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LMI Aerospace Announces Results For The Fourth Quarter And Full-Year 2010

Stocks in this article: LMIA

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.

Highlights

  • 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."

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