EAST AURORA, N.Y. (AP) ¿ Astronics Corp., which makes lighting and electronics systems for the aerospace industry, said Monday its first-quarter profit tumbled 47 percent because of cost-cutting measures prompted by weaker demand.
Net income dropped to $1.4 million, or 13 cents per share, for the three months ended April 4. That compared with $2.6 million, or 25 cents per share, in the year-earlier period.
The results included two months of financial results from DME Corp., which was acquired by Astronics on Jan. 30. The acquired company designs and makes weapons and communications test equipment, among other products.
Sales rose 22 percent to $50 million from $41.1 million during the first quarter of 2008. Sales for Astronics' aerospace business grew 2 percent to $41.8 million, while its test systems segment ¿ which represents a portion of the DME business ¿ had sales of $8.2 million. Excluding the DME acquisition, Astronics reported sales of $38.4 million for the quarter.Analysts polled by Thomson Reuters, who typically exclude one-time items from their estimates, expected a higher profit of 29 cents per share on revenue of $56 million.