$ATRO
ASTRONICS CORP

2016 Q3 Form 10-Q Financial Statement

#000000806316000014 Filed on August 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $164.4M $173.2M
YoY Change -5.04% -3.5%
Cost Of Revenue $119.6M $123.7M
YoY Change -3.32% -3.46%
Gross Profit $44.84M $49.45M
YoY Change -9.34% -3.62%
Gross Profit Margin 27.27% 28.56%
Selling, General & Admin $22.22M $21.30M
YoY Change 4.35% -16.61%
% of Gross Profit 49.57% 43.07%
Research & Development $21.40M $21.30M
YoY Change 0.47% 11.52%
% of Gross Profit 47.73% 43.07%
Depreciation & Amortization $6.600M $6.420M
YoY Change 2.8% -40.88%
% of Gross Profit 14.72% 12.98%
Operating Expenses $43.62M $42.60M
YoY Change 2.41% -4.57%
Operating Profit $22.61M $28.16M
YoY Change -19.69% 9.25%
Interest Expense -$1.100M -$1.100M
YoY Change 0.0% -52.17%
% of Operating Profit -4.86% -3.91%
Other Income/Expense, Net
YoY Change
Pretax Income $21.56M $27.04M
YoY Change -20.3% 15.23%
Income Tax $6.575M $9.354M
% Of Pretax Income 30.5% 34.59%
Net Earnings $14.98M $17.69M
YoY Change -15.32% 3.57%
Net Earnings / Revenue 9.11% 10.22%
Basic Earnings Per Share $0.51 $0.61
Diluted Earnings Per Share $0.50 $0.59
COMMON SHARES
Basic Shares Outstanding 29.26M shares 25.42M shares
Diluted Shares Outstanding 30.23M shares 26.26M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.40M $23.80M
YoY Change -14.29% -4.42%
Cash & Equivalents $20.41M $23.77M
Short-Term Investments
Other Short-Term Assets $11.30M $18.10M
YoY Change -37.57% 28.37%
Inventory $119.3M $133.4M
Prepaid Expenses
Receivables $106.3M $98.84M
Other Receivables $0.00 $0.00
Total Short-Term Assets $257.4M $274.1M
YoY Change -6.1% -1.25%
LONG-TERM ASSETS
Property, Plant & Equipment $123.7M $126.3M
YoY Change -2.07% 13.44%
Goodwill $115.6M $114.6M
YoY Change 0.9% 13.96%
Intangibles $103.6M $114.2M
YoY Change -9.31% 19.88%
Long-Term Investments
YoY Change
Other Assets $11.97M $8.995M
YoY Change 33.03% 45.57%
Total Long-Term Assets $354.9M $364.1M
YoY Change -2.54% 16.2%
TOTAL ASSETS
Total Short-Term Assets $257.4M $274.1M
Total Long-Term Assets $354.9M $364.1M
Total Assets $612.3M $638.2M
YoY Change -4.07% 8.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.24M $38.61M
YoY Change -29.45% -11.31%
Accrued Expenses $33.60M $36.00M
YoY Change -6.67% 9.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.691M $2.702M
YoY Change -0.41% -73.61%
Total Short-Term Liabilities $92.25M $109.9M
YoY Change -16.06% -19.03%
LONG-TERM LIABILITIES
Long-Term Debt $163.9M $228.5M
YoY Change -28.26% 12.88%
Other Long-Term Liabilities $37.66M $43.70M
YoY Change -13.82% 5.25%
Total Long-Term Liabilities $201.6M $272.2M
YoY Change -25.94% 11.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.25M $109.9M
Total Long-Term Liabilities $201.6M $272.2M
Total Liabilities $293.8M $382.1M
YoY Change -23.1% 0.64%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $257.0K $222.0K
YoY Change 15.77% 1.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $318.4M $256.1M
YoY Change
Total Liabilities & Shareholders Equity $612.3M $638.2M
YoY Change -4.07% 8.01%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $14.98M $17.69M
YoY Change -15.32% 3.57%
Depreciation, Depletion And Amortization $6.600M $6.420M
YoY Change 2.8% -40.88%
Cash From Operating Activities $22.78M -$5.900M
YoY Change -486.1% -113.02%
INVESTING ACTIVITIES
Capital Expenditures -$3.730M -$5.220M
YoY Change -28.54% -24.13%
Acquisitions
YoY Change
Other Investing Activities -$850.0K -$2.370M
YoY Change -64.14% 8.72%
Cash From Investing Activities -$4.580M -$7.600M
YoY Change -39.74% -16.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.46M 14.56M
YoY Change -192.45% -146.02%
NET CHANGE
Cash From Operating Activities 22.78M -5.900M
Cash From Investing Activities -4.580M -7.600M
Cash From Financing Activities -13.46M 14.56M
Net Change In Cash 4.740M 1.060M
YoY Change 347.17% -77.06%
FREE CASH FLOW
Cash From Operating Activities $22.78M -$5.900M
Capital Expenditures -$3.730M -$5.220M
Free Cash Flow $26.51M -$680.0K
YoY Change -3998.53% -101.3%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
atro Actual Leverage Ratio
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1.30
atro Debt Instrument Covenant Compliance Leverage Ratio Increase Permitted Duration Following Acquisition
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atro Number Of Major Customers
NumberOfMajorCustomers
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atro Number Of Major Customers
NumberOfMajorCustomers
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atro Number Of Non Qualified Supplemental Retirement Defined Benefit Plans
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atro Provision For Non Cash Losses On Inventory And Receivables
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dei Amendment Flag
AmendmentFlag
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
dei Document Period End Date
DocumentPeriodEndDate
2016-07-02
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000008063
dei Entity Filer Category
EntityFilerCategory
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dei Entity Registrant Name
EntityRegistrantName
ASTRONICS CORP
dei Trading Symbol
TradingSymbol
ATRO
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850000 USD
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0 USD
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2678000 USD
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us-gaap Proceeds From Issuance Of Long Term Debt
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55000000 USD
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52615000 USD
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0 USD
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4884000 USD
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5361000 USD
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500000 USD
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us-gaap Product Warranty Accrual Additions From Business Acquisition
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us-gaap Product Warranty Accrual Payments
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us-gaap Product Warranty Accrual Payments
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223000 USD
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us-gaap Research And Development Expense
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CY2016Q3 us-gaap Sales Revenue Goods Net
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us-gaap Share Based Compensation
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CY2015Q4 us-gaap Stockholders Equity
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CY2016Q3 us-gaap Stockholders Equity
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CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the Financial Accounting Standards Board ("FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2016-09&#8221;) which simplifies several aspects of the accounting for employee share-based payment transactions.&#160; The guidance makes several modifications to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. In addition, ASU 2016-09 clarifies the statement of cash flows presentation for certain components of share-based awards. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The Company is currently assessing how the adoption of this standard will impact the financial statements.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2016-02&#8221;) which requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. The standard also requires additional disclosures by lessees and contains targeted changes to accounting by lessors. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods, with early adoption permitted. The guidance is required to be adopted at the earliest period presented using a modified retrospective approach. The Company is currently assessing the impact on the financial statements.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU 2014-9,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;">. This new standard is effective for reporting periods beginning after December&#160;15, 2017, pursuant to the issuance of ASU 2015-14,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date</font><font style="font-family:inherit;font-size:10pt;">&#160;issued in August 2015. The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. Adoption of the new rules could affect the timing of revenue recognition for certain transactions. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. Early adoption is not permitted. The Company is currently evaluating the impacts of adoption and the implementation approach to be used.</font></div></div>
us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:underline;">Operating Results</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The results of operations for any interim period are not necessarily indicative of results for the full year. Operating results for the </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">July&#160;2, 2016</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results that may be expected for the year ending </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The balance sheet at </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;"> has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.</font></div><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For further information, refer to the financial statements and footnotes thereto included in Astronics Corporation&#8217;s 2015 annual report on Form 10-K.</font></div></div>

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