Backlog at December 31, 2010, was $221.5 million compared to $218.7 million at the end of 2009.
Outlook for 2011
The company also updated its guidance for 2011, adding to revenue expectations for the Engineering Services segment. The government's recent selection of Boeing's 767 as the refueling tanker should provide additional opportunities for this segment during 2011. On a consolidated basis, the company now expects revenue to range between $259 million and $271 million and gross profit to be between 23.6 percent and 24.7 percent. The company expects to increase our SG&A range to $33.8 million to $35.2 million, as we expect additional head count and professional fees to support our growth initiatives. Net interest expense is expected to be between $550,000 and $650,000 for the year, and the effective tax rate is expected to be approximately 34 percent. Capital expenditures are planned to range between $12.0 and $14.0 million. Depreciation, amortization and stock compensation expense is expected to be approximately $9.0 million. Free cash flow for 2011 is expected to be approximately $15.0 million. The expectations for each segment are as follows:
- Net sales of between $175.0 million and $181.0 million
- Gross profit of between 26.5 percent and 27.5 percent
- SG&A of between $26.0 million and $27.0 million
- Net sales of between $84.0 million and $90.0 million
- Gross profit of between 17.5 percent and 19.0 percent
- SG&A of between $7.8 million and $8.2 million
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