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LMI Aerospace, Inc. Announces First Quarter 2013 Results

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 Results

Net 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.
    Per Diluted 
  Q1 2013 Share
     
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

"Sales of our legacy Aerostructures products and at the recently acquired Valent plants met our expectations with combined sales increasing from fourth quarter 2012 levels," said Ronald S. Saks, Chief Executive Officer of LMI. "We anticipate growing revenue from this segment through 2013, based on both newly awarded work commencing during the year, as well as customer production rate increases scheduled later in 2013, notably for the Boeing 737 model. Revenue in the quarter included $6.9 million of tooling for a development program in which limited production is now starting. We also expect an additional $12.0 million of tooling revenue, about $9.0 million on this program, to be completed in 2013.

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