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Astronics Corporation Reports 22% Growth In Revenue In Third Quarter 2012 Results

Astronics Corporation (NASDAQ: ATRO), a leading provider of advanced technologies for the global aerospace and defense industries, today reported financial results for the three and nine months ended September 29, 2012.

       
Three Months Ended Nine Months Ended

Sept 29, 2012

 

Oct 1, 2011

 

% Change

Sept 29, 2012

 

Oct 1, 2011

 

% Change

 
Sales $ 68,899 $ 56,404 22.2 % $ 199,026 $ 167,007 19.2 %
Gross profit $ 16,717 $ 14,255 17.3 % $ 51,891 $ 43,147 20.3 %
Gross profit percentage 24.3 % 25.3 % 26.1 % 25.8 %
SG&A $ 9,062 $ 6,360 42.5 % $ 27,195 $ 19,849 37.0 %
SG&A percent to sales 13.2 % 11.3 % 13.7 % 11.9 %
Income from Operations $ 7,655 $ 7,895 (3.0 )% $ 24,696 $ 23,298 6.0 %
Operating margin % 11.1 % 14.0 % 12.4 % 14.0 %
Net Income $ 4,930 $ 6,665 (26.0 )% $ 16,219 $ 16,422 (1.2 )%
Net Income % 7.2 % 11.8 % 8.1 % 9.8 %
 

Peter J. Gundermann, President and Chief Executive Officer, commented, “We experienced another strong quarter achieving record sales and also had bookings that were our second highest ever. Operating income for the quarter was solid even though we incurred increased engineering and development activity and an increase to our warranty and inventory reserves. These items added $4.3 million of expense to the quarter compared with the prior year period. Last year’s third quarter benefitted from an unusually low 11% tax rate.”

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