FALSE000000806300000080632023-08-032023-08-03

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 3, 2023

ASTRONICS CORPORATION
(Exact name of registrant as specified in its charter)
New York
 0-7087
16-0959303
(State of Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
130 Commerce Way
East Aurora, New York
14052
(Address of principal executive offices)
(Zip Code)

Registrant's telephone number, including area code: (716) 805-1599
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $.01 par value per shareATRONASDAQ Stock Market
Securities registered pursuant to Section 12(g) of the Act: None
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02 Results of Operations and Financial Condition.

On August 3, 2023, Astronics Corporation issued a news release announcing its second quarter financial results for 2023. A copy of the press release is attached as Exhibit 99.1.

The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing. The information in this report including the exhibit hereto, shall not be deemed to be “filed” for purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

ExhibitDescription
Press Release of Astronics Corporation dated August 3, 2023
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Astronics Corporation
Dated:August 3, 2023By:/s/ David C. Burney
Name:David C. Burney
Executive Vice President and Chief Financial Officer



Exhibit 99.1

atrocorp_image1a11a.jpg
Astronics Corporation • 130 Commerce Way • East Aurora, NY • 14052-2164
For more information, contact:
Company:Investor Relations:
David C. Burney, Chief Financial OfficerDeborah K. Pawlowski, Kei Advisors LLC
Phone: (716) 805-1599, ext. 159Phone: (716) 843-3908
Email: david.burney@astronics.comEmail: dpawlowski@keiadvisors.com
FOR IMMEDIATE RELEASE    
Astronics Corporation Reports
2023 Second Quarter Financial Results
•Sales for the quarter were $174.5 million, up 35% over prior year, and 11% sequentially
•Bookings totaled $207.1 million
•Record backlog of $611.1 million
•Aerospace segment sales increased 45% to $158.4 million; bookings were $188.8 million
•Income from operations was $2.4 million in the quarter; net loss was $12.0 million after $8.1 million tax expense
•Adjusted EBITDA1 grew to $15.8 million, or 9.1% of sales
EAST AURORA, NY, August 3, 2023 – 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 and six months ended July 1, 2023.
Peter J. Gundermann, Chairman, President and Chief Executive Officer, commented, “Our second quarter results show the momentum in our business as the commercial aerospace industry advances its recovery. Demand for our products is high and our supply chain continues to improve. Revenue of $175 million was a significant step up sequentially and year-over-year, and bookings of $207 million were at pre-pandemic levels. We believe we are set for a strong second half of 2023 and, if current trends continue, an even stronger 2024.”

1 Adjusted EBITDA is a Non-GAAP Performance Measure. Please see the attached table for a reconciliation of adjusted EBITDA to GAAP net loss.
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Astronics Corporation Reports 2023 Second Quarter Financial Results
August 3, 2023
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Second Quarter Results
Three Months EndedSix Months Ended
($ in thousands)July 1, 2023July 2, 2022% ChangeJuly 1, 2023July 2, 2022% Change
Sales$174,454 $129,127 35.1 %$330,992 $245,303 34.9 %
Income (Loss) from Operations$2,396 $(8,396)128.5 %$26 $(12,563)100.2 %
Operating Margin %1.4 %(6.5)%— %(5.1)%
Net Gain on Sale of Business$— $— $(3,427)$(11,284)
Net Loss$(11,999)$(11,010)(9.0)%$(16,414)$(14,111)(16.3)%
Net Loss %(6.9)%(8.5)%(5.0)%(5.8)%
*Adjusted EBITDA$15,844 $2,081 661.4 %$21,922 $3,030 623.5 %
*Adjusted EBITDA Margin %
9.1 %1.6 %6.6 %1.2 %
*Adjusted EBITDA is a Non-GAAP Performance Measure. Please see the attached table for a reconciliation of adjusted EBITDA to GAAP net loss.
Second Quarter 2023 Results (compared with the prior-year period, unless noted otherwise)
Consolidated sales were up $45.3 million, or 35.1%, from the second quarter of 2022, and up 11.4% sequentially. Aerospace sales increased $49.1 million over the comparator quarter, or 44.9%, driven primarily by higher sales to the commercial transport market. Test Systems sales decreased $3.8 million on lower defense revenue.
Consolidated operating income was $2.4 million, an improvement over an operating loss of $8.4 million in the prior-year period. The current period operating income improvement was driven by the contribution margin from the increased sales. The current period was impacted by litigation-related legal expenses of $4.9 million partially offset by a reduction in legal reserves of $1.3 million.
Interest expense was $5.9 million in the current period, compared with $1.7 million in the prior-year period, primarily driven by higher interest rates on the Company’s new credit facilities. Interest expense includes approximately $0.7 million of non-cash amortization of capitalized financing-related fees.
Income tax expense was $8.1 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 $12.0 million, or $0.37 per diluted share, compared with net loss of $11.0 million, or $0.34 per diluted share, in the prior year.
Consolidated adjusted EBITDA was $15.8 million, or 9.1% of consolidated sales, compared with an adjusted EBITDA of $2.1 million, or 1.6% of consolidated sales, in the prior-year period.
Bookings were $207.1 million in the quarter resulting in a book-to-bill ratio of 1.19:1. The quarter closed with a record backlog of $611.1 million. Approximately $502.0 million of backlog is expected to ship over the next twelve months.
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Astronics Corporation Reports 2023 Second Quarter Financial Results
August 3, 2023
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Aerospace Segment Review (refer to sales by market and segment data in accompanying tables)
Aerospace Second Quarter 2023 Results (compared with the prior-year period, unless noted otherwise)
Aerospace segment sales increased $49.1 million, or 44.9%, to $158.4 million, and up 16.8% sequentially. The increase was driven by a 61.9% increase, or $42.8 million, in commercial transport sales. Sales to this market were $112.1 million, or 64.3% of consolidated sales in the quarter, compared with $69.2 million, or 53.6% of consolidated sales in the second quarter of 2022. Improving global airline travel driving higher fleet utilization and increased production rates resulted in increased demand.
General Aviation sales increased $6.9 million, or 38.0%, to $25.0 million.
Aerospace segment operating profit improved to $13.7 million, or 8.7% of sales, compared with operating loss of $3.3 million in the same period last year. The improved operating profit was driven by higher volume primarily in the commercial transport market.
Aerospace bookings were $188.8 million for a book-to-bill ratio of 1.19:1. Backlog for the Aerospace segment was a record $522.6 million at quarter end.
Mr. Gundermann commented, “The recovery in our Aerospace segment over the last four quarters has been dramatic, with revenue increasing from $112 million per quarter to $158 million. Bookings during that period have totaled $656 million with a book-to-bill of 1.21:1, indicating strong demand for our products and opportunity for further growth. The increase in global passenger travel is driving the recovery, resulting in higher production rates and retrofit activity across all portions of the industry.”
Test Systems Segment Review (refer to sales by market and segment data in accompanying tables)
Test Systems Second Quarter 2023 Results (compared with the prior-year period, unless noted otherwise)
Test Systems segment sales were $16.1 million, down $3.8 million primarily as a result of lower defense revenue.
Test Systems segment operating loss was $6.1 million compared with nearly break-even in the second quarter of 2022. Test Systems operating loss for the current period was negatively affected by mix, under absorption of fixed costs due to volume and $2.2 million in increased litigation-related legal expenses.
Shortly after the first 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 $18.3 million and included the initial $9.6 million production order for the Handheld Radio Test Sets (“HHRTS”) Program for the U.S. Marine Corps. Book-to-bill ratio was 1.14:1 for the quarter. Backlog was $88.5 million at the end of the second quarter of 2023 compared with backlog of $83.6 million at the end of the second 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’ HHRTS Program. This program is expected to generate revenue of approximately $40 million over a five-year period.
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August 3, 2023
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Mr. Gundermann commented, “Our Test business had a difficult quarter, with lower-than-expected revenue and high legal costs. We expect significant improvement in the coming quarters as our radio test programs advance, setting up 2024 as a much better year.”
Liquidity and Financing
Cash on hand at the end of the quarter was $4.3 million. Capital expenditures in the quarter were $2.2 million. Net debt was $178.7 million.
Cash used for operations was $2.0 million in second quarter of 2023, improving from cash used of $19.2 million in the prior quarter. Astronics expects to be cash flow positive for the remainder of 2023. During the quarter, higher inventory and accounts receivable were partially offset by increased accounts payable and accrued expenses.
David Burney, the Company’s CFO, said, “Our liquidity during the second quarter was tighter than expected as inventory levels continued to increase. We are challenged by elevated inventory levels as we forecast strong sales growth but struggle with the inefficiencies in the supply chain. We expect inventory levels to begin to decline and liquidity to improve as we move through the second half of the year.”
2023 Outlook
Revenue guidance for 2023 is unchanged at $640 million to $680 million with expectations of achieving the higher end of the range. Planned capital expenditures for 2023 are expected to be in the range of $7 million to $12 million.
Peter Gundermann commented, “We are pleased with the progress we made in the first half of 2023 and are confident about the second half as well. Demand remains strong, and our supply chain, though imperfect, continues to improve. We feel we have line of sight to the high end of our range based on existing backlog and the established momentum of our revenue ramp. Sales in the first half of the year were $331 million and we began the second half of 2023 with $330 million of scheduled backlog. With that, we expect our typical additional drop-in and pull-in orders could deliver revenue at the high end of our guidance. There’s modest risk with the supply chain and timing of major Test segment contract awards. We expect margins to continue to improve with expected increases in volume, lower cost inputs, pricing improvements, and the effects of restructuring activities accomplished in the second quarter. We also expect our year end to be busy with shipments and continued demand strength, setting up for another strong year of improvement in 2024.”
Second 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) 317-5180. 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 10180028. The telephonic replay will be available from 8:00 p.m. on the day of the call through Thursday, August 17, 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
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August 3, 2023
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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
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Astronics Corporation Reports 2023 Second Quarter Financial Results
August 3, 2023
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ASTRONICS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS DATA
(Unaudited, $ in thousands except per share data)


Three Months EndedSix Months Ended
7/1/20237/2/20227/1/20237/2/2022
Sales1
$174,454 $129,127 $330,992 $245,303 
Cost of products sold2141,759 113,418 270,787 209,661 
Gross profit
32,695 15,709 60,205 35,642 
Gross margin
18.7 %12.2 %18.2 %14.5 %
Selling, general and administrative30,299 24,105 60,179 48,205 
SG&A % of sales
17.4 %18.7 %18.2 %19.7 %
Income (loss) from operations2,396 (8,396)26 (12,563)
Operating margin
1.4 %(6.5)%— %(5.1)%
Net gain on sale of business3— — (3,427)(11,284)
Other expense (income)4378 291 (910)753 
Interest expense, net
5,920 1,662 11,390 3,293 
Loss before tax(3,902)(10,349)(7,027)(5,325)
Income tax expense8,097 661 9,387 8,786 
Net loss$(11,999)$(11,010)$(16,414)$(14,111)
Net loss % of sales(6.9)%(8.5)%(5.0)%(5.8)%
*Basic loss per share:$(0.37)$(0.34)$(0.50)$(0.44)
*Diluted loss per share:$(0.37)$(0.34)$(0.50)$(0.44)
*Weighted average diluted shares outstanding (in thousands)
32,614 32,082 32,560 32,007 
Capital expenditures$2,233 $1,333 $3,806 $2,493 
Depreciation and amortization
$6,711 $7,000 $13,373 $14,088 

1 In the six months ended July 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.
2 In the six months ended July 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 six months ended July 1, 2023 and July 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 expense (income) for the six months ended July 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.
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Astronics Corporation Reports 2023 Second Quarter Financial Results
August 3, 2023
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ASTRONICS CORPORATION
SEGMENT DATA
(Unaudited, $ in thousands)
Three Months EndedSix Months Ended
7/1/20237/2/20227/1/20237/2/2022
Sales
   Aerospace$158,386 $109,300 $294,101 $210,694 
   Less inter-segment(4)(10)(122)(10)
   Total Aerospace158,382 109,290 293,979 210,684 
Test Systems116,072 19,840 37,013 34,638 
Less inter-segment— (3)— (19)
Total Test Systems16,072 19,837 37,013 34,619 
Total consolidated sales174,454 129,127 330,992 245,303 
Segment operating profit (loss) and margins
   Aerospace213,719 (3,276)17,806 (226)
8.7 %(3.0)%6.1 %(0.1)%
   Test Systems1
(6,143)(26)(6,740)(1,813)
(38.2)%(0.1)%(18.2)%(5.2)%
Total segment operating profit (loss)7,576 (3,302)11,066 (2,039)
Net gain on sale of business— — (3,427)(11,284)
Interest expense5,920 1,662 11,390 3,293 
Corporate expenses and other35,558 5,385 10,130 11,277 
Loss before taxes$(3,902)$(10,349)$(7,027)$(5,325)
1 In the six months ended July 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, which also benefits operating loss for the period. Absent that benefit, Test Systems operating loss was $12.6 million.
2 In the six months ended July 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 six months ended July 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 Reports 2023 Second Quarter Financial Results
August 3, 2023
Page 8
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 EndedSix Months Ended
7/1/20237/2/20227/1/20237/2/2022
Net loss$(11,999)$(11,010)$(16,414)$(14,111)
Add back (deduct):
Interest expense5,920 1,662 11,390 3,293 
Income tax expense8,097 661 9,387 8,786 
Depreciation and amortization expense6,711 7,000 13,373 14,088 
Equity-based compensation expense1,593 1,620 3,992 3,721 
Restructuring-related charges including severance564 90 564 174 
Legal reserve, settlements and recoveries(1,305)— (1,305)— 
Non-cash accrued 401K contribution1,328 1,186 2,536 2,197 
Litigation-related legal expenses4,935 872 9,450 2,174 
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$15,844 $2,081 $21,922 $3,030 
Sales$174,454 $129,127 $330,992 $245,303 
Adjusted EBITDA margin on sales9.1 %1.6 %6.6 %1.2 %
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Astronics Corporation Reports 2023 Second Quarter Financial Results
August 3, 2023
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ASTRONICS CORPORATION
CONSOLIDATED BALANCE SHEET DATA
($ in thousands)
(unaudited)
7/1/202312/31/2022
ASSETS
Cash and cash equivalents
$3,472 $13,778 
Restricted cash822 — 
Accounts receivable and uncompleted contracts
170,806 147,790 
Inventories
207,446 187,983 
Other current assets15,650 15,743 
Property, plant and equipment, net
87,800 90,658 
Other long-term assets
37,274 21,633 
Intangible assets, net
72,108 79,277 
Goodwill
58,210 58,169 
Total assets
$653,588 $615,031 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current maturities of long-term debt$8,960 $4,500 
Accounts payable and accrued expenses
137,920 114,545 
Customer advances and deferred revenue
27,288 32,567 
Long-term debt
168,733 159,500 
Other liabilities
80,286 63,999 
Shareholders' equity
230,401 239,920 
Total liabilities and shareholders' equity
$653,588 $615,031 

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Astronics Corporation Reports 2023 Second Quarter Financial Results
August 3, 2023
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ASTRONICS CORPORATION
CONSOLIDATED CASH FLOWS DATA
Six Months Ended
(Unaudited, $ in thousands)7/1/20237/2/2022
Cash flows from operating activities:
Net loss$(16,414)$(14,111)
Adjustments to reconcile net loss to cash from operating activities:
Non-cash items:
Depreciation and amortization13,373 14,088 
Amortization of deferred financing fees1,363 — 
Provisions for non-cash losses on inventory and receivables1,705 677 
Equity-based compensation expense3,992 3,721 
Net gain on sale of business(3,427)(11,284)
Operating lease non-cash expense2,563 2,928 
Non-cash 401K contribution accrual2,536 2,197 
Non-cash deferred liability reversal(5,824)— 
Other(1,275)1,320 
Cash flows from changes in operating assets and liabilities:
Accounts receivable(22,619)(11,449)
Inventories(22,638)(19,293)
Prepaid expenses and other current assets472 (3,030)
Accounts payable14,081 11,660 
Accrued expenses5,460 (458)
Income taxes payable/receivable7,422 16,909 
Operating lease liabilities(2,674)(3,601)
Customer advance payments and deferred revenue959 (389)
Supplemental retirement plan and other liabilities(206)(215)
Net cash from operating activities(21,151)(10,330)
Cash flows from investing activities:
Proceeds on sale of business and assets 3,427 21,977 
Capital expenditures(3,806)(2,493)
Net cash from investing activities(379)19,484 
Cash flows from financing activities:
Proceeds from long-term debt131,732 52,625 
Principal payments on long-term debt(112,774)(79,625)
Stock award and employee stock purchase plan activity(601)104 
Finance lease principal payments(24)(55)
Financing-related costs(6,388)(771)
Net cash from financing activities11,945 (27,722)
Effect of exchange rates on cash101 (505)
Decrease in cash and cash equivalents and restricted cash(9,484)(19,073)
Cash and cash equivalents and restricted cash at beginning of period13,778 29,757 
Cash and cash equivalents and restricted cash at end of period$4,294 $10,684 
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Astronics Corporation Reports 2023 Second Quarter Financial Results
August 3, 2023
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ASTRONICS CORPORATION
SALES BY MARKET
(Unaudited, $ in thousands)
Three Months EndedSix Months Ended
2023 YTD
7/1/20237/2/2022% Change7/1/20237/2/2022% Change% of Sales
Aerospace Segment
Commercial Transport
$112,079 $69,243 61.9 %$206,292 $133,332 54.7 %62.3 %
Military Aircraft
13,584 13,897 (2.3)%27,648 28,873 (4.2)%8.4 %
General Aviation
25,015 18,130 38.0 %44,463 33,997 30.8 %13.4 %
Other
7,704 8,020 (3.9)%15,576 14,482 7.6 %4.7 %
Aerospace Total158,382 109,290 44.9 %293,979 210,684 39.5 %88.8 %
Test Systems Segment1
Government & Defense
16,072 19,837 (19.0)%37,013 34,619 6.9 %11.2 %
Total Sales$174,454 $129,127 35.1 %$330,992 $245,303 34.9 %

SALES BY PRODUCT LINE
(Unaudited, $ in thousands)
Three Months EndedSix Months Ended
2023 YTD
7/1/20237/2/2022% Change7/1/20237/2/2022% Change% of Sales
Aerospace Segment
Electrical Power & Motion
$67,946 $42,135 61.3 %$121,400 $86,602 40.2 %36.7 %
Lighting & Safety
41,918 31,388 33.5 %78,471 60,599 29.5 %23.7 %
Avionics
30,923 24,406 26.7 %60,664 43,281 40.2 %18.3 %
Systems Certification
7,620 1,669 356.6 %13,297 2,671 397.8 %4.0 %
Structures
2,271 1,672 35.8 %4,571 3,049 49.9 %1.4 %
Other
7,704 8,020 (3.9)%15,576 14,482 7.6 %4.7 %
Aerospace Total158,382 109,290 44.9 %293,979 210,684 39.5 %88.8 %
Test Systems Segment1
16,072 19,837 (19.0)%37,013 34,619 6.9 %11.2 %
Total Sales$174,454 $129,127 35.1 %$330,992 $245,303 34.9 %

1 Test Systems sales in the six months ended July 1, 2023 included a $5.8 million reversal of a deferred revenue liability recorded with a previous acquisition.
-MORE-

Astronics Corporation Reports 2023 Second Quarter Financial Results
August 3, 2023
Page 12
ASTRONICS CORPORATION
ORDER AND BACKLOG TREND
(Unaudited, $ in thousands)
Q3 2022Q4 2022Q1 2023Q2 2023 Trailing Twelve Months
10/1/202212/31/20224/1/20237/1/20237/1/2023
Sales
Aerospace$112,177 $138,335 $135,597 $158,382 $544,491 
Test Systems119,261 19,818 20,941 16,072 76,092 
Total Sales1
$131,438 $158,153 $156,538 $174,454 $620,583 
Bookings
Aerospace$165,719 $151,688 $150,096 $188,800 $656,303 
Test Systems18,433 30,707 7,740 18,252 75,132 
Total Bookings$184,152 $182,395 $157,836 $207,052 $731,435 
Backlog
Aerospace$464,307 $477,660 $492,159 $522,577 
Test Systems82,807 93,696 86,319 88,499 
Total Backlog$547,114 $571,356 $578,478 $611,076 N/A
Book:Bill Ratio
Aerospace1.481.101.111.191.21
Test Systems1
0.961.550.511.141.07
Total Book:Bill1
1.401.151.051.191.19
a8ksegmentsalesbookingsq223a.jpg
1 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.
###
v3.23.2
Cover
Aug. 03, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 03, 2023
Entity Registrant Name ASTRONICS CORPORATION
Entity Incorporation, State or Country Code NY
Entity File Number 0-7087
Entity Tax Identification Number 16-0959303
Entity Address, Address Line One 130 Commerce Way
Entity Address, City or Town East Aurora
Entity Address, State or Province NY
Entity Address, Postal Zip Code 14052
City Area Code 716
Local Phone Number 805-1599
Title of 12(b) Security Common Stock, $.01 par value per share
Trading Symbol ATRO
Security Exchange Name NASDAQ
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000008063
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