Astronics Announces Test Systems Order; Establishes 2015 Revenue Expectations
December 22 2014 - 6:55AM
Astronics Corporation (Nasdaq:ATRO) ("Astronics"), a leading
provider of advanced technologies for the global aerospace and
defense industries, announced today that its wholly-owned
subsidiary, Astronics Test Systems ("ATS"), has been awarded a
follow-on order from its largest customer valued at approximately
$88 million.
The order is for several, highly-engineered production test
systems, and includes on-site engineering and uptime support for
the installed units.
Peter J. Gundermann, President and CEO of Astronics, noted,
"Astronics has built its brand by providing our customers
technological solutions that enable them to achieve their business
goals. This follow-on order is a testament to the value provided by
our ATS team for this customer."
With this order, Astronics preliminarily expects 2015
consolidated revenue to be in the range of $655 million to $695
million. The Test Systems segment is projected to generate
approximately 20% of total revenue, while the remainder will be
provided by the Aerospace Segment. The Company will expand on this
preliminary guidance for 2015 with its 2014 financial results
release.
ABOUT ASTRONICS
CORPORATION
Astronics Corporation (Nasdaq:ATRO) is a leader in advanced,
high-performance lighting, electrical power, specialized avionics
products and automated test systems for the global aerospace and
defense industries. Astronics' strategy is to develop and maintain
positions of technical leadership in its chosen aerospace and
defense markets, to leverage those positions to grow the amount of
content and volume of product it sells to those markets and to
selectively acquire businesses with similar technical capabilities
that could benefit from our leadership position and strategic
direction. Astronics Corporation, through its wholly-owned
subsidiaries, 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 Web site at
www.astronics.com.
For more information on Astronics and its products,
visit its Web site 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.
CONTACT: 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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