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Astronics Corporation (NASDAQ: ATRO), a trusted leader in
innovative, high performance lighting, electrical generation, control
and distribution systems for the global aerospace industry, today
reported sales of $42.9 million for the 2007 first quarter which ended
March 31, a 70% increase compared with sales of $25.3 million in the
same period last year. Net income for the first quarter of 2007 was
$4.7 million, or $0.56 per diluted share, compared with $1.3 million,
or $0.16 per diluted share, in the first quarter of 2006.
The sales growth was driven by demand for the Company's cabin
electronics products, primarily supplied to the worldwide commercial
transport market, and growth from the business jet market as several
new aircraft platforms entered production during the last six months.
Sales for the cabin electronics product line, which provide a power
source for in-flight entertainment systems and in-seat power for
personal electronic devices, were $22.5 million, a 161% increase from
$8.6 million in the first quarter of 2006. Sales to the business jet
market increased 59% to $7.8 million from $4.9 million last year.
These increases were partially offset by decreased sales to the
military market of about $900 thousand as spare parts orders slowed as
compared with the same period last year.
Peter J. Gundermann, President and CEO of Astronics Corp.
commented, "As anticipated, we had a very strong first quarter from
both a sales and earnings perspective. We continue to see robust
demand in all areas of the aerospace industry. Orders from the
airlines around the world remain at a solid, strong pace as they
upgrade their fleets to enhance their passengers' experience by
offering in-seat power and in-flight entertainment systems.
Additionally, we have several new business jet programs ramping up
this year. The balance of the year should prove to be very exciting
for Astronics. At this early point in the year, we are not making any
changes to our revenue expectations for the year. Our revenue guidance
remains at $135 to $140 million."
He continued, "Because our revenue spiked as expected during the
first quarter and was relatively low in the fourth quarter of last
year, it may be useful to look at those two periods in combination.
This normalizes revenue somewhat relative to costs and smoothes out
the impact of the revenue recognition accounting change we announced
earlier this year, which helped boost our results in the first quarter
at the expense of the fourth. As I mentioned previously, we expect a
strong year, but do not expect our revenue for the next three quarters
to maintain the pace we saw in the first quarter."
Gross margin for the first quarter was 27.2%, an improvement of
5.8 percentage points from a gross margin of 21.4% in the same period
the prior year. The improved margin for the first quarter of 2007 when
compared with the first quarter of 2006 was a result of the leverage
provided by the sales increase offset by a $1.0 million increase of
engineering and development costs.
Selling, general and administrative (SG&A) expenses were $4.3
million for the first quarter of 2007, up from $3.0 million in the
same period the prior year. As a percentage of sales, SG&A for the
quarter declined to 10.0% compared with 12.0% in the same period the
prior year. Higher labor costs and increased audit and professional
fees contributed to the increase compared with the same period last
year.
Outlook
Bookings for the first quarter of 2007 were $40.4 million compared
with $23.9 million in the first quarter of 2006 and steady with
bookings in the fourth quarter of 2006. Backlog at the end of the
first quarter was $97.0 million, compared with $94.7 million and $99.5
million at the end of the first and fourth quarters of 2006,
respectively.
Mr. Gundermann concluded, "The industry is interested in both the
power and lighting products we have to offer, and we are focused on
maximizing the extensive sales opportunities that are available to us
right now. Our investment in development programs over the years is
what has led to our current success. We continue to constantly assess
development opportunities as they become available and invest in those
that we believe are long-term winners and offer the most potential."
First Quarter 2007 Webcast and Conference Call
The Company will host a teleconference at 3 p.m. ET today. During
the teleconference, Peter J. Gundermann, President and CEO, and David
C. Burney, Vice President and CFO, will review the financial and
operating results for the period and discuss Astronics' corporate
strategy and outlook. A question-and-answer session will follow.
The Astronics conference call can be accessed the following ways:
-- The live webcast can be found at http://www.astronics.com.
Participants should go to the website 10 - 15 minutes prior to
the scheduled conference in order to register and download any
necessary audio software.
-- The teleconference can be accessed by dialing (973) 935-2970
approximately 5 - 10 minutes prior to the call.
To listen to the archived call:
-- The archived webcast will be at http://www.astronics.com. A
transcript will also be posted once available.
-- A replay can also be heard by calling (973) 341-3080, and
entering the pin number, 8661397.
The telephonic replay will be available from 6 p.m. ET the day of
the call through 11:59 p.m. ET May 15, 2007.
ABOUT ASTRONICS CORPORATION
Astronics Corporation is a trusted leader in innovative, high
performance lighting, electrical generation, control and distribution
systems for the global aerospace industry. Its strategy is to expand
the value and content it provides to various aircraft platforms
through product development and acquisition. Astronics Corporation,
and its wholly-owned subsidiaries Astronics Advanced Electronic
Systems Corp. and Luminescent Systems Inc., have a reputation for high
quality designs, exceptional responsiveness, strong brand recognition
and best-in-class manufacturing practices.
For more information on Astronics and its products, visit its
website at www.Astronics.com.
Safe Harbor Statement
This press release contains forward-looking statements as defined
by the Securities Exchange Act of 1934. One can identify these
forward-looking statements by the use of the words "expect,"
"anticipate," "plan," "may," "will," "estimate" or other similar
expression. Because such statements apply to future events, they are
subject to risks and uncertainties that could cause the actual results
to differ materially from those contemplated by the statements.
Important factors that could cause actual results to differ materially
include the state of the aerospace industry, the market acceptance of
newly developed products, internal production capabilities, the timing
of orders received, the status of customer certification processes,
the demand for and market acceptance of new or existing aircraft which
contain the Company's products, customer preferences, and other
factors which are described in filings by Astronics with the
Securities and Exchange Commission. The Company assumes no obligation
to update forward-looking information in this press release whether to
reflect changed assumptions, the occurrence of unanticipated events or
changes in future operating results, financial conditions or
prospects, or otherwise.
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ASTRONICS CORPORATION
CONSOLIDATED INCOME STATEMENT DATA
----------------------------------------------------------------------
(unaudited)
(in thousands except per share data)
Three months ended
3/31/2007 4/1/2006
-------------------------
Sales $ 42,875 $ 25,263
Cost of products sold 31,225 19,851
Gross margin 27.2% 21.4%
Selling general and administrative 4,276 3,019
-------------------------
Income from operations 7,374 2,393
Operating margin 17.2% 9.5%
Interest expense, net 296 199
Other (income) expense (8) (12)
-------------------------
Income before tax 7,086 2,206
Income taxes 2,391 888
-------------------------
Net Income $ 4,695 $ 1,318
=========================
Basic earnings per share: $ 0.58 $ 0.17
Diluted earnings per share: $ 0.56 $ 0.16
Weighted average diluted shares outstanding 8,454 8,143
----------------------------------------------------------------------
Capital Expenditures $ 3,045 $ 645
Depreciation and Amortization $ 770 $ 623
----------------------------------------------------------------------
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ASTRONICS CORPORATION
CONSOLIDATED BALANCE SHEET DATA
----------------------------------------------------------------------
(unaudited)
(in thousands)
3/31/2007 12/31/2006
------------------------
ASSETS:
---------------------------------------------
Cash and cash equivalents $ 346 $ 222
Accounts receivable 24,663 17,165
Inventories 32,976 31,570
Other current assets 2,793 2,699
Property, plant and equipment, net 25,841 23,436
Other assets 7,443 7,446
------------------------
Total Assets $ 94,062 $ 82,538
========================
LIABILITIES AND SHAREHOLDERS' EQUITY:
---------------------------------------------
Current maturities of long term debt $ 926 $ 923
Note payable 14,500 8,100
Accounts payable and accrued expenses 24,993 25,196
Long-term debt 9,404 9,426
Other liabilities 7,587 7,545
Shareholders' equity 36,652 31,348
------------------------
Total liabilities and shareholders' equity $ 94,062 $ 82,538
========================
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ASTRONICS CORPORATION
ORDER AND BACKLOG TREND
($, in
thousands) 2006 2007
Twelve
Q1 2006 Q2 2006 Q3 2006 Q4 2006 Months Q1 2007
4/1/06 7/1/06 9/30/06 12/31/06 12/31/06 3/31/07
-------------------------------------------------------
Sales $25,263 $28,832 $27,752 $ 28,920 $110,767 $42,875
----------------------------------------------------------------------
Net Income $ 1,318 $ 1,963 $ 1,648 $ 807 $ 5,736 $ 4,695
----------------------------------------------------------------------
Bookings $23,850 $23,929 $25,985 $ 40,411 $114,175 $40,351
----------------------------------------------------------------------
Backlog $94,706 $89,803 $88,036 $ 99,527 $ 99,527 $97,003
----------------------------------------------------------------------
Book:Bill 0.94 0.83 0.94 1.40 1.03 0.94
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ASTRONICS CORPORATION
SALES BY MARKET
($, in thousands)
Three Months Ended
3/31/2007 4/1/2006 % change 2007 YTD %
--------------------------------- ----------
Military $ 6,198 $ 7,141 -13% 14%
Commercial Transport 28,600 12,781 124% 67%
Business Jet 7,752 4,881 59% 18%
Other 325 460 -29% 1%
--------------------------------- ----------
Total $ 42,875 $ 25,263 70% 100%
--------------------------------- ----------
ASTRONICS CORPORATION
SALES BY PRODUCT
($, in thousands)
Three Months Ended
3/31/2007 4/1/2006 % change 2007 YTD %
--------------------------------- ----------
Cabin Electronics 22,532 8,629 161% 52%
Cockpit Lighting $ 8,074 $ 8,073 0% 19%
Airframe Power 7,620 4,166 83% 18%
Exterior Lighting 2,255 1,750 29% 5%
Cabin Lighting 2,069 2,185 -5% 5%
Other 325 460 -29% 1%
--------------------------------- ----------
Total $ 42,875 $ 25,263 70% 100%
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