Exhibit 99.1
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NEWS
RELEASE |
Astronics Corporation • 130 Commerce Way • East Aurora, NY • 14052-2164
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 Net Income Grows 24%
in Second Quarter of 2010
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Net income up 24.2% from last year’s second quarter |
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Quarterly bookings increased 26.7% on strong aerospace order level |
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Revenue expectation for 2010 increased to range of $185 million to $195 million |
EAST AURORA, NY, July 29, 2010 — 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 financial results for its second quarter and year-to-date period
ended July 3, 2010.
Peter J Gundermann, President and Chief Executive Officer commented, “Overall, we had a solid
quarter that was led by our Aerospace segment. We had strong cash flow and profitability and our
bookings so far this year are very encouraging. New orders over the past six months total almost
$106 million, up measurably over the $72 million for the same period last year.”
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Three Months Ended |
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Six Months Ended |
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July 3, |
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July 4, |
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% |
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July 3, |
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July 4, |
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% |
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2010 |
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2009 |
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Change |
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2010 |
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2009 |
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Change |
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Sales |
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$ |
47,089 |
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$ |
47,024 |
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0.1 |
% |
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$ |
94,025 |
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$ |
97,039 |
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(3.1 |
)% |
Gross profit |
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$ |
10,685 |
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$ |
8,724 |
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22.5 |
% |
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$ |
22,231 |
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$ |
17,254 |
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28.8 |
% |
Gross margin |
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22.7 |
% |
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18.6 |
% |
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23.6 |
% |
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17.8 |
% |
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SG&A |
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$ |
6,063 |
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$ |
6,444 |
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(5.9 |
)% |
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$ |
11,529 |
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$ |
12,509 |
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(7.8 |
)% |
SG&A percent to sales |
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12.9 |
% |
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13.7 |
% |
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12.3 |
% |
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12.9 |
% |
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Income from Operations |
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$ |
4,622 |
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$ |
2,280 |
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102.7 |
% |
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$ |
10,702 |
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$ |
4,745 |
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125.5 |
% |
Operating margin |
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9.8 |
% |
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4.8 |
% |
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11.4 |
% |
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4.9 |
% |
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Net Income |
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$ |
2,430 |
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$ |
1,956 |
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24.2 |
% |
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$ |
5,830 |
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$ |
3,357 |
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73.7 |
% |
Sales in the second quarter of 2010 were $47.1 million, up $0.1 million, or 0.1%, from the prior
year second quarter. Aerospace sales, which represent 93% of total sales, increased 14% to $43.6
million in the 2010 second quarter. Test Systems sales declined by $5.3 million to $3.5 million
when compared with last year’s second quarter.
Net income in the second quarter of 2010 was $2.4 million, or $0.22 per diluted share, compared
with net income of $2.0 million, or $0.18 per diluted share, in the same period of last year.
Consolidated gross margin and operating margin in the 2010 second quarter improved over the prior
year period reflecting strong operating leverage in the Aerospace segment on higher volume, lower
cost structure from actions taken last year to reduce costs and favorable sales mix. Also
contributing to the operating margin expansion was a $0.7 million decline in amortization expense
on purchased intangible assets in the Test Systems segment.
Engineering and development (E&D) costs were $7.0 million in the 2010 second quarter compared with
$6.4 million in last year’s second quarter.
Sales for the first half of 2010 were $94.0 million, down $3.0 million, or 3.1%, from the same
period last year. Net income for the 2010 six-month period was $5.8 million, or $0.52 per diluted
share, compared with net income of $3.4 million, or $0.31 per diluted share, in the same period of
last year.
The improved margins in the first half of 2010 were a result of higher margins in the Aerospace
segment as leverage was achieved from increased sales volumes and reductions to our cost structure,
as well as a favorable sales mix compared with last year. Also contributing to the operating
margin expansion was a $1.1 million reduction in amortization expense on purchased intangible
assets in the Test Systems segment.
Year-to-date engineering and development costs were $14.2 million and $13.8 million in 2010 and
2009, respectively.
The $0.4 million decrease in selling, general and administrative (SG&A) expense in the second
quarter of 2010 compared with last year’s second quarter was primarily due to last year’s higher
amortization expense for purchased intangible assets in the Test Systems business.
Second quarter Review: Aerospace Segment (refer to sales by market and segment data in
accompanying tables)
Sales for the Aerospace segment were $43.6 million in the second quarter of 2010, up $5.4 million,
or 14.1%, compared with the 2009 second quarter. The sales increase to the commercial transport
market was a result of increased volume due primarily to a general improvement in the commercial
transport market, as airlines increased their procurement and installation of in-flight
entertainment and in-seat power systems that utilize the Company’s cabin electronics products.
Sales to the business jet market were higher due to increased sales of the airframe power product
line. FAA/Airport market sales increased due in part to the timing of shipments of airfield
lighting equipment. Military sales were flat for the quarter compared with the previous year’s
second quarter as a $2.0 million increase in sales of aircraft lighting products was offset by a
decrease of airframe power product sales, as the Company’s shipments for the Tactical Tomahawk
power conditioning unit concluded in the third quarter of 2009.
Year-to-date sales were $86.8 million in the first half of 2010, up $6.8 million, or 8.4%, compared
with the first half of 2009. The increase in commercial transport sales was a result of a general
improvement in the commercial transport market. In total, sales to the business jet market were
flat as a $1.4 million increase in airframe power sales was offset by a similar decrease in
aircraft lighting product sales. Military sales were lower primarily as a result of the conclusion
of shipments of the Company’s power conditioning unit for the Tactical Tomahawk missile in the
third quarter of 2009, somewhat offset by higher shipments of lighting products.
Aerospace operating profit for the second quarter of 2010 was $6.8 million, or 15.5% of sales,
compared with $3.7 million, or 9.7% of sales, in the same period last year. Operating profit for
the first half of 2010 was $13.5 million, or 15.5% of sales, compared with $7.1 million, or 8.9% of
sales, in the same period last year. Margin improvement for both the three-month and year-to-date
periods was due to the leverage provided on the increased sales volume, the effect of cost
reductions and favorable product mix.
Bookings for the Aerospace segment during the second quarter were $46.2 million, up 34% over
$34.6 million in the second quarter of 2009. Backlog at the end of the second quarter was $85.7
million compared with $83.1 million at the end of the trailing first quarter.
-MORE-
Second quarter Review: Test Systems Segment (refer to sales by market and segment data in
accompanying tables)
Sales for the Test Systems segment were $3.5 million in the second quarter of 2010 compared with
$8.8 million in the second quarter of 2009. Year-to-date sales were $7.2 million in the first half
of 2010 compared with $17.0 million in the same period last year, a decrease of $9.8 million. The
decrease in the Test Systems segment sales reflected the low rate of new orders received during the
past eighteen months and the resulting low backlog level.
The segment’s operating loss was $1.0 million, or 28.5% of sales, in the second quarter of 2010,
compared with a loss of $0.3 million, or 2.8% of sales, in the second quarter of 2009. The
operating loss for the first six months of 2010 was $0.8 million, or 11.1% of sales, compared with
a loss of $0.1 million, or 0.3% of sales, in the second quarter of 2009. Compared with last year,
amortization expense relating to acquired intangible assets decreased by $0.7 million and $1.1
million for the three and six-month periods of 2010 and 2009, respectively. Additionally, the 2010
year to date operating loss reflects a reduction in estimated warranty liability of $0.7 million.
Test Systems bookings in the second quarter were $5.4 million compared with $6.2 million in the
second quarter of 2009. Backlog was $11.6 million at the end of the second quarter compared with
$9.6 million at the end of the trailing first quarter.
Balance Sheet
Cash generated from operations during the first half of 2010 was $7.5 million compared with $9.5
million in 2009. Higher net income was offset by increased investment in net working capital
components. Capital expenditures in the first half of the 2010 were $1.5 million and payments made
to reduce long-term debt during the six-month period were $4.5 million. The Company expects
capital spending in 2010 to be approximately $2.5 million to $3.5 million.
At July 3, 2010, the cash balance was $16.4 million compared with $14.9 million at December 31,
2009. The Company has $35 million available on its revolving credit facility at July 3, 2010.
Outlook
Backlog at July 3, 2010 was $97.3 million, above backlog at the end of the first quarter of 2010 of
$92.8 million and down from backlog at the end of the second quarter of 2009 of $105.5 million.
Approximately $69 million of total backlog is expected to ship by the end of 2010 and approximately
$82 million of total backlog is expected to ship in the next 12 months.
Mr. Gundermann stated, “As a result of our strong bookings over the past six months, we are
increasing our revenue expectations for the year. We now expect that our sales for the year will
be in the range of $185 to $195 million, up from the previous estimate of $170 to $190 million.”
Astronics anticipates that approximately $165 million to $170 million of projected 2010 revenue
will be from the Aerospace segment, while approximately $20 million to $25 million will be from the
Test Systems segment.
Second quarter 2010 Webcast and Conference Call
The Company will host a teleconference at 10:00 a.m. EDT on Friday, July 30, 2010. 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 by dialing (201) 689-8562 and entering conference ID
number 353788. 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 353788 and account number
3055. The telephonic replay will be available from
1:00 p.m. on the day of the call until 11:59 p.m. ET, Friday, August 6, 2010. A transcript will
also be posted to the Company’s Web site, once available.
-MORE-
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, 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 Web site at www.Astronics.com.
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 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 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.
-MORE-
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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7/3/2010 |
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7/4/2009 |
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7/3/2010 |
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7/4/2009 |
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Sales |
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$ |
47,089 |
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$ |
47,024 |
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|
$ |
94,025 |
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$ |
97,039 |
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Cost of products sold |
|
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36,404 |
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|
38,300 |
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|
|
71,794 |
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|
|
79,785 |
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Gross profit |
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10,685 |
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|
8,724 |
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|
22,231 |
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|
17,254 |
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Gross margin |
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|
22.7 |
% |
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|
18.6 |
% |
|
|
23.6 |
% |
|
|
17.8 |
% |
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Selling, general and administrative |
|
|
6,063 |
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|
|
6,444 |
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|
11,529 |
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|
|
12,509 |
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SG&A % to Sales |
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|
12.9 |
% |
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13.7 |
% |
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|
12.3 |
% |
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12.9 |
% |
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Income from operations |
|
|
4,622 |
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|
|
2,280 |
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|
|
10,702 |
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|
|
4,745 |
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Operating margin |
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|
9.8 |
% |
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4.8 |
% |
|
|
11.4 |
% |
|
|
4.9 |
% |
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Interest expense, net |
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722 |
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|
476 |
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1,321 |
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|
900 |
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Other expense (income) |
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13 |
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(900 |
) |
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(25 |
) |
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(913 |
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Income before tax |
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3,887 |
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|
2,704 |
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|
9,406 |
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|
4,758 |
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Income tax expense |
|
|
1,457 |
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|
748 |
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|
3,576 |
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|
1,401 |
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Net Income |
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$ |
2,430 |
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$ |
1,956 |
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$ |
5,830 |
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$ |
3,357 |
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Basic earnings per share: |
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$ |
0.22 |
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$ |
0.18 |
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$ |
0.54 |
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$ |
0.31 |
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Diluted earnings per share: |
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$ |
0.22 |
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$ |
0.18 |
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$ |
0.52 |
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$ |
0.31 |
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Weighted average diluted shares outstanding |
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11,289 |
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|
11,030 |
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|
11,127 |
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|
10,899 |
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Capital Expenditures |
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$ |
611 |
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$ |
583 |
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$ |
1,486 |
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$ |
1,551 |
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Depreciation and Amortization |
|
$ |
1,224 |
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$ |
1,955 |
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$ |
2,463 |
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$ |
3,695 |
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-MORE-
ASTRONICS CORPORATION
CONSOLIDATED BALANCE SHEET DATA
(in thousands)
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| |
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7/3/2010 |
|
|
12/31/2009 |
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(Unaudited) |
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ASSETS: |
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Cash and cash equivalents |
|
$ |
16,412 |
|
|
$ |
14,949 |
|
Accounts receivable |
|
|
28,128 |
|
|
|
30,560 |
|
Inventories |
|
|
32,501 |
|
|
|
31,909 |
|
Other current assets |
|
|
6,584 |
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|
|
5,075 |
|
Property, plant and equipment, net |
|
|
30,813 |
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|
|
31,243 |
|
Other long-term assets |
|
|
3,647 |
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|
|
3,763 |
|
Deferred taxes long-term |
|
|
7,368 |
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|
|
8,131 |
|
Intangible assets |
|
|
5,315 |
|
|
|
5,591 |
|
Goodwill |
|
|
7,472 |
|
|
|
7,493 |
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
138,240 |
|
|
$ |
138,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
Current maturities of long term debt |
|
$ |
5,239 |
|
|
$ |
6,238 |
|
Accounts payable and accrued expenses |
|
|
22,347 |
|
|
|
23,398 |
|
Long-term debt |
|
|
35,015 |
|
|
|
38,538 |
|
Other liabilities |
|
|
9,234 |
|
|
|
10,427 |
|
Shareholders’ equity |
|
|
66,405 |
|
|
|
60,113 |
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders’ Equity |
|
$ |
138,240 |
|
|
$ |
138,714 |
|
|
|
|
|
|
|
|
ASTRONICS CORPORATION
SEGMENT DATA
(Unaudited, $ in thousands)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
| |
|
7/3/2010 |
|
|
7/4/2009 |
|
|
7/3/2010 |
|
|
7/4/2009 |
|
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
$ |
43,599 |
|
|
$ |
38,216 |
|
|
$ |
86,789 |
|
|
$ |
80,034 |
|
Test Systems |
|
|
3,490 |
|
|
|
8,808 |
|
|
|
7,236 |
|
|
|
17,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Sales |
|
$ |
47,089 |
|
|
$ |
47,024 |
|
|
$ |
94,025 |
|
|
$ |
97,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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Operating Profit (Loss) and
Margins |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
$ |
6,753 |
|
|
$ |
3,700 |
|
|
$ |
13,495 |
|
|
$ |
7,095 |
|
|
|
|
15.5 |
% |
|
|
9.7 |
% |
|
|
15.5 |
% |
|
|
8.9 |
% |
Test Systems |
|
|
(993 |
) |
|
|
(251 |
) |
|
|
(806 |
) |
|
|
(53 |
) |
|
|
|
(28.5 |
)% |
|
|
(2.8 |
)% |
|
|
(11.1 |
)% |
|
|
(0.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Profit |
|
|
5,760 |
|
|
|
3,449 |
|
|
|
12,689 |
|
|
|
7,042 |
|
| |
Corporate Expenses and Other |
|
|
1,873 |
|
|
|
745 |
|
|
|
3,283 |
|
|
|
2,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Operations |
|
$ |
3,887 |
|
|
$ |
2,704 |
|
|
$ |
9,406 |
|
|
$ |
4,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-MORE-
ASTRONICS CORPORATION
SALES BY MARKET
($, in thousands)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
|
2010 |
|
| |
|
7/3/2010 |
|
|
7/4/2009 |
|
|
% change |
|
|
7/3/2010 |
|
|
7/4/2009 |
|
|
% change |
|
|
YTD % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Transport |
|
$ |
24,890 |
|
|
$ |
21,387 |
|
|
|
16 |
% |
|
$ |
52,336 |
|
|
$ |
44,393 |
|
|
|
18 |
% |
|
|
55 |
% |
Military |
|
|
9,521 |
|
|
|
9,855 |
|
|
|
(3 |
)% |
|
|
17,918 |
|
|
|
20,341 |
|
|
|
(12 |
)% |
|
|
19 |
% |
Business Jet |
|
|
6,379 |
|
|
|
5,394 |
|
|
|
18 |
% |
|
|
11,971 |
|
|
|
11,916 |
|
|
|
0 |
% |
|
|
13 |
% |
FAA/Airport |
|
|
2,809 |
|
|
|
1,580 |
|
|
|
78 |
% |
|
|
4,564 |
|
|
|
3,384 |
|
|
|
35 |
% |
|
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace Total |
|
|
43,599 |
|
|
|
38,216 |
|
|
|
14 |
% |
|
|
86,789 |
|
|
|
80,034 |
|
|
|
8 |
% |
|
|
92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Test Systems Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Military |
|
|
3,490 |
|
|
|
8,808 |
|
|
|
(60 |
)% |
|
|
7,236 |
|
|
|
17,005 |
|
|
|
(57 |
)% |
|
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
47,089 |
|
|
$ |
47,024 |
|
|
|
0 |
% |
|
$ |
94,025 |
|
|
$ |
97,039 |
|
|
|
(3 |
)% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASTRONICS CORPORATION
SALES BY PRODUCT
($, in thousands)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
|
2010 |
|
| |
|
7/3/2010 |
|
|
7/4/2009 |
|
|
% change |
|
|
7/3/2010 |
|
|
7/4/2009 |
|
|
% change |
|
|
YTD % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cabin Electronics |
|
$ |
19,087 |
|
|
$ |
15,396 |
|
|
|
24 |
% |
|
$ |
40,583 |
|
|
$ |
31,898 |
|
|
|
27 |
% |
|
|
43 |
% |
Aircraft Lighting |
|
|
17,586 |
|
|
|
15,879 |
|
|
|
11 |
% |
|
|
33,319 |
|
|
|
33,930 |
|
|
|
(2 |
)% |
|
|
35 |
% |
Airframe Power |
|
|
4,117 |
|
|
|
5,361 |
|
|
|
(23 |
)% |
|
|
8,323 |
|
|
|
10,822 |
|
|
|
(23 |
)% |
|
|
9 |
% |
Airfield Lighting |
|
|
2,809 |
|
|
|
1,580 |
|
|
|
78 |
% |
|
|
4,564 |
|
|
|
3,384 |
|
|
|
35 |
% |
|
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace Total |
|
|
43,599 |
|
|
|
38,216 |
|
|
|
14 |
% |
|
|
86,789 |
|
|
|
80,034 |
|
|
|
8 |
% |
|
|
92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Test Systems Segment |
|
|
3,490 |
|
|
|
8,808 |
|
|
|
(60 |
)% |
|
|
7,236 |
|
|
|
17,005 |
|
|
|
(57 |
)% |
|
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
47,089 |
|
|
$ |
47,024 |
|
|
|
0 |
% |
|
$ |
94,025 |
|
|
$ |
97,039 |
|
|
|
(3 |
)% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-MORE-
ASTRONICS CORPORATION
ORDER AND BACKLOG TREND
(Unaudited, $ in thousands)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
Q1 |
|
|
Q2 |
|
| |
|
2009 |
|
|
2009 |
|
|
2009 |
|
|
2009 |
|
|
2010 |
|
|
2010 |
|
| |
|
4/4/2009 |
|
|
7/4/2009 |
|
|
10/3/2009 |
|
|
12/31/2009 |
|
|
4/3/2010 |
|
|
7/3/2010 |
|
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
$ |
41,818 |
|
|
$ |
38,216 |
|
|
$ |
38,958 |
|
|
$ |
36,613 |
|
|
$ |
43,190 |
|
|
$ |
43,599 |
|
Test Systems |
|
|
8,197 |
|
|
|
8,808 |
|
|
|
9,628 |
|
|
|
8,963 |
|
|
|
3,746 |
|
|
|
3,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Sales |
|
$ |
50,015 |
|
|
$ |
47,024 |
|
|
$ |
48,586 |
|
|
$ |
45,576 |
|
|
$ |
46,936 |
|
|
$ |
47,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bookings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
$ |
28,016 |
|
|
$ |
34,605 |
|
|
$ |
40,135 |
|
|
$ |
29,270 |
|
|
$ |
50,668 |
|
|
$ |
46,227 |
|
Test Systems |
|
|
2,798 |
|
|
|
6,168 |
|
|
|
3,932 |
|
|
|
743 |
|
|
|
3,634 |
|
|
|
5,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Bookings |
|
$ |
30,814 |
|
|
$ |
40,773 |
|
|
$ |
44,067 |
|
|
$ |
30,013 |
|
|
$ |
54,302 |
|
|
$ |
51,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
$ |
85,418 |
|
|
$ |
81,807 |
|
|
$ |
82,983 |
|
|
$ |
75,639 |
|
|
$ |
83,116 |
|
|
$ |
85,744 |
|
Test Systems |
|
|
26,311 |
|
|
|
23,671 |
|
|
|
17,974 |
|
|
|
9,755 |
|
|
|
9,644 |
|
|
|
11,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Backlog |
|
$ |
111,729 |
|
|
$ |
105,478 |
|
|
$ |
100,957 |
|
|
$ |
85,394 |
|
|
$ |
92,760 |
|
|
$ |
97,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book:Bill Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
|
0.67 |
|
|
|
0.91 |
|
|
|
1.03 |
|
|
|
0.80 |
|
|
|
1.17 |
|
|
|
1.06 |
|
Test Systems |
|
|
0.34 |
|
|
|
0.70 |
|
|
|
0.41 |
|
|
|
0.08 |
|
|
|
0.97 |
|
|
|
1.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Book:Bill |
|
|
0.62 |
|
|
|
0.87 |
|
|
|
0.91 |
|
|
|
0.66 |
|
|
|
1.16 |
|
|
|
1.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-END-