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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude -- Ignore unavailable to you. Want to Upgrade?

To: Doug R who wrote (14233)	4/2/1998 1:55:00 PM
From: Cary C	Read Replies (1) \| Respond to of 79384

Doug here are some of the positive highlights from the 10K that ATPX just released. Pretty impressive. Thought some news might be coming. Maybe it is on the way. Will have to wait and see. 1. From 1996 to 97 current asset increased from 40 million to 60.5 million. Total assets increased from 44.5 to 88.5. 2. granted this is including Lunn's numbers but when you take total liabilities which also include Lunn's numbers. You get 36 million to 58 million. When you divide those by the total assets you get a much better % for97 than you do 96. 47.4% to 23.6 %. Again extremely positive 3. They have increased there working capital 4. Something I personally was not aware of was the renegotiation of their bank loan. Not only did they get a higher line of credit, they also got a better rate. 5. In taking a look at the numbers from the last 4 quarters I notice a trend moving forward not backwards. The growth is there and they haven't even completely got settled in from the merger yet 19. SUMMARY OF QUARTERLY INFORMATION (UNAUDITED) 1997 QUARTERS ------------------------------------------------ FIRST SECOND THIRD FOURTH(A) ------- ------- ------- --------- (IN THOUSANDS, EXCEPT PER SHARE DATA) Net sales................... $23,822 $28,110 $28,608 $ 38,893 Gross profit................ 5,086 6,906 6,742 9,387 Operating income............ 159 2,213 2,253 4,490 Net income (loss)........... (196) 1,049 1,017 2,338 Basic earnings per share.... (b) $0.26 $0.25 $0.48 ======= ======= ======= ========= Diluted earnings per share.. (b) $0.25 $0.24 $0.46 ======= ======= ======= ========= 1996 QUARTERS ------------------------------------------------ FIRST SECOND THIRD FOURTH(C) ------- ------- ------- --------- (IN THOUSANDS, EXCEPT PER SHARE DATA) Net sales............................ $27,048 $30,704 $34,409 $ 34,373 Gross profit......................... 6,447 7,860 8,670 9,192 Operating income..................... 1,223 2,528 3,334 3,326 Income (loss) before extraordinary item............................... 495 1,241 1,752 1,453 Extraordinary loss................... -- -- -- 667 Net income........................... 495 1,241 1,752 786 Basic earnings per share: Income before extraordinary item.......................... $ 0.12 $ 0.31 $ 0.44 $ 0.36 Extraordinary item, net......... -- -- -- (0.17) ------- ------- ------- --------- Net income...................... $ 0.12 $ 0.31 $ 0.44 $ 0.19 ======= ======= ======= ========= Diluted earnings per share: Income before extraordinary item.......................... $ 0.12 $ 0.31 $ 0.42 $ 0.36 Extraordinary item, net......... -- -- -- (0.18) ------- ------- ------- --------- Net income...................... $ 0.12 $ 0.31 $ 0.42 $ 0.18 Finally the company did 119 million in business last year. Here is a part from the 10K in regards to backlog. >>At December 31, 1997, ATP's backlog of orders and long-term contracts was approximately $552 million compared to $283 million at December 31, 1996. The backlog includes scheduled or released orders of approximately $192 million compared to $120 million at December 31, 1996. The backlog includes both firm orders supported by customer purchase orders with fixed delivery dates and blanket orders against which customers issue production releases. The increase in the backlog reflects (i) a change in management's strategy, since acquiring the Brunswick Business in 1995, to obtain longer-term contracts than its predecessor; (ii) improved economic conditions in the aerospace industry; and (iii) the military's commitment to develop systems to combat chemical warfare. << That gives them almost 5 years worth of business already!! Assuming that all of the backlog is filled. Even the scheduled or released orders alone already total 1 1/2 years of work. Hope some of this helps. Anybody have any thoughts? Cary