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Aerosonic Reports Fiscal Year 2009 Results

Dépèche transmise le 1 mai 2009 par Business Wire

Aerosonic Reports Fiscal Year 2009 Results

CLEARWATER, Fla.--(BUSINESS WIRE)--Aerosonic Corporation (AMEX:AIM), a leading supplier of precision flight products for commercial, business and military aircraft, announced that today it filed its Annual Report on Form 10-K for the year ended January 31, 2009, with the United States Securities and Exchange Commission.

For its fiscal quarter ended January 31, 2009, the Company reported revenue of approximately $4.9 million, down 16% as compared to revenue of approximately $5.9 million for the fiscal quarter ended January 31, 2008. For the fiscal year ended January 31, 2009, the Company reported revenue of approximately $20.5 million, down 20% as compared to revenue of approximately $25.4 million for the fiscal year ended January 31, 2008. The decrease in revenue for the fiscal year and fiscal quarter ended January 31, 2009 compared to last year was primarily attributed to reduced sales volume resulting from business interruptions caused by a fire at our Clearwater, Florida facility on August 8, 2008 that caused significant damage to one of the buildings comprising our Clearwater, Florida facility.

The Company reported a net loss for the quarter ended January 31, 2009 of approximately $3.9 million, or ($1.07) per share, versus a net loss of $1.5 million, or ($0.43) per share for the quarter ended January 31, 2008. The Company reported a net loss for the fiscal year ended January 31, 2009 of approximately $5.3 million, or ($1.48) per share, versus a net loss of approximately $3.4 million, or ($0.95) per share for the fiscal year ended January 31, 2008. The increase in net loss is primarily attributable to a $1.9 million valuation reserve against deferred tax assets. Realization of the Company’s net deferred tax asset is dependent upon the Company generating sufficient taxable income in future years to obtain a benefit from the reversal of deductible temporary differences and from tax loss carryforwards. Based on expected future results, the Company believes that the reserve is appropriate. The Company’s backlog of firm orders decreased approximately $117,000, to approximately $24.8 million for the year ended January 31, 2009.

“It was an extraordinary year in both its worst and best senses,” said Doug Hillman, Aerosonic President and CEO. “The Company experienced a devastating fire halfway through our fiscal year, severely impairing practically all of our product lines. Approximately 40% of our available manufacturing space in Clearwater was completely destroyed, including critical tooling, test equipment, raw and WIP materials, and documentation. We were faced with a substantial recovery effort in order to supply the critical instruments our customers need for their aircraft.

“However, the entire team pulled together, including many of our customers and suppliers, to help rebuild Aerosonic. Our people worked long hours to reestablish our capability to build, test, and deliver our products, while working hand in hand with customers on their priority needs.

“By the end of the fiscal year, we had recovered most of our productive capacity and were well on the road to easing supply shortages to our customers. Today the Company has regained the momentum we were beginning to build last year. We have a strong backlog, excellent customer relationships, a renewed commitment to excellence, and are excited about the year ahead.”

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 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 currently known to management 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 with respect to the resolution of current stockholder litigation, 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.