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

The LMI Aerospace, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4971

This news release includes forward-looking statements related to LMI Aerospace, Inc.'s outlook for 2011, which are based on current management expectations. Such forward-looking statements are subject to various risks and uncertainties, many of which are beyond the control of LMI Aerospace, Inc. Actual results could differ materially from the forward-looking statements as a result of, among other things, the factors detailed from time to time in LMI Aerospace, Inc.'s filings with the Securities and Exchange Commission. Please refer to the Risk Factors contained in the company's Annual Report on Form 10-K for the year ended December 31, 2010, and any risk factors set forth in our other subsequent filings with the Securities and Exchange Commission.

LMI Aerospace, Inc.
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
 
  December 31,
  2010 2009
Assets  (Unaudited)   
Current assets:    
Cash and cash equivalents $1,947 $31
Trade accounts receivable, net of allowance of $253 and $279 at December 31, 2010 and 2009, respectively   34,006  35,469
Inventories  45,148  45,703
Prepaid expenses and other current assets  2,729  2,849
Deferred income taxes  3,846  3,799
Total current assets  87,676  87,851
     
Property, plant and equipment, net  21,346  19,322
Goodwill  49,102  49,102
Intangible assets, net  20,827  22,965
Other assets  898  977
Total assets $179,849 $180,217
     
Liabilities and shareholders' equity    
Current liabilities:    
Accounts payable $7,898 $7,778
Accrued expenses  11,246  8,089
Short-term deferred gain on sale of real estate  233  233
Current installments of long-term debt and capital lease obligations  181  326
Total current liabilities  19,558  16,426
     
Long-term deferred gain on sale of real estate  3,073  3,307
Long-term debt and capital lease obligations, less current installments   28  17,210
Deferred income taxes  7,427  7,546
Other long-term liabilities  --  1,235
Total long-term liabilities  10,528  29,298
     
Shareholders' equity:    
Common stock, $0.02 par value share: 28,000,000 authorized shares; issued 12,075,030 shares and 11,996,389 shares at December 31, 2010 and 2009, respectively 242 240
Preferred stock, $0.02 par value per share; 2,000,000 authorized shares; none issued at December 31, 2010 and 2009  --  --
Additional paid-in capital  73,440  71,375
Treasury stock, at cost, 301,772 shares and 359,188 shares at December 31, 2010 and 2009, respectively  (1,432)  (1,704)
Retained earnings  77,513  64,582
Total shareholders' equity  149,763  134,493
Total liabilities and shareholders' equity $179,849 $180,217
 
 
LMI Aerospace, Inc.
 Condensed Consolidated Statements of Income
(Amounts in thousands, except share and per share data)
 
  Three Months Ended Year Ending
  December 31, December 31,
  2010 2009 2010 2009
   (Unaudited)     (Unaudited)   
Sales and service revenue        
Product sales  $33,982 $ 37,049  $143,919  $157,838
Service revenues  20,730  18,567  79,437  83,358
Net sales  54,712  55,616  223,356  241,196
Cost of sales and service revenue        
Cost of product sales  25,792  25,443  106,891  117,999
Cost of service revenues  17,016  17,499  64,965  70,246
Cost of sales  42,808  42,942  171,856  188,245
Gross profit  11,904  12,674  51,500  52,951
         
Selling, general and administrative expenses  8,401  7,751  32,435  31,678
Impairment of goodwill  --   3,350  --   3,350
Severance and restructuring  --   --   --   312
Income from operations  3,503  1,573  19,065  17,611
         
Other income (expense):        
Interest expense, net  (142)  (345)  (696)  (1,623)
Other, net  48  37  58  10
Total other expense  (94)  (308)  (638)  (1,613)
         
Income before income taxes  3,409  1,265  18,427  15,998
Provision for income taxes  359  461  5,496  5,843
         
Net income  $3,050 $ 804  $12,931  $10,155
         
Amounts per common share:         
Net income per common share $0.27 $0.07 $1.13 $0.90
         
Net income per common share, assuming dilution $0.26 $0.07 $1.11 $0.90
         
Weighted average common shares outstanding  11,452,588  11,330,935  11,420,524  11,305,231
         
Weighted average dilutive common shares outstanding  11,670,895  11,390,803  11,636,385  11,341,312
 
 
LMI Aerospace, Inc.
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
 
  Year Ended December 31,
  2010 2009
  (unaudited)  
Operating activities:    
Net income  $12,931  $10,155
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization  7,289  7,537
Impairment of goodwill  --   3,350
Charges for inventory obsolescence and valuation  1,099  1,940
Restricted stock compensation  1,794  1,672
Deferred tax benefit  (166)  (1,224)
Other noncash items  (240)  (123)
Changes in operating assets and liabilities, net of acquired businesses:  
Trade accounts receivable  1,440  (7,971)
Inventories  (544)  15,037
Prepaid expenses and other assets  800  (91)
Current income taxes   (735)  21
Accounts payable  639  (4,768)
Accrued expenses and other liabilities  2,538  (3,118)
Net cash provided by operating activities   26,845  22,417
Investing activities:    
Additions to property, plant and equipment   (7,151)  (3,938)
Proceeds from sale of equipment  6  123
Acquisitions, net of cash acquired  --   (9,990)
Other, net  --   (48)
Net cash used by investing activities   (7,145)  (13,853)
Financing activities:    
Proceeds from issuance of debt   --   -- 
Principal payments on long-term debt and notes payable  (327)  (498)
Advances on revolving line of credit  13,520  43,819
Payments on revolving line of credit  (30,520)  (51,819)
Other, net  (457)  (64)
Net cash used by financing activities  (17,784)  (8,562)
Net increase (decrease) in cash and cash equivalents  1,916  2
Cash and cash equivalents, beginning of year  31  29
Cash and cash equivalents, end of year  $1,947 $31
 
 
LMI Aerospace, Inc.
Selected Non-GAAP Disclosures
(Amounts in thousands)
(Unaudited)
 
  Three Months Ended Year Ended
  December 31, December 31,
  2010 2009 2010 2009
Non-GAAP Financial Information      
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)(1):    
         
Net Income  $3,050 $ 804  $12,931  $10,155
         
Income tax expense  359  461  5,496  5,843
Interest expense, net  142  345  696  1,623
Depreciation and amortization  1,769  1,970  7,289  7,537
Impairment of goodwill  --   3,350  --   3,350
Stock based compensation  413  382  1,794  1,672
Severance and restructuring costs  --   --   --   312
Acquisition costs  --   --   --   239
TCA wind-up costs  --   --   --   249
Other, net  (48)  (37)  (58)  (10)
         
Adjusted EBITDA  $5,685  $7,275  $28,148  $30,970
         
Free Cash Flow (2):        
         
Net cash provided by operating activities  $3,510  $11,481  $26,845  $22,417
Less:        
Capital expenditures  (1,220)  (1,290)  (7,151)  (3,938)
         
Free cash flow  $2,290  $10,191  $19,694  $18,479
 
1. We believe Adjusted EBITDA is a measure important to many investors as an indication of operating performance by the business. We feel this measure provides additional transparency to investors that augments but does not replace the GAAP reporting of net income and provides a good comparative measure. Adjusted EBITDA is not a measure of performance defined by GAAP and should not be used in isolation or as a substitute for the related GAAP measure of net income.
 
2. We believe Free Cash Flow is a measure of the operating cash flow of the Company that is useful to investors. Free Cash Flow is a measure of cash generated by the Company for such purposes as repaying debt or funding acquisitions. Free Cash Flow is not a measure of performance defined by GAAP and should not be used in isolation or as a substitute for the related GAAP measure of cash provided by operating activities.
CONTACT: Ed Dickinson
         Chief Financial Officer, 636.916.2150

LMI Aerospace, Inc. Logo

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