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LMI Aerospace Announces Second Quarter 2010 Results

"Revenue at our Engineering Services segment met expectations and their business activity foreshadows modest growth in 2010. In the second half of 2010, Engineering Services plans to expand its current role on the Airbus A350 and will commence new projects, including tooling design of large shipping fixtures used to transport Boeing 787 assemblies as well as potential weight improvement studies on small business jets in development," Saks added.

Net sales for the second quarter of 2010 and 2009 for the Aerostructures segment were as follows:

  Three Months Ended June 30,
Category 2010 % of Total 2009 % of Total
  ($ in millions)
Corporate and regional aircraft $12.3 32.2% $11.8 29.4%
Large commercial aircraft 15.2 39.8% 18.2 45.3%
Military 8.1 21.2% 8.7 21.6%
Other 2.6 6.8% 1.5 3.7%
Total $38.2 100.0% $40.2 100.0%

Corporate and regional sales were up $0.5 million due to increased deliveries of product for large cabin aircraft for Gulfstream. Large commercial aircraft revenue fell as demand weakened for our 767 winglet program as airlines slowed these retrofit installations. Net sales for this product were $2.7 million in the second quarter of 2010, down $4.9 million from the prior year. Excluding this program, large commercial sales in the second quarter of 2010 actually increased $1.9 million from the year ago quarter. Military programs sales were down $0.6 million due to light deliveries for the Apache program. The increase in other sales was primarily driven by the early stages of a recovery in demand for technology products.

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