Ducommun Inc. (DCO, Financial) filed Quarterly Report for the period ended 2010-04-03.
Ducommun Inc. has a market cap of $239.75 million; its shares were traded at around $22.89 with a P/E ratio of 11.5 and P/S ratio of 0.56. The dividend yield of Ducommun Inc. stocks is 1.31%.DCO is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Gross profit, as a percent of sales, increased to 18.5% in the first quarter of 2010, compared to 15.5% in the first quarter 2009. Gross profit for the first quarter of 2009 was negatively impacted by an inventory reserve of $4,359,000 related to the Eclipse Aviation Corporation bankruptcy filing in March 2009. Gross profit margin was negatively impacted in the first quarter of 2010 by $1,800,000 due to start-up costs of several new production and product development programs which generated approximately $3,100,000 in sales. Gross profit margins in the first quarter of 2010 were also impacted by lower sales volume and an unfavorable change in sales mix at DTI.
Net cash used in operating activities for the first three months of 2010 and 2009 was $20,954,000 and $23,446,000, respectively. Net cash used in operating activities for the first three months of 2010 was impacted by an increase in accounts and unbilled receivables of $9,181,000 primarily related to the timing of billings to customers and extension of payments by the customers, a reduction in accrued and other liabilities of $10,380,000 (consisting primarily of a $6,582,000 decrease in accrued bonuses, a $3,182,000 reduction in customer deposits and $616,000 reduction in other accrued liabilities), a decrease in accounts payable of $5,390,000 and an increase in inventory of $4,111,000 primarily related to raw material and work-in-process for production jobs scheduled to be shipped in 2010 and 2011.
Net cash provided by financing activities for the first three months of 2010 of $5,281,000 included approximately $6,186,000 of borrowings, $785,000 of dividends payments and $129,000 of cash payments related to the exercise of stock options.
At April 3, 2010, the Company had $92,950,000 of unused lines of credit, after deducting $850,000 for outstanding standby letters of credit. The Company had outstanding loans of $26,200,000 and was in compliance with all covenants at April 3, 2010.
In connection with the DAS-New York acquisition in December 2008, the Company issued a promissory note in the initial principal amount of $7,000,000 with interest of five percent (5%) per annum payable annually on each anniversary of the closing date (December 23). Principal of the promissory note is payable in the amount of $4,000,000 on June 23, 2010 and $3,000,000 on December 23, 2013.
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Ducommun Inc. has a market cap of $239.75 million; its shares were traded at around $22.89 with a P/E ratio of 11.5 and P/S ratio of 0.56. The dividend yield of Ducommun Inc. stocks is 1.31%.DCO is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Operating income for the first quarter of 2010 increased 52% from the first quarter of 2009. Operating income for the first quarter of 2009 was negatively impacted by an inventory reserve of $4,359,000 related to the Eclipse Aviation Corporation bankruptcy filing in March 2009. Operating income for the first quarter of 2010 was favorably impacted by lower selling, general and administrative expenses due to lower people related expenses and cost controls. Operating income for the first quarter of 2010 was negatively impacted by $1,800,000 due to start-up cost of several new production and product development programs which generated approximately $3,100,000 in sales. Operating income was also negatively impacted by lower operating income from Ducommun Technologies, Inc. (DTI) primarily due to lower sales, including lower than anticipated sales of military and commercial spares and changes in product mix during the first quarter of 2010.Gross profit, as a percent of sales, increased to 18.5% in the first quarter of 2010, compared to 15.5% in the first quarter 2009. Gross profit for the first quarter of 2009 was negatively impacted by an inventory reserve of $4,359,000 related to the Eclipse Aviation Corporation bankruptcy filing in March 2009. Gross profit margin was negatively impacted in the first quarter of 2010 by $1,800,000 due to start-up costs of several new production and product development programs which generated approximately $3,100,000 in sales. Gross profit margins in the first quarter of 2010 were also impacted by lower sales volume and an unfavorable change in sales mix at DTI.
Net cash used in operating activities for the first three months of 2010 and 2009 was $20,954,000 and $23,446,000, respectively. Net cash used in operating activities for the first three months of 2010 was impacted by an increase in accounts and unbilled receivables of $9,181,000 primarily related to the timing of billings to customers and extension of payments by the customers, a reduction in accrued and other liabilities of $10,380,000 (consisting primarily of a $6,582,000 decrease in accrued bonuses, a $3,182,000 reduction in customer deposits and $616,000 reduction in other accrued liabilities), a decrease in accounts payable of $5,390,000 and an increase in inventory of $4,111,000 primarily related to raw material and work-in-process for production jobs scheduled to be shipped in 2010 and 2011.
Net cash provided by financing activities for the first three months of 2010 of $5,281,000 included approximately $6,186,000 of borrowings, $785,000 of dividends payments and $129,000 of cash payments related to the exercise of stock options.
At April 3, 2010, the Company had $92,950,000 of unused lines of credit, after deducting $850,000 for outstanding standby letters of credit. The Company had outstanding loans of $26,200,000 and was in compliance with all covenants at April 3, 2010.
In connection with the DAS-New York acquisition in December 2008, the Company issued a promissory note in the initial principal amount of $7,000,000 with interest of five percent (5%) per annum payable annually on each anniversary of the closing date (December 23). Principal of the promissory note is payable in the amount of $4,000,000 on June 23, 2010 and $3,000,000 on December 23, 2013.
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