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ST. LOUIS, March 11, 2011 (GLOBE NEWSWIRE) -- LMI Aerospace, Inc. (Nasdaq:LMIA), a leading provider of design engineering services, structural assemblies, kits and components to the aerospace, defense and technology markets, today announced financial results for the fourth quarter and full-year 2010.
Sales of $223.4 million for full-year 2010; fourth quarter 2010 revenue down slightly from prior year but up from third quarter 2010
Free cash flow of $2.3 million for the fourth quarter and $19.7 million for the full-year 2010
Fourth quarter tax benefit of $1.2 million
Revenue guidance for fiscal 2011 increased to between $259 million and $271 million as Engineering Services should benefit from Boeing's recent award to build tanker aircraft
Both segments are hiring to support expected growth
Fourth Quarter Results
Net sales for the fourth quarter of 2010 decreased 1.6 percent to $54.7 million compared to $55.6 million in the fourth quarter of 2009. Net income for the fourth quarter of 2010 was $3.1 million, or $0.26 per diluted share, compared to $0.8 million, or $0.07 per diluted share, in the fourth quarter of 2009. The fourth quarter of 2009 includes a pretax impairment charge of $3.4 million related to the company's Tempco Engineering subsidiary. Excluding this charge, net income would have been $2.9 million, or $0.26 per diluted share.
For the full-year 2010, net sales were $223.4 million versus $241.2 million in the prior year. Net income was $12.9 million, or $1.11 per diluted share, in 2010 compared to $10.2 million, or $0.90 per diluted share, in 2009 after the above impairment charges.
"During 2010, our emphasis in our Aerostructures segment was on operational execution and securing new long-term agreements with certain key customers," Ronald Saks, Chief Executive Officer of LMI, said. "Targeted operating improvements in delivery, quality and customer service were achieved. And, we did secure long-term agreements with Gulfstream, Triumph and FACC. When added to the long-term agreements previously secured from Boeing, Spirit AeroSystems and Sikorsky and for certain aftermarket products, these long-term agreements add visibility to customer demands on about 80 percent of our expected 2011 revenue for periods ending from 2013 to 2016."