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Astronics Corporation Reports Net Income Up 16% On 18% Increase In Sales For Fourth Quarter 2011

Astronics Corporation (NASDAQ: ATRO), a leader in advanced, high-performance lighting, electrical power, avionics databus products and automated test systems for the global aerospace and defense industries, today reported financial results for the three and twelve months ended December 31, 2011. Results include Ballard Technology, Inc. (“Ballard”) which was acquired on November 30, 2011.

             
Three Months Ended Twelve months Ended

Dec 31, 2011

     

Dec 31, 2010

     

% Change

 

Dec 31, 2011

       

Dec 31, 2010

     

% Change

 
 
Sales $ 61,156 $ 51,823 18.0 % $ 228,163 $ 195,754 16.6 %
Gross Profit $ 17,349 $ 12,443 39.4 % $ 60,496 $ 47,567 27.2 %
Gross margin % 28.4 % 24.0 % 26.5 % 24.3 %
 
Impairment Loss $ 2,500 $ - $ 2,500 $ -
SG&A $ 7,326 $ 6,004 22.1 % $ 27,175 $ 23,187 17.2 %
SG&A percent to sales 12.0 % 11.6 % 11.9 % 11.8 %
Income from Operations $ 7,523 $ 6,439 16.8 % $ 30,821 $ 24,380 26.4 %
Operating margin % 12.3 % 12.4 % 13.5 % 12.5 %
Net Income $ 5,169 $ 4,471 15.6 % $ 21,591 $ 14,948 44.4 %
Net Income % 8.5 % 8.6 % 9.5 % 7.6 %
 

Peter J. Gundermann, President and Chief Executive Officer, commented, “The fourth quarter was a good one in many ways. We again achieved record revenue, margins were strong, orders were brisk, and we acquired Ballard, a leading designer and producer of avionics databus solutions for the aerospace industry. However, we had our share of disappointments during the quarter as well. We learned recently that the United States Air Force decided to cancel the VDATS procurement, which contributed to the $2.5 million write-down of goodwill and intangible assets in our test systems business. Additionally, the bankruptcy filing of American Airlines led to a $500,000 receivable reserve.”

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