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|
|Gross margin %||28.4||%||24.0||%||26.5||%||24.3||%|
|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 %||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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