Astronics Corp. (ATRO, Financial) filed Quarterly Report for the period ended 2010-04-03.
Astronics Corp. has a market cap of $175.4 million; its shares were traded at around $16.24 with a P/E ratio of 20.5 and P/S ratio of 0.9.
Selling, general and administrative and other (SG&A) expenses were approximately $5.4 million, or 11.5% of sales in the first quarter of 2010, when compared to $6.1 million, or 12.1% of sales in the same period last year. Last years first quarter included higher amortization costs relating to the acquired DME intangible assets of $0.5 million and costs related to that acquisition of $0.2 million.
Net income for the first quarter of 2010 was $3.4 million or $0.31 per diluted share, an increase of $2.0 million from $1.4 million, or $0.13 per diluted share in the first quarter of 2009. The earnings per share increase in 2010 was due to the increased net income compared with last years first quarter.
Operating profit was $0.2 million in the first quarter of 2010 or 5.0% compared to $0.2 million in the first quarter of 2009 or 2.4% of sales. Amortization costs decreased by $0.4 million as compared with the same period last year and savings have been realized by cost reductions. Additionally, the operating profit reflects a reduction in our estimated warranty liability of $0.7 million.
2010 Outlook for Test Systems We are maintaining our sales forecast for 2010 for our Test Systems segment to be in the range of $25 million to $35 million. Bookings improved over the fourth quarter of 2009 to $3.6 million but remain low. The backlog at the end of the first quarter of 2010 is $9.6 million. We remain hopeful that the opportunities we have identified will become part of our backlog during the year but the new order rate has been slower than expected. To achieve this level of sales for 2010 new sales orders need to increase during the next two quarters as compared with the first quarter of 2010. Our 2010 sales forecast for the Test Systems segment includes $6.3 million of our backlog at the end of the first quarter and an additional $10.0 million to $20.0 million for new orders yet to be received.
The Company had no balance outstanding on its revolving credit facility at April 3, 2010 and December 31, 2009, respectively. For working capital requirements, the Company had available on its credit facility, $32.6 million and $15.5 million at April 3, 2010 and December 31, 2009, respectively. The credit facility allocates up to $20 million of the revolving credit line for the issuance of letters of credit, including certain existing letters of credit totaling approximately $13.5 million at April 3, 2010. At April 3, 2010, the Company was in compliance with all of the covenants pursuant to the credit facility.
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Astronics Corp. has a market cap of $175.4 million; its shares were traded at around $16.24 with a P/E ratio of 20.5 and P/S ratio of 0.9.
Highlight of Business Operations:
Consolidated sales for the first quarter of 2010 decreased 6.2% to $46.9 million compared to $50.0 million for the same period last year. Increased Aerospace sales of $1.4 million were more than offset by decreased Test Systems sales of $4.5 million. Revenue in 2009 includes only two months of revenue from DME, which was acquired on January 30, 2009.Selling, general and administrative and other (SG&A) expenses were approximately $5.4 million, or 11.5% of sales in the first quarter of 2010, when compared to $6.1 million, or 12.1% of sales in the same period last year. Last years first quarter included higher amortization costs relating to the acquired DME intangible assets of $0.5 million and costs related to that acquisition of $0.2 million.
Net income for the first quarter of 2010 was $3.4 million or $0.31 per diluted share, an increase of $2.0 million from $1.4 million, or $0.13 per diluted share in the first quarter of 2009. The earnings per share increase in 2010 was due to the increased net income compared with last years first quarter.
Operating profit was $0.2 million in the first quarter of 2010 or 5.0% compared to $0.2 million in the first quarter of 2009 or 2.4% of sales. Amortization costs decreased by $0.4 million as compared with the same period last year and savings have been realized by cost reductions. Additionally, the operating profit reflects a reduction in our estimated warranty liability of $0.7 million.
2010 Outlook for Test Systems We are maintaining our sales forecast for 2010 for our Test Systems segment to be in the range of $25 million to $35 million. Bookings improved over the fourth quarter of 2009 to $3.6 million but remain low. The backlog at the end of the first quarter of 2010 is $9.6 million. We remain hopeful that the opportunities we have identified will become part of our backlog during the year but the new order rate has been slower than expected. To achieve this level of sales for 2010 new sales orders need to increase during the next two quarters as compared with the first quarter of 2010. Our 2010 sales forecast for the Test Systems segment includes $6.3 million of our backlog at the end of the first quarter and an additional $10.0 million to $20.0 million for new orders yet to be received.
The Company had no balance outstanding on its revolving credit facility at April 3, 2010 and December 31, 2009, respectively. For working capital requirements, the Company had available on its credit facility, $32.6 million and $15.5 million at April 3, 2010 and December 31, 2009, respectively. The credit facility allocates up to $20 million of the revolving credit line for the issuance of letters of credit, including certain existing letters of credit totaling approximately $13.5 million at April 3, 2010. At April 3, 2010, the Company was in compliance with all of the covenants pursuant to the credit facility.
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