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Astronics Corporation Reports Net Income Up 17.0% On 18.2% Increase In Sales For First Quarter 2012

The Company expects capital spending in 2012 to be approximately $18 million to $20 million which includes approximately $12 million to $14 million to complete the Kirkland, Washington facility acquired last year for the Astronics AES operation.

Outlook

On March 31, 2012, backlog was $102.0 million, down from backlog of $106.3 million at the end of the trailing fourth quarter of 2011 and improved over backlog of $99.1 million at the end of the first quarter of 2011. Approximately $84.7 million of this backlog is expected to ship by the end of 2012 and $89.4 million is expected to ship over the next four quarters.

Mr. Gundermann concluded, “Based on feedback from customers and our existing backlog, we are raising our revenue expectations for the year to $250 to $265 million. We believe we have the plans in place to make 2012 a very good year.”

Astronics anticipates that approximately $240 million to $253 million of forecasted revenue will be from its Aerospace segment, while approximately $10 million to $12 million of the forecasted revenue will be from its Test Systems segment.

E&D spending for 2012 is expected to be in the range of $36 million to $40 million.

First Quarter 2011 Webcast and Conference Call

The Company will host a teleconference at 11:00 AM ET on Tuesday, May 1, 2012. During the teleconference, Peter J. Gundermann, President and CEO, and David C. Burney, Executive Vice President and CFO, will review the financial and operating results for the period and discuss Astronics’ corporate strategy and outlook. A question-and-answer session will follow.

The Astronics conference call can be accessed by calling (201) 689-8562. The listen-only audio webcast can be monitored at www.astronics.com. To listen to the archived call, dial (858) 384-5517 and enter conference ID number 392763. The telephonic replay will be available from 2:00 p.m. on the day of the call through Tuesday, May 8, 2012. A transcript will also be posted to the Company’s Web site, once available.

ABOUT ASTRONICS CORPORATION

Astronics Corporation is a leader in advanced, high-performance lighting, electrical power, avionics databus products and automated test systems for the global aerospace and defense industries. Astronics’ strategy is to develop and maintain positions of technical leadership in its chosen aerospace and defense markets, to leverage those positions to grow the amount of content and volume of product it sells to those markets and to selectively acquire businesses with similar technical capabilities that could benefit from our leadership position and strategic direction. Astronics Corporation, and its wholly-owned subsidiaries, Astronics Advanced Electronic Systems Corp., Ballard Technology, Inc., DME Corporation and Luminescent Systems Inc., have a reputation for high-quality designs, exceptional responsiveness, strong brand recognition and best-in-class manufacturing practices. The Company routinely posts news and other important information on its Web site at www.astronics.com.

For more information on Astronics and its products, visit its Web site at www.astronics.com .

Safe Harbor Statement

This news release contains forward-looking statements as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words “expect,” “anticipate,” “plan,” “may,” “will,” “estimate” or other similar expressions. Because such statements apply to future events, they are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. Important factors that could cause actual results to differ materially include the state of the aerospace and defense industries, the market acceptance of newly developed products, internal production capabilities, the timing of orders received, the status of customer certification processes, the demand for and market acceptance of new or existing aircraft which contain the Company’s products, customer preferences, and other factors which are described in filings by Astronics with the Securities and Exchange Commission. The Company assumes no obligation to update forward-looking information in this news release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.

 

ASTRONICS CORPORATION

CONSOLIDATED INCOME STATEMENT DATA

(Unaudited, $ in thousands except per share data)
 

 

      Three Months Ended
3/31/2012       4/2/2011
Sales $ 65,138       $ 55,128
Cost of products sold   47,018           40,622  
Gross profit 18,120 14,506
Gross margin 27.8 % 26.3 %
 
Selling, general and administrative 8,855 6,345
SG&A % of Sales   13.6 %         11.5 %
Income from operations 9,265 8,161
Operating margin 14.2 % 14.8 %
 
Interest expense, net   263           537  
Income before tax 9,002 7,624
Income tax expense   2,907           2,415  
Net Income $ 6,095         $ 5,209  
Net income % of Sales 9.4 % 9.4 %
 
 
*Basic earnings per share: $ 0.49 $ 0.43
*Diluted earnings per share: $ 0.46 $ 0.41
 
*Weighted average diluted shares outstanding (in thousands) 13,114 12,791
 
Capital Expenditures $ 1,665 $ 754
Depreciation and Amortization $ 1,447 $ 1,190

*All share quantities and per share data reported for 2011 has been restated to reflect the impact of the one-for-ten Class B stock distribution to shareholders of record on August 16, 2011.

   

ASTRONICS CORPORATION

CONSOLIDATED BALANCE SHEET DATA

( in thousands)
        3/31/2012         12/31/2011
(Unaudited)      

ASSETS:

Cash and cash equivalents $ 8,235 $ 10,919
Accounts receivable 39,894 35,669
Inventories 42,290 40,094
Other current assets 5,418 5,628
Property, plant and equipment, net 41,757 41,122
Deferred taxes long-term 8,579 7,039
Other long-term assets 3,143 3,249
Intangible assets, net 13,650 14,000
Goodwill   17,233         17,185
Total Assets $ 180,199       $ 174,905
 

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current maturities of long term debt $ 5,288 $ 5,290
Accounts payable and accrued expenses 30,673 28,187
Long-term debt 21,937 27,973
Other liabilities 16,376 10,592
Shareholders' equity   105,925         102,863
Total Liabilities and Shareholders' Equity $ 180,199       $ 174,905
 

ASTRONICS CORPORATION

SEGMENT DATA

(Unaudited, $ in thousands)

   
     
Three Months Ended
3/31/2012       4/2/2011
Sales
Aerospace $ 62,001 $ 50,199
Test Systems   3,137     4,929  
Total Sales   65,138     55,128  
 
Operating Profit and Margins
Aerospace 11,878 9,319
19.2 % 18.6 %
Test Systems (1,075 ) 17
  (34.3 )%   0.3 %
Total Operating Profit 10,803 9,336
16.6 % 16.9 %
 
Interest Expense 263 537
Corporate Expenses and Other   1,538     1,175  
Income Before Taxes $ 9,002   $ 7,624  
   
ASTRONICS CORPORATION

SALES BY MARKET

(Unaudited, $ in thousands)
      Three Months Ended       2012
  3/31/2012         4/2/2011       % change   YTD %
Aerospace Segment            
Commercial Transport $ 44,108 $ 32,926 34.0 % 67.7 %
Military 8,918 9,259 -3.7 % 13.7 %
Business Jet 6,654 6,637 0.3 % 10.2 %
FAA/Airport   2,321         1,377       68.6 % 3.6 %
Aerospace Total 62,001 50,199 23.5 % 95.2 %
 
Test Systems Segment
Military   3,137         4,929       -36.4 % 4.8 %
 
Total $ 65,138       $ 55,128       18.2 % 100.0 %
 
ASTRONICS CORPORATION    

SALES BY PRODUCT

(Unaudited, $ in thousands)

     

Three Months Ended

      2012
  3/31/2012         4/2/2011       % change   YTD %
           
Aerospace Segment
Cabin Electronics $ 35,039 $ 26,075 34.4 % 53.8 %
Aircraft Lighting 16,987 18,171 -6.5 % 26.1 %
Airframe Power 4,529 4,576 -1.0 % 7.0 %
Airfield Lighting 2,321 1,377 68.6 % 3.5 %
Avionics Databus   3,125         -       - % 4.8 %
Aerospace Total 62,001 50,199 23.5 % 95.2 %
 
Test Systems Segment   3,137         4,929       -36.4 % 4.8 %
 
Total $ 65,138       $ 55,128       18.2 % 100.0 %
 

ASTRONICS CORPORATION

ORDER AND BACKLOG TREND

(Unaudited, $ in thousands)

                             

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Trailing Twelve Months

  7/2/2011         10/1/2011         12/31/2011         3/31/2012         3/31/2012
Sales
Aerospace $ 51,942 $ 53,509 $ 58,224 $ 62,001 $ 225,676
Test Systems   3,533         2,895         2,932         3,137         12,497
Total Sales $ 55,475       $ 56,404       $ 61,156       $ 65,138       $ 238,173
 
Bookings
Aerospace $ 55,029 $ 61,718 $ 54,048 $ 58,567 $ 229,362
Test Systems   3,459         2,761         2,506         2,272         10,998
Total Bookings $ 58,488       $ 64,479       $ 56,554       $ 60,839       $ 240,360
 
Backlog
Aerospace $ 93,143 $ 101,352 $ 97,903 $ 94,468 N/A
Test Systems   8,969         8,835         8,409         7,544         N/A
Total Backlog $ 102,112       $ 110,187       $ 106,312       $ 102,012         N/A
 
Book:Bill Ratio
Aerospace 1.06 1.15 0.93 0.94 1.02
Test Systems   0.98         0.95         0.85         0.72         0.88
Total Book:Bill   1.05         1.14         0.92         0.93         1.01




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