Astronics (ATRO) Q4 1999 earnings summary

Executive summary

• Record 1999 sales of $50.637M and net income of $4.795M; diluted EPS reached $0.81, with 22 consecutive quarterly sales increases and 23 consecutive quarterly earnings increases on a trailing-12-month basis.

• Shipments rose 10% and earnings 11%; year-end backlog exceeded $40M, supporting expectations for significantly higher 2000 shipments and strong earnings.

Financial highlights

• Net sales increased 9.9% to $50.637M; net income rose 11.4% to $4.795M from $4.304M, and diluted EPS advanced to $0.81 from $0.73.

• Operating income was $7.189M, up 1.3%; gross margin fell to 28.7% from 32.3%, reflecting product mix and higher F-16 program costs.

• Operating cash flow reached $10.080M; cash flow per share was $1.70.

Outlook and guidance

• 2000 shipments were expected to reach approximately $70M, with strong earnings accompanying the sales growth.

• F-16 NVIS shipments were expected to rise to approximately $16M annually, with the program extending into 2002; $27M was in program backlog.

• MaxEL lamp sales were up 300% in 1999 and were expected to double in 2000.