Astronics Corp. (ATRO, Financial) filed Quarterly Report for the period ended 2010-10-02.
Astronics Corp. has a market cap of $249.12 million; its shares were traded at around $23.05 with a P/E ratio of 19.37 and P/S ratio of 1.3. ATRO is in the portfolios of Mario Gabelli of GAMCO Investors.
Other expenses (income) in the 2009 third quarter and 2009 year to date includes $0.1 million and $1.0 million respectively, for income relating to a fair market value adjustment to the contingent $2.0 million subordinated note payable to the former owners of DME Corporation. This adjustment reduced the carrying value of the note to zero, its estimated fair market value as of the end of the third quarter of 2009. The estimated fair value was based on our estimate at the end of the third quarter of the probability that DME will meet the revenue performance criteria required by the note to trigger the earnout payment. This adjustment to the estimate, net of tax, increased net income by $0.1 million or $0.01 per diluted earnings per share for the three months ended October 3, 2009 and increased net income by $0.7 million or $0.06 per diluted earnings per share nine months ended October 3, 2009.
Interest Expense, net of interest income for the third quarter increased by $0.2 million from $0.4 million to $0.6 million, due primarily to higher effective interest rates offset by reduced debt levels when compared with the same period last year. Year to date 2010 net interest expense increased by $0.7 million from $1.3 million to $2.0 million, due to higher effective interest rates offset by reduced debt levels when compared with the same period last year. Interest income was negligible for all periods.
Net income for the third quarter of 2010 was $4.6 million or $0.41 per diluted share, an increase of $2.1 million from $2.5 million, or $0.23 per diluted share in the third quarter of 2009. Net income for the first nine months of 2010 was $10.5 million or $0.94 per diluted share, an increase of $4.6 million from $5.9 million, or $0.53 per diluted share in the first nine months of 2009. The earnings per share increase in 2010 compared to 2009 is due to the increase in net income.
2010 Outlook for Aerospace As a result of our first nine months actual sales and our strong bookings and backlog during the period we expect our Aerospace segments revenue for 2010 to be in the range of $176 million to $178 million. Aerospace bookings for the first nine months of 2010 totaled $ 155.1 million. The Aerospace segments backlog at the end of the third quarter of 2010 was $98.0 million with approximately $41 million expected to be shipped over the remaining part of 2010.
Test Systems operating loss for the third quarter of 2010 was $0.6 million, or (14.6)% of sales, compared with an operating profit of $0.5 million or 5.0% of sales, in the same period last year. For the first nine months of 2010 year the operating loss was $1.4 million, or (12.3)% of sales, compared with an operating profit of $0.4 million, or 1.6% of sales, in the same period last year. The increased operating losses were due to low sales volume. This was somewhat offset by lower amortization costs relating to purchased intangible assets as compared with the same period last year. Additionally, the 2010 third quarter and year to date operating loss reflects a reduction in our estimated warranty liability of $0.5 million and $1.1 million respectively for the segment.
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Astronics Corp. has a market cap of $249.12 million; its shares were traded at around $23.05 with a P/E ratio of 19.37 and P/S ratio of 1.3. ATRO is in the portfolios of Mario Gabelli of GAMCO Investors.
Highlight of Business Operations:
Selling, general and administrative (SG&A) expenses were approximately $5.7 million, or 11.4% of sales in the third quarter of 2010, when compared to $6.2 million, or 12.8% of sales in the same period last year. The third quarter of 2009 includes higher amortization costs relating to the acquired DME intangible assets of approximately $0.7 million. The lower amortization expense of the current period was somewhat offset by increased selling costs. Selling, general and administrative expenses were approximately $17.2 million, or 11.9% of sales in the first nine months of 2010, when compared to $18.7 million, or 12.8% of sales in the same period last year. The first nine months of 2009 includes higher amortization costs relating to the acquired DME intangible assets of $1.8 million.Other expenses (income) in the 2009 third quarter and 2009 year to date includes $0.1 million and $1.0 million respectively, for income relating to a fair market value adjustment to the contingent $2.0 million subordinated note payable to the former owners of DME Corporation. This adjustment reduced the carrying value of the note to zero, its estimated fair market value as of the end of the third quarter of 2009. The estimated fair value was based on our estimate at the end of the third quarter of the probability that DME will meet the revenue performance criteria required by the note to trigger the earnout payment. This adjustment to the estimate, net of tax, increased net income by $0.1 million or $0.01 per diluted earnings per share for the three months ended October 3, 2009 and increased net income by $0.7 million or $0.06 per diluted earnings per share nine months ended October 3, 2009.
Interest Expense, net of interest income for the third quarter increased by $0.2 million from $0.4 million to $0.6 million, due primarily to higher effective interest rates offset by reduced debt levels when compared with the same period last year. Year to date 2010 net interest expense increased by $0.7 million from $1.3 million to $2.0 million, due to higher effective interest rates offset by reduced debt levels when compared with the same period last year. Interest income was negligible for all periods.
Net income for the third quarter of 2010 was $4.6 million or $0.41 per diluted share, an increase of $2.1 million from $2.5 million, or $0.23 per diluted share in the third quarter of 2009. Net income for the first nine months of 2010 was $10.5 million or $0.94 per diluted share, an increase of $4.6 million from $5.9 million, or $0.53 per diluted share in the first nine months of 2009. The earnings per share increase in 2010 compared to 2009 is due to the increase in net income.
2010 Outlook for Aerospace As a result of our first nine months actual sales and our strong bookings and backlog during the period we expect our Aerospace segments revenue for 2010 to be in the range of $176 million to $178 million. Aerospace bookings for the first nine months of 2010 totaled $ 155.1 million. The Aerospace segments backlog at the end of the third quarter of 2010 was $98.0 million with approximately $41 million expected to be shipped over the remaining part of 2010.
Test Systems operating loss for the third quarter of 2010 was $0.6 million, or (14.6)% of sales, compared with an operating profit of $0.5 million or 5.0% of sales, in the same period last year. For the first nine months of 2010 year the operating loss was $1.4 million, or (12.3)% of sales, compared with an operating profit of $0.4 million, or 1.6% of sales, in the same period last year. The increased operating losses were due to low sales volume. This was somewhat offset by lower amortization costs relating to purchased intangible assets as compared with the same period last year. Additionally, the 2010 third quarter and year to date operating loss reflects a reduction in our estimated warranty liability of $0.5 million and $1.1 million respectively for the segment.
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