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Alliant Techsystems Inc. Reports Operating Results (10-Q)

February 08, 2013 | About:

Alliant Techsystems Inc. (ATK) filed Quarterly Report for the period ended 2011-12-30.

Alliant Techsystems Inc has a market cap of $2.17 billion; its shares were traded at around $66.34 with a P/E ratio of 8.3195 and P/S ratio of 0.4797. The dividend yield of Alliant Techsystems Inc stocks is 1.3%. Alliant Techsystems Inc had an annual average earning growth of 10.1% over the past 10 years. GuruFocus rated Alliant Techsystems Inc the business predictability rank of 4-star.

Highlight of Business Operations:

· Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest as a percentage of sales was 10.1% compared to 9.4% in the prior year third quarter. This increase was driven by the absence of a $33,305 accrual regarding a previously disclosed settlement related to LUU flares litigation recorded in the prior year partially offset by $13,565 due to the loss of the Radford facility management contract.On October 30, 2012, ATKs Board of Directors declared a quarterly cash dividend of $0.26 per share, to stockholders of record on November 21, 2012. The dividend was paid on December 13, 2012.

The military small-caliber ammunition contract, which is reported within the Defense Group, contributed approximately 16% and 15% of total external sales during the nine months ended December 30, 2012 and January 1, 2012, respectively.

Operating expenses decreased $27,600 from the prior year period. Research and development costs were slightly lower compared to the prior year quarter due to reductions in Aerospace Structures. Selling expenses were higher due to higher sales in the Sporting Group. General and administrative expenses were lower due to the absence of the $33,305 LUU flares accrual recorded in the prior year quarter.

Net income for the quarter ended December 30, 2012 was $63,175, an increase of $13,490 compared to $49,685 in the third quarter of fiscal 2012. This increase was driven by a decrease of $27,612 in operating expenses, lower net interest expense of $5,709, and $6,392 decrease in income tax expense. These decreases were partially offset by a $26,177 decrease in gross profit.

Net income for the nine months ended December 30, 2012 was $199,065, a decrease of $2,128 compared to $201,193 in comparable period of fiscal 2012. This decrease was driven by a $54,767 decrease in gross profit, and an $11,773 loss on the extinguishment of debt. These decreases to net income were partially offset by a decrease of $19,500 in operating expenses, lower net interest expense of $17,947, and a $26,978 decrease in income tax expense.

Read the The complete Report

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