Astronics Corporation Annual report pursuant to Section 13 and 15(d)

Segments (Tables)

12 Months Ended

Dec. 31, 2018

Segment information and reconciliations to consolidated amounts for the years ended December 31 are as follows:


(In thousands)	2018			2017			2016
Sales:
Aerospace	$	675,744		$	534,724		$	534,408
Less Inter-segment Sales	(119)			(121)			(367)
Total Aerospace Sales	675,625			534,603			534,041

Test Systems	127,679			89,861			99,082
Less Inter-segment Sales	(48)			—			—
Test Systems	127,631			89,861			99,082
Total Consolidated Sales	$	803,256		$	624,464		$	633,123
Operating Profit and Margins:
Aerospace	$	69,761		$	38,888		$	77,966
	10.3		%	7.3		%	14.6		%
Test Systems	10,718			7,359			8,507
	8.4		%	8.2		%	8.6		%
Total Operating Profit	$	80,479		$	46,247		$	86,473
	10.0		%	7.4		%	13.7		%
Deductions from Operating Profit:
Interest Expense, Net of Interest Income	$	(9,710)		$	(5,369)		$	(4,354)
Corporate and Other Expenses, Net	(18,487)			(15,887)			(13,334)
Income before Income Taxes	$	52,282		$	24,991		$	68,785
Depreciation and Amortization:
Aerospace	$	29,947		$	22,111		$	19,873
Test Systems	4,500			4,302			5,273
Corporate	585			650			644
Total Depreciation and Amortization	$	35,032		$	27,063		$	25,790
Assets:
Aerospace	$	647,870		$	621,047		$	500,892
Test Systems	97,056			90,859			76,575
Corporate	29,714			24,050			26,877
Total Assets	$	774,640		$	735,956		$	604,344
Capital Expenditures:
Aerospace	$	14,680		$	10,656		$	9,511
Test Systems	1,370			2,721			3,345
Corporate	267			101			181
Total Capital Expenditures	$	16,317		$	13,478		$	13,037

The following table summarizes the Company’s sales into the following geographic regions for the years ended December 31:


(In thousands)	2018		2017		2016
United States	$	575,830	$	482,219	$	504,270
North America (excluding United States)	10,834		6,198		12,331
Asia	112,135		58,732		52,171
Europe	98,193		73,677		61,200
South America	1,973		1,280		577
Other	4,291		2,358		2,574
Total	$	803,256	$	624,464	$	633,123

The following table summarizes the Company’s property, plant and equipment by country for the years ended December 31:

The following is information relating to the activity with those customers:


	2018	2017	2016
Percent of Consolidated Sales
Panasonic	14.4%	19.1%	21.6%
Boeing	14.3%	16.8%	15.2%


(In thousands)	2018		2017
Accounts Receivable at December 31,
Panasonic	$	14,994	$	10,200
Boeing	$	24,649	$	12,969