|Quarters Ended January 31,||Year Ended January 31,|
|Basic income per share||$||0.07||$||0.43||$||0.17||$||1.15|
|Diluted income per share||$||0.06||$||0.40||$||0.15||$||1.09|
The Company reported net income for the quarter ended January 31, 2011 of approximately $0.3 million, or $0.07 basic income per share, compared to net income of $1.6 million, or $0.43 basic income per share for the quarter ended January 31, 2010. For fiscal year 2011, the Company reported net income of approximately $625,000, or $0.17 basic income per share, compared to net income of approximately $4,261,000, or $1.15 basic income per share for the year ended January 31, 2010. The decrease in net income for fiscal year 2011 was driven by the decreased sales volume combined with lower gross margin performance, while fiscal year 2010 significantly benefitted from the reversal of the $1,900,000 tax valuation allowance. For fiscal year 2010, basic income per share included approximately $0.51 that was attributable to the reversal of the tax valuation allowance.“We ended the year with several accomplishments on the road to building a consistently reliable, high performance organization in support of our customers and shareholders,” noted Douglas J. Hillman, President and CEO. ”We finished repaying our many customers who stepped up to help us recover from the 2008 fire while at the same time dramatically improving our On-Time Delivery performance and reducing past due backlog by more than 80%. Through training, process disciplines, teamwork, and Lean implementation, we have substantially improved yields, throughput, and floor space utilization to the extent that we are moving the balance of our Charlottesville operations into our Clearwater plant. Our engineering team has done a great job supporting our operating improvements while delivering new product prototypes that will fuel our growth as they are deployed into the market. We are still faced with some near term challenges, such as the slow recovery of the business jet market and the costs of completing our move from Charlottesville, but the team is increasingly well prepared to perform for the long term.”
Aerosonic Corporation, headquartered in Clearwater, Florida, is principally engaged in the manufacture of aviation products. For additional information, visit the Company’s website at www.aerosonic.com.This document contains statements that constitute "forward-looking" statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. "Forward-looking" statements contained in this document include the intent, belief or current expectations of the Company and its senior management team with respect to future actions by officers and directors of the Company, prospects of the Company's operations, profits from future operations, overall future business prospects and long term stockholder value, as well as the assumptions upon which such statements are based. Investors are cautioned that any such forward-looking statements are not guarantees of future performance, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors that could cause actual results to differ materially from those contemplated by the forward-looking statements in this document include, but are not limited to, adverse developments involving operations of the Company's business units, failure to meet operating objectives or to execute the business plan, and the failure to reach revenue or profit projections. The Company undertakes no obligation to update or revise the forward-looking statements contained in this document to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results over time.