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Astronics Corporation Reports Net Income Up 14.2% in Second Quarter 2012

Astronics Corporation (NASDAQ: ATRO), a leader in advanced, high-performance lighting, electrical power and automated test systems for the global aerospace and defense industries, today reported financial results for the three and six months ended June 30, 2012.
           
Three Months Ended Six Months Ended

June 30, 2012
     

July 2, 2011
     

% Change
 

June 30, 2012
       

July 2, 2011
     

% Change
 
 
Sales $ 64,989 $ 55,475 17.2 % $ 130,127 $ 110,603 17.7 %
Gross profit $ 17,054 $ 14,386 18.5 % $ 35,174 $ 28,892 21.7 %
Gross margin 26.2 % 25.9 % 27.0 % 26.1 %
SG&A $ 9,278 $ 7,144 29.9 % $ 18,133 $ 13,489 34.4 %
SG&A percent to sales 14.3 % 12.9 % 13.9 % 12.2 %
Income from Operations $ 7,776 $ 7,242 7.4 % $ 17,041 $ 15,403 10.6 %
Operating margin % 12.0 % 13.1 % 13.1 % 13.9 %
Net Income $ 5,194 $ 4,548 14.2 % $ 11,289 $ 9,757 15.7 %
Net Income % 8.0 % 8.2 % 8.7 % 8.8 %
 

Peter J. Gundermann, President and Chief Executive Officer, commented, “We had another very strong quarter with excellent sales, profits and new orders. Our market conditions remain strong and we received a record amount of new orders during the quarter totaling over $77 million. We are pleased with our progress during the first half of 2012 and expect strong conditions to prevail through the remainder of the year.”

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