$ATRO
ASTRONICS CORP

2016 Q4 Form 10-Q Financial Statement

#000000806316000024 Filed on November 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q4
Revenue $154.1M $157.3M
YoY Change -2.08% -5.26%
Cost Of Revenue $116.4M $140.7M
YoY Change -17.26% 13.85%
Gross Profit $36.49M $38.90M
YoY Change -6.21% -8.52%
Gross Profit Margin 23.68% 24.72%
Selling, General & Admin $21.14M $22.30M
YoY Change -5.2% 31.16%
% of Gross Profit 57.93% 57.32%
Research & Development $21.60M $22.50M
YoY Change -4.0%
% of Gross Profit 59.2% 57.84%
Depreciation & Amortization $6.310M $6.280M
YoY Change 0.48% 3.29%
% of Gross Profit 17.29% 16.14%
Operating Expenses $3.272M $2.905M
YoY Change 12.63% -82.91%
Operating Profit $17.53M $37.13M
YoY Change -52.8% 45.47%
Interest Expense -$1.100M -$1.200M
YoY Change -8.33% 9.09%
% of Operating Profit -6.28% -3.23%
Other Income/Expense, Net
YoY Change
Pretax Income $16.42M $35.89M
YoY Change -54.24% 47.01%
Income Tax $4.348M $11.19M
% Of Pretax Income 26.48% 31.19%
Net Earnings $9.885M $13.91M
YoY Change -28.92% -24.58%
Net Earnings / Revenue 6.42% 8.84%
Basic Earnings Per Share $0.34 $0.47
Diluted Earnings Per Share $0.33 $0.46
COMMON SHARES
Basic Shares Outstanding 28.93M shares 29.27M shares
Diluted Shares Outstanding 29.81M shares 30.15M shares

Balance Sheet

Concept 2016 Q4 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.30M $22.40M
YoY Change -40.63% 5.66%
Cash & Equivalents $17.90M $18.56M
Short-Term Investments
Other Short-Term Assets $13.10M $19.50M
YoY Change -32.82% -5.8%
Inventory $116.6M $115.5M
Prepaid Expenses
Receivables $109.4M $95.28M
Other Receivables $0.00 $0.00
Total Short-Term Assets $255.1M $250.0M
YoY Change 2.04% 1.69%
LONG-TERM ASSETS
Property, Plant & Equipment $122.8M $124.7M
YoY Change -1.55% 7.24%
Goodwill $115.2M $115.4M
YoY Change -0.14% 15.19%
Intangibles $98.10M $108.3M
YoY Change -9.4% 13.99%
Long-Term Investments
YoY Change
Other Assets $13.15M $10.89M
YoY Change 20.75% 93.34%
Total Long-Term Assets $349.3M $359.3M
YoY Change -2.78% 13.3%
TOTAL ASSETS
Total Short-Term Assets $255.1M $250.0M
Total Long-Term Assets $349.3M $359.3M
Total Assets $604.3M $609.2M
YoY Change -0.8% 8.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.07M $27.14M
YoY Change -7.62% -2.74%
Accrued Expenses $35.20M $42.10M
YoY Change -16.39% 33.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.636M $2.579M
YoY Change 2.21% -7.76%
Total Short-Term Liabilities $86.56M $104.2M
YoY Change -16.95% -4.56%
LONG-TERM LIABILITIES
Long-Term Debt $145.5M $167.2M
YoY Change -12.99% -7.21%
Other Long-Term Liabilities $1.414M $1.674M
YoY Change -15.53% -39.98%
Total Long-Term Liabilities $146.9M $168.9M
YoY Change -13.02% -7.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $86.56M $104.2M
Total Long-Term Liabilities $146.9M $168.9M
Total Liabilities $266.9M $309.0M
YoY Change -13.63% -7.68%
SHAREHOLDERS EQUITY
Retained Earnings $305.5M $257.2M
YoY Change 18.8% 35.18%
Common Stock $65.05M $58.12M
YoY Change 11.92% 16.53%
Preferred Stock
YoY Change
Treasury Stock (at cost) $17.62M $0.00
YoY Change
Treasury Stock Shares 532.1K shares
Shareholders Equity $337.4M $300.2M
YoY Change
Total Liabilities & Shareholders Equity $604.3M $609.2M
YoY Change -0.8% 8.23%

Cashflow Statement

Concept 2016 Q4 2015 Q4
OPERATING ACTIVITIES
Net Income $9.885M $13.91M
YoY Change -28.92% -24.58%
Depreciation, Depletion And Amortization $6.310M $6.280M
YoY Change 0.48% 3.29%
Cash From Operating Activities $1.830M $22.29M
YoY Change -91.79% -28.83%
INVESTING ACTIVITIES
Capital Expenditures -$3.690M -$3.580M
YoY Change 3.07% -67.19%
Acquisitions
YoY Change
Other Investing Activities -$740.0K $10.00K
YoY Change -7500.0% -99.44%
Cash From Investing Activities -$4.420M -$3.570M
YoY Change 23.81% -60.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.580M -20.09M
YoY Change -77.2% -21.15%
NET CHANGE
Cash From Operating Activities 1.830M 22.29M
Cash From Investing Activities -4.420M -3.570M
Cash From Financing Activities -4.580M -20.09M
Net Change In Cash -7.170M -1.370M
YoY Change 423.36% -58.23%
FREE CASH FLOW
Cash From Operating Activities $1.830M $22.29M
Capital Expenditures -$3.690M -$3.580M
Free Cash Flow $5.520M $25.87M
YoY Change -78.66% -38.74%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Document Period End Date
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dei Document Type
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dei Entity Central Index Key
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dei Entity Filer Category
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dei Entity Registrant Name
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dei Trading Symbol
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CY2016Q4 us-gaap Other Liabilities Noncurrent
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35532000 USD
us-gaap Other Noncash Income Expense
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-21000 USD
us-gaap Other Noncash Income Expense
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2000 USD
us-gaap Payments For Previous Acquisition
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0 USD
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2677000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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1585000 USD
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0 USD
us-gaap Payments For Repurchase Of Common Stock
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17446000 USD
us-gaap Payments Of Debt Issuance Costs
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0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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52606000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
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20662000 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
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13100000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Productive Assets
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15857000 USD
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4884000 USD
us-gaap Payments To Acquire Productive Assets
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9869000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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55000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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20000000 USD
CY2015Q3 us-gaap Product Warranty Accrual
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5319000 USD
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5903000 USD
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5741000 USD
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ProductWarrantyAccrual
5361000 USD
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5328000 USD
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0 USD
us-gaap Product Warranty Accrual Additions From Business Acquisition
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500000 USD
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0 USD
us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 USD
CY2015Q4 us-gaap Product Warranty Accrual Payments
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737000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2164000 USD
CY2016Q4 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
616000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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CY2015Q4 us-gaap Product Warranty Accrual Preexisting Increase Decrease
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us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
1130000 USD
CY2016Q4 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-17000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
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CY2015Q4 us-gaap Product Warranty Accrual Warranties Issued
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1553000 USD
CY2016Q4 us-gaap Product Warranty Accrual Warranties Issued
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us-gaap Product Warranty Accrual Warranties Issued
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CY2016Q4 us-gaap Property Plant And Equipment Gross
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CY2016Q4 us-gaap Property Plant And Equipment Net
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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us-gaap Research And Development Expense
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CY2016Q4 us-gaap Research And Development Expense
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us-gaap Research And Development Expense
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us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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CY2016Q4 us-gaap Sales Revenue Goods Net
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CY2015Q4 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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CY2016Q4 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Share Based Compensation
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1740000 USD
us-gaap Share Based Compensation
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CY2015Q4 us-gaap Stockholders Equity
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CY2016Q4 us-gaap Stockholders Equity
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329371000 USD
CY2015Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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876000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
970000 shares
CY2016Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
883000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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937000 shares
CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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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;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">October&#160;1, 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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