LMI Aerospace Announces Second Quarter 2010 Results
ST. LOUIS, Aug. 6, 2010 (GLOBE NEWSWIRE) -- LMI Aerospace, Inc. (Nasdaq:LMIA), a leading provider of design engineering services, structural components, assemblies and kits to the aerospace, defense and technology industries, today announced financial results for the second quarter of 2010.
- Free cash flow of $7.8 million, reducing revolving credit debt to $4.2 million
- Revenues of $55.9 million, down from $62.8 million the prior year
- Higher gross margins contributed to earnings per diluted share of $0.29, up from $0.28 the prior year
Second Quarter ResultsLMI generated net sales of $55.9 million for the second quarter of 2010 compared to $62.8 million in the second quarter of 2009. Net sales were down in both the Aerostructures and Engineering Services segments. Declines in demand for 767 winglets reduced net sales at Aerostructures while Engineering Services net sales fell because of declining demand for services for Boeing commercial aircraft platforms and the Sikorsky CH-53 helicopter. Earnings per diluted share were $0.29 in the second quarter of 2010, up slightly from $0.28 the prior year. "Aerostructures revenue for the second quarter of 2010 was below expectations, primarily because of lower pulls of military product, delays in new product awards from a military customer, and delays in transfer of work statement from a new customer," said Ronald S. Saks, Chief Executive Officer of LMI. "Revenue from in-production large commercial aircraft and business jets improved in the quarter and is expected to grow at a faster pace through 2011. Despite our reduction in revenue guidance for the balance of 2010, we are optimistic that organic growth and new work statement awards will benefit 2011 and 2012 significantly. We are pleased that the gross margins at our Aerostructures plants continue to improve and we expect even better results as production rates of Boeing and Gulfstream products increase."
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