Astronics Announces Orders for its Test Systems Semiconductor Product Line
April 21 2016 - 6:55AM
Astronics Corporation (NASDAQ:ATRO) (“Astronics”), a leading
supplier of products to the global aerospace, defense, electronics
and semiconductor industries, announced today that its wholly-owned
subsidiary, Astronics Test Systems ("ATS"), has been awarded a
number of follow-on orders from its largest customer valued at
approximately $20 million. These orders are for additional
production test systems, retooling, services, and support.
The orders will mostly be reflected in the second quarter of 2016’s
bookings, while revenue will be concentrated in the third quarter
of 2016.
Peter J. Gundermann, President and CEO of Astronics, noted
“These orders mark the third year of our involvement with this
customer since we started deliveries in 2014. We believe this
is a testament to the uniqueness and capabilities of our test
solutions and the value add our ATS team provides. As we look
forward, we are encouraged by our customer's continued interest in
our capabilities and anticipate extending the reach of our
capabilities into new programs and new applications as
opportunities allow. The return on invested capital in this
business has been beyond expectations, and we expect the future to
continue to bode well for us.”
The expectation of these orders was included in the previously
provided range of projected revenue for the Test Systems segment in
2016, which was approximately $93 million to $109 million.
ABOUT ASTRONICS
CORPORATION Astronics Corporation (NASDAQ:ATRO) is a
leading supplier of products to the global aerospace, defense,
electronics and semiconductor industries. Astronics’ products
and services include advanced, high-performance electrical power
generation, distribution and motion systems, lighting and safety
systems, avionics products, aircraft structures, systems
certification and automated test systems. Astronics’ strategy
is to increase its value by developing technologies and
capabilities either internally or through acquisition, and using
those capabilities to provide innovative solutions to its targeted
markets and other markets where its technology can be
beneficial. Through its wholly-owned subsidiaries, Astronics
has a reputation for high-quality designs, exceptional
responsiveness, strong brand recognition and best-in-class
manufacturing practices. The Company routinely posts news and
other important information on its website at www.astronics.com.
For more information on Astronics and its products,
visit its website at www.Astronics.com.
Safe Harbor Statement This news 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 expressions.
Because such statements apply to future events, they are
subject to risks and uncertainties that could cause actual results
to differ materially from those contemplated by these statements.
Important factors that could cause actual results to differ
materially include the state of the aerospace and defense
industries, the market and customer 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 news
release whether to reflect changed assumptions, the occurrence of
unanticipated events or changes in future operating results,
financial conditions or prospects, or otherwise.
For more information contact:
Company:
David C. Burney, Chief Financial Officer
Phone: (716) 805-1599, ext. 159
Email: david.burney@astronics.com
Investor Relations:
Deborah K. Pawlowski, Kei Advisors LLC
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com
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