Astronics Added to Russell 3000(R) Index
EAST AURORA, N.Y.--(BUSINESS WIRE)-- Astronics Corporation (NASDAQ: ATRO), a leader in advanced, high performance lighting and electrical power systems for aircraft and electronics and test systems for the defense industry, today announced that it has been added to the Russell 3000(R) Index, effective after the close of trading on Friday, June 26, 2009.
Astronics' strategy of leveraging its position as a technical leader in its niche markets in order to grow demand for the Company's products has successfully resulted in strong revenue growth over the last four years. Driven by demand for its EmPower(R) family of products that bring in-seat power to passengers allowing them to power their personal electronic devices and lap-top computers as well as providing power for in-flight entertainment systems (IFE), Astronics has positioned itself as the leading provider of power for airline passengers and IFE systems around the world. EmPower(R) has been installed on over 200,000 commercial airline seats around the world. Also contributing to the Company's success is the expansion of the content value of its airframe power systems and aircraft lighting product lines for business jets and military aircraft.
In January of 2009, Astronics acquired DME Corporation, a provider of, weapons and communications test equipment, training and simulation devices and aviation safety products for the defense and aerospace industry. DME's test systems' capabilities include designing, developing and manufacturing state of the art software and hardware enabling its military customers around the world to improve their efficiency, lower life cycle costs and increase the performance of their electronic, electro-mechanical and electro-optical test systems as well as developing military training and simulation systems. DME's aviation safety products include airfield lighting and aircraft safety and survival products.
The Russell 3000(R) Index measures the stock performance of the largest 3,000 U.S. companies, based on total market capitalization. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. Based on its market capitalization, Astronics is also included in the Russell 2000(R) Index, which is a subset of the Russell 3000(R) Index and includes the smallest 2,000 companies included in that index. Russell determines index membership by objective, market capitalization rankings and all Russell indexes are reconstituted annually in June to ensure that they are truly representative of global equity markets.
ABOUT ASTRONICS CORPORATION
Astronics Corporation is a trusted leader in innovative, high performance lighting, power management systems for the global aerospace industry; automated diagnostic test systems, training and simulation devices for the defense industry; and safety and survival equipment for airlines. 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, DME Corporation, Astronics Advanced Electronic Systems Corp. and Luminescent Systems Inc., 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 website at www.Astronics.com.
Source: Astronics Corporation
Released June 29, 2009