Astronics Corp. (ATRO, Financial) filed Quarterly Report for the period ended 2010-07-03.
Astronics Corp. has a market cap of $190.6 million; its shares were traded at around $17.65 with a P/E ratio of 17.4 and P/S ratio of 1.
Net interest expense for the second quarter increased by $0.2 million from $0.5 million to $0.7 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 $0.4 million from $0.9 million to $1.3 million, due to higher effective interest rates offset by reduced debt levels when compared with the same period last year.
Net income for the second quarter of 2010 was $2.4 million or $0.22 per diluted share, an increase of $0.4 million from $2.0 million, or $0.18 per diluted share in the second quarter of 2009. Net income for the first half of 2010 was $5.8 million or $0.52 per diluted share, an increase of $2.4 million from $3.4 million, or $0.31 per diluted share in the first half 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 six 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 $165 million to $170 million. Aerospace bookings for the first six months of 2010 totaled $96.9 million. The Aerospace segments backlog at the end of the second quarter of 2010 was $85.7 million with approximately $60.4 million expected to be shipped over the remaining part of 2010.
Test Systems operating loss for the second quarter of 2010 was $1.0 million, or (28.5)% of sales, compared with an operating loss of $0.3 million, or (2.8)% of sales, in the same period last year. For the first half of the year the operating loss was $0.8 million, or (11.1)% of sales, compared with an operating loss of $0.1 million, or (0.3)% 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 year to date operating profit reflects a reduction in our estimated warranty liability of $0.7 million for the segment.
2010 Outlook for Test Systems We expect 2010 sales for our Test Systems segment to be in the range of $20 million to $25 million. The forecast has been lowered from our previous forecast as bookings, while improving over previous periods, have remained lower than expected. Test Systems segment bookings for the first six months of 2010 totaled $9.0 million. The backlog at the end of the second quarter of 2010 was $11.6 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 our sales forecast for 2010 new sales orders need to continue to increase during the next quarter. Our 2010 sales forecast for the Test Systems segment includes $8.2 million of our backlog expected to be converted to sales in the third and fourth quarter of 2010 and an additional $4.5 million to $9.5 million for new business.
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Astronics Corp. has a market cap of $190.6 million; its shares were traded at around $17.65 with a P/E ratio of 17.4 and P/S ratio of 1.
Highlight of Business Operations:
Year to date consolidated sales for 2010 decreased by $3.0 million to $94.0 million compared to $97.0 million for the same period last year. Aerospace sales increased by $6.8 million while Test Systems sales decreased by $9.8 million. Revenue in 2009 includes only five months of revenue from DME, which was acquired on January 30, 2009.Net interest expense for the second quarter increased by $0.2 million from $0.5 million to $0.7 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 $0.4 million from $0.9 million to $1.3 million, due to higher effective interest rates offset by reduced debt levels when compared with the same period last year.
Net income for the second quarter of 2010 was $2.4 million or $0.22 per diluted share, an increase of $0.4 million from $2.0 million, or $0.18 per diluted share in the second quarter of 2009. Net income for the first half of 2010 was $5.8 million or $0.52 per diluted share, an increase of $2.4 million from $3.4 million, or $0.31 per diluted share in the first half 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 six 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 $165 million to $170 million. Aerospace bookings for the first six months of 2010 totaled $96.9 million. The Aerospace segments backlog at the end of the second quarter of 2010 was $85.7 million with approximately $60.4 million expected to be shipped over the remaining part of 2010.
Test Systems operating loss for the second quarter of 2010 was $1.0 million, or (28.5)% of sales, compared with an operating loss of $0.3 million, or (2.8)% of sales, in the same period last year. For the first half of the year the operating loss was $0.8 million, or (11.1)% of sales, compared with an operating loss of $0.1 million, or (0.3)% 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 year to date operating profit reflects a reduction in our estimated warranty liability of $0.7 million for the segment.
2010 Outlook for Test Systems We expect 2010 sales for our Test Systems segment to be in the range of $20 million to $25 million. The forecast has been lowered from our previous forecast as bookings, while improving over previous periods, have remained lower than expected. Test Systems segment bookings for the first six months of 2010 totaled $9.0 million. The backlog at the end of the second quarter of 2010 was $11.6 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 our sales forecast for 2010 new sales orders need to continue to increase during the next quarter. Our 2010 sales forecast for the Test Systems segment includes $8.2 million of our backlog expected to be converted to sales in the third and fourth quarter of 2010 and an additional $4.5 million to $9.5 million for new business.
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