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LMI Aerospace, Inc. Announces Third Quarter 2010 Results

Sales for the third quarter 2010 and 2009 for the Aerostructures segment were as follows:

Category Q3 2010 % of Total Q3 2009 % of Total
  ($ in millions)
Corporate and regional aircraft  $ 9.9 28.8%  $ 9.3 24.1%
Large commercial aircraft 12.5 36.3% 18.6 48.2%
Military 9.5 27.6% 9.5 24.6%
Other 2.5 7.3% 1.2 3.1%
Total  $ 34.4 100.0%  $ 38.6 100.0%

Corporate and regional aircraft sales increased from the prior year due to increased production rates for large cabin aircraft for Gulfstream. Sales of large commercial aircraft products were down as sales of aftermarket products were $2.3 million in the third quarter of 2010 compared to $6.9 million in the prior year. Additionally, sales on the new Boeing 747-8 declined. The increase in other sales was primarily driven by demand for technology products and growth in composite testing sales.

Sales for the quarters ended September 30, 2010, and 2009 for the Engineering

Services segment were as follows:

Category Q3 2010 % of Total Q3 2009 % of Total
  ($ in millions)
Corporate and regional aircraft  $ 4.9 27.2%  $ 4.5 22.3%
Large commercial aircraft 8.8 48.9% 7.9 39.1%
Military 3.8 21.1% 7.4 36.6%
Other 0.5 2.8% 0.4 2.0%
Total  $ 18.0 100.0%  $ 20.2 100.0%

Sales in the corporate and regional market were up as growth on the Mitsubishi Regional Jet and Bombardier Learjet-85 programs outpaced the decline from design maturation on the G650. Large commercial aircraft sales were up due to support of the Airbus A350 and Boeing 787-9 design efforts while staffing and revenue decreased on the Boeing 747-8. Military programs were off sharply as engineering services for the Boeing CH-53 helicopter were substantially completed.

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