LMI Aerospace Other Current Assets Calculation
Technically, the other current assets line may include any asset that will be used up within the next 12 months. However, other current assets never include assets that are listed elsewhere in the current assets section of the balance sheet. For this reason, other current assets are almost never:
Cash
Trade Receivables
Inventory
The assets grouped under other current assets are most commonly:
Prepaid Expenses
Tax Assets
Non-Trade Receivables
Other (too numerous to list)
Some companies can and do choose to report each of these items separately.
Other current assets may be made up largely of Prepaid Expenses - unless these are listed on a separate line of the balance sheet.
Prepaid expenses are exactly what they sound like. If a company pays a $30 million insurance premium on the last day of June that will provide coverage for the entire month of July, the company will record a $30 million prepaid expense to account for the insurance expense it will show in July that it already paid for in June.
Tax assets can be quite complex. It is not common for companies to have both tax assets and tax liabilities. It is important that investors take note of both items when considering future taxes.
Non-Trade receivables are rarely a large item. They include money owed to the company by non-customers. Non-trade receivables can be caused by related party transactions, the sale of a business unit, etc. The notes to the company's financial statements will often provide much more detail on this item if it is truly important.
There are a variety of other current assets like non-trade receivables which are simply too numerous to list. If a company is following correct reporting procedures, it should not lump items that are different from one another and yet individually important to the company together under the line Other Current Assets.
At most companies, other current assets are a small and unimportant part of the total balance sheet.
LMI Aerospace (LMI Aerospace) Business Description
Traded in Other Exchanges
N/A
Address
LMI Aerospace Inc was founded in 1948. The Company is a supplier of structural assemblies, kits and components, and design engineering services to the aerospace and defense markets. The Company provides a array of manufacturing capabilities, as well as engineering and value-added services to the large commercial, corporate and regional, and military aircraft markets. It also provide prototyping, testing and design capabilities to customers in support of new product development and in-service aircraft. LMI Aerospace is a preferred supplier to aircraft original equipment manufacturers (OEMs) and Tier 1 aerospace suppliers. In addition to aerospace products, the Company produces components and assemblies for laser equipment used by semiconductor equipment manufacturers, electronic and electrical wire harnesses, cable assemblies, and mechanical sub-assemblies for the air and rail traffic control, medical equipment, telecommunications, and heavy equipment industries. The Company operates in two business segments consisting of: Aerostructures segment and Engineering Services segment. Its Aerostructures segment fabricates, machines, finishes, integrates, assembles and kits machined and formed close tolerance aluminum, specialty alloy and composite components and higher level assemblies for use by the aerospace and defense industries. The Company also offers its customers value-added services related to the design, production, assembly and distribution of aerospace components and deliver kits of products directly to customer points of use. Its Engineering Services segment provides a complete range of design, engineering and program management services, supporting aircraft product lifecycles from conceptual design, analysis and certification through production support, fleet support, and service life extensions via a complete turnkey engineering solution to OEMs and Tier 1 aerospace suppliers. Its competitors in the aerospace industry consist of a large, fragmented group of companies, including certain business units or affiliates of its customers. The Companys operations are subject to extensive and frequently changing federal, state and local laws and substantial regulation by government agencies.
Executives
| Gregory L Summe |
director |
C/O GLEN CAPITAL PARTNERS LLC, 800 SOUTH STREET, SUITE 160, WALTHAM MA 02453 |
| John S Eulich |
director |
411 FOUNTAIN LAKES BLVD., ST. CHARLES MO 63301 |
| Gerald E Daniels |
director |
|
| Daniel G. Korte |
director, officer: CEO & PRESIDENT |
C/O LMI AEROSPACE, INC., 411 FOUNTAIN LAKE BLVD., ST. CHARLES MO 63301 |
| Lawrence J Resnick |
director |
|
| John M Roeder |
director |
411 FOUNTAIN LAKES BLVD. ST. CHARLES MO 63301 |
| Glen Capital Partners Focus Fund, L.p. |
10 percent owner |
75 ARLINGTON STREET, SUITE 500, BOSTON MA 02116 |
| Glen Capital Partners Llc |
10 percent owner |
800 SOUTH STREET, SUITE 160, WALTHAM MA 02453 |
| Glen Capital Partners Gp Llc |
10 percent owner |
800 SOUTH STREET, SUITE 160, WALTHAM MA 02453 |
| Miller Paul L Jr |
director |
|
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