Astronics Corporation Reports Second Quarter 2009 Results
July 30, 2009
Page 1 of 8
Exhibit 99.1
Astronics Corporation ×130 Commerce Way × East Aurora, NY × 14052-2164
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For more information contact: |
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Company:
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Investor Relations: |
David C. Burney, Chief Financial
Officer
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Deborah K. Pawlowski, Kei Advisors
LLC |
Phone: (716) 805-1599, ext. 159
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Phone: (716) 843-3908 |
Email: david.burney@astronics.com
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Email: dpawlowski@keiadvisors.com |
FOR IMMEDIATE RELEASE
Astronics Corporation Reports Second Quarter 2009 Results
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Recent acquisition mostly offsets decline in organic sales |
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Second quarter diluted earnings per share $0.18 vs. $0.48 per share in 2008 |
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Generated $6.6 million in cash from operations in the quarter and $9.5 million
year-to-date |
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Delay in project awards result in reduction in 2009 revenue expectation to range of $200
million to $210 million |
EAST AURORA, NY, July 30, 2009 Astronics Corporation (NASDAQ: ATRO), a leader in advanced, high
performance lighting, electrical power and automated test systems for the global aerospace and
defense industries, today reported sales of $47.0 million in the second quarter of 2009, which
ended July 4, 2009, down 1.8% compared with sales of $47.9 million in the second quarter of 2008.
Results for the 2009 quarter include DME Corporation, which was acquired by Astronics on January
30, 2009. For the 2009 six-month period, results include five-months of the financial results from
operations of DME, reflecting the date of acquisition. Astronics organic business, excluding the
recent acquisition, had sales of $34.3 million for the second quarter of 2009, down 28% from the
2008 second quarter. The second quarter of 2008 was the strongest sales quarter in history for
Astronics organic business driven by exceptional cabin electronics sales.
Sales for the Companys Aerospace segment in the 2009 second quarter declined 20.2% to
$38.2 million, while sales for the Test Systems segment, which represents a portion of the DME
business acquired in January 2009, were $8.8 million.
Second quarter 2009 income before taxes of $2.7 million included other income of $0.9 million as a
result of an adjustment to the estimated fair value of a promissory note payable that is contingent
on DME achieving certain 2009 revenue. Net of tax, the adjustment was $0.6 million, or $0.05 per
share. Net income in the second quarter of 2009 was $2.0 million, or $0.18 per diluted share,
compared with $5.1 million, or $0.48 per diluted share, in the same period the prior year.
- MORE -
Astronics Corporation Reports Second Quarter 2009 Results
July 30, 2009
Page 2 of 8
Peter J. Gundermann, President and Chief Executive Officer of Astronics commented, Sales for our
aerospace business were affected by continued weakness in the business jet market and delays in
airline retrofit programs. We have had weaker than expected orders for our test systems business
mostly due to delays on contract awards; although we believe that there should be some progress on
this front. We have taken steps over the last three quarters to address the challenges we face in
this environment, including a significant reduction in our headcount resulting in at least $6
million in annualized savings. Nonetheless, we see several opportunities for our engineering
design capabilities and innovative products and continue to invest in our future.
Operating Results
Gross profit in the second quarter of 2009 was $8.7 million, or 18.6% of sales, compared with
$12.1 million, or 25.3% of sales, in the second quarter of 2008. The contracted gross margin
reflects lower sales volume in the organic business as well as low revenue levels for the acquired
DME business. Included in the cost of goods sold was $6.4 million in engineering and development
(E&D) costs which included $1.2 million associated with DME. E&D in last years second quarter was
$5.8 million.
Selling, general and administrative (SG&A) expense was $6.4 million, or 13.7% of sales, in the
second quarter of 2009, compared with $4.3 million, or 9.0% of sales, in last years second
quarter. Included in SG&A for the 2009 second quarter was approximately $2.0 million of DME SG&A,
which includes amortization of intangible assets related to the acquisition of $0.8 million.
Segment Review
Aerospace
During the second quarter of 2009, Aerospace segment sales were $38.2 million, a decrease of $9.7
million, or 20.2%, from $47.9 million in the 2008 quarter. Organic aerospace sales declined by
$13.6 million to $34.3 million. Recently acquired DME added $3.9 million to aerospace sales in the
2009 second quarter.
Sales to the commercial transport market declined $7.4 million, or 25.7%, compared with the 2008
second quarter as a result of reduced demand for cabin electronics systems, as global airlines have
deferred spending for retrofit projects. Astronics cabin electronics products include the
Companys EmPower® in-seat power product line used to enhance passengers
flying experience by powering their personal electronic devices and lap-top computers as well as
aircraft in-flight entertainment systems. The Company believes that it is the leading provider of
in-seat power to commercial airlines and airframe manufacturers.
Sales to the military market increased by $0.9 million, or 10.6%, to $9.9 million. Business jet
market sales were off $4.8 million, or 47.1%, to $5.4 million due to reduced business jet
production and the loss of revenue from the bankrupt Eclipse Aviation which totaled $3.5 million in
last years second quarter. Sales to the FAA/airport market, a new market added in 2009 as part of
the acquired DME business, were $1.6 million in the second quarter of 2009.
Aerospace operating profit for the second quarter of 2009 was $3.7 million, or 9.7% of sales,
compared with $8.6 million, or 18.0% of sales, in the same period last year. Margin contraction
was primarily due to lower sales volume.
Mr. Gundermann noted, Despite the dramatic downturn in business jet production and delays on
commercial airline retrofit projects, we continue to develop new solutions with our customers for
next generation aircraft that will be flying in the next two to three years. Its critical for our
long-term growth to be involved in the best aircraft projects and earn the opportunity to
participate. The majority of our engineering and development spending is on customer-specified
projects. For example, content we are now providing to aircraft such as the Embraer Phenom and
Cessna Mustang,
which have been less severely impacted by the recession, is of higher value than our historical
content, but both were in the design and development phase for several years before commercial
production.
- MORE -
Astronics Corporation Reports Second Quarter 2009 Results
July 30, 2009
Page 3 of 8
Test Systems
Sales in Astronics Test Systems segment, acquired with DME, were $8.8 million in the second
quarter of 2009. Results for this segment were below expectations as military order activity in
general has been slower than expected.
Mr. Gundermann commented, We have seen slow orders in our Test Systems business, resulting in a
weak first half of 2009. But we continue to see good prospects in the market and are actively
engaged in competitive bids for projects. Assuming contract awards and orders are received as
anticipated, we expect the second half to be stronger. We believe that the innovative products
that have been developed by DME and the strength of their capabilities in software and electronics
design for test systems and simulation equipment will be a positive contributor to our future
growth.
The low level of sales for the period and approximately $0.7 million in amortization of intangibles
resulted in an operating loss of $0.3 million for the quarter for the Test Systems segment.
Six-Month Review
For the first six months of 2009, sales were $97.0 million, a 9.1% increase compared with
$89.0 million in the first half of 2008. Astronics organic business, excluding the DME
acquisition, had sales of $72.7 million in the first half of 2009. Gross margin was 17.8% for the
first six months of 2009 compared with 23.2% in the same period the prior year, down primarily on
the lower organic sales level and the low sales level of the acquired DME business. Included in the
cost of goods sold was $12.9 million in E&D expenditures of which $2.5 million were associated with
DME. E&D costs for the first half of 2008 were $10.9 million.
SG&A expense was $12.5 million, or 12.9% of sales, in the first six months of 2009 compared with
$8.5 million, or 9.6% of sales, in the same period the prior year reflecting the addition of DME
including $1.3 million in amortization of intangible assets and deferred financing costs associated
with the acquisition. The lower gross margin and increased SG&A expenses resulted in a decline in
operating margin for the first half of 2009 to 4.9% compared with 13.6% in the first half of 2008.
The second quarter and year-to-date effective tax rate of 27.6% and 29.4% reflect the impact of
$0.2 million in research and development tax credits recorded in the second quarter. Net income
for the first six months of 2009 was $3.4 million, or $0.31 per diluted share, compared with $7.8
million, or $0.73 per diluted share, in the same period the prior year.
Liquidity and Capital Expenditures
Cash and cash equivalents were $4.5 million at July 4, 2009, compared with $3.0 million at December
31, 2008, and $1.2 million at the end of the trailing first quarter. The Company has a revolving
credit facility of up to $45 million of which approximately $15 million is reserved for existing
letters of credit. Approximately $23 million was available on the facility at July 4, 2009.
Cash generated from operations was $6.6 million during the quarter compared with $5.8 million in
last years second quarter. For the six-month period, Astronics generated $9.5 million in cash
from operations compared with $5.4 million in the 2008 period.
Capital expenditures in the second quarter of 2009 were $0.6 million compared with $1.1 million in
the second quarter of 2008. For the six-month periods, capital expenditures were $1.6 million and
$2.1 million in 2009 and 2008, respectively. Capital expenditures are expected to be approximately
$3.5 million to $4.0 million for 2009.
- MORE -
Astronics Corporation Reports Second Quarter 2009 Results
July 30, 2009
Page 4 of 8
Outlook
Orders in the second quarter of 2009 were $40.8 million, a 22.2% decrease compared with orders of
$52.4 million in the 2008 quarter, but 32.3% above orders of $30.8 million in the trailing first
quarter of 2009. Aerospace segment orders were $34.6 million compared with $52.4 million in the
2008 second quarter. Orders in the new Test Systems segment were $6.2 million.
Backlog at July 4, 2009, was $105.5 million, 3.8% above backlog of $101.6 million at the end of the
second quarter of 2008, but down from backlog of $111.7 million at the end of the trailing first
quarter. Aerospace backlog was $81.8 million at the end of the 2009 second quarter compared with
$101.6 million at the end of last years second quarter and $85.4 million at the end of the
trailing first quarter of 2009. Approximately $54 million of the Aerospace backlog is expected to
ship in the balance of 2009. Test Systems backlog was $23.7 million of which $19 million is
expected to ship in the balance of 2009.
Mr. Gundermann concluded, We are reducing our 2009 revenue guidance range to $200 million to $210
million, down from previous guidance of $210 million to $225 million. Our adjustment reflects
airline retrofit projects shifting farther out on the horizon and the continued slow pace of orders
in our aerospace business combined with the delay in project awards and slower than anticipated
order flow in our test systems business. We do expect the second half of 2009 to be stronger than
the first half, but not as much as we earlier anticipated as we see more revenue shifting into
2010.
Second Quarter 2009 Webcast and Conference Call
The Company will host a teleconference at 2:30 p.m. ET today. During the teleconference,
Peter J. Gundermann, President and CEO, and David C. Burney, 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 the following ways:
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The live webcast can be found at http://www.astronics.com. Participants should go to
the website 10 - 15 minutes prior to the scheduled conference in order to register and
download any necessary audio software. |
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The teleconference can be accessed by dialing (201) 689-8562 and requesting conference
ID number 328191 approximately 5 - 10 minutes prior to the call. |
To listen to the archived call:
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The archived webcast will be at http://www.astronics.com. A transcript will also be
posted, once available. |
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A replay can also be heard by calling (201) 612-7415 and referencing account number 3055
and conference ID number 328191. The telephonic replay will be available from 5:30 p.m. ET
the day of the call through 11:59 p.m. ET on August 6, 2009. |
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.
- MORE -
Astronics Corporation Reports Second Quarter 2009 Results
July 30, 2009
Page 5 of 8
For more information on Astronics and its products, visit its website at www.Astronics.com.
Safe Harbor Statement
This press 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 expression. Because such
statements apply to future events, they are subject to risks and uncertainties that could cause the
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 industry,
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 Companys 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 press
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)
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Three months ended |
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Six months ended |
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7/4/2009 |
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6/28/2008 |
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7/4/2009 |
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6/28/2008 |
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Sales |
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$ |
47,024 |
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|
$ |
47,889 |
|
|
$ |
97,039 |
|
|
$ |
88,978 |
|
Cost of products sold |
|
|
38,300 |
|
|
|
35,766 |
|
|
|
79,785 |
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|
|
68,356 |
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|
|
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8,724 |
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|
|
12,123 |
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|
|
17,254 |
|
|
|
20,622 |
|
Gross margin |
|
|
18.6 |
% |
|
|
25.3 |
% |
|
|
17.8 |
% |
|
|
23.2 |
% |
Selling, general and administrative |
|
|
6,444 |
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|
|
4,313 |
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|
|
12,509 |
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|
8,522 |
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Income from operations |
|
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2,280 |
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|
|
7,810 |
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|
|
4,745 |
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|
12,100 |
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Operating margin |
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4.8 |
% |
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16.3 |
% |
|
|
4.9 |
% |
|
|
13.6 |
% |
Interest expense, net |
|
|
476 |
|
|
|
167 |
|
|
|
900 |
|
|
|
372 |
|
Other (income) expense** |
|
|
(900 |
) |
|
|
(2 |
) |
|
|
(913 |
) |
|
|
13 |
|
|
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|
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Income before tax |
|
|
2,704 |
|
|
|
7,645 |
|
|
|
4,758 |
|
|
|
11,715 |
|
Income taxes |
|
|
748 |
|
|
|
2,529 |
|
|
|
1,401 |
|
|
|
3,952 |
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Net Income |
|
$ |
1,956 |
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$ |
5,116 |
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$ |
3,357 |
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$ |
7,763 |
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Basic earnings per share*: |
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$ |
0.18 |
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$ |
0.50 |
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$ |
0.31 |
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$ |
0.76 |
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Diluted earnings per share*: |
|
$ |
0.18 |
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$ |
0.48 |
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$ |
0.31 |
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$ |
0.73 |
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Weighted average diluted shares outstanding* |
|
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11,030 |
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10,616 |
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|
10,899 |
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|
|
10,679 |
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|
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|
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Capital Expenditures |
|
$ |
583 |
|
|
$ |
1,119 |
|
|
$ |
1,551 |
|
|
$ |
2,130 |
|
Depreciation and Amortization |
|
$ |
1,955 |
|
|
$ |
1,009 |
|
|
$ |
3,695 |
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|
$ |
2,009 |
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* |
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All share quantities and per share data reported for 2008 has been adjusted to reflect the impact
of the one-for-four Class B stock distribution for shareholders of record on October 6, 2008. |
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** |
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Includes contingent earnout liability fair value adjustment of $900,000 in the second quarter of 2009. |
- MORE -
Astronics Corporation Reports Second Quarter 2009 Results
July 30, 2009
Page 6 of 8
ASTRONICS CORPORATION
CONSOLIDATED BALANCE SHEET DATA
(unaudited)
(in thousands)
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7/4/2009 |
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|
12/31/2008 |
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ASSETS: |
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Cash and cash equivalents |
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$ |
4,476 |
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$ |
3,038 |
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Accounts receivable |
|
|
39,917 |
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|
|
22,053 |
|
Inventories |
|
|
32,610 |
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|
|
35,586 |
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Other current assets |
|
|
5,475 |
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|
|
6,078 |
|
Property, plant and equipment, net |
|
|
32,808 |
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|
29,075 |
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Other long-term assets |
|
|
4,953 |
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|
|
4,409 |
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Intangible assets |
|
|
11,971 |
|
|
|
1,853 |
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Goodwill |
|
|
21,415 |
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|
|
2,582 |
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|
|
|
|
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|
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Total Assets |
|
$ |
153,625 |
|
|
$ |
104,674 |
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|
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LIABILITIES AND SHAREHOLDERS EQUITY: |
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Current maturities of long term debt |
|
$ |
8,942 |
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|
$ |
920 |
|
Accounts payable and accrued expenses |
|
|
22,192 |
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|
|
22,475 |
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Long-term debt |
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|
46,291 |
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|
|
13,526 |
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Other liabilities |
|
|
10,300 |
|
|
|
9,498 |
|
Shareholders equity |
|
|
65,900 |
|
|
|
58,255 |
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|
Total Liabilities and Shareholders Equity |
|
$ |
153,625 |
|
|
$ |
104,674 |
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ASTRONICS CORPORATION
SEGMENT DATA
(unaudited)
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(in thousands) |
|
Three Months Ended |
|
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Six Months Ended |
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|
|
7/4/09 |
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|
6/28/08 |
|
|
7/4/09 |
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|
6/28/08 |
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Net Sales |
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|
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|
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Aerospace |
|
$ |
38,216 |
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$ |
47,889 |
|
|
$ |
80,034 |
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|
$ |
88,978 |
|
Test Systems |
|
|
8,808 |
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|
|
|
|
|
|
17,005 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
$ |
47,024 |
|
|
$ |
47,889 |
|
|
$ |
97,039 |
|
|
$ |
88,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
Operating Profit and Margins |
|
|
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|
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Aerospace |
|
$ |
3,700 |
|
|
$ |
8,622 |
|
|
$ |
7,095 |
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|
$ |
13,606 |
|
Margin |
|
|
9.7 |
% |
|
|
18.0 |
% |
|
|
8.9 |
% |
|
|
15.3 |
% |
Test Systems |
|
|
(251 |
) |
|
|
|
|
|
|
(53 |
) |
|
|
|
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Margin |
|
|
(2.8 |
%) |
|
|
|
|
|
|
(0.3 |
%) |
|
|
|
|
Corporate Expenses and Other |
|
|
1,169 |
|
|
|
812 |
|
|
|
2,297 |
|
|
|
1,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Profit |
|
$ |
2,280 |
|
|
$ |
7,810 |
|
|
$ |
4,475 |
|
|
$ |
12,100 |
|
Operating Margin |
|
|
4.8 |
% |
|
|
16.3 |
% |
|
|
4.9 |
% |
|
|
13.6 |
% |
|
|
|
|
|
|
|
|
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- MORE -
Astronics Corporation Reports Second Quarter 2009 Results
July 30, 2009
Page 7 of 8
ASTRONICS CORPORATION
SALES BY MARKET
($, in thousands)
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Three Months Ended |
|
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Six Months Ended |
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|
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|
2009 |
|
|
|
7/4/2009 |
|
|
6/28/2008 |
|
|
% change |
|
|
7/4/2009 |
|
|
6/28/2008 |
|
|
% change |
|
|
YTD % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Transport |
|
$ |
21,387 |
|
|
$ |
28,779 |
|
|
|
-26 |
% |
|
$ |
44,393 |
|
|
$ |
52,674 |
|
|
|
-16 |
% |
|
|
46 |
% |
Military |
|
|
9,855 |
|
|
|
8,910 |
|
|
|
11 |
% |
|
|
20,341 |
|
|
|
16,669 |
|
|
|
22 |
% |
|
|
21 |
% |
Business Jet |
|
|
5,394 |
|
|
|
10,200 |
|
|
|
-47 |
% |
|
|
11,916 |
|
|
|
19,635 |
|
|
|
-39 |
% |
|
|
12 |
% |
FAA/Airport |
|
|
1,580 |
|
|
|
|
|
|
|
|
|
|
|
3,384 |
|
|
|
|
|
|
|
|
|
|
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace Total |
|
$ |
38,216 |
|
|
$ |
47,889 |
|
|
|
-20 |
% |
|
$ |
80,034 |
|
|
$ |
88,978 |
|
|
|
-10 |
% |
|
|
82 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Test Systems |
|
$ |
8,808 |
|
|
$ |
|
|
|
|
|
|
|
$ |
17,005 |
|
|
$ |
|
|
|
|
|
|
|
|
18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
47,024 |
|
|
$ |
47,889 |
|
|
|
-2 |
% |
|
$ |
97,039 |
|
|
$ |
88,978 |
|
|
|
9 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASTRONICS CORPORATION
SALES BY PRODUCT
($, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
|
|
2009 |
|
|
|
7/4/2009 |
|
|
6/28/2008 |
|
|
% change |
|
|
7/4/2009 |
|
|
6/28/2008 |
|
|
% change |
|
|
YTD % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft Lighting |
|
$ |
15,879 |
|
|
$ |
17,351 |
|
|
|
-9 |
% |
|
$ |
33,930 |
|
|
$ |
33,784 |
|
|
|
0 |
% |
|
|
35 |
% |
Cabin Electronics |
|
|
15,396 |
|
|
|
23,395 |
|
|
|
-34 |
% |
|
|
31,898 |
|
|
|
42,870 |
|
|
|
-26 |
% |
|
|
33 |
% |
Airframe Power |
|
|
5,361 |
|
|
|
7,143 |
|
|
|
-25 |
% |
|
|
10,822 |
|
|
|
12,324 |
|
|
|
-12 |
% |
|
|
11 |
% |
Airfield Lighting |
|
|
1,580 |
|
|
|
|
|
|
|
|
|
|
|
3,384 |
|
|
|
|
|
|
|
|
|
|
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace Total |
|
$ |
38,216 |
|
|
$ |
47,889 |
|
|
|
-20 |
% |
|
$ |
80,034 |
|
|
$ |
88,978 |
|
|
|
-10 |
% |
|
|
82 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Test Systems |
|
$ |
8,808 |
|
|
$ |
|
|
|
|
|
|
|
$ |
17,005 |
|
|
$ |
|
|
|
|
|
|
|
|
18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
47,024 |
|
|
$ |
47,889 |
|
|
|
-2 |
% |
|
$ |
97,039 |
|
|
$ |
88,978 |
|
|
|
9 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- MORE -
Astronics Corporation Reports Second Quarter 2009 Results
July 30, 2009
Page 8 of 8
ASTRONICS CORPORATION
ORDER AND BACKLOG TREND
($, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2008 |
|
|
Q3 2008 |
|
|
Q4 2008 |
|
|
Q1 2009* |
|
|
Q2 2009 |
|
|
|
|
|
|
|
6/28/2008 |
|
|
9/27/2008 |
|
|
7/4/2009 |
|
|
4/4/2009 |
|
|
7/4/2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
Aerospace |
|
$ |
47,889 |
|
|
$ |
40,363 |
|
|
$ |
44,381 |
|
|
$ |
41,818 |
|
|
$ |
38,216 |
|
|
|
|
|
Test Systems |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,197 |
|
|
|
8,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Sales |
|
$ |
47,889 |
|
|
$ |
40,363 |
|
|
$ |
44,381 |
|
|
$ |
50,015 |
|
|
$ |
47,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bookings |
|
Aerospace |
|
$ |
52,386 |
|
|
$ |
30,798 |
|
|
$ |
41,348 |
|
|
$ |
28,016 |
|
|
$ |
34,605 |
|
|
|
|
|
Test Systems |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,798 |
|
|
|
6,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Bookings |
|
$ |
52,386 |
|
|
$ |
30,798 |
|
|
$ |
41,348 |
|
|
$ |
30,814 |
|
|
$ |
40,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog |
|
Aerospace |
|
$ |
101,646 |
|
|
$ |
92,081 |
|
|
$ |
89,048 |
|
|
$ |
85,418 |
|
|
$ |
81,807 |
|
|
|
|
|
Test Systems |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,311 |
|
|
|
23,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Backlog |
|
$ |
101,646 |
|
|
$ |
92,081 |
|
|
$ |
89,048 |
|
|
$ |
111,729 |
|
|
$ |
105,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book: Bill |
|
Aerospace |
|
|
1.09 |
|
|
|
0.76 |
|
|
|
0.93 |
|
|
|
0.67 |
|
|
|
0.91 |
|
|
|
|
|
Test Systems |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.34 |
|
|
|
0.70 |
|
|
|
Combined
Book: Bill |
|
|
|
1.09 |
|
|
|
0.76 |
|
|
|
0.93 |
|
|
|
0.62 |
|
|
|
0.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
On January 30, 2009, Astronics acquired DME Corporation, including backlog of $10,172 for Aerospace and
$31,710 for Test Systems. |
- END -