, with sales up 42% over 2017, although it ended on a weaker
note in the fourth quarter as we anticipated. The Test business
contributed strongly to our profits for the year, with operating
income of $10.7 million in 2018, up from $7.4 million in 2017.”
Outlook
Consolidated sales in 2019 are expected to be in the range of
$760 million to $805 million. Excluding sales of the disposed
semiconductor business from 2018 sales, the mid-point of the range
represents consolidated organic growth of 8%. Approximately $710
million to $745 million is expected from the Aerospace segment, an
increase at the mid-point of about 8% over 2018. Test Systems
segment sales for 2019 are expected to be in the range of $50
million to $60 million, the mid-point representing an increase of
14% over Test Systems sales in 2018 after backing out the disposed
semiconductor business.
On February 13, 2019, Astronics completed the sale of its
semiconductor test business. The Company expects to record a
pre-tax gain on the sale of approximately $80 million in the first
quarter of 2019. The income tax expense relating to the gain is
estimated to be $22 million.
Consolidated backlog at December 31, 2018 was $415.5 million.
Excluding $12.2 million of backlog that was disposed of in the 2019
sale of the semiconductor business, backlog was $403.3 million, of
which approximately $352.4 million is expected to ship in 2019.
The effective tax rate for 2019, excluding the impact of the
gain on the sale of the semiconductor business, is expected to be
approximately 18% to 22%.
Capital equipment spending in 2019 is expected to be in the
range of $22.0 million to $28.0 million.
Mr. Gundermann commented, “We will be without our semiconductor
test business in 2019, which we sold to Advantest on February 13,
2019. We have enjoyed our participation in the semi-test industry,
but came to the conclusion that it would be difficult for us to
expand its customer base meaningfully without extraordinary levels
of investment. We feel the business is better off with Advantest,
and we are pleased with the return we earned. We originally
acquired the semiconductor business as part of a 2014 acquisition
for $69 million. That acquisition paid back its purchase price in
under two years, so we feel the return we have recognized is very
good.
We believe we can deliver a very solid 2019. Our Test segment,
without the semi-test business, is set up for a solid year of
growth with its remaining A&D products, helped in part by our
recently announced award on the New York City subway program. At
the same time, we will need to adjust to the lower overall volume
of our Test segment, so margins are expected to be modest to
breakeven. Our Aerospace business, on the other hand, anticipates
another year of solid sales growth and strengthening margins. As
Aerospace will represent 90% of our volume, these results will
largely determine our year.”
Fourth Quarter 2018 Webcast and Conference Call
The Company will host a teleconference today at 11:00 a.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 13687409. The telephonic
replay will be available approximately two hours following the call
through Thursday, February 28, 2019. A transcript will also be
posted to the Company’s website once available.
About Astronics
Corporation
Astronics Corporation (NASDAQ: ATRO) serves the world’s
aerospace and defense industries with proven, innovative technology
solutions. Astronics works side-by-side with customers, integrating
its array of power, connectivity, lighting, structures, interiors,
and test technologies to solve complex challenges. For 50 years,
Astronics has delivered creative, customer-focused solutions with
exceptional responsiveness. Today, global airframe manufacturers,
airlines, armed services, completion centers and Fortune 500
manufacturing organizations rely on the collaborative spirit and
innovation of Astronics.
For more information on Astronics and its solutions, visit
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 progress
being made with the three operations having losses, the
continuation of the trend in growth with passenger power and
connectivity on airplanes, the ability of the company to advance
its Test business, the ability to achieve at or near breakeven
performance in the Test business, the Company’s ability to deliver
a solid 2019, the ability to win new projects in the Test business
and margins to expand with growth, the success of the Company
achieving its sales expectations, the state of the aerospace,
defense, and consumer electronics 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 Year Ended 12/31/2018
12/31/2017 12/31/2018
12/31/2017 Sales $ 202,917
$ 171,318 $ 803,256 $
624,464 Cost of products sold 155,245 139,165 622,560
487,351 Gross profit 47,672 32,153 180,696 137,113
Gross
margin 23.5% 18.8% 22.5% 22.0%
Impairment Loss — 16,237 — 16,237 Selling, general and
administrative 29,114 23,202 117,033 88,775
SG&A % of
sales 14.3% 13.5% 14.6%
14.2% Income (Loss) from operations 18,558 (7,286 )
63,663 32,101
Operating margin 9.1% (4.3)%
7.9% 5.1% Other expense, net 580 810 1,671
1,741 Interest expense, net 2,384 1,619 9,710 5,369 Income
(Loss) before tax 15,594 (9,715 ) 52,282 24,991 Income tax expense
(benefit) 3,109 (4,062 ) 5,479 5,312
Net Income (Loss)
$ 12,485 $ (5,653 )
$ 46,803 $ 19,679 Net Income
(Loss) % of sales 6.2% (3.3)% 5.8%
3.2% Basic earnings (loss) per share: $ 0.38 $
(0.18 ) $ 1.45 $ 0.60 Diluted earnings (loss) per share: $ 0.37 $
(0.18 ) $ 1.41 $ 0.58 Weighted average diluted shares
outstanding (in thousands)
33,344 32,217 33,136 33,718 Capital expenditures $ 3,901 $
3,763 $ 16,317 $ 13,478 Depreciation and amortization $ 8,276 $
7,794 $ 35,032 $ 27,063
*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)
12/31/2018
12/31/2017 ASSETS Cash and cash
equivalents $ 16,622 $ 17,914 Accounts receivable and uncompleted
contracts 182,308 132,633 Inventories 138,685 150,196 Other current
assets 17,198 14,586 Assets held for sale 19,358 — Property, plant
and equipment, net 120,862 125,830 Other long-term assets 21,272
15,659 Intangible assets, net 133,383 153,493 Goodwill 124,952
125,645
Total assets $ 774,640 $
735,956
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current maturities of long term debt $ 1,870 $ 2,689 Accounts
payable and accrued expenses 98,436 80,595 Customer advances and
deferred revenue 26,880 19,607 Liabilities held for sale 906 —
Long-term debt 232,112 269,078 Other liabilities 27,811 34,060
Shareholders' equity 386,625 329,927
Total liabilities and
shareholders' equity $ 774,640 $
735,956 ASTRONICS CORPORATION SEGMENT
DATA (Unaudited, $ in thousands)
Three Months Ended Year
Ended 12/31/2018 12/31/2017
12/31/2018 12/31/2017 Sales Aerospace $
175,299 $ 139,687 $ 675,744 $ 534,724 Less Inter-segment (57)
(121) (119) (121) Total Aerospace 175,242 139,566
675,625 534,603 Test Systems 27,723 31,752 127,679 89,861
Less Inter-segment (48) — (48) — Total Test Systems
27,675 31,752 127,631 89,861
Total consolidated sales
202,917 171,318 803,256 624,464 Operating profit (loss) and
margins Aerospace 22,236 (7,865) 69,761 38,888 12.7% (5.6)% 10.3%
7.3% Test Systems 567 4,516 10,718 7,359 2.0% 14.2% 8.4%
8.2%
Total operating profit (loss) 22,803 (3,349)
80,479 46,247 Interest expense 2,384 1,619 9,710
5,369 Corporate expenses and other 4,825 4,747 18,487
15,887
Income (loss) before taxes $ 15,594 $ (9,715)
$ 52,282 $ 24,991
ASTRONICS CORPORATION
CONSOLIDATED CASH
FLOWS DATA
(Unaudited, $ in thousands)
Year
Ended
December 31,2018
December 31,2017
Cash flows from operating activities: Net income $ 46,803 $
19,679
Adjustments to reconcile net income to
cash provided by operatingactivities:
Depreciation and amortization 35,032 27,063 Provisions for non-cash
losses on inventory and receivables 3,271 2,973 Stock compensation
expense 3,098 2,598 Deferred tax benefit (2,680) (5,494) Impairment
loss — 16,237 Other (668) (937) Cash flows from changes in
operating assets and liabilities: Accounts receivable (47,291)
(9,844) Inventories (14,695) (18,116) Prepaid expenses and other
current assets 464 (2,132) Accounts payable 9,171 10,439 Accrued
expenses 9,177 (702) Income taxes payable (4,460) (376) Customer
advanced payments and deferred revenue 15,735 (4,918) Supplemental
retirement plan and other liabilities 1,924 1,313 Cash provided by
operating activities 54,881 37,783
Cash flows from investing
activities: Acquisition of business, net of cash acquired —
(114,039) Capital expenditures (16,317) (13,478) Other (3,350)
(2,044) Cash used for investing activities (19,667) (129,561)
Cash flows from financing activities: Proceeds from
long-term debt 35,015 147,086 Principal payments on long-term debt
(72,834) (23,720) Purchase of outstanding shares for treasury —
(32,382) Debt acquisition costs (516) — Proceeds from exercise of
stock options 2,201 441 Cash (used for) provided by financing
activities (36,134) 91,425 Effect of exchange rates on cash (372)
366 (Decrease) Increase in cash and cash equivalents (1,292) 13
Cash and cash equivalents at beginning of year 17,914 17,901 Cash
and cash equivalents at end of year $ 16,622 $ 17,914
ASTRONICS CORPORATION
SALES BY
MARKET
(Unaudited, $ in thousands)
Three Months
Ended
Year
Ended
2018
YTD
12/31/2018
12/31/2017 % change
12/31/2018
12/31/2017 % change
% of Sales Aerospace Segment Commercial
Transport $ 133,730 $ 107,624 24.3
$ 536,269 $ 414,523 29.4
66.7
Military 21,728 14,974 45.1
68,138 61,270 11.2
8.5
Business Jet 12,799 12,454 2.8
43,090 41,298 4.3
5.4
Other 6,985 4,514 54.7
28,128 17,512 60.6
3.5
Aerospace Total 175,242 139,566 25.6
675,625 534,603 26.4
84.1
Test Systems Segment Semiconductor 12,193 13,655
(10.7)
84,254 31,999 163.3
10.5
Aerospace & Defense 15,482 18,097 (14.4)
43,377 57,862 (25.0)
5.4
Test Systems Total 27,675 31,752 (12.8)
127,631 89,861 42.0
15.9
Total $ 202,917 $ 171,318 18.4
$ 803,256 $ 624,464 28.6
ASTRONICS CORPORATION
SALES BY PRODUCT
LINE
(Unaudited, $ in thousands)
Three Months
Ended
Year
Ended
2018
YTD
12/31/2018
12/31/2017 % change
12/31/2018 12/31/2017
% change % of Sales
Aerospace Segment Electrical Power & Motion $ 84,249 $
65,273 29.1 % $ 303,180 $ 264,286 14.7 % 37.8 % Lighting &
Safety 45,139 36,346 24.2
174,383 158,663 9.9
21.7
Avionics 31,495 22,536 39.8
131,849 53,960 144.3
16.4
Systems Certification 1,923 4,927 (61.0)
13,951 14,333 (2.7)
1.7
Structures 5,451 5,970 (8.7)
24,134 25,849 (6.6)
3.0
Other 6,985 4,514 54.7
28,128 17,512 60.6
3.5
Aerospace Total 175,242 139,566 25.6
675,625 534,603 26.4
84.1
Test Systems Segment 27,675 31,752
(12.8)
127,631 89,861 42.0
15.9
Total $ 202,917 $ 171,318 18.4
$ 803,256 $ 624,464 28.6
ASTRONICS CORPORATION
ORDER AND BACKLOG
TREND
(Unaudited, $ in thousands)
Q12018 (1)
Q2 2018
Q3 2018
Q4 2018 (2)
Twelve Months
3/31/2018 6/30/2018 9/29/2018
12/31/2018 12/31/2018 Sales
Aerospace $ 164,600 $ 166,204 $ 169,579 $ 175,242 $ 675,625 Test
Systems 14,459 42,402 43,095 27,675
127,631
Total Sales $ 179,059 $
208,606 $ 212,674 $
202,917 $ 803,256
Bookings Aerospace $ 180,883 $ 158,870 $ 196,671 $ 175,554 $
711,978 Test Systems 15,280 28,060 37,137
44,810 125,287
Total Bookings $ 196,163
$ 186,930 $ 233,808
$ 220,364 $ 837,265
Backlog Aerospace $ 305,977 $ 298,643 $ 325,735 $
326,047 Test Systems 92,635 78,293 72,335
89,470
Total Backlog $ 398,612
$ 376,936 $ 398,070
$ 415,517 N/A
Book:Bill Ratio Aerospace 1.10 0.96 1.16 1.00 1.05 Test
Systems 1.06 0.66 0.86 1.62 0.98
Total Book:Bill 1.10
0.90 1.10 1.09 1.04
(1) In the first quarter of 2018,
the implementation of new required revenue recognitionrules
resulted in a reduction to backlog of $8.9 million and $3.3 million
for the Aerospace and TestSystems segments, respectively.
(2) Included in our fourth quarter
Test Systems backlog is $12.2 million of backlog that wasdisposed
of in the 2019 sale of the semiconductor business
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190221005305/en/
Company:David C. Burney, Chief Financial OfficerPhone:
(716) 805-1599, ext. 159Email: david.burney@astronics.com
Investor Relations:Deborah K. Pawlowski, Kei Advisors
LLCPhone: (716) 843-3908Email: dpawlowski@keiadvisors.com
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