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Astronics Corporation Reports 13.6% Increase In First Quarter 2013 Sales

Stocks in this article: ATRO

  • Achieves record quarter in sales, bookings, backlog, gross profit, operating profit and net income
  • Record quarterly sales of $74 million, up 13.6% from 2012 first quarter
  • Record quarterly diluted earnings per share of $0.56, up from $0.40 from 2012 first quarter; including $0.07 per share related to 2012 R&D tax credits
  • 2013 revenue expectation narrowed to a range of $280 million to $310 million

EAST AURORA, N.Y., May 6, 2013 (GLOBE NEWSWIRE) -- Astronics Corporation (Nasdaq:ATRO), a leading provider of advanced technologies for the global aerospace and defense industries, today reported financial results for the three months ended March 30, 2013.

  Three Months Ended
  March 30,  2013 March 31,  2012 % Change
       
Sales $ 73,967 $ 65,138 13.6%
Gross profit $ 20,219 $ 18,120 11.6%
Gross profit percentage 27.3% 27.8%  
SG&A $ 9,157 $ 8,855 3.4%
SG&A percent to sales 12.4% 13.6%  
Income from Operations $ 11,062 $ 9,265 19.4%
Operating margin % 15.0% 14.2%  
Net Income $ 8,564 $ 6,095 40.5%
Net Income % 11.6% 9.4%  

Peter J. Gundermann, President and Chief Executive Officer, commented, "We started 2013 strong while setting many new records.  Sales were strong across the majority of our markets and product lines. We believe our results demonstrate the value our customers place on our innovation and responsiveness and the growing opportunities for our products."

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