Sales and Earnings Records Continue at Astronics

Apr 25, 2001, 01:00 ET from Astronics Corporation

    BUFFALO, N.Y., April 25 /PRNewswire Interactive News Release/ --
 Astronics Corporation (Nasdaq: ATRO) continued its string of record quarters
 and announced earnings for the 2001 first quarter of $1,206,000, or $.18 per
 share, an increase of 20% over the $.15 per share earned in the first quarter
 of 2000.
     Top-line growth of 31.5% to nearly $20 million for the quarter drove the
 increase.  Each of Astronics' business segments made important contributions
 to this growth in net sales.  Aerospace and Electronics continued to lead the
 way with a 37.5% increase.  The Printing and Packaging segment followed with
 21.6%.
     "We are pleased to see 2001 get off to a great start," Kevin T. Keane,
 Chairman and CEO commented.  "We expect to see more records in 2001 and this
 shows we are on track.  Operating margins on a consolidated basis widened
 somewhat.  As a result, our pre-tax profits grew a bit more than our sales --
 an encouraging sign."
     Astronics Corporation is a diversified manufacturing company operating in
 two business segments: Aerospace and Electronics, and Printing and Packaging.
 Its common stock is traded on the Nasdaq National Market System under the
 symbol ATRO.
 
                       CONSOLIDATED INCOME STATEMENT DATA
                      (in thousands except per share data)
                            Three Months Ended       Twelve Months Ended
                                              %                          %
                       3/31/01    4/1/00  Increase  3/31/01  4/1/00   Increase
     Net sales        $19,923    $15,150   31.5%  $76,741   $53,462    43.5%
     Cost of
      product sold    $15,255    $11,624   31.2%  $56,401   $38,984    44.7%
     Selling, general and
      administrative   $2,673     $2,089   28.0%  $10,174    $7,314    39.1%
     Income before
      taxes            $1,839     $1,369   34.3%   $9,400    $6,910    36.0%
     Net income        $1,206     $1,008   19.6%   $6,293    $4,870    29.2%
     Basic earnings
      per share         $0.19      $0.16   18.8%    $1.00     $0.79    26.6%
     Diluted earnings
      per share         $0.18      $0.15   20.0%    $0.96     $0.74    29.7%
     Weighted average
      shares
      outstanding       6,684      6,566      --       --        --       --
 
                        CONSOLIDATED BALANCE SHEET DATA
                                 (in thousands)
                                                       3/31/01        12/31/00
     ASSETS:
     Cash                                              $1,773            $45
     Accounts receivable                               11,141         12,837
     Inventories                                       11,277         10,521
     Prepaids                                             561            512
     Property, plant and equipment, net                35,520         36,216
     Other assets                                       6,189          6,889
                                                      $66,461        $67,020
     LIABILITIES AND SHAREHOLDERS' EQUITY:
     Accounts payable/accruals                         $7,514         $8,491
     Other current liabilities                          1,422          1,703
     Long-term indebtedness/capital leases, etc.       17,105         17,746
     Other liabilities                                  4,981          4,890
     Shareholders' equity                              35,439         34,190
                                                      $66,461        $67,020
 
                             BUSINESS SEGMENT DATA
     (in thousands)
                                                  Aerospace and    Printing and
                                                   Electronics       Packaging
     Three Months Ended 3/31/01
       Net sales                                      $12,964         $6,959
       Gross profit                                    $3,068         $1,598
       Selling, general and administrative expenses    $1,604         $1,105
       Income before tax                               $1,311           $484
     Three Months Ended 4/01/00
       Net sales                                       $9,426         $5,724
       Gross profit                                    $1,854         $1,674
       Selling, general and administrative expenses    $1,102           $924
       Income before tax                                 $734           $735
 
     For further information, contact C. Anthony Rider, Vice President-Finance,
 Astronics Corporation; 716-447-9013, Ext. 435.  Astronics Corporation,
 1801 Elmwood Avenue, Buffalo, NY 14207.  Visit our web site at
 http://www.astronics.com.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X36675022
 
 

SOURCE Astronics Corporation
    BUFFALO, N.Y., April 25 /PRNewswire Interactive News Release/ --
 Astronics Corporation (Nasdaq: ATRO) continued its string of record quarters
 and announced earnings for the 2001 first quarter of $1,206,000, or $.18 per
 share, an increase of 20% over the $.15 per share earned in the first quarter
 of 2000.
     Top-line growth of 31.5% to nearly $20 million for the quarter drove the
 increase.  Each of Astronics' business segments made important contributions
 to this growth in net sales.  Aerospace and Electronics continued to lead the
 way with a 37.5% increase.  The Printing and Packaging segment followed with
 21.6%.
     "We are pleased to see 2001 get off to a great start," Kevin T. Keane,
 Chairman and CEO commented.  "We expect to see more records in 2001 and this
 shows we are on track.  Operating margins on a consolidated basis widened
 somewhat.  As a result, our pre-tax profits grew a bit more than our sales --
 an encouraging sign."
     Astronics Corporation is a diversified manufacturing company operating in
 two business segments: Aerospace and Electronics, and Printing and Packaging.
 Its common stock is traded on the Nasdaq National Market System under the
 symbol ATRO.
 
                       CONSOLIDATED INCOME STATEMENT DATA
                      (in thousands except per share data)
                            Three Months Ended       Twelve Months Ended
                                              %                          %
                       3/31/01    4/1/00  Increase  3/31/01  4/1/00   Increase
     Net sales        $19,923    $15,150   31.5%  $76,741   $53,462    43.5%
     Cost of
      product sold    $15,255    $11,624   31.2%  $56,401   $38,984    44.7%
     Selling, general and
      administrative   $2,673     $2,089   28.0%  $10,174    $7,314    39.1%
     Income before
      taxes            $1,839     $1,369   34.3%   $9,400    $6,910    36.0%
     Net income        $1,206     $1,008   19.6%   $6,293    $4,870    29.2%
     Basic earnings
      per share         $0.19      $0.16   18.8%    $1.00     $0.79    26.6%
     Diluted earnings
      per share         $0.18      $0.15   20.0%    $0.96     $0.74    29.7%
     Weighted average
      shares
      outstanding       6,684      6,566      --       --        --       --
 
                        CONSOLIDATED BALANCE SHEET DATA
                                 (in thousands)
                                                       3/31/01        12/31/00
     ASSETS:
     Cash                                              $1,773            $45
     Accounts receivable                               11,141         12,837
     Inventories                                       11,277         10,521
     Prepaids                                             561            512
     Property, plant and equipment, net                35,520         36,216
     Other assets                                       6,189          6,889
                                                      $66,461        $67,020
     LIABILITIES AND SHAREHOLDERS' EQUITY:
     Accounts payable/accruals                         $7,514         $8,491
     Other current liabilities                          1,422          1,703
     Long-term indebtedness/capital leases, etc.       17,105         17,746
     Other liabilities                                  4,981          4,890
     Shareholders' equity                              35,439         34,190
                                                      $66,461        $67,020
 
                             BUSINESS SEGMENT DATA
     (in thousands)
                                                  Aerospace and    Printing and
                                                   Electronics       Packaging
     Three Months Ended 3/31/01
       Net sales                                      $12,964         $6,959
       Gross profit                                    $3,068         $1,598
       Selling, general and administrative expenses    $1,604         $1,105
       Income before tax                               $1,311           $484
     Three Months Ended 4/01/00
       Net sales                                       $9,426         $5,724
       Gross profit                                    $1,854         $1,674
       Selling, general and administrative expenses    $1,102           $924
       Income before tax                                 $734           $735
 
     For further information, contact C. Anthony Rider, Vice President-Finance,
 Astronics Corporation; 716-447-9013, Ext. 435.  Astronics Corporation,
 1801 Elmwood Avenue, Buffalo, NY 14207.  Visit our web site at
 http://www.astronics.com.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X36675022
 
 SOURCE  Astronics Corporation