This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

LMI Aerospace, Inc. Announces Second Quarter 2013 Results

Stocks in this article: LMIA

ST. LOUIS, Aug. 8, 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 second quarter ended June 30, 2013.

Second Quarter 2013 Highlights

  • Growth in sales of the company's legacy Aerostructures business of $9.2 million was partially offset by a reduction in sales of Engineering Services
  • Firm backlog as of June 30, 2013, was $421.0 million
  • Quarter includes an elimination of contingent consideration for potential earn-out payments of $8.0 million related to the Valent acquisition, but offset in part by a $4.2 million impairment of a 2007 intangible asset trade name in Engineering Services
  • Guidance for 2013 revised. 2014 guidance expected to be issued in November 2013.

Second Quarter Results

Net sales for the second quarter of 2013 increased 52.1 percent to $105.5 million, compared to $69.3 million in the second quarter of 2012, primarily as a result of the inclusion of Valent Aerostructures, LLC ("Valent") in the 2013 period. Net income for the second quarter of 2013 was $4.7 million, or $0.37 per diluted share ($0.18 excluding the impact of the elimination of contingent consideration and impairment of an intangible asset), compared to $5.1 million, or $0.43 per diluted share, in the second quarter of 2012. The following table illustrates the company's net income, excluding the impact of the acquisition of Valent, cumulative catch-up adjustments and non-recurring items in the quarter for comparative purposes.

    Per Diluted
  Q2 2013 Share
Net income  $4,664  $0.37
Interest expense, net of tax  2,560  0.20
Intangible asset impairment, net of tax  2,673  0.21
Contingent consideration write-off, net of tax  (5,032)  (0.40)
Cumulative catch-up adjustments, net of tax  728  0.06
Valent net income  (1,415)  (0.11)
Net income excluding Valent, cumulative catch-up adjustments and non-recurring items  $4,178  $0.33

"Sales of our legacy Aerostructures products and at Valent plants continued to grow, but continued weakness in Engineering Services demand caused overall sales to fall below our estimates," said Ronald S. Saks, Chief Executive Officer of LMI. "During the second quarter, sales order flow began to slow and that trend will likely continue for the balance of 2013, as delivery of products from some Aerostructures customers were deferred into 2014. Aerostructures deliveries for both the LMI legacy business and Valent are expected to increase in the second half of 2013 yet be lower than previous guidance. Engineering Services backlog stabilized at lower levels, and we expect the results for the second half of 2013 will be similar to the results for the first half.

1 of 8

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs