- Fourth quarter sales of $116.1 million; full year sales of
$444.9 million
- Fourth quarter bookings increased 53% over prior-year period
to $177.3 million; full year bookings were up 35% to $577.2
million
- Achieved record backlog at year-end of $415.7
million
- Fourth quarter pre-tax loss of $0.2 million and net income
of $1.6 million
- Initial 2022 revenue guidance is $550 million to $600
million
Astronics Corporation (Nasdaq: ATRO) (“Astronics” or the
“Company”), a leading supplier of advanced technologies and
products to the global aerospace, defense and other mission
critical industries, today reported financial results for the three
and twelve months ended December 31, 2021.
Peter J. Gundermann, President and Chief Executive Officer,
commented, “We achieved sales of $116 million in the fourth
quarter, which was within our expected range despite continuing
supply chain struggles and labor shortages. There were a number of
puts and takes in the quarter that impacted results, but we believe
that the most significant takeaway was the continued growth in
demand from our markets. Bookings jumped to 153% of sales for the
quarter, resulting in a year-end backlog of $416 million, an
all-time high for Astronics.”
Fourth Quarter Results
Three Months Ended
Year Ended
($ in thousands)
December
31, 2021
December
31, 2020
%
Change
December
31, 2021
December
31, 2020
%
Change
Sales
$
116,052
$
114,803
1.1
%
$
444,908
$
502,587
(11.5
) %
Loss from Operations
$
(8,744
)
$
(5,469
)
59.9
%
$
(28,674
)
$
(100,701
)
(71.5
) %
Operating Margin %
(7.5
) %
(4.8
) %
(6.4
) %
(20.0
) %
Net Gain on Sale of Business
$
10,677
$
—
$
10,677
$
—
Net Income (Loss)
$
1,604
$
(19,985
)
(108.0
) %
$
(25,578
)
$
(115,781
)
(77.9
) %
Net Income (Loss) %
1.4
%
(17.4
) %
(5.7
) %
(23.0
) %
*Adjusted EBITDA
$
(804
)
$
2,897
(127.8
) %
$
1,898
$
28,762
(93.4
) %
*Adjusted EBITDA Margin %
(0.7
) %
2.5
%
0.4
%
5.7
%
*Adjusted EBITDA is a Non-GAAP Performance
Measure. Please see the attached table for a reconciliation of
Adjusted EBITDA to GAAP net income.
Fourth Quarter 2021 Results (compared with
the prior-year period, unless noted otherwise)
Consolidated sales were up $1.2 million, driven by Aerospace
sales which increased by $7.0 million and more than offset the
decline in Test System sales of $5.8 million. Total sales and
volume continued to reflect the ongoing impacts of the COVID-19
pandemic on the global aerospace industry. Supply chain pressures
impacted delivery schedules and costs, limiting the Company’s
ability to respond to accelerated or quick-turn delivery requests
from customers and delaying shipments that otherwise would have
been made during the quarter. The Company estimates that it had
backlog at the end of the year of $15 million to $17 million that
would have shipped if its supply chain was functioning
normally.
Impacts to margins and operating profit included the
following:
- The Company was awarded a grant of up to $14.7 million as part
of the Aviation Manufacturing Jobs Protection (“AMJP”) Program. The
grant is being recognized ratably over the six-month period of
performance. In the fourth quarter of 2021, $7.6 million was
recognized as an offset to cost of products sold. Astronics had
recognized $1.1 million of the grant in the third quarter, or $8.7
million for the year, and expects to recognize the remaining $6.0
million of the grant in the first quarter of 2022.
- On October 6, 2021, as part of a planned consolidation effort,
the Company sold one of its Aerospace facilities for $9.1 million.
Net cash proceeds were approximately $8.8 million. A gain on sale
of approximately $5.0 million was recorded during the fourth
quarter of 2021.
- The Company reinstituted contributions to its 401K plans in the
fourth quarter of 2021, which added $4.3 million of expense in the
quarter. The fourth quarter contribution approximates a typical
annual contribution. Astronics expects that approximately $4.2
million will be funded with treasury stock in the first quarter of
2022.
- The fourth quarter of 2021 was negatively affected by $2.2
million higher warranty expenses.
- In late December, the Company reached an agreement with the
buyer of its former semiconductor test business, which was sold in
2019, related to earnout payments. For its earnout payment related
to performance in calendar 2020, the Company agreed to an earnout
amount of $10.7 million, which was recorded in the fourth quarter
of 2021 and was paid to the Company in early January. On February
14, 2022, the Company was notified by the purchaser that they have
calculated $11.2 million as being payable for the calendar 2021
earnout. The Company is in the process of reviewing the calculation
and expects to record the additional gain on the sale, and receive
the payment, in the first quarter of 2022.
- In January 2022, the Company was notified of an adverse ruling
in its long-running intellectual property dispute with Lufthansa
Technik, which has been in litigation since 2010 in the United
States, France, Germany and the United Kingdom. Most recently, the
U.K. Court has ruled that the subject Lufthansa Technik patent is
valid and that the Company had infringed the expired patent. Based
on the information currently available, the Company accrued $8.4
million relating to the U.K. matter in the fourth quarter, although
the actual amount of damages will not be known until a damages
trial is completed, which is expected to occur sometime in
2023.
Consolidated operating loss was $8.7 million, compared with $5.5
million in the prior-year period.
Consolidated net income was $1.6 million, or $0.05 per diluted
share, compared with net loss of $20.0 million, or $0.65 per
diluted share, in the prior year.
Consolidated adjusted EBITDA was $(0.8) million, or (0.7)% of
consolidated sales, compared with adjusted EBITDA of $2.9 million,
or 2.5% of consolidated sales, in the prior-year period.
Bookings were $177.3 million, for a book-to-bill ratio of
1.53:1. Bookings were up 15.5% sequentially and up 52.9% from the
prior year’s comparator quarter. Backlog at the end of the quarter
was $415.7 million, which was a record for the Company.
Approximately $340 million of backlog is expected to ship in
2022.
Aerospace Segment Review (refer to sales by market and
segment data in accompanying tables)
Aerospace Fourth Quarter 2021 Results
(compared with the prior-year period, unless noted
otherwise)
Aerospace segment sales increased $7.0 million, or 7.7%, to
$98.8 million in the fourth quarter. Commercial aerospace sales,
which were up 21.1%, or $10.2 million, drove the improvement. Sales
to this market were $58.4 million, or 50.4% of consolidated sales
in the quarter, compared with $48.2 million, or 42.0% of
consolidated sales in the fourth quarter of 2020. Improving
domestic travel, increased narrow body production rates including
the 737 MAX and higher fleet utilization drove increased demand for
Astronics’ products.
General Aviation sales were up $0.4 million, or 2.4%, to $15.5
million as higher demand in the business jet market offset lower
VVIP activity. The Company expects the strong demand being realized
in the business jet industry to translate into higher demand for
its products as production levels begin to increase in 2022.
Military Aircraft sales decreased $2.2 million, or 12.2%, to
$15.5 million. The prior-year period benefited from incremental
non-recurring engineering revenue associated with development of
new programs.
Other revenue decreased $1.4 million to $9.4 million driven by
lower contract manufacturing programs.
Aerospace segment operating loss for the fourth quarter of 2021
was $2.3 million compared with operating loss of $3.3 million in
the same period of 2020. The fourth quarter benefited from $7.6
million related to the AMJP grant and a $5.0 million gain related
to the sale of a facility. The fourth quarter was negatively
impacted by accruals related to the Lufthansa dispute mentioned
above, 401K contributions of $3.5 million that were reinstated in
the fourth quarter and increased warranty charges of $1.9
million.
Aerospace segment bookings in the fourth quarter of 2021
improved sequentially to $147.7 million, for a book-to-bill ratio
of 1.49:1, and were up almost 100% from the prior year’s comparator
quarter. Backlog was $334.7 million at the end of the fourth
quarter of 2021 compared with backlog of $191.1 million at the end
of the fourth quarter of 2020.
Mr. Gundermann commented, “Recovery is evident in our commercial
aerospace business. The pandemic’s infection rates are dropping and
so are travel restrictions around the world, leading to increased
demand for airline travel. In the second half of 2021, our
Aerospace book-to-bill ratio was 1.49, suggesting a strong
acceleration of business in the coming months. This increased
demand will drive improved results for Astronics in 2022 and
beyond.”
Test Systems Segment Review (refer to sales by market and
segment data in accompanying tables)
Test Systems Fourth Quarter
Results
Test Systems segment sales in the fourth quarter were $17.2
million, down $5.8 million compared with the prior-year period
driven by lower defense and transit revenue caused by COVID-related
delays.
Test Systems segment operating loss was $1.8 million, or 10.5%
of sales, down from operating income of $1.3 million, or 5.6% of
sales, in last year's fourth quarter. Operating loss in the fourth
quarter of 2021 included $0.7 million of expense associated with
the reinstated 401K contributions.
As discussed above, the Company recorded a gain of $10.7 million
in the fourth quarter of 2021 associated with the 2020 earnout for
the semiconductor test business. The Company expects to record a
gain for the 2021 earnout of approximately $11.2 million in the
first quarter of 2022. The Company is eligible for a final earnout
based on 2022 sales, which will be due in early 2023.
Bookings for the Test Systems segment in the quarter were $29.7
million, for a book-to-bill ratio of 1.72:1 for the quarter.
Backlog was $81.0 million at the end of 2021 compared with backlog
of $92.3 million at the end of 2020.
Liquidity and Financing
Cash used by operations totaled $5.5 million in 2021. Cash on
hand was $29.8 million and net debt was $133.2 million at the end
of the quarter. During the fourth quarter, the Company received net
cash proceeds of $8.8 million related to a facility sale and $2.0
million in tax refunds. The Company expects to receive an
additional $36 million in early 2022, which includes approximately
$22 million in earnout from the sale of its semiconductor business
(of which $10.7 million has already been received), $9 million in
tax refunds and an additional $5 million related to the AMJP. In
addition, the Company expects to receive the final $2 million
installment from the AMJP later in 2022.
On March 1, 2022, the Company entered into an amended and
extended revolving credit facility with its bank group. The purpose
of the amendment was to extend the scheduled expiration of the
agreement from February 16, 2023 to May 30, 2023. The Company was
in compliance with its financial covenants as of December 31, 2021.
Because the original expiration date of the debt facility was
within 12 months of the filing date of the Company’s audited
financial statements on Form 10-K, if not extended, the timing
would likely have resulted in a “going concern” audit opinion. The
extension also provides for more time to demonstrate economic
recovery from the severe downturn in the Aerospace industry before
executing a new longer-term financing agreement.
Select key modifications to the amended agreement include:
- A $225,000 amendment fee;
- Reduction of the revolver from $375 million to $225
million;
- A revised definition of adjusted EBITDA which excludes income
from earnout payments and asset sales;
- An increase in the maximum leverage ratio to 4.75 times
adjusted EBITDA through the second quarter of 2022, reverting to
3.75 times adjusted EBITDA thereafter;
- A revised pricing grid based on SOFR. The top drawn leverage,
above 4.00 times adjusted EBITDA, is priced at SOFR (with a floor
of 100 basis points) +325 basis points;
- A top undrawn fee priced at SOFR (with a floor of 100 basis
points) + 40 basis points;
- A first general lien on all real estate.
Based on Astronics’ financial projections, the Company expects
to be compliant with its financial covenants for the duration of
the agreement.
Astronics intends to replace the amended agreement with a new
long-term financing facility in the coming months.
2022 Outlook
Mr. Gundermann commented, “We entered 2022 with an all-time
record backlog of $416 million, with $340 million scheduled to ship
during the year. We are well positioned to deliver growth, as we
believe it will be a year of significant recovery. We are
establishing initial revenue guidance in the range of $550 million
to $600 million for the year, which includes what we consider
reasonable allowances for continued supply chain and labor
disruptions. We expect the first quarter to show a modest volume
increase over the fourth quarter, with a stronger ramp in the
latter half of the year. Our current view is that approximately 40%
of the year’s revenue will come in the first half, and about 60%
will be in the second half. Supply chain problems and the tight
labor market are risk items, but we expect to build momentum as we
move through 2022 with continued recovery into 2023.”
Capital expenditures for 2022 are expected to be approximately
$15 million to $20 million.
Fourth Quarter 2021 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 13726346. The telephonic
replay will be available from 2:00 p.m. on the day of the call
through Wednesday, March 9, 2022. A transcript of the call will
also be posted to the Company’s Web site once available.
About Astronics
Corporation
Astronics Corporation (Nasdaq: ATRO) serves the world’s
aerospace, defense, and other mission critical 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 over 50 years,
Astronics has delivered creative, customer-focused solutions with
exceptional responsiveness. Today, global airframe manufacturers,
airlines, military branches, completion centers, and Fortune 500
companies rely on the collaborative spirit and innovation of
Astronics. The Company’s strategy is to increase its value by
developing technologies and capabilities that provide innovative
solutions to its targeted markets.
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 and include all statements with regard to the impact of
COVID-19 on the Company and its future, reaching any revenue or
Adjusted EBITDA margin expectations, being in compliance with
credit agreement covenants, the recovery of the commercial
aerospace and test systems markets, the opportunities to leverage
capabilities in other markets and the expectations of demand by
customers and markets. 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 impact of the global outbreak of COVID-19 and governmental and
other actions taken in response, trend in growth with passenger
power and connectivity on airplanes, 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 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 relationships, 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
12/31/2021
12/31/2020
12/31/2021
12/31/2020
Sales
$
116,052
$
114,803
$
444,908
$
502,587
Cost of products sold1
97,588
95,685
379,545
405,744
Gross profit
18,464
19,118
65,363
96,843
Gross margin
15.9
%
16.7
%
14.7
%
19.3
%
Selling, general and administrative
32,222
24,587
99,051
110,528
SG&A % of sales
27.8
%
21.4
%
22.3
%
22.0
%
Net gain on sale of facility
5,014
—
5,014
—
Impairment loss2
—
—
—
87,016
Loss from operations
(8,744
)
(5,469
)
(28,674
)
(100,701
)
Operating margin
(7.5
) %
(4.8
) %
(6.4
) %
(20.0
) %
Net gain on sale of business3
10,677
—
10,677
—
Other expense, net of other income4
532
422
2,159
4,968
Interest expense, net
1,552
1,650
6,804
6,741
Loss before tax
(151
)
(7,541
)
(26,960
)
(112,410
)
Income tax (benefit) expense
(1,755
)
12,444
(1,382
)
3,371
Net Income (Loss)
$
1,604
$
(19,985
)
$
(25,578
)
$
(115,781
)
Net Income (Loss) % of sales
1.4
%
(17.4
) %
(5.7
) %
(23.0
) %
Basic (loss) earnings per share:
$
0.05
$
(0.65
)
$
(0.82
)
$
(3.76
)
Diluted (loss) earnings per share:
$
0.05
$
(0.65
)
$
(0.82
)
$
(3.76
)
Weighted average diluted shares
outstanding (in thousands)
31,915
30,837
31,061
30,795
Capital expenditures
$
1,395
$
1,884
$
6,034
$
7,459
Depreciation and amortization
$
7,055
$
7,759
$
29,005
$
31,854
1In September 2021, the Company was
awarded a grant of $14.7 million as part of the Aviation
Manufacturing Jobs Protection Program. In the quarter and year
ended December 31, 2021, $7.6 million and $8.7 million,
respectively, was recognized as an offset to the cost of products
sold.
2Impairment loss primarily represents the
goodwill impairment charges incurred in the Aerospace segment. In
2020, full impairment charges were recorded for goodwill associated
with the ACSC, PGA and CCC reporting units, and a partial goodwill
impairment charge was recognized for the PECO reporting unit.
3Net gain on sale of business for the
quarter and year ended December 31, 2021 is comprised of the
additional gain on the sale of the Company’s former semiconductor
test business resulting from the contingent earnout for the 2020
calendar year.
4Other expense, net of other income, is
primarily comprised of an equity investment impairment of $3.6
million in the year ended December 31, 2020.
ASTRONICS CORPORATION
SEGMENT
DATA
(Unaudited, $ in thousands)
Three
Months Ended
Year
Ended
12/31/2021
12/31/2020
12/31/2021
12/31/2020
Sales
Aerospace
$
98,836
$
91,797
$
365,261
$
418,079
Less Inter-segment
—
—
(23
)
(91
)
Total Aerospace
98,836
91,797
365,238
417,988
Test Systems
17,216
23,198
80,027
85,589
Less Inter-segment
—
(192
)
(357
)
(990
)
Total Test Systems
17,216
23,006
79,670
84,599
Total consolidated sales
116,052
114,803
444,908
502,587
Segment operating loss and
margins
Aerospace
(2,262
)
(3,266
)
(8,614
)
(89,833
)
(2.3
) %
(3.6
) %
(2.4
) %
(21.5
) %
Test Systems
(1,807
)
1,279
(3,765
)
5,549
(10.5
) %
5.6
%
(4.7
) %
6.6
%
Total segment operating loss
(4,069
)
(1,987
)
(12,379
)
(84,284
)
Net gain on sale of business
10,677
—
10,677
—
Interest expense
1,552
1,650
6,804
6,741
Corporate expenses and other
5,207
3,904
18,454
21,385
Loss before taxes
$
(151
)
$
(7,541
)
$
(26,960
)
$
(112,410
)
Reconciliation to Non-GAAP Performance Measures
In addition to reporting net income, a U.S. generally accepted
accounting principle (“GAAP”) measure, we present Adjusted EBITDA
(earnings before interest, income taxes, depreciation and
amortization, non-cash equity-based compensation expense, goodwill,
intangible and long-lived asset impairment charges, equity
investment income or loss, legal reserves, settlements and
recoveries, restructuring charges, gains or losses associated with
the sale of businesses and grant benefits recorded related to the
AMJP program), which is a non-GAAP measure. The Company’s
management believes Adjusted EBITDA is an important measure of
operating performance because it allows management, investors and
others to evaluate and compare the performance of its core
operations from period to period by removing the impact of the
capital structure (interest), tangible and intangible asset base
(depreciation and amortization), taxes, equity-based compensation
expense, other non-cash compensation or benefit expenses, goodwill,
intangible and long-lived asset impairment charges, equity
investment income or loss, legal reserves, settlements and
recoveries, restructuring charges, fair value adjustments to the
valuation of contingent consideration liabilities, gains or losses
associated with the sale of businesses and grant benefits recorded
related to the AMJP program, which is not commensurate with the
core activities of the reporting period in which it is included. As
such, the Company uses Adjusted EBITDA as a measure of performance
when evaluating its business and as a basis for planning and
forecasting. Adjusted EBITDA is not a measure of financial
performance under GAAP and is not calculated through the
application of GAAP. As such, it should not be considered as a
substitute for the GAAP measure of net income and, therefore,
should not be used in isolation of, but in conjunction with, the
GAAP measure. Adjusted EBITDA, as presented, may produce results
that vary from the GAAP measure and may not be comparable to a
similarly defined non-GAAP measure used by other companies.
ASTRONICS CORPORATION
RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED
EBITDA
(Unaudited, $ in thousands)
Consolidated
Three
Months Ended
Year
Ended
12/31/2021
12/31/2020
12/31/2021
12/31/2020
Net income (loss)
$
1,604
$
(19,985
)
$
(25,578
)
$
(115,781
)
Add back (deduct):
Interest expense
1,552
1,650
6,804
6,741
Income tax (benefit) expense
(1,755
)
12,444
(1,382
)
3,371
Depreciation and amortization expense
7,055
7,759
29,005
31,854
Equity-based compensation expense
1,313
1,260
6,460
5,184
Goodwill and other asset impairments
—
—
—
87,016
Contingent consideration liability fair
value adjustment
—
—
(2,200
)
—
Restructuring-related charges including
severance
85
(231
)
577
5,327
Legal reserve, settlements and
recoveries
8,374
—
8,374
1,450
Equity investment loss
—
—
—
3,600
Non-cash 401K contribution accrual
4,199
—
4,199
—
AMJP grant benefit
(7,540
)
—
(8,670
)
—
Net gain on sale of facility
(5,014
)
—
(5,014
)
—
Net gain on sale of business
(10,677
)
—
(10,677
)
—
Adjusted EBITDA
$
(804
)
$
2,897
$
1,898
$
28,762
Sales
$
116,052
$
114,803
$
444,908
$
502,587
Adjusted EBITDA margin
(0.7
) %
2.5
%
0.4
%
5.7
%
ASTRONICS CORPORATION
CONSOLIDATED BALANCE SHEET DATA
($ in thousands)
(unaudited)
12/31/2021
12/31/2020
ASSETS
Cash and cash equivalents
$
29,757
$
40,412
Accounts receivable and uncompleted
contracts
107,439
93,056
Inventories
157,576
157,059
Other current assets
45,089
26,420
Property, plant and equipment, net
95,236
106,678
Other long-term assets
21,439
27,952
Intangible assets, net
94,320
109,886
Goodwill
58,282
58,282
Total assets
$
609,138
$
619,745
LIABILITIES AND
SHAREHOLDERS' EQUITY
Accounts payable and accrued expenses
$
91,257
$
69,165
Customer advances and deferred revenue
27,356
24,571
Long-term debt
163,000
173,000
Other liabilities
70,921
82,638
Shareholders' equity
256,604
270,371
Total liabilities and shareholders'
equity
$
609,138
$
619,745
ASTRONICS CORPORATION
CONSOLIDATED CASH FLOWS DATA
(Unaudited, $ in thousands)
Year
Ended
Cash flows from operating
activities:
December 31, 2021
December 31, 2020
Net loss
$
(25,578
)
$
(115,781
)
Adjustments to reconcile net loss to cash
flows from operating activities:
Non-cash items:
Depreciation and amortization
29,005
31,854
Provisions for non-cash losses on
inventory and receivables
3,942
6,079
Equity-based compensation expense
6,460
5,184
Deferred tax (benefit) expense
(441
)
15,553
Impairment loss
—
87,016
Net gain on sale of business
(10,677
)
—
Net gain on sales of assets
(5,083
)
—
Contingent consideration liability fair
value adjustment
(2,200
)
—
Operating lease non-cash expense
5,198
4,500
Non-cash 401K contribution accrual
4,199
—
Non-cash litigation provision
8,374
—
Restructuring activities
267
1,173
Equity investment other than temporary
impairment
—
3,493
Deferral of federal payroll tax
—
5,877
Other
3,912
2,157
Cash flows from changes in operating
assets and liabilities:
Accounts receivable
(14,832
)
53,928
Inventories
(5,150
)
(13,614
)
Prepaid expenses and other current
assets
20
(45
)
Accounts payable
8,610
(9,930
)
Accrued expenses
(5,037
)
(17,667
)
Income taxes payable/receivable
156
(10,440
)
Operating lease liabilities
(6,036
)
(4,556
)
Customer advanced payments and deferred
revenue
(235
)
(7,043
)
Supplemental retirement plan and other
liabilities
(404
)
(403
)
Cash flows from operating activities
(5,530
)
37,335
Cash flows from investing
activities:
Proceeds from sales of businesses and
assets
9,213
—
Capital expenditures
(6,034
)
(7,459
)
Other investing activities
—
1,662
Cash flows from investing activities
3,179
(5,797
)
Cash flows from financing
activities:
Proceeds from long-term debt
20,000
155,000
Principal payments on long-term debt
(30,000
)
(170,228
)
Purchase of outstanding shares for
treasury
—
(7,732
)
Financing fees
—
(360
)
Stock award and employee stock purchase
plan activity
3,396
666
Finance lease principal payments
(901
)
(1,922
)
Cash flows from financing activities
(7,505
)
(24,576
)
Effect of exchange rates on cash
(799
)
1,544
(Decrease) Increase in cash and cash
equivalents
(10,655
)
8,506
Cash and cash equivalents at beginning of
year
40,412
31,906
Cash and cash equivalents at end of
year
$
29,757
$
40,412
ASTRONICS CORPORATION
SALES BY
MARKET
(Unaudited, $ in thousands)
Three
Months Ended
Year
Ended
2021
YTD
12/31/2021
12/31/2020
%
change
12/31/2021
12/31/2020
%
change
% of
Sales
Aerospace Segment
Commercial Transport
$
58,441
$
48,246
21.1
%
$
201,990
$
262,636
(23.1
) %
45.4
%
Military
15,464
17,615
(12.2
) %
70,312
67,944
3.5
%
15.8
%
Business Jet
15,542
15,178
2.4
%
56,673
60,437
(6.2
) %
12.7
%
Other
9,389
10,758
(12.7
) %
36,263
26,971
34.5
%
8.2
%
Aerospace Total
98,836
91,797
7.7
%
365,238
417,988
(12.6
) %
82.1
%
Test Systems Segment excluding
Semiconductor
17,216
22,930
(24.9
) %
79,670
81,116
(1.8
) %
17.9
%
Total Sales excluding
Semiconductor
116,052
114,727
1.2
%
444,908
499,104
(10.9
) %
100.0
%
Test-Semiconductor
—
76
(100.0
) %
—
3,483
(100.0
) %
—
%
Total Sales
$
116,052
$
114,803
1.1
%
$
444,908
$
502,587
(11.5
) %
ASTRONICS CORPORATION
SALES BY
PRODUCT LINE
(Unaudited, $ in thousands)
Three
Months Ended
Year
Ended
2021
YTD
12/31/2021
12/31/2020
%
change
12/31/2021
12/31/2020
%
change
% of
Sales
Aerospace Segment
Electrical Power & Motion
$
39,003
$
30,745
26.9
%
$
141,746
$
179,245
(20.9
) %
31.9
%
Lighting & Safety
26,820
27,955
(4.1
) %
103,749
118,928
(12.8
) %
23.3
%
Avionics
17,546
18,732
(6.3
) %
64,901
76,113
(14.7
) %
14.6
%
Systems Certification
5,113
1,303
292.4
%
13,050
6,899
89.2
%
2.9
%
Structures
965
2,304
(58.1
) %
5,529
9,832
(43.8
) %
1.2
%
Other
9,389
10,758
(12.7
) %
36,263
26,971
34.5
%
8.2
%
Aerospace Total
98,836
91,797
7.7
%
365,238
417,988
(12.6
) %
82.1
%
Test Systems Segment excluding
Semiconductor
17,216
22,930
(24.9
) %
79,670
81,116
(1.8
) %
17.9
%
Total Sales excluding
Semiconductor
116,052
114,727
1.2
%
444,908
499,104
(10.9
) %
100.0
%
Test-Semiconductor
—
76
(100.0
) %
—
3,483
(100.0
) %
—
%
Total Sales
$
116,052
$
114,803
1.1
%
$
444,908
$
502,587
(11.5
) %
ASTRONICS CORPORATION
ORDER
AND BACKLOG TREND
(Unaudited, $ in thousands)
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Trailing Twelve Months
4/3/2021
7/3/2021
10/2/2021
12/31/2021
12/31/2021
Sales
Aerospace
$
81,416
$
89,220
$
95,766
$
98,836
$
365,238
Test Systems
24,441
21,938
16,075
17,216
79,670
Total Sales
$
105,857
$
111,158
$
111,841
$
116,052
$
444,908
Bookings
Aerospace
$
100,488
$
118,155
$
142,484
$
147,689
$
508,816
Test Systems
19,497
8,166
11,052
29,651
68,366
Total Bookings
$
119,985
$
126,321
$
153,536
$
177,340
$
577,182
Backlog
Aerospace
$
210,153
$
239,088
$
285,806
$
334,659
Test Systems
87,393
73,621
68,598
81,033
Total Backlog
$
297,546
$
312,709
$
354,404
$
415,692
Book:Bill Ratio
Aerospace
1.23
1.32
1.49
1.49
1.39
Test Systems
0.80
0.37
0.69
1.72
0.86
Total Book:Bill
1.13
1.14
1.37
1.53
1.30
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220302005465/en/
Company: David C. Burney, Chief Financial Officer Phone: (716)
805-1599, ext. 159 Email: david.burney@astronics.com
Investor Relations: Deborah K. Pawlowski, Kei Advisors LLC
Phone: (716) 843-3908 Email: dpawlowski@keiadvisors.com
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