- Record quarterly sales of $174.6 million increased
146.4% from 2013 second quarter
- Second quarter organic sales of $80.8 million, up 14.1%
over 2013 second quarter
- 2014 full year sales expected to be in the range of
$640 million to $665 million
Astronics Corporation (Nasdaq:ATRO), a leading provider of advanced
technologies for the global aerospace and defense industries, today
reported financial results for the three months ended June 28,
2014. Financial results include the effect of four business
acquisitions Astronics completed from July 2013 through the end of
the 2014 first quarter, of which three were in its Aerospace
segment and one was in the Test Systems segment.
|
Three Months
Ended |
Six Months
Ended |
|
June 28,
2014 |
June 29,
2013 |
% Change |
June 28,
2014 |
June 29,
2013 |
% Change |
|
|
|
|
|
|
|
Sales |
$ 174,563 |
$ 70,833 |
146.4% |
$ 315,514 |
$ 144,800 |
117.9% |
Gross profit |
$ 43,202 |
$ 18,681 |
131.3% |
$ 73,207 |
$ 38,900 |
88.2% |
Gross margin |
24.7% |
26.4% |
|
23.2% |
26.9% |
|
SG&A |
$ 20,721 |
$ 10,701 |
93.6% |
$ 37,099 |
$ 19,858 |
86.8% |
SG&A percent to sales |
11.9% |
15.1% |
|
11.8% |
13.7% |
|
Income from Operations |
$ 22,481 |
$ 7,980 |
181.7% |
$ 36,108 |
$ 19,042 |
89.6% |
Operating margin % |
12.9% |
11.3% |
|
11.4% |
13.2% |
|
Net Income |
$ 13,144 |
$ 5,158 |
154.8% |
$ 20,651 |
$ 13,722 |
50.5% |
Net Income % |
7.5% |
7.3% |
|
6.5% |
9.5% |
|
Peter J. Gundermann, President and Chief Executive Officer,
commented, "We performed well and according to our plan in the
second quarter and believe our results demonstrate the emerging
strength of our company. Revenue growth was the result of strong
performance by our acquisitions, continued demand for our unique
products and our strong market position on commercial, business jet
and military aircraft. Operating margin expanded a solid 1.6
points, demonstrating excellent operating leverage, despite the
$8.7 million negative impact on cost of goods sold for the fair
market step-up of inventory related to our most recent acquisition.
We are largely through with this step-up expense, expecting about
$2.0 to $2.5 million more in the last half of the year."
Consolidated Review
Second Quarter 2014 Results
Consolidated sales for the second quarter of 2014 increased
146.4% to $174.6 million compared with $70.8 million for the same
period last year. Aerospace segment sales increased $52.8
million to $121.5 million and Test Systems segment sales increased
$51.0 million to $53.0 million. The 2014 second quarter included
$93.8 million in sales from acquired businesses, while organic
sales increased $10.0 million, or 14.1%.
Consolidated gross margin was 24.7% in the second quarter of
2014 compared with 26.4% in the second quarter of 2013. Margin
leverage achieved from increased organic sales volume was more than
offset by costs of approximately $8.7 million relating to the fair
value step-up of inventory from acquired businesses and increased
engineering and development ("E&D") costs. E&D costs were
$18.4 million in the second quarter of 2014, including $4.4 million
for businesses acquired since the second quarter of 2013. E&D
costs in last year's second quarter were $13.3 million.
Selling, general and administrative ("SG&A") expenses were
$20.7 million, or 11.9% of sales, in the second quarter of 2014
compared with $10.7 million, or 15.1% of sales, in the same period
last year. The increase was due primarily to the incremental
SG&A costs of acquired businesses, which added approximately
$10.6 million to SG&A in the second quarter of 2014, partially
offset by lower legal and professional costs when compared with the
prior year second quarter.
Diluted earnings per share for the 2014 second quarter were
$0.70 compared with $0.28 in the prior year period. This includes
the impact of fair value inventory step-up charges for inventory of
acquired businesses, which totaled approximately $8.7 million
before taxes, or approximately $0.32 per diluted share after tax in
the second quarter of 2014.
Earnings per share for all periods presented have been
calculated reflecting the effect of the one-for-five Class B share
distribution for shareholders of record on October 10, 2013.
Six Months 2014 Results
Consolidated sales for the first six months of 2014 increased by
117.9% to $315.5 million compared with $144.8 million for the same
period last year, an increase of $170.7 million. Aerospace
sales increased $103.6 million to $243.9 million and Test Systems
sales increased $67.1 million to $71.6 million. From July 2013
through the end of the 2014 first quarter, Astronics completed four
business acquisitions, three in its Aerospace segment and one in
the Test Systems segment. For the first six months of 2014, sales
from these acquired businesses contributed $152.6 million to
consolidated sales, while organic sales increased $18.1 million, or
12.5%.
Consolidated gross margin was 23.2% in the first six months of
2014 compared with 26.9% in the first six months of 2013. Margin
leverage achieved from increased organic sales volume was more than
offset by costs of approximately $17.4 million relating to the fair
value step-up of inventory from acquired businesses and increased
E&D costs. Total E&D costs were $35.6 million in the first
six months of 2014, including $7.7 million from businesses acquired
after last year's second quarter. E&D expense in last
year's first six months was $26.1 million.
Selling, general and administrative ("SG&A") expenses were
approximately $37.1 million, or 11.8% of sales, in the first six
months of 2014 compared with $19.9 million, or 13.7% of sales, in
the same period last year. The increase was due primarily to the
incremental SG&A costs of acquired businesses, which added
approximately $17.5 million to SG&A in the first six months of
2014 when compared with the same period last year partially offset
by lower legal and professional costs.
Diluted earnings per share for the first six months of 2014 were
$1.09 compared with $0.75 for the same period last year period.
This includes the impact of fair value inventory step-up charges
for inventory of acquired businesses, which totaled approximately
$17.4 million before taxes, or approximately $0.61 per diluted
share after tax, in the first six months of 2014.
Aerospace Segment Review (refer to sales by
market and segment data in accompanying tables)
Aerospace Second Quarter 2014 Results
Aerospace segment sales increased by $52.8 million, or 77.0%
when compared with the prior year's second quarter to $121.5
million. Organic sales grew 15.3%, or $10.5 million, and sales from
acquired businesses added $42.3 million.
Sales to the Commercial Transport market increased $50.2
million, of which $38.0 million was related to the acquired
businesses with the remaining increase primarily related to higher
organic sales of Electrical Power & Motion products. Excluding
acquired businesses, sales of Electrical Power & Motion
products to the Commercial Transport market increased approximately
$10.7 million as global demand for passenger power systems
continued to be strong.
Military sales increased $0.3 million when compared with the
prior year's second quarter as $0.8 million of sales contributed by
the acquired businesses was partially offset by lower organic
sales. Sales to the Business Jet market were up $1.3 million when
compared with last year's second quarter, mostly from the acquired
businesses which contributed $1.2 million in sales.
The $1.0 million increase in second quarter Other sales was due
primarily to approximately $2.3 million in sales from the acquired
businesses which was partially offset by $1.3 million lower
organic revenue.
Aerospace SG&A expense was up $6.2 million in the quarter
compared with the prior year's period. The increase reflected
$6.5 million of incremental SG&A from the acquired businesses,
somewhat offset by lower legal costs.
Aerospace operating profit for the second quarter of 2014 was
$20.8 million, or 17.1% of sales, compared with $11.4 million, or
16.7% of sales, in the same period last year. Approximately $4.8
million in operating profit was related to the acquired aerospace
businesses. Operating leverage gained on volume for the organic
business was partially offset by approximately $0.7 million of
higher organic E&D costs.
Aerospace Six Month 2014 Results
Aerospace segment sales increased by $103.6 million, or 73.8%,
compared with the prior year's first six months to $243.9 million.
Organic sales grew 14.0%, or $19.6 million. Sales from acquired
businesses were $83.9 million.
Sales to the Commercial Transport market increased $98.6
million, including $73.6 million from the acquired businesses.
Excluding acquired businesses, sales of Electrical Power &
Motion products to the Commercial Transport market increased
approximately $22.8 million as global demand for passenger power
systems continued to be strong. Sales of Lighting and Safety
products to this market increased approximately $2.3 million.
Military sales increased $0.6 million when compared with the
first six months of 2013. The acquired businesses added $1.8
million, more than offsetting $1.2 million in lower organic sales.
Sales to the Business Jet market increased $2.5 million when
compared with last year's first half. The acquired businesses
contributed $3.9 million in sales to this market, more than
offsetting lower organic sales of $1.4 million. Both Lighting &
Safety and Electrical Power & Motion sales to the Business Jet
market decreased slightly from the prior year six-month period. The
$1.8 million increase in the first six months of 2014 Other sales
reflected approximately $4.5 million additional sales from the
acquired businesses partially offset by lower organic Other
sales.
Aerospace SG&A expense increased $11.9 million in first six
months of 2014 over the prior-year period. The increase reflected
$12.4 million of incremental SG&A of the acquired businesses
and was partially offset by lower legal costs.
Aerospace operating profit for the first six months of 2014 was
$38.3 million, or 15.7% of sales, compared with $25.7 million, or
18.3% of sales, in the same period last year. The acquired
businesses contributed approximately $6.2 million in operating
profit in the period. Leverage achieved from higher organic sales
volume was offset by increased organic E&D costs of
approximately $1.9 million. Additionally, cost of products sold had
approximately $2.4 million of expense related to the fair value
step-up of inventory from acquired businesses.
Test Systems Segment Review (refer to sales by
market and segment data in accompanying tables)
Test Systems Second Quarter 2014 Results
Sales in the 2014 second quarter increased approximately $50.8
million to $53.0 million compared with sales of $2.2 million for
the same period in 2013. Incremental sales to both the Commercial
Electronics and Military markets from the acquisition of Astronics
Test Systems ("ATS") on February 28, 2014 drove the increase. Sales
for the acquired ATS business were $51.5 million in the second
quarter of 2014.
Test Systems segment operating profit improved to $4.0 million
compared with an operating loss of $0.6 million in the same period
last year as a result of the ATS acquisition. Test Systems second
quarter 2014 operating profit included $8.7 million in costs of
goods sold related to the expensing of the fair value step-up of
inventory from the acquired businesses. Depreciation and
amortization expense in the quarter relating to the acquisition was
$0.9 million.
Test Systems Six Month 2014 Results
Sales in the first six months of 2014 were up $67.1 million to
$71.6 million over the prior year period. Incremental sales to both
the Commercial Electronics and Military markets from the
acquisition of ATS drove the growth. Year-to-date ATS sales were
$68.7 million.
Test Systems segment operating profit for the first six months
of 2014 was $2.3 million compared with an operating loss of $2.1
million in the same period last year, due to the operating profit
from the acquired ATS business. Year-to-date 2014 operating profit
includes in costs of goods sold $15.0 million related to the
expensing of the fair value step-up of inventory from the acquired
businesses. Year-to date depreciation and amortization expense
relating to the acquisition was $1.1 million.
Balance Sheet
Cash at the end of the second quarter of 2014 was $20.8 million
compared with $54.6 million at December 31, 2013. Cash provided by
operating activities for the first six months of 2014 was
approximately $23.2 million. During the second quarter, the Company
made principal payments reducing its long-term debt by $25.5
million.
Cash used for investing activities was $90.9 million. This
included $16.3 million for the purchase and modifications of the
new facility in Oregon and the $69.4 million used for the
acquisition of ATS. The Company expects capital spending in 2014 to
be in the range of $40 million to $44 million, including the
purchase and modifications of the new Oregon facility.
Outlook
On June 28, 2014, backlog was $326.8 million compared with
$214.2 million at December 31, 2013 and $362.4 million at the end
of the first quarter of 2014. Approximately $248.3 million of
this backlog is expected to ship over the remainder of 2014 and
$294.6 million is expected to ship over the next 12
months.
The Company has tightened its range and increased revenue
expectations for 2014 to $640 million to $665 million.
Approximately $485 million to $505 million of forecasted 2014
revenue is expected from the Aerospace segment, while approximately
$155 million to $160 million of the forecasted revenue is expected
from the Test Systems segment.
Mr. Gundermann concluded, "Given the visibility we have at this
point in the year, we have elevated our projected revenue range to
a mid-point of $652.5 million, an implied 92% rate of growth over
2013. Our acquisitions are a large contributor to this growth,
while our organic growth remains at the industries' top tier. Given
the timing of customer delivery requirements, we expect that sales
will be more heavily weighted in our third quarter. Yet,
profitability will strengthen through the year as the inventory
step-up expense drops off. Looking beyond 2014, we believe we have
an exceptionally strong franchise that is focused on bringing new
ideas to our customers that can help them be better at what they
do. This formula has worked for us for many years, and we expect
will continue to create value for the long term."
Second Quarter 2014 Webcast and Conference
Call
The Company will host a teleconference at 1:00 PM ET. During the
teleconference, Peter J. Gundermann, President and CEO, and David
C. Burney, Executive 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 by calling (201)
689-8562. The listen-only audio webcast can be monitored at
www.astronics.com. To listen to the archived call, dial (858)
384-5517 and enter conference ID number 13586762. The telephonic
replay will be available from 4:00 p.m. on the day of the call
through Wednesday, August 6, 2014. A transcript will also be posted
to the Company's Web site once available.
About Astronics Corporation
Astronics Corporation is a leader in advanced, high-performance
lighting, electrical power 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, and its
wholly-owned subsidiaries, Astronics Advanced Electronic Systems
Corp., Astronics AeroSat Corporation, Astronics Test Systems, Inc.,
Ballard Technology, Inc., DME Corporation, Luminescent Systems
Inc., Luminescent Systems Canada, Inc., Max-Viz, Inc., Peco, Inc.
and PGA Electronic s.a. have 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 the
statements. Important factors that could cause actual results
to differ materially include the state of the aerospace and defense
industries, 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 news release whether to reflect
changed assumptions, the occurrence of unanticipated events or
changes in future operating results, financial conditions or
prospects, or otherwise.
FINANCIAL TABLES FOLLOW
|
|
ASTRONICS
CORPORATION |
CONSOLIDATED INCOME
STATEMENT DATA |
(Unaudited, $ in thousands
except per share data) |
|
|
Three Months
Ended |
Six Months
Ended |
|
06/28/2014 |
06/29/2013 |
06/28/2014 |
06/29/2013 |
Sales |
$ 174,563 |
$ 70,833 |
$ 315,514 |
$ 144,800 |
Cost of products sold |
131,361 |
52,152 |
242,307 |
105,900 |
Gross profit |
43,202 |
18,681 |
73,207 |
38,900 |
Gross
margin |
24.7% |
26.4% |
23.2% |
26.9% |
|
|
|
|
|
Selling, general and administrative |
20,721 |
10,701 |
37,099 |
19,858 |
SG&A % of
Sales |
11.9% |
15.1% |
11.8% |
13.7% |
Income from operations |
22,481 |
7,980 |
36,108 |
19,042 |
Operating
margin |
12.9% |
11.3% |
11.4% |
13.2% |
|
|
|
|
|
Interest expense, net |
2,559 |
262 |
4,882 |
480 |
Income before tax |
19,922 |
7,718 |
31,226 |
18,562 |
Income tax expense |
6,778 |
2,560 |
10,575 |
4,840 |
Net Income |
$ 13,144 |
$ 5,158 |
$ 20,651 |
$ 13,722 |
Net income % of
Sales |
7.5% |
7.3% |
6.5% |
9.5% |
|
|
|
|
|
|
|
|
|
|
*Basic earnings per share: |
$ 0.73 |
$ 0.30 |
$ 1.15 |
$ 0.79 |
*Diluted earnings per share: |
$ 0.70 |
$ 0.28 |
$ 1.09 |
$ 0.75 |
|
|
|
|
|
*Weighted average diluted shares outstanding
(in thousands) |
18,865 |
18,206 |
18,873 |
18,209 |
|
|
|
|
|
Capital Expenditures |
$ 6,185 |
$ 1,843 |
$ 23,091 |
$ 3,671 |
Depreciation and Amortization |
$ 5,471 |
$ 1,721 |
$ 10,309 |
$ 3,470 |
|
*All share quantities and per
share data reported for 2013 have been restated to reflect the
impact of the twenty percent Class B stock distribution to
shareholders of record on October 10, 2013. |
|
|
ASTRONICS
CORPORATION |
CONSOLIDATED BALANCE
SHEET DATA |
(in thousands) |
|
6/28/2014 |
12/31/2013 |
|
(Unaudited) |
|
ASSETS |
|
|
Cash and cash equivalents |
$ 20,825 |
$ 54,635 |
Accounts receivable |
105,108 |
60,942 |
Inventories |
127,320 |
85,269 |
Other current assets |
13,979 |
10,352 |
Property, plant and equipment, net |
110,152 |
70,900 |
Other long-term assets |
5,703 |
5,474 |
Intangible assets, net |
96,959 |
102,701 |
Goodwill |
102,729 |
100,998 |
Total
Assets |
$ 582,775 |
$ 491,271 |
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
Current maturities of long term debt |
$ 13,325 |
$ 12,279 |
Accounts payable and accrued expenses |
99,473 |
72,958 |
Long-term debt |
232,293 |
188,041 |
Other liabilities |
42,961 |
46,484 |
Shareholders' equity |
194,723 |
171,509 |
Total Liabilities and
Shareholders' Equity |
$ 582,775 |
$ 491,271 |
|
|
ASTRONICS
CORPORATION |
SEGMENT
DATA |
(Unaudited, $ in
thousands) |
|
|
Three Months
Ended |
Six
Months Ended |
|
06/28/2014 |
06/29/2013 |
06/28/2014 |
06/29/2013 |
Sales |
|
|
|
|
Aerospace |
$ 121,523 |
$ 68,676 |
$ 243,895 |
$ 140,345 |
Test Systems |
53,167 |
2,157 |
71,856 |
4,547 |
Less Inter-segment |
(127) |
-- |
(237) |
(92) |
Total Sales |
174,563 |
70,833 |
315,514 |
144,800 |
|
|
|
|
|
Operating Profit and Margins |
|
|
|
|
Aerospace |
20,761 |
11,447 |
38,251 |
25,735 |
|
17.1% |
16.7% |
15.7% |
18.3% |
Test Systems |
4,030 |
(610) |
2,335 |
(2,135) |
|
7.6% |
(28.3)% |
3.2% |
(47.0)% |
Total Operating Profit |
24,791 |
10,837 |
40,586 |
23,600 |
|
14.2% |
15.3% |
12.9% |
16.3% |
|
|
|
|
|
Interest Expense |
2,559 |
262 |
4,882 |
480 |
Corporate Expenses and Other |
2,310 |
2,857 |
4,478 |
4,558 |
Income Before Taxes |
$ 19,922 |
$ 7,718 |
$ 31,226 |
$ 18,562 |
Net Income before Tax % to
Sales |
11.4% |
10.9% |
9.9% |
12.8% |
|
|
ASTRONICS
CORPORATION |
SALES BY
MARKET |
(Unaudited, $ in
thousands) |
|
|
Three Months
Ended |
Six Months
Ended |
|
|
06/28/2014 |
06/29/2013 |
% change |
06/28/2014 |
06/29/2013 |
% change |
2014 YTD |
|
|
|
|
|
|
|
|
Aerospace Segment |
|
|
|
|
|
|
|
Commercial Transport |
$ 96,504 |
$ 46,264 |
108.6% |
$ 195,790 |
$ 97,226 |
101.4% |
62.1% |
Military |
12,352 |
12,082 |
2.2% |
21,310 |
20,698 |
3.0% |
6.9% |
Business Jet |
8,308 |
6,966 |
19.3% |
18,175 |
15,631 |
16.3% |
5.8% |
Other |
4,359 |
3,364 |
29.6% |
8,620 |
6,790 |
27.0% |
2.7% |
Aerospace Total |
121,523 |
68,676 |
77.0% |
243,895 |
140,345 |
73.8% |
77.5% |
|
|
|
|
|
|
|
|
Test Systems Segment |
|
|
|
|
|
|
|
Commercial |
43,120 |
-- |
n/a |
57,457 |
-- |
n/a |
18.1% |
Military |
9,920 |
2,157 |
359.9% |
14,162 |
4,455 |
217.9% |
4.4% |
|
53,040 |
2,157 |
2359.0% |
71,619 |
4,455 |
1507.6% |
22.5% |
|
|
|
|
|
|
|
|
Total |
$ 174,563 |
$ 70,833 |
146.4% |
$ 315,514 |
$ 144,800 |
117.9% |
100.0% |
|
|
ASTRONICS
CORPORATION |
SALES BY
PRODUCT |
(Unaudited, $ in
thousands) |
|
|
Three Months
Ended |
Six Months
Ended |
|
|
06/28/2014 |
06/29/2013 |
% change |
06/28/2014 |
06/29/2013 |
% change |
2014 YTD |
|
|
|
|
|
|
|
|
Aerospace Segment |
|
|
|
|
|
|
|
Electrical Power &
Motion |
$ 60,651 |
$ 41,855 |
44.9% |
$ 126,482 |
$ 86,651 |
46.0% |
40.2% |
Lighting & Safety |
39,507 |
19,091 |
106.9% |
74,598 |
37,208 |
100.5% |
23.7% |
Avionics |
12,497 |
4,366 |
186.2% |
25,250 |
9,696 |
160.4% |
8.0% |
Structures |
3,704 |
-- |
n/a |
7,343 |
-- |
n/a |
2.4% |
Other |
5,164 |
3,364 |
53.5% |
10,222 |
6,790 |
50.5% |
3.2% |
Aerospace Total |
121,523 |
68,676 |
77.0% |
243,895 |
140,345 |
73.8% |
77.5% |
|
|
|
|
|
|
|
|
Test Systems |
53,040 |
2,157 |
2359.0% |
71,619 |
4,455 |
1507.6% |
22.5% |
|
|
|
|
|
|
|
|
Total |
$ 174,563 |
$ 70,833 |
146.4% |
$ 315,514 |
$ 144,800 |
117.9% |
100.0% |
|
|
ASTRONICS
CORPORATION |
ORDER AND BACKLOG
TREND |
(Unaudited, $ in
thousands) |
|
|
|
|
|
|
|
Q3
2013 |
Q4
2013 |
Q1
2014 |
Q2
2014 |
Twelve Months |
|
9/28/2013 |
12/31/2013 |
03/29/14 |
06/28/14 |
06/28/14 |
Sales |
|
|
|
|
|
Aerospace |
$ 87,525 |
$ 102,660 |
$ 122,372 |
$ 121,523 |
$ 434,080 |
Test Systems |
2,156 |
2,796 |
18,579 |
53,040 |
76,571 |
Total Sales |
$ 89,681 |
$ 105,456 |
$ 140,951 |
$ 174,563 |
$ 510,651 |
|
|
|
|
|
|
Bookings |
|
|
|
|
|
Aerospace |
$ 95,852 |
$ 107,633 |
$ 123,578 |
$ 117,761 |
$ 444,824 |
Test Systems |
8,066 |
1,127 |
22,677 |
21,241 |
53,111 |
Total Bookings |
$ 103,918 |
$ 108,760 |
$ 146,255 |
$ 139,002 |
$ 497,935 |
|
|
|
|
|
|
Backlog* |
|
|
|
|
|
Aerospace |
$ 159,468 |
$ 207,101 |
$ 208,307 |
$ 204,545 |
N/A |
Test Systems |
8,731 |
7,062 |
154,095 |
122,296 |
N/A |
Total Backlog |
$ 168,199 |
$ 214,163 |
$ 362,402 |
$ 326,841 |
N/A |
|
|
|
|
|
|
Book:Bill Ratio |
|
|
|
|
|
Aerospace |
1.10 |
1.05 |
1.01 |
0.97 |
1.02 |
Test Systems |
3.74 |
0.40 |
1.22 |
0.40 |
0.69 |
Total Book:Bill |
1.16 |
1.03 |
1.04 |
0.80 |
0.98 |
|
* During the fourth quarter of
2013, acquisitions added backlog of approximately $42.6 million for
the Aerospace segment. |
During the first quarter of 2014,
acquisitions added backlog of approximately $142.9 million for the
Test Systems segment. |
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
Astronics (NASDAQ:ATRO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Astronics (NASDAQ:ATRO)
Historical Stock Chart
From Sep 2023 to Sep 2024