Astronics Corporation - 130 Commerce Way - East Aurora, NY - 14052-2191
||For more information contact: |
David C. Burney, Chief Financial Officer
Phone: (716) 805-1599, ext. 159
Fax: (716) 805-1286
FOR IMMEDIATE RELEASE
ASTRONICS CORPORATION REPORTS FIRST QUARTER 2004 RESULTS
Backlog Increases 22% on Republic of Korea F-16 NVIS Production Order
EAST AURORA, NY, April 28, 2004 -- Astronics Corporation (NASDAQ: ATRO), a leader in advanced, high performance lighting and electronics systems for the global aerospace and defense industry, today announced earnings results for the first quarter, which ended April 3, 2004.
Net sales for the first quarter of 2004 increased 3% to $9.0 million compared with $8.7 million for the same period last year. Sales were strong for all markets. Sales to the Business Jet market were $2.5 million, up $.4 million, or 19%, compared with the same period in 2003. Sales to the Commercial Transport market were up $.2 million, or 14% to $1.9 million compared with the year ago period. Sales to the military market were $4.2 million, down from $4.6 million in the same period of 2003. Last year’s first quarter included $.5 million in revenue from the U.S. Government’s F-16 NVIS retrofit program, which was completed in 2003.
Income from continuing operations for the first quarter was $226 thousand, or $.03 per diluted share, compared with $277 thousand for the first quarter of 2003, also $.03 per share on a diluted basis. Net income for the first quarter of 2004 was $226 thousand, equivalent to income from continuing operations. This compared with $558 thousand for the first quarter of 2003, which included $281 thousand of income from discontinued operations. Net income and income from continuing operations for the first quarter this year were impacted by a $500 thousand increase in engineering and development costs associated with new program opportunities. Last year’s first quarter included approximately $75 thousand in expenses associated with the spin-off of its former print and packaging business and corporate restructuring. Bookings, or orders received, during the first quarter of 2004 were $13.2 million, up 25% from $10.6 million for the same period of 2003.