$ATRO
ASTRONICS CORP

2016 Q3 Form 10-Q Financial Statement

#000000806317000031 Filed on August 16, 2017

View on sec.gov

Income Statement

Concept 2016 Q3
Revenue $164.4M
YoY Change -5.04%
Cost Of Revenue $119.6M
YoY Change -3.32%
Gross Profit $44.84M
YoY Change -9.34%
Gross Profit Margin 27.27%
Selling, General & Admin $22.22M
YoY Change 4.35%
% of Gross Profit 49.57%
Research & Development $21.40M
YoY Change 0.47%
% of Gross Profit 47.73%
Depreciation & Amortization $6.600M
YoY Change 2.8%
% of Gross Profit 14.72%
Operating Expenses $43.62M
YoY Change 2.41%
Operating Profit $22.61M
YoY Change -19.69%
Interest Expense -$1.100M
YoY Change 0.0%
% of Operating Profit -4.86%
Other Income/Expense, Net
YoY Change
Pretax Income $21.56M
YoY Change -20.3%
Income Tax $6.575M
% Of Pretax Income 30.5%
Net Earnings $14.98M
YoY Change -15.32%
Net Earnings / Revenue 9.11%
Basic Earnings Per Share $0.51
Diluted Earnings Per Share $0.50
COMMON SHARES
Basic Shares Outstanding 29.26M shares
Diluted Shares Outstanding 30.23M shares

Balance Sheet

Concept 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.40M
YoY Change -14.29%
Cash & Equivalents $20.41M
Short-Term Investments
Other Short-Term Assets $11.30M
YoY Change -37.57%
Inventory $119.3M
Prepaid Expenses
Receivables $106.3M
Other Receivables $0.00
Total Short-Term Assets $257.4M
YoY Change -6.1%
LONG-TERM ASSETS
Property, Plant & Equipment $123.7M
YoY Change -2.07%
Goodwill $115.6M
YoY Change 0.9%
Intangibles $103.6M
YoY Change -9.31%
Long-Term Investments
YoY Change
Other Assets $11.97M
YoY Change 33.03%
Total Long-Term Assets $354.9M
YoY Change -2.54%
TOTAL ASSETS
Total Short-Term Assets $257.4M
Total Long-Term Assets $354.9M
Total Assets $612.3M
YoY Change -4.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.24M
YoY Change -29.45%
Accrued Expenses $33.60M
YoY Change -6.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $2.691M
YoY Change -0.41%
Total Short-Term Liabilities $92.25M
YoY Change -16.06%
LONG-TERM LIABILITIES
Long-Term Debt $163.9M
YoY Change -28.26%
Other Long-Term Liabilities $37.66M
YoY Change -13.82%
Total Long-Term Liabilities $201.6M
YoY Change -25.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.25M
Total Long-Term Liabilities $201.6M
Total Liabilities $293.8M
YoY Change -23.1%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $257.0K
YoY Change 15.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $318.4M
YoY Change
Total Liabilities & Shareholders Equity $612.3M
YoY Change -4.07%

Cashflow Statement

Concept 2016 Q3
OPERATING ACTIVITIES
Net Income $14.98M
YoY Change -15.32%
Depreciation, Depletion And Amortization $6.600M
YoY Change 2.8%
Cash From Operating Activities $22.78M
YoY Change -486.1%
INVESTING ACTIVITIES
Capital Expenditures -$3.730M
YoY Change -28.54%
Acquisitions
YoY Change
Other Investing Activities -$850.0K
YoY Change -64.14%
Cash From Investing Activities -$4.580M
YoY Change -39.74%
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
YoY Change -192.45%
NET CHANGE
Cash From Operating Activities 22.78M
Cash From Investing Activities -4.580M
Cash From Financing Activities -13.46M
Net Change In Cash 4.740M
YoY Change 347.17%
FREE CASH FLOW
Cash From Operating Activities $22.78M
Capital Expenditures -$3.730M
Free Cash Flow $26.51M
YoY Change -3998.53%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2016Q3 us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 USD
us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 USD
CY2017Q3 us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
359000 USD
us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
359000 USD
CY2016Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
405000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1290000 USD
CY2017Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
517000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1224000 USD
CY2016Q3 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
99000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-296000 USD
CY2017Q3 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
73000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-5000 USD
CY2016Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
545000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1206000 USD
CY2017Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
365000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
832000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
192168000 USD
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
198935000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
122812000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
122646000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
18279000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
7341000 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
21400000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
44600000 USD
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
23000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
45800000 USD
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
164426000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
323956000 USD
CY2017Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
151114000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
303510000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
22224000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
44108000 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
22401000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
44094000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1256000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1456000 USD
CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
337449000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
347723000 USD
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
962000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
960000 shares
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1178000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1128000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30226000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30290000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30089000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30135000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29264000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29330000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28911000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29007000 shares
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued ASU No.&#160;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: 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. The Company will adopt the new standard on January 1, 2018, using the modified retrospective transition method.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The adoption of this amendment may require us to accelerate the recognition of revenue as compared to current standards, for certain customers, in cases where we produce products unique to those customers; and for which we would have an enforceable right of payment for production completed to date. The Company has identified its revenue streams, reviewed the initial impacts of adopting the new standard on those revenue streams, and appointed a project management leader. The Company continues to evaluate the quantitative and qualitative impacts of the standard.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016 - 02,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;">. The new standard is effective for reporting periods beginning after December 15, 2018. Early adoption is permitted.&#160;The standard will require lessees to report most leases as assets and liabilities on the balance sheet, while lessor accounting will remain substantially unchanged. The standard requires a modified retrospective transition approach for existing leases, whereby the new rules will be applied to the earliest year presented.&#160; The adoption of the standard is not expected to have a material effect on the Company&#8217;s financial position, results of operations or cash flows.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU No. 2016-15,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Classification of Certain Cash Receipts and Cash Payments</font><font style="font-family:inherit;font-size:10pt;">,&#160;which is intended to reduce diversity in practice in how certain cash receipts and payments are presented and classified in the statement of cash flows. The standard provides guidance in a number of situations including, among others, settlement of zero-coupon bonds, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, and distributions received from equity method investees. The ASU also provides guidance for classifying cash receipts and payments that have aspects of more than one class of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. The standard requires application using a retrospective transition method. This ASU is not expected to have a material impact on the Company&#8217;s consolidated results of operations and financial condition.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU No. 2017-01,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#160;Clarifying the Definition of a Business</font><font style="font-family:inherit;font-size:10pt;">, which narrows the existing definition of a business and provides a framework for evaluating whether a transaction should be accounted for as an acquisition (or disposal) of assets or a business. The ASU requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities (collectively, the set) is not a business. To be considered a business, the set would need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The standard also narrows the definition of outputs. The definition of a business affects areas of accounting such as acquisitions, disposals and goodwill. Under the new guidance, fewer acquired sets are expected to be considered businesses. This ASU is effective for fiscal years beginning after December 15, 2017 on a prospective basis with early adoption permitted. The Company would apply this guidance to applicable transactions after the adoption date.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2017, the FASB issued ASU 2017-07,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation-Retirement Benefits</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">(Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost</font><font style="font-family:inherit;font-size:10pt;">, which requires employers to include only the service cost component of net periodic pension cost and net periodic postretirement benefit cost in operating expenses. The other components of net benefit cost, including amortization of prior service cost/credit and net actuarial gains/losses, and settlement and curtailment effects, are to be included in non-operating expenses. The ASU also stipulates that only the service cost component of net benefit cost is eligible for capitalization. The effective date for adoption of this guidance begins on January 1, 2018, with early adoption permitted. The Company is currently evaluating the effect that this standard will have on the consolidated financial statements.</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;1, 2017</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, 2017</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, 2016</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>

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