- Sales for the quarter were $156.5 million, up 35% over prior
year
- Bookings totaled $157.8 million and achieved record backlog
of $578.5 million
- Aerospace segment sales increased 34% to $135.6 million;
bookings were $150.1 million
- Net loss for the quarter was $4.4 million and adjusted
EBITDA was $6.1 million
- Expect second quarter revenue to be $165 million to $175
million; maintaining guidance of $640 million to $680 million for
2023, a 23% increase over 2022 at mid-point of range
Please replace the release with the following version due to
corrected footnote numbering in the SEGMENT DATA and SALES BY
MARKET tables.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230509006179/en/
Astronics Corporation Segment Sales and
Bookings (Graphic: Business Wire)
The updated release reads:
ASTRONICS CORPORATION REPORTS 2023 FIRST
QUARTER FINANCIAL RESULTS
- Sales for the quarter were $156.5 million, up 35% over prior
year
- Bookings totaled $157.8 million and achieved record backlog
of $578.5 million
- Aerospace segment sales increased 34% to $135.6 million;
bookings were $150.1 million
- Net loss for the quarter was $4.4 million and adjusted
EBITDA was $6.1 million
- Expect second quarter revenue to be $165 million to $175
million; maintaining guidance of $640 million to $680 million for
2023, a 23% increase over 2022 at mid-point of range
Astronics Corporation (Nasdaq: ATRO) (“Astronics” or the
“Company”), a leading supplier of advanced technologies and
products to the global aerospace, defense and other mission
critical industries, today reported financial results for the three
months ended April 1, 2023.
Peter J. Gundermann, Chairman, President and Chief Executive
Officer, commented, “We had a solid start to the year as continued
strong customer demand and an improving supply chain helped us
exceed the upper end of our revenue expectations for the quarter.
Our leading position in passenger power and inflight connectivity
for commercial aerospace combined with the robust recovery in that
market has driven demand for our products. The trends give us
confidence in the revenue ramp we are planning for the rest of
2023.”
Mr. Gundermann continued, “We expect revenue to increase
significantly in the second quarter to $165 million to $175 million
and are maintaining full year guidance of $640 million to $680
million. We have also restructured our Test segment to take out
approximately $4 million to $5 million in costs and improve
operating results. We expect this effort, together with the
cooperation of our supply chain and strong customer demand, will
improve financial results as we advance through the year.”
First Quarter Results
Three Months Ended
($ in thousands)
April 1,
2023
April 2,
2022
%
Change
Sales
$
156,538
$
116,176
34.7
%
Loss from Operations
$
(2,370
)
$
(4,167
)
43.1
%
Operating Margin %
(1.5
)%
(3.6
)%
Net Gain on Sale of Business
$
(3,427
)
$
(11,284
)
Net Loss
$
(4,415
)
$
(3,101
)
(42.4
)%
Net Loss %
(2.8
)%
(2.7
)%
*Adjusted EBITDA
$
6,078
$
949
540.5
%
*Adjusted EBITDA Margin %
3.9
%
0.8
%
*Adjusted EBITDA is a Non-GAAP Performance
Measure. Please see the attached table for a reconciliation of
adjusted EBITDA to GAAP net loss.
First Quarter 2023 Results (compared with
the prior-year period, unless noted otherwise)
Consolidated sales were up $40.4 million, or 34.7%, from the
first quarter of 2022. Aerospace sales increased $34.2 million, or
33.7%, driven by higher sales to the commercial transport market.
Test Systems sales increased $6.2 million, due primarily to the
reversal of a $5.8 million deferred revenue liability assumed with
an acquisition and associated with a customer program which is no
longer expected to occur.
Consolidated operating loss was $2.4 million, an improvement
over the operating loss of $4.2 million in the prior-year period.
The current period operating loss benefited from higher volume and
the $5.8 million liability reversal, which was offset by higher
material and labor costs and an increase of $3.2 million in
litigation-related legal expenses. The prior period operating loss
benefited from an Aviation Manufacturing Jobs Protections (“AMJP”)
Program grant which provided a $6.0 million offset to cost of
products sold.
The Company recognized in the quarter a final earnout of $3.4
million for the 2019 sale of its semiconductor test business,
compared with $11.3 million recognized in the prior-year period.
Other income in the 2023 first quarter included $1.8 million
associated with the reversal of a liability related to an equity
investment.
Interest expense was $5.5 million in the current period,
compared with $1.6 million in the prior-year period, primarily
driven by higher interest rates on the Company’s new credit
facilities. Interest expense includes approximately $0.6 million of
non-cash amortization of capitalized financing-related fees.
Income tax expense was $1.3 million in the current period,
primarily due to a valuation allowance applied against the deferred
tax asset associated with research and development costs that are
required to be capitalized for tax purposes.
Consolidated net loss was $4.4 million, or $0.14 per diluted
share, compared with net loss of $3.1 million, or $0.10 per diluted
share, in the prior year.
Consolidated adjusted EBITDA was $6.1 million, or 3.9% of
consolidated sales, compared with $0.9 million, or 0.8% of
consolidated sales, in the prior-year period.
Bookings were $157.8 million in the quarter resulting in a
book-to-bill ratio of 1.05:1, excluding the impact of the $5.8
million adjustment to sales referred to previously. Backlog was a
record $578.5 million. Approximately $498.7 million of backlog is
expected to ship over the next twelve months.
Aerospace Segment Review (refer to sales by market and
segment data in accompanying tables)
Aerospace First Quarter 2023 Results
(compared with the prior-year period, unless noted
otherwise)
Aerospace segment sales increased $34.2 million, or 33.7%, to
$135.6 million driven by a 47.0%, or $30.1 million increase in
commercial transport sales. Sales to this market were $94.2
million, or 60.2% of consolidated sales in the quarter, compared
with $64.1 million, or 55.1% of consolidated sales in the first
quarter of 2022. Improving global airline travel driving higher
fleet utilization and increased production rates resulted in
increased demand.
General Aviation sales increased $3.6 million, or 22.6%, to
$19.4 million.
Aerospace segment operating profit improved to $4.1 million
compared with operating profit of $3.1 million in the same period
last year, which included an AMJP grant offset to cost of sales of
$6.0 million. Absent the impact of the AMJP grant on last year’s
first quarter, aerospace operating profit improved $7.0 million on
a sales increase of $34.2 million. The improvement in operating
profit was driven by higher volume primarily in the commercial
transport market, partially offset by the effects of material and
labor inflation.
Aerospace bookings were $150.1 million for a book-to-bill ratio
of 1.11:1. Backlog for the Aerospace segment was a record $492.2
million at quarter end.
Mr. Gundermann commented, “Our Aerospace business continues to
accelerate, in step with the air travel recovery that is underway
worldwide. Our business is trending back to pre-pandemic levels and
will benefit further from a number of high-profile programs that we
have won during the downturn, including our involvement on the U.S.
Army’s Future Long-Range Assault Aircraft (FLRAA) program which we
expect to begin in the next several weeks. Margin performance will
continue to improve as supply chain spot buys decline and volume
increases.”
Test Systems Segment Review (refer to sales by market and
segment data in accompanying tables)
Test Systems First Quarter 2023 Results
(compared with the prior-year period, unless noted
otherwise)
Test Systems segment sales were $20.9 million, up $6.2 million
compared with the prior-year period primarily as a result of a
reversal of $5.8 million deferred revenue liability recorded with a
previous acquisition. Absent that item, Test Systems sales
increased $0.4 million.
Test Systems segment operating loss was $0.6 million compared
with operating loss of $1.8 million in the first quarter of 2022.
Absent the non-operating sales adjustment resulting from the
reversal of the deferred revenue liability, Test Systems operating
loss for the current period was $6.4 million and was negatively
affected by mix, under absorption of fixed costs due to volume and
$2.6 million in increased litigation-related legal expenses.
Shortly after the quarter ended the Test Systems segment
implemented restructuring initiatives to align the workforce and
management structure with near-term revenue expectations and
operational needs. These initiatives are expected to provide
savings of $4 million to $5 million annually, beginning with the
third quarter.
Bookings for the Test Systems segment in the quarter were $7.7
million, for a book-to-bill ratio of 0.51:1 for the quarter,
excluding the impact of the $5.8 million adjustment to sales
referred to previously. Backlog was $86.3 million at the end of the
first quarter of 2023 compared with backlog of $81.1 million at the
end of the first quarter of 2022.
In April 2023, Astronics announced that the Test business had
been awarded a contract award to produce portable radio test
equipment for the U.S. Marine Corps’ Handheld Radio Test Sets
program (“HHRTS”). This program is expected to generate revenue of
approximately $40 million over a five-year period. An initial task
order for approximately $10 million is expected in the coming
weeks.
Mr. Gundermann commented, “Our Test business is going through a
transition period. We have been quite successful winning new
business, including radio test programs for both the U.S. Army and
U.S. Marine Corps, which promise to be major contributors to our
results in the near future. However, these programs have developed
more slowly than expected, so we found it necessary to restructure
and right size the business for the interim period. We expect the
restructuring to improve profitability for the segment at current
run rates until the new programs gain traction.”
Liquidity and Financing
Cash on hand at the end of the quarter was $5.7 million. Capital
expenditures in the quarter were $1.6 million. Net debt was $172.4
million, compared with $150.2 million at the end of 2022.
Cash used in operations was $19.2 million in the quarter,
primarily due to increased levels of working capital to support
higher projected sales volume. Astronics expects to be cash flow
positive for the remainder of 2023.
2023 Outlook
Revenue for the second quarter of 2023 is expected to be $165
million to $175 million and for the full year to be in the range of
$640 million to $680 million. Planned capital expenditures for 2023
are expected to be in the range of $14 million to $17 million.
First Quarter 2023 Webcast and Conference Call
The Company will host a teleconference today at 4:45 p.m. ET.
During the teleconference, management 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 (412)
317-6060. The listen-only audio webcast can be monitored at
investors.astronics.com. To listen to the archived call, dial (412)
317-6671 and enter replay pin number 10177171. The telephonic
replay will be available from 7:45 p.m. on the day of the call
through Tuesday, May 16, 2023. A transcript of the call will also
be posted to the Company’s Web site once available.
About Astronics
Corporation
Astronics Corporation (Nasdaq: ATRO) serves the world’s
aerospace, defense, and other mission critical industries with
proven, innovative technology solutions. Astronics works
side-by-side with customers, integrating its array of power,
connectivity, lighting, structures, interiors, and test
technologies to solve complex challenges. For over 50 years,
Astronics has delivered creative, customer-focused solutions with
exceptional responsiveness. Today, global airframe manufacturers,
airlines, military branches, completion centers, and Fortune 500
companies rely on the collaborative spirit and innovation of
Astronics. The Company’s strategy is to increase its value by
developing technologies and capabilities that provide innovative
solutions to its targeted markets.
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 and include all statements with regard to achieving any
revenue or profitability expectations, the rate of recovery of the
commercial aerospace widebody/long haul markets, the improvement in
the supply chain and reduction of spot buys, the timing of pricing
and impact of inflation on margins, the effectiveness on
profitability of cost reduction efforts, the timing of receipt of
task orders or future orders, and the expectations of demand by
customers and markets. 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 continued global impact of COVID-19 and related governmental
and other actions taken in response, trend in growth with passenger
power and connectivity on airplanes, the state of the aerospace and
defense 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 relationships, the effectiveness of the Company’s
supply chain, 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 STATEMENT OF OPERATIONS DATA
(Unaudited, $ in thousands except
per share data)
Three
Months Ended
4/1/2023
4/2/2022
Sales1
$
156,538
$
116,176
Cost of products sold2
129,028
96,243
Gross profit
27,510
19,933
Gross margin
17.6
%
17.2
%
Selling, general and administrative
29,880
24,100
SG&A % of sales
19.1
%
20.7
%
Loss from operations
(2,370
)
(4,167
)
Operating margin
(1.5
)%
(3.6
)%
Net gain on sale of business3
(3,427
)
(11,284
)
Other (income) expense4
(1,288
)
462
Interest expense, net
5,470
1,631
(Loss) income before tax
(3,125
)
5,024
Income tax expense
1,290
8,125
Net loss
$
(4,415
)
$
(3,101
)
Net loss % of sales
(2.8
)%
(2.7
)%
*Basic loss per share:
$
(0.14
)
$
(0.10
)
*Diluted loss per share:
$
(0.14
)
$
(0.10
)
*Weighted average diluted shares
outstanding (in thousands)
32,505
31,933
Capital expenditures
$
1,573
$
1,160
Depreciation and amortization
$
6,662
$
7,088
________________________________
1In the quarter ended April 1, 2023, $5.8
million was recognized in sales related to the reversal of a
deferred revenue liability recorded with a previous acquisition
within our Test Systems Segment.
2In the quarter ended April 2, 2022, $6.0
million of the Aviation Manufacturing Jobs Protection Program grant
was recognized as an offset to cost of products sold.
3 Net gain on sale of business for the
quarters ended April 1, 2023 and April 2, 2022 is comprised of the
additional gain on the sale of the Company’s former semiconductor
test business resulting from the contingent earnout for the 2022
and 2021 calendar year, respectively.
4 Other (income) expense, net for the
quarter ended April 1, 2023 includes income of $1.8 million
associated with the reversal of a liability related to an equity
investment, as we will no longer be required to make the associated
payment.
ASTRONICS CORPORATION
SEGMENT
DATA
(Unaudited, $ in thousands)
Three
Months Ended
4/1/2023
4/2/2022
Sales
Aerospace
$
135,715
$
101,394
Less inter-segment
(118
)
—
Total Aerospace
135,597
101,394
Test Systems1
20,941
14,798
Less inter-segment
—
(16
)
Total Test Systems
20,941
14,782
Total consolidated sales
156,538
116,176
Segment operating profit and
margins
Aerospace2
4,087
3,050
3.0
%
3.0
%
Test Systems1
(597
)
(1,787
)
(2.9
)%
(12.1
)%
Total segment operating profit
3,490
1,263
Net gain on sale of business
(3,427
)
(11,284
)
Interest expense
5,470
1,631
Corporate expenses and other3
4,572
5,892
(Loss) income before taxes
$
(3,125
)
$
5,024
________________________________
1 In the quarter ended April 2, 2023, $5.8
million was recognized in sales related to the reversal of a
deferred revenue liability recorded with a previous acquisition
within our Test Systems Segment, which also benefits operating loss
for the period. Absent that benefit, Test Systems operating loss
was $6.4 million.
2 In the quarter ended April 2, 2022, $6.0
million of the Aviation Manufacturing Jobs Protection Program grant
was recognized as an offset to the cost of products sold in the
Aerospace segment.
3 Corporate expenses and other for the
quarter ended April 1, 2023 includes income of $1.8 million
associated with the reversal of a liability related to an equity
investment, as we will no longer be required to make the associated
payment.
Reconciliation to Non-GAAP Performance Measures
In addition to reporting net income, a U.S. generally accepted
accounting principle (“GAAP”) measure, we present Adjusted EBITDA
(earnings before interest, income taxes, depreciation and
amortization, non-cash equity-based compensation expense, goodwill,
intangible and long-lived asset impairment charges, equity
investment income or loss, legal reserves, settlements and
recoveries, restructuring charges, gains or losses associated with
the sale of businesses and grant benefits recorded related to the
AMJP program), which is a non-GAAP measure. The Company’s
management believes Adjusted EBITDA is an important measure of
operating performance because it allows management, investors and
others to evaluate and compare the performance of its core
operations from period to period by removing the impact of the
capital structure (interest), tangible and intangible asset base
(depreciation and amortization), taxes, equity-based compensation
expense, goodwill, intangible and long-lived asset impairment
charges, equity investment income or loss, legal reserves,
settlements and recoveries, litigation-related expenses,
restructuring charges, gains or losses associated with the sale of
businesses and grant benefits recorded related to the AMJP program,
which is not commensurate with the core activities of the reporting
period in which it is included. As such, the Company uses Adjusted
EBITDA as a measure of performance when evaluating its business and
as a basis for planning and forecasting. Adjusted EBITDA is not a
measure of financial performance under GAAP and is not calculated
through the application of GAAP. As such, it should not be
considered as a substitute for the GAAP measure of net income and,
therefore, should not be used in isolation of, but in conjunction
with, the GAAP measure. Adjusted EBITDA, as presented, may produce
results that vary from the GAAP measure and may not be comparable
to a similarly defined non-GAAP measure used by other
companies.
ASTRONICS CORPORATION
RECONCILIATION OF NET LOSS TO ADJUSTED
EBITDA
(Unaudited, $ in thousands)
Consolidated
Three
Months Ended
4/1/2023
4/2/2022
Net loss
$
(4,415
)
$
(3,101
)
Add back (deduct):
Interest expense
5,470
1,631
Income tax expense
1,290
8,125
Depreciation and amortization expense
6,662
7,088
Equity-based compensation expense
2,399
2,101
Restructuring-related charges including
severance
—
84
Non-cash accrued 401K contribution
1,208
1,011
Litigation-related legal expenses
4,515
1,302
Equity investment accrued payable
write-off
(1,800
)
—
AMJP grant benefit
—
(6,008
)
Net gain on sale of business
(3,427
)
(11,284
)
Deferred liability recovery
(5,824
)
—
Adjusted EBITDA
$
6,078
$
949
Sales
$
156,538
$
116,176
Adjusted EBITDA margin on sales
3.9
%
0.8
%
ASTRONICS CORPORATION
CONSOLIDATED BALANCE SHEET DATA
($ in thousands)
(unaudited)
4/1/2023
12/31/2022
ASSETS
Cash and cash equivalents
$
4,220
$
13,778
Restricted cash
1,497
—
Accounts receivable and uncompleted
contracts
152,365
147,790
Inventories
199,944
187,983
Other current assets
16,150
15,743
Property, plant and equipment, net
88,623
90,658
Other long-term assets
19,743
21,633
Intangible assets, net
75,697
79,277
Goodwill
58,169
58,169
Total assets
$
616,408
$
615,031
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current maturities of long-term debt
$
6,750
$
4,500
Accounts payable and accrued expenses
112,639
114,545
Customer advances and deferred revenue
27,432
32,567
Long-term debt
165,603
159,500
Other liabilities
65,060
63,999
Shareholders' equity
238,924
239,920
Total liabilities and shareholders'
equity
$
616,408
$
615,031
ASTRONICS CORPORATION
CONSOLIDATED CASH FLOWS DATA
Three
Months Ended
(Unaudited, $ in thousands)
4/1/2023
4/2/2022
Cash flows from operating
activities:
Net loss
$
(4,415
)
$
(3,101
)
Adjustments to reconcile net loss to cash
from operating activities:
Non-cash items:
Depreciation and amortization
6,662
7,088
Amortization of deferred financing
fees
616
—
Provisions for non-cash losses on
inventory and receivables
627
175
Equity-based compensation expense
2,399
2,101
Net gain on sale of business
(3,427
)
(11,284
)
Operating lease non-cash expense
1,186
1,424
Non-cash 401K contribution accrual
1,208
1,011
Non-cash deferred liability reversal
(5,824
)
—
Other
(525
)
513
Cash flows from changes in operating
assets and liabilities:
Accounts receivable
(4,170
)
(10,024
)
Inventories
(13,860
)
(9,015
)
Prepaid expenses and other current
assets
16
(363
)
Accounts payable
(3,488
)
8,625
Accrued expenses
2,909
(1,380
)
Income taxes payable/receivable
1,262
16,492
Operating lease liabilities
(1,447
)
(1,724
)
Customer advance payments and deferred
revenue
1,190
(113
)
Supplemental retirement plan and other
liabilities
(100
)
(109
)
Cash flows from operating activities
(19,181
)
316
Cash flows from investing
activities:
Proceeds on sale of business
3,437
21,961
Capital expenditures
(1,573
)
(1,160
)
Cash flows from investing activities
1,864
20,801
Cash flows from financing
activities:
Proceeds from long-term debt
126,122
17,925
Principal payments on long-term debt
(111,986
)
(43,925
)
Stock award and employee stock purchase
plan activity
(602
)
108
Finance lease principal payments
(11
)
(23
)
Financing-related costs
(4,347
)
(771
)
Cash flows from financing activities
9,176
(26,686
)
Effect of exchange rates on cash
80
(173
)
Decrease in cash and cash equivalents and
restricted cash
(8,061
)
(5,742
)
Cash and cash equivalents and restricted
cash at beginning of period
13,778
29,757
Cash and cash equivalents and restricted
cash at end of period
$
5,717
$
24,015
ASTRONICS CORPORATION
SALES BY
MARKET
(Unaudited, $ in thousands)
Three
Months Ended
2023
YTD
4/1/2023
4/2/2022
%
Change
% of
Sales
Aerospace Segment
Commercial Transport
$
94,213
$
64,089
47.0
%
60.2
%
Military Aircraft
14,064
14,976
(6.1
)%
9.0
%
General Aviation
19,448
15,867
22.6
%
12.4
%
Other
7,872
6,462
21.8
%
5.0
%
Aerospace Total
135,597
101,394
33.7
%
86.6
%
Test Systems Segment1
Government & Defense
20,941
14,782
41.7
%
13.4
%
Total Sales
$
156,538
$
116,176
34.7
%
SALES BY
PRODUCT LINE
(Unaudited, $ in thousands)
Three
Months Ended
2023
YTD
4/1/2023
4/2/2022
%
Change
% of
Sales
Aerospace Segment
Electrical Power & Motion
$
53,454
$
44,467
20.2
%
34.1
%
Lighting & Safety
36,553
29,211
25.1
%
23.4
%
Avionics
29,741
18,875
57.6
%
19.0
%
Systems Certification
5,677
1,002
466.6
%
3.6
%
Structures
2,300
1,377
67.0
%
1.5
%
Other
7,872
6,462
21.8
%
5.0
%
Aerospace Total
135,597
101,394
33.7
%
86.6
%
Test Systems Segment1
20,941
14,782
41.7
%
13.4
%
Total Sales
$
156,538
$
116,176
34.7
%
________________________________
1 Test Systems sales in the first quarter
of 2023 included a $5.8 million reversal of a deferred revenue
liability recorded with a previous acquisition.
ASTRONICS CORPORATION
ORDER
AND BACKLOG TREND
(Unaudited, $ in thousands)
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Trailing Twelve Months
7/2/2022
10/1/2022
12/31/2022
4/1/2023
4/1/2023
Sales
Aerospace
$
109,290
$
112,177
$
138,335
$
135,597
$
495,399
Test Systems
19,837
19,261
19,818
20,941A
79,857
Total Sales
$
129,127
$
131,438
$
158,153
$
156,538 A
$
575,256
Bookings
Aerospace
$
126,012
$
165,719
$
151,688
$
150,096
$
593,515
Test Systems
22,377
18,433
30,707
7,740
79,257
Total Bookings
$
148,389
$
184,152
$
182,395
$
157,836
$
672,772
Backlog
Aerospace
$
410,765
$
464,307
$
477,660
$
492,159
Test Systems
83,635
82,807
93,696
86,319
Total Backlog
$
494,400
$
547,114
$
571,356
$
578,478
N/A
Book:Bill Ratio
Aerospace
1.15
1.48
1.10
1.11
1.20
Test Systems
1.13
0.96
1.55
0.51A
1.07
Total Book:Bill
1.15
1.40
1.15
1.05A
1.18
________________________________
A In the first quarter of 2023, Test
Systems and Total sales includes the $5.8 million reversal of a
deferred revenue liability. The book:bill ratios have been
calculated excluding the impact of that transaction.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230509006179/en/
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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