- Achieved record quarterly sales of $200.1 million and
record quarterly net income of $24.7 million
- Record diluted earnings per share was $0.94 for the
quarter
- 2015 sales guidance tightened to $690 million to $705
million
- Initial 2016 sales guidance established at $690 million
to $750 million
Astronics Corporation (NASDAQ:ATRO), a leading supplier of products
to the global aerospace, defense, and semiconductor industries,
today reported financial results for the third quarter and nine
months ended October 3, 2015. Earnings per share for all periods
presented are adjusted for the 3 for 20 (15%) distribution of Class
B Stock for shareholders of record on October 8, 2015.
|
Three Months
Ended |
Nine Months
Ended |
|
10/3/2015 |
9/27/2014 |
% Change |
10/3/2015 |
9/27/2014 |
% Change |
|
|
|
|
|
|
|
Sales |
$ 200,145 |
$ 179,442 |
11.5% |
$ 534,939 |
$ 494,956 |
8.1% |
Gross profit |
$ 59,427 |
$ 51,310 |
15.8% |
$ 149,041 |
$ 124,517 |
19.7% |
Gross margin |
29.7% |
28.6% |
|
27.9% |
25.2% |
|
SG&A |
$ 22,297 |
$ 25,539 |
-12.7% |
$ 66,213 |
$ 62,638 |
5.7% |
SG&A percent of sales |
11.1% |
14.2% |
|
12.4% |
12.7% |
|
Income from Operations |
$ 37,130 |
$ 25,771 |
44.1% |
$ 82,828 |
$ 61,879 |
33.9% |
Operating margin % |
18.6% |
14.4% |
|
15.5% |
12.5% |
|
Net Income |
$ 24,694 |
$ 17,080 |
44.6% |
$ 53,067 |
$ 37,731 |
40.6% |
Net Income % |
12.3% |
9.5% |
|
9.9% |
7.6% |
|
Peter J. Gundermann, President and Chief Executive Officer,
commented, "The third quarter was very strong for Astronics
Corporation with new records set for sales and earnings. Sales
crossed the $200 million level for the first time, and net income
approached $25 million. Both our Aerospace and Test Systems
segments turned in very strong performances. We are excited
about the strength of the business, and look forward to a solid
close to 2015 while maintaining positive momentum going into
2016."
Consolidated Review
Third Quarter 2015 Results
Consolidated sales for the third quarter of 2015 were $200.1
million, up from $179.4 million, or 11.5%, over the same period
last year. The 2015 third quarter included $6.5 million in
sales from Armstrong Aerospace, Inc. ("Armstrong"), acquired on
January 14, 2015. Organic sales for the quarter increased
$14.2 million, or 7.9%, and were achieved with increases across
both the Aerospace and Test Systems segments.
Consolidated gross margin was 29.7% in the third quarter of 2015
compared with 28.6% in the third quarter of 2014. The third
quarter of 2014 included $1.3 million of inventory fair value
step-up expense of acquired businesses compared with $0.3 million
in the third quarter of 2015. Engineering and development
("E&D") costs were $22.5 million in the third quarter of 2015,
including $1.8 million for Armstrong. E&D costs in last
year's third quarter were $19.1 million. As a percent of
sales, E&D was 11.3% and 10.7% in the third quarters of 2015
and 2014, respectively.
Selling, general and administrative ("SG&A") expenses were
$22.3 million, or 11.1% of sales, in the third quarter of 2015
compared with $25.5 million, or 14.2% of sales, in the same period
last year. The third quarter of 2014 included intangible asset
amortization expense related to Astronics Test Systems, Inc.
("ATS") (acquired in February 2014) of $5.3 million compared with
$0.3 million in the third quarter of 2015. This decrease was
partially offset by the incremental SG&A costs of Armstrong,
which added approximately $1.4 million to SG&A in the third
quarter of 2015, including $0.6 million of amortization expense for
acquired intangible assets of that
business.
Diluted earnings per share for the 2015 third quarter were $0.94
compared with $0.65 in the prior-year period, an increase of
44.6%.
Year-to-Date 2015 Results
Consolidated sales for the first nine months of 2015 increased
by $40.0 million, or 8.1%, to $534.9 million, from $494.9 million
for the same period last year. The acquisition of Armstrong
contributed $20.3 million to consolidated sales, while consolidated
organic sales increased $19.7 million, or 4.0%.
Consolidated gross margin was 27.9% in the first nine months of
2015 compared with 25.2% in the first nine months of 2014. The
first nine months of 2015 included $1.0 million of inventory
step-up expense compared with $18.6 million in the first nine
months of 2014. E&D costs were 12.4% of sales, or $66.1
million, which included $4.8 million for Armstrong, compared with
$57.1 million, or 11.5% of sales, in the prior year's first nine
months.
Selling, general and administrative ("SG&A") expenses were
$66.2 million, or 12.4% of sales, in the first nine months of 2015
compared with $62.6 million, or 12.7% of sales, in the same period
last year. The increase was due primarily to the incremental
SG&A costs of Armstrong, which added approximately $4.1 million
to SG&A in the first nine months of 2015. Organically,
higher SG&A expense reflected increased headcount and
compensation costs to support growth. These increases were
partially offset by a decrease in amortization expense for acquired
intangible assets of ATS of $4.4 million and a $1.1 million
reduction in the contingent consideration liability related to
prior acquisitions.
Diluted earnings per share for the first nine months of 2015
were $2.02 compared with $1.45 for the same period last year, an
increase of 39.3%.
Aerospace Segment Review (refer to sales by
market and segment data in accompanying tables)
Aerospace Third Quarter 2015 Results
Aerospace segment sales increased by $16.5 million, or 13.5%,
when compared with the prior year's third quarter to $138.7
million. Organic Aerospace sales grew 8.2%, or $10.0 million.
Sales from Armstrong added $6.5 million.
Sales growth in the third quarter of 2015 was driven by
increased Electrical Power & Motion sales, which were up $9.3
million, or 15%. Sales of in-seat power products grew at an
even stronger rate, helping to offset reduced sales of seat motion
products in this product line. The Electrical Power &
Motion product lines are sold mostly to Commercial Transport
customers, with lesser sales to Business Jets and Military
customers. Sales of Lighting & Safety products increased
$2.9 million, as higher production rates of commercial transport
customers were complemented by a number of aftermarket retrofit
sales of passenger service units, or PSUs. The 2015 third
quarter included $6.1 million of Systems Certification sales from
Armstrong, which was acquired in January 2015. These gains
offset a reduction of $2.7 million in the Avionics product
category, as the Company continued to deal with component problems
from a certain supplier. Sales in this product line are
expected to rebound somewhat in the fourth quarter.
Aerospace operating profit for the third quarter of 2015 was
$23.1 million, or 16.6% of sales, compared with $22.1 million, or
18.0% of sales, in the same period last year. Operating
margins were negatively affected by increased E&D spending and
lower operating margin from the Armstrong business, partially
offset by operating leverage gained on increased organic sales
volume. Organic Aerospace E&D costs increased $1.7 million
compared with last year's third quarter. Incremental SG&A
from Armstrong was $1.4 million, including $0.5 million of
intangible asset amortization expense for acquired intangible
assets.
Aerospace Year-to-Date 2015
Results
Aerospace segment sales increased by $47.1 million, or 12.9%,
when compared with the prior year's first nine months to $413.3
million. Organic sales grew 7.3%, or $26.8 million, and sales
from Armstrong added $20.3 million.
Aerospace sales growth year-to-date was driven by increased
Electrical Power & Motion sales, which were up $20.2 million,
or 10.7%. This product group was dominated by in-seat power
products, which were up 18% through three quarters. The
Lighting & Safety product line was up $8.2 million, or 7.4%, on
a year-to-date basis on higher production rates of commercial
transport aircraft and greater retrofit activity. Systems
Certification sales were up $16.5 million due to the January
acquisition of Armstrong. The other Aerospace product lines
made up the remainder of the increase.
Aerospace operating profit for the first nine months of 2015 was
$66.7 million, or 16.1% of sales, compared with $60.3 million, or
16.5% of sales, in the same period last year. Operating
leverage gained on increased volume for the organic business was
partially offset by higher organic E&D costs of approximately
$3.9 million. Aerospace SG&A expense increased $5.4
million in the first nine months of 2015 as compared with the
corresponding period in 2014. Incremental SG&A from
Armstrong was $4.1 million, including $1.6 million of intangible
asset amortization expense for acquired intangible assets. The
first nine months of 2014 included inventory step-up costs of $2.6
million that reduced normal operating margins for that period.
Aerospace backlog at the end of the 2015 third quarter was
$227.3 million and the book-to-bill ratio for the period was
0.94.
Mr. Gundermann commented, "Our Aerospace segment had its second
best quarter ever, only after this year's first
quarter. Aerospace sales were up 13.5% year-over-year and 8.2%
organically. Our Electrical Power & Motion led the way
with sales up 15% for the quarter. We continue to see positive
developments across the business that we feel point to a promising
future. Our customers continue to respond positively to our
product offerings and our level of collaboration with them
continues to be very high."
Test Systems Segment Review (refer to sales by
market and segment data in accompanying tables)
Test Systems Third Quarter 2015 Results
Sales in the third quarter of 2015 increased $4.2 million, or
7.4%, to $61.4 million compared with sales of $57.2 million 2014.
Sales to the Semiconductor market increased $1.0 million
compared with the same period in 2014 and Aerospace & Defense
sales increased $3.2 million.
Operating profit was $17.0 million, or 27.6% of sales, compared
with $5.7 million, or 10.0% of sales, in last year's third quarter,
due in part to operating leverage on the sales
increase. Amortization expense associated with acquisitions
was $0.3 million in the 2015 third quarter. Last year's third
quarter included non-recurring purchase accounting related
inventory step-up costs of $1.0 million that reduced normal
operating margins for that period, $5.3 million in amortization
expense related to the ATS acquisition, and $1.7 million associated
with work force reductions as we realigned segment personnel.
E&D costs were approximately $3.2 million in the third
quarter of 2015 and $3.3 million in the prior-year period.
Test Systems Year-to-Date 2015 Results
Sales in the first nine months of 2015 decreased 5.5% to $121.7
million compared with sales of $128.8 million for the same period
in 2014, due to lower sales to the Semiconductor market. Sales
to the Semiconductor market decreased $20.1 million compared with
the same period in 2014, which was partially offset by increased
sales of $13.0 million to the Aerospace & Defense market.
Operating profit was $24.6 million, or 20.2% of sales, compared
with $8.0 million, or 6.2% of sales, in the first nine months of
2014. The acquisition of ATS added approximately $1.6 million
in SG&A expense in the first nine months of 2015. The
first nine months of 2014 included non-recurring purchase
accounting related inventory step-up costs of $16.0 million, and
$1.7 million of charges related to work force reductions as the
Company realigned segment personnel which impacted operating
margin. Additionally, amortization expense in the first nine
months of 2014 related to the ATS acquisition was approximately
$5.4 million compared with $1.0 million in the first nine months of
2015. E&D costs were approximately $8.8 million in the
first nine months of 2015, and $8.5 million in the prior-year
period.
Mr. Gundermann commented, "Our Test Systems segment turned in
record results in the quarter, with sales up 7.4% compared with the
third quarter of 2014. Sales were down 5.5% year-to-date,
however, and we expect the final quarter to be off the pace from
the third quarter as dictated by customer delivery requirements.
We see many encouraging signs in the market, however, and
expect our Test Systems segment to continue its strong performance
in 2016."
Backlog at the end of the third quarter for Test Systems was
$69.7 million.
Forecast
Consolidated sales in 2015 are forecasted to be in the range of
$690 million to $705 million. Approximately $553 million to
$564 million of revenue is expected from the Aerospace
segment. Test Systems segment revenue for 2015 is expected to
be approximately $137 million to $141 million.
Consolidated backlog at October 3, 2015 was $297.0 million, of
which $147.9 million is expected to ship in 2015.
Capital expenditures were $15.9 million through the first three
quarters of 2015 and are expected to be in the range of $20 million
to $25 million for the year. E&D spending is expected to
continue at about the level it has been running the last three
quarters.
The Company is establishing initial revenue guidance for 2016 of
$690 million to $750 million. The Aerospace segment is
expected to generate $572 million to $616 million of revenue, and
the Test Systems segment is expected to generate $118 million to
$134 million.
Mr. Gundermann commented, "We expect 2016 to be another very
good year for Astronics Corporation, though we will see a mix
change. Growth of our larger Aerospace segment of
approximately six to ten percent will more than offset an estimated
ten percent decline in revenue for the Test Systems
segment. Taken together, we are looking forward to another
very good year."
Third Quarter 2015 Webcast and Conference
Call
The Company will host a teleconference today at 11:00 AM
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 13621124. The
telephonic replay will be available from 2:00 p.m. on the day of
the call through Tuesday, November 17, 2015. A transcript
will also be posted to the Company's Web site once available.
About Astronics Corporation
Astronics Corporation (NASDAQ:ATRO) is a leading supplier of
products to the global aerospace, defense, consumer electronics and
semiconductor industries. Astronics' products include
advanced, high-performance electrical power generation &
distribution systems, lighting & safety systems, avionics
products, aircraft structures, engineering design and systems
certification and automated test systems. Astronics' strategy
is to increase its value by developing technologies and
capabilities, either internally or through acquisition and using
those capabilities to provide innovative solutions to its targeted
markets and other markets where its technology can be beneficial.
Astronics Corporation, through its wholly-owned subsidiaries,
has 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
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 from what may be stated here include the state
of the aerospace, defense, electronics and semiconductor
industries, the market acceptance of newly developed products,
internal production capabilities, the timing of orders received,
the status of customer certification processes and delivery
schedules, the demand for and market acceptance of new or existing
aircraft which contain the Company's products, the need for new and
advanced test and simulation equipment, 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 |
Nine Months
Ended |
|
10/3/2015 |
9/27/2014 |
10/3/2015 |
9/27/2014 |
Sales |
$ 200,145 |
$ 179,442 |
$ 534,939 |
$ 494,956 |
Cost of products sold |
140,718 |
128,132 |
385,898 |
370,439 |
Gross profit |
59,427 |
51,310 |
149,041 |
124,517 |
Gross
margin |
29.7% |
28.6% |
27.9% |
25.2% |
|
|
|
|
|
Selling, general and administrative |
22,297 |
25,539 |
66,213 |
62,638 |
SG&A % of
sales |
11.1% |
14.2% |
12.4% |
12.7% |
Income from operations |
37,130 |
25,771 |
82,828 |
61,879 |
Operating
margin |
18.6% |
14.4% |
15.5% |
12.5% |
|
|
|
|
|
Interest expense, net |
1,243 |
2,301 |
3,600 |
7,183 |
Income before tax |
35,887 |
23,470 |
79,228 |
54,696 |
Income tax expense |
11,193 |
6,390 |
26,161 |
16,965 |
Net income |
$ 24,694 |
$ 17,080 |
$ 53,067 |
$ 37,731 |
Net income % of
sales |
12.3% |
9.5% |
9.9% |
7.6% |
|
|
|
|
|
|
|
|
|
|
*Basic earnings per share: |
$ 0.97 |
$ 0.68 |
$ 2.09 |
$ 1.51 |
*Diluted earnings per share: |
$ 0.94 |
$ 0.65 |
$ 2.02 |
$ 1.45 |
|
|
|
|
|
*Weighted average diluted shares outstanding
(in thousands) |
26,217 |
26,079 |
26,237 |
26,057 |
|
|
|
|
|
Capital expenditures |
$ 3,580 |
$ 6,880 |
$ 15,857 |
$ 29,971 |
Depreciation and amortization |
$ 6,286 |
$ 10,859 |
$ 18,831 |
$ 21,168 |
*All share quantities and per-share data have been restated to
reflect the impact of the fifteen percent Class B stock
distribution to shareholders of record on October 8, 2015.
|
ASTRONICS
CORPORATION |
CONSOLIDATED BALANCE
SHEET DATA |
(in thousands) |
|
10/3/2015 |
12/31/2014 |
|
(Unaudited) |
|
ASSETS |
|
|
Cash and cash equivalents |
$ 22,433 |
$ 21,197 |
Accounts receivable and uncompleted
contracts |
124,663 |
88,888 |
Inventories |
119,811 |
115,053 |
Other current assets |
19,501 |
20,680 |
Property, plant and equipment, net |
125,940 |
116,316 |
Other long-term assets |
8,907 |
5,632 |
Intangible assets, net |
111,196 |
94,991 |
Goodwill |
115,942 |
100,153 |
Total
assets |
$ 648,393 |
$ 562,910 |
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
Current maturities of long term debt |
$ 2,745 |
$ 2,796 |
Accounts payable and accrued expenses |
69,839 |
61,368 |
Customer advances and deferred revenue |
40,565 |
45,052 |
Long-term debt |
205,789 |
180,212 |
Other liabilities |
45,469 |
45,305 |
Shareholders' equity |
283,986 |
228,177 |
Total liabilities and
shareholders' equity |
$ 648,393 |
$ 562,910 |
|
ASTRONICS
CORPORATION SEGMENT DATA (Unaudited, $ in
thousands |
|
|
Three Months
Ended |
Nine Months
Ended |
|
10/3/2015 |
9/27/2014 |
10/3/2015 |
9/27/2014 |
Sales |
|
|
|
|
Aerospace |
$ 138,728 |
$ 122,233 |
$ 413,250 |
$ 366,128 |
Test Systems |
61,417 |
57,209 |
121,744 |
129,065 |
Less Inter-segment |
-- |
-- |
(55) |
(237) |
Total sales |
200,145 |
179,442 |
534,939 |
494,956 |
|
|
|
|
|
Operating profit and margins |
|
|
|
|
Aerospace |
23,055 |
22,057 |
66,728 |
60,308 |
|
16.6% |
18.0% |
16.1% |
16.5% |
Test Systems |
16,980 |
5,699 |
24,618 |
8,034 |
|
27.6% |
10.0% |
20.2% |
6.2% |
Total operating profit |
40,035 |
27,756 |
91,346 |
68,342 |
|
20.0% |
15.5% |
17.1% |
13.8% |
|
|
|
|
|
Interest expense |
1,243 |
2,301 |
3,600 |
7,183 |
Corporate expenses and other |
2,905 |
1,985 |
8,518 |
6,463 |
Income before taxes |
$ 35,887 |
$ 23,470 |
$ 79,228 |
$ 54,696 |
|
17.9% |
13.1% |
14.8% |
11.1% |
|
ASTRONICS
CORPORATION SALES BY MARKET (Unaudited, $
in thousands) |
|
|
Three Months
Ended |
Nine Months
Ended |
|
|
10/3/2015 |
9/27/2014 |
% change |
10/3/2015 |
9/27/2014 |
% change |
2015 YTD |
|
|
|
|
|
|
|
|
Aerospace Segment |
|
|
|
|
|
|
|
Commercial Transport |
$115,016 |
$97,260 |
18.3% |
$342,839 |
$293,051 |
17.0% |
64.1% |
Military |
12,102 |
10,279 |
17.7% |
31,929 |
31,589 |
1.1% |
6.0% |
Business Jet |
8,043 |
10,565 |
-23.9% |
25,196 |
28,740 |
-12.3% |
4.7% |
Other |
3,567 |
4,129 |
-13.6% |
13,286 |
12,748 |
4.2% |
2.5% |
Aerospace Total |
138,728 |
122,233 |
13.5% |
413,250 |
366,128 |
12.9% |
77.3% |
|
|
|
|
|
|
|
|
Test Systems Segment |
|
|
|
|
|
|
|
Semiconductor |
49,966 |
48,927 |
2.1% |
86,224 |
106,384 |
-19.0% |
16.1% |
Aerospace & Defense |
11,451 |
8,282 |
38.3% |
35,465 |
22,444 |
58.0% |
6.6% |
|
61,417 |
57,209 |
7.4% |
121,689 |
128,828 |
-5.5% |
22.7% |
|
|
|
|
|
|
|
|
Total |
$ 200,145 |
$ 179,442 |
11.5% |
$ 534,939 |
$ 494,956 |
8.1% |
100.0% |
|
ASTRONICS
CORPORATION SALES BY PRODUCT LINE
(Unaudited, $ in thousands) |
|
|
Three Months
Ended |
Nine Months
Ended |
|
|
10/3/2015 |
9/27/2014 |
% change |
10/3/2015 |
9/27/2014 |
% change |
2015 YTD |
|
|
|
|
|
|
|
|
Aerospace Segment |
|
|
|
|
|
|
|
Electrical Power &
Motion |
71,164 |
61,885 |
15.0% |
$ 208,578 |
$ 188,368 |
10.7% |
39.0% |
Lighting & Safety |
39,965 |
37,104 |
7.7% |
119,949 |
111,702 |
7.4% |
22.4% |
Avionics |
12,598 |
15,351 |
-17.9% |
41,628 |
40,601 |
2.5% |
7.8% |
Systems Certification |
6,120 |
-- |
-- |
16,465 |
-- |
-- |
3.1% |
Structures |
4,388 |
3,526 |
24.4% |
12,418 |
10,868 |
14.3% |
2.3% |
Other |
4,493 |
4,367 |
2.9% |
14,212 |
14,589 |
-2.6% |
2.7% |
Aerospace Total |
138,728 |
122,233 |
13.5% |
413,250 |
366,128 |
12.9% |
77.3% |
|
|
|
|
|
|
|
|
Test Systems |
61,417 |
57,209 |
7.4% |
121,689 |
128,828 |
-5.5% |
22.7% |
|
|
|
|
|
|
|
|
Total |
$ 200,145 |
$ 179,442 |
11.5% |
$ 534,939 |
$ 494,956 |
8.1% |
100.0% |
|
ASTRONICS
CORPORATION |
ORDER AND BACKLOG
TREND |
(Unaudited, $ in
thousands) |
|
Q4 2014 |
Q1 2015 |
Q2 2015 |
Q3
2015 |
Twelve Months |
|
12/31/2014 |
4/4/2015 |
7/4/2015 |
10/3/2015 |
10/3/2015 |
Sales |
|
|
|
|
|
Aerospace |
$ 128,619 |
$ 142,352 |
$ 132,170 |
$ 138,728 |
$ 541,869 |
Test Systems |
37,464 |
19,286 |
40,986 |
61,417 |
159,153 |
Total Sales |
$ 166,083 |
$ 161,638 |
$ 173,156 |
$ 200,145 |
$ 701,022 |
|
|
|
|
|
|
Bookings |
|
|
|
|
|
Aerospace |
$ 130,588 |
$ 141,113 |
$ 134,478 |
$ 129,807 |
$ 535,988 |
Test Systems |
104,782 |
16,836 |
12,242 |
15,352 |
149,212 |
Total Bookings |
$ 235,370 |
$ 157,949 |
$ 146,720 |
$ 145,159 |
$ 685,200 |
|
|
|
|
|
|
Backlog* |
|
|
|
|
|
Aerospace |
$ 223,769 |
$ 233,955 |
$ 236,264 |
$ 227,345 |
N/A |
Test Systems |
146,964 |
144,514 |
115,770 |
69,705 |
N/A |
Total Backlog |
$ 370,733 |
$ 378,469 |
$ 352,034 |
$ 297,048 |
N/A |
|
|
|
|
|
|
Book:Bill Ratio |
|
|
|
|
|
Aerospace |
1.02 |
0.99 |
1.02 |
0.94 |
0.99 |
Test Systems |
2.80 |
0.87 |
0.30 |
0.25 |
0.94 |
Total Book:Bill |
1.42 |
0.98 |
0.85 |
0.73 |
0.98 |
* On January 14, 2015, Astronics Corporation acquired Armstrong
Aerospace, Inc. which included a backlog of approximately $11.4
million for the Aerospace segment.
CONTACT: For more information, 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
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