Press release from 7/30, released w/earnings reads:
Astronics Corporation Reports Second Quarter Net Income
BUFFALO, N.Y., July 30 /PRNewswire/ -- Astronics Corporation (Nasdaq: ATRO) today reported sales and earnings for the quarter ended June 29, 1996.
FINANCIAL RESULTS
The Company's net earnings increased 115 percent in the Second Quarter to $377,000, or $.09 per share, compared to the 1995 Second Quarter earnings of $175,000, or $.05 per share. Net earnings increased 66 percent in the first half of 1996 to $743,000, or $.18 per share.
Sales increased 56 percent in the Second Quarter to $9,683,000, and 43 percent for the first half of 1996 to $19,252,000. The backlog at June 29, 1996 was $10,800,000 compared to $5,500,000 a year earlier.
On a trailing twelve months basis, earnings are up 29 percent to $2,055,000, or $.52 per share, on a sales increase of 27 percent to $34,338,000.
MR. KEANE'S COMMENTS
Kevin T. Keane, President, stated, "We are pleased with the continuing development of our business. The assimilation of the acquisition by Luminescent Systems, Inc. has proceeded smoothly. We are developing new products for the future as well as expanding our current markets."
"The Second Half of 1996 should show sales and earnings growth with new records being established in these areas. Our cash flow is growing which allows us to continue to invest in the future of the business."
THE COMPANY
Astronics Corporation is a diversified manufacturing company operating in two business segments: Specialty Packaging and Printing and Electronics Systems. Its common stock is traded on the Nasdaq National Market System under the symbol ATRO.
ASTRONICS CORPORATION
CONSOLIDATED STATEMENT OF INCOME
FOR THE PERIOD ENDING JUNE 29, 1996
WITH COMPARATIVE FIGURES FOR 1995
(in thousands except per share data)
Three Months
6/29/96 7/1/95 % Increase
Net Sales $9,683 $6,224 55.6%
Income before taxes 551 275 100.4%
Net income 377 175 115.4%
Earnings per share $0.09 $0.05 80.0%
Weighted average
shares outstanding -- --
Six Months
6/29/96 7/1/95 % Increase
Net Sales $19,252 $13,450 43.1%
Income before taxes 1,089 793 37.3%
Net income 743 448 65.8%
Earnings per share $0.18 $0.12 50.0%
Weighted average
shares outstanding 4,133 3,860
Twelve Months
6/29/96 7/1/95 % Increase
Net Sales $34,338 $27,029 27.0%
Income before taxes 3,235 2,435 32.9%
Net income 2,055 1,589 29.3%
Earnings per share $0.52 $0.41 26.8%
Weighted average
shares outstanding -- --
/CONTACT: John M. Yessa, Vice President-Finance of Astronics Corporation, 716-447-9013,
ext. 439/ |
