Austin, TX 11/18/11 (StreetBeat) --For the three months ended September 30, Astronics (Nasdaq: ATRO) recently announced that sales totaled $56.4 million, up $6.5 million, or 13.0 percent, from the same three months a year earlier. Aerospace sales, which represented approximately 95 percent of total third quarter sales, increased 16.3 percent over the prior year period to $53.5 million.Net income in the third quarter of 2011 was reported to be $6.7 million, or $0.52 per diluted share, up 40.5 percent when compared with net income of $4.6 million, or $0.37 per diluted share, in the same period a year ago.
Astronics Corporation is a leading supplier of several key aircraft components to the aerospace and defense industries. The company’s product line includes lighting systems that can be used on air fields and runways, electrical power generation systems, aircraft safety systems, and electrical power distribution. In addition, Astronics also provides a variety of test, training and simulation systems, mostly to military customers. Its clients include the Air Forces of a number of countries.
Peter J. Gundermann, President and Chief Executive Officer, commented, “We had another solid quarter with record quarterly sales of $56 million and record net income equal to 12% of sales. We also had record quarterly bookings of $64.5 million as we continue to see strong demand in most of our markets.”
During the third quarter, the company closed on the purchase of a building that it had been leasing in Fort Lauderdale, Florida, for approximately $5.1 million. Additionally, in the second quarter of 2011, the Company acquired a partially completed building located near its present Redmond, Washington, operation for approximately $5.2 million. The Company expects to invest an additional $7 million to $8 million, primarily in 2012, to build-out this facility. Astronics Advanced Electronic Systems Corp plans on moving into the new building in early 2013.
On October 1, 2011, the total backlog was $110.2 million, which was up from a backlog of $102.1 million at the end of the trailing second quarter of 2011 and slightly improved over backlog of $110.0 million at the end of the third quarter of 2010. Approximately $56 million of this backlog is expected to ship by the end of 2011 and $95 million is expected to ship over the next four quarters.
Company management expects revenue for 2011 to be in the range of $222 million to $225 million. Some test systems revenue has been shifted farther out than management had previously expected, but they think that strength in the Aerospace segment will offset that weakness.
StreetBeat Disclaimer
No comments:
Post a Comment