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LMI Aerospace, Inc. Announces Fourth Quarter And Full-Year 2012 Results

Stocks in this article: LMIA

ST. LOUIS, March 12, 2013 (GLOBE NEWSWIRE) -- LMI Aerospace, Inc. (Nasdaq:LMIA), a leading provider of design engineering services and supplier of structural assemblies, kits and components to the aerospace and defense markets, today announced its financial results for the fourth quarter and the twelve months ended December 31, 2012.

2012 Highlights

  • Sales of $278.6 million for 2012, a historical high for the company, up 9.7 percent from 2011 and sales of $71.9 million for the fourth quarter of 2012, up 10.6 percent from the fourth quarter of 2011  
  • Diluted earnings per share for the fourth quarter of $0.38, excluding acquisition costs and the write off of deferred financing costs  
  • Completed the acquisition of Valent Aerostructures, LLC ("Valent") and in connection therewith, refinanced the company's debt  
  • Guidance for 2013 has been updated to include Valent  
  • Firm backlog at December 31, 2012, was a record $371.4 million  
  • Adjusted EBITDA was $40.9 million for 2012

Fourth Quarter Results

Net sales for the fourth quarter of 2012 increased 10.6 percent to $71.9 million, compared to $65.0 million in the fourth quarter of 2011. Net income for the fourth quarter of 2012 was $1.0 million, or $0.08 per diluted share, compared to $4.1 million, or $0.35 per diluted share, in the fourth quarter of 2011. Fourth quarter 2012 results include a pre-tax charge of $4.8 million of acquisition costs and of $0.6 million for the write off of deferred financing fees. Excluding these charges, net of a 35.0 percent tax rate, earnings per diluted share would have been $0.38. The operations of Valent, included for only three days after the closing on December 28, 2012, had no material impact upon sales and earnings for the fourth quarter of 2012 or for the full-year 2012.

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