Aerosonic Announces Filing Of 2003 Form 10-K And Results For Fiscal Year 2003
CLEARWATER, Fla., Oct. 31 /PRNewswire-FirstCall/ -- Aerosonic Corporation , 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, 2003, with the U.S. Securities and Exchange
Commission. The Company's filing of the Form 10-K follows the restatement of
its results for the fiscal years ended January 31, 1999 through 2002, and the
first three quarters of fiscal 2003.
For its fiscal year ended January 31, 2003, revenues decreased $1.0 million to
$25.7 million, compared to restated revenues of $26.7 million for the fiscal
year ended January 31, 2002. The revenue decrease is primarily attributable to
the rescheduling of commercial aviation orders resulting from the slow recovery
in that market following the downturn that began in late 2001. The decrease in
commercial aviation orders was partially offset by an increase in orders for
military applications, including the initiation of the F-35 (Joint Strike
Fighter) development contract. The increase in military orders has continued
into the current fiscal year, and the Company expects its sales for the fiscal
year ended January 31, 2004 to exceed $30 million for the first time in its
50-year history.
Net earnings for the year ended January 31, 2003 were $1.0 million, or $0.26 per
share, an increase of $0.3 million from $0.7 million, or $0.18 per share, as
restated, from the year ended January 31, 2002. Shareholders' equity on January
31, 2003 was $9.0 million in contrast to restated shareholders' equity of $7.9
million at January 31, 2002.
In addition to the previously announced overstatements of revenue and inventory
discussed in the Company's news releases of March 17 and May 22, 2003, the
Company announced that it reviewed results for its fiscal years ended January
31, 1999 and 2000 in order to more accurately identify the periods affected by
the previously identified overstatements. This has resulted in the allocation
of overstatements to, and the identification of additional overstatements for,
those earlier years. However, as a result of the unavailability of certain
accounting records for periods predating 2001, the Company is unable to
determine the full extent of adjustments that would be necessary to a fair
presentation of the restated financial information included herein for 1999 and
2000. A summary of the restatements for each of the years affected, including
the results previously reported, is as follows: For the fiscal years ended
January 31: 2002 2001
Previously Previously
Reported As Restated Reported As Restated
Statement of
operations:
Total Revenues $27,424,000 $26,686,000 $24,672,000 $ 23,528,000
Total Cost of
Sales (17,162,000) (17,441,000) (15,654,000) (15,381,000)
Other Operating
Expenses (8,552,000) (8,513,000) (8,265,000) (8,479,000) Income before
Income Taxes 1,710,000 732,000 753,000 (332,000)
Income Tax Expense (670,000) (21,000) (297,000) (10,000)
Net Income/(Loss) $1,040,000 $711,000 $456,000 $(342,000)
Earnings/(Loss)
per Share $0.27 $0.18 $0.12 $(0.09)
2000 1999
Previously Previously
Reported As Restated Reported As Restated
Statement of
operations:
Total Revenues $23,271,000 $23,271,000 $19,670,000 $ 19,670,000
Total Cost of
Sales (14,920,000) (18,812,000) (11,934,000) (13,911,000)
Other Operating
Expenses (7,869,000) (7,956,000) (7,155,000) (7,243,000) Income before
Income Taxes 482,000 (3,497,000) 581,000 (1,484,000)
Income Tax Expense (222,000) 366,000 (228,000) 466,000
Net Income/(Loss) $260,000 $(3,131,000) $353,000 $(1,018,000)
Earnings/(Loss)
per Share $0.07 $(0.80) $0.09 $(0.26) The Company's January 31, 2003 Form 10-K includes a full review and analysis of
the issues surrounding each item in the restatements. This news release and the
above information should be considered in conjunction with the more detailed
information contained in the Form 10-K.
"We are pleased to provide this news for a number of reasons," stated David
Baldini, Aerosonic's President and CEO. "The Company had to address numerous
accounting issues and, in certain circumstances, had to assemble historic
information from available data in order to properly assess the extent to which
any prior misstatements of financial results had occurred, and to make
appropriate corrections. This proved to be a lengthy but necessary process that
now enables us to provide clear and more accurate information regarding the
Company's financial status and performance." Mr. Baldini further emphasized that "in addition to the financial issues, we
have made significant changes in our corporate governance, communications, and
controls. We have increased and strengthened the independence of our Board of
Directors, hired an investor relations firm to improve communications with our
shareholders, and have improved and continue to improve internal controls to
monitor our progress and results. We are committed to the health and growth of
the Company, and we look forward to both the upcoming opportunities and
challenges." The dollar amounts referred to in this press release are subject to change and
additional analysis and adjustment. Further, 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,
the amount of any anticipated restatements, profits from future operations, and
the Company's overall future business prospects, 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 management issues, 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. DATASOURCE: Aerosonic Corporation CONTACT: P. Mark Perkins, Aerosonic Corporation, +1-727-461-3000, or Web site: http://www.aerosonic.com/
|