ST. LOUIS, May 10, 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 first quarter ended March 31, 2013.
First Quarter 2013 Highlights
- Sales were $106.1 million for the first quarter of 2013, a historical high for the company, up 58.9 percent from the first quarter of 2012.
- Adjusted EBITDA was $14.2 million for the first quarter of 2013, up 45.8 percent from the first quarter of 2012.
- Firm backlog as of March 31, 2013, was a record $432.5 million.
- The Engineering Services segment experienced weakness in demand.
First Quarter ResultsNet sales for the first quarter of 2013 increased 58.9 percent to $106.1 million, compared to $66.7 million in the first quarter of 2012. Net income for the first quarter of 2013 was $1.8 million, or $0.14 per diluted share ($0.30, excluding the impact of the inventory fair value step-up released in the quarter and acquisition and integration expenses, net of tax), compared to $4.8 million, or $0.41 per diluted share, in the first quarter of 2012. The following table illustrates the company's net income excluding the impact of the acquisition of Valent Aerostructures, LLC ("Valent") for comparative purposes.
|Net income||$ 1,837||$ 0.14|
|Interest expense, net of tax||2,673||0.21|
|Acquisition and integration expenses, net of tax||320||0.03|
|Fair value Inventory step-up on acquired inventories, net of tax||1,623||0.13|
|Valent net income||(1,716)||(0.14)|
|Net income excluding Valent||$ 4,737||$ 0.37|