$ATRO
ASTRONICS CORP

2017 Q3 Form 10-Q Financial Statement

#000000806317000042 Filed on November 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q4
Revenue $149.6M $154.1M
YoY Change -8.99% -2.08%
Cost Of Revenue $117.1M $116.4M
YoY Change -2.05% -17.26%
Gross Profit $34.15M $36.49M
YoY Change -23.83% -6.21%
Gross Profit Margin 22.82% 23.68%
Selling, General & Admin $22.10M $21.14M
YoY Change -0.56% -5.2%
% of Gross Profit 64.71% 57.93%
Research & Development $23.70M $21.60M
YoY Change 10.75% -4.0%
% of Gross Profit 69.4% 59.2%
Depreciation & Amortization $6.290M $6.310M
YoY Change -4.7% 0.48%
% of Gross Profit 18.42% 17.29%
Operating Expenses $45.80M $3.272M
YoY Change 4.99% 12.63%
Operating Profit $10.39M $17.53M
YoY Change -54.03% -52.8%
Interest Expense -$1.200M -$1.100M
YoY Change 9.09% -8.33%
% of Operating Profit -11.55% -6.28%
Other Income/Expense, Net -$300.0K
YoY Change
Pretax Income $8.646M $16.42M
YoY Change -59.89% -54.24%
Income Tax $2.586M $4.348M
% Of Pretax Income 29.91% 26.48%
Net Earnings $7.685M $9.885M
YoY Change -48.7% -28.92%
Net Earnings / Revenue 5.14% 6.42%
Basic Earnings Per Share $0.23 $0.34
Diluted Earnings Per Share $0.22 $0.33
COMMON SHARES
Basic Shares Outstanding 32.57M shares 28.93M shares
Diluted Shares Outstanding 33.35M shares 29.81M shares

Balance Sheet

Concept 2017 Q3 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.300M $13.30M
YoY Change -59.31% -40.63%
Cash & Equivalents $15.38M $17.90M
Short-Term Investments
Other Short-Term Assets $14.40M $13.10M
YoY Change 27.43% -32.82%
Inventory $139.3M $116.6M
Prepaid Expenses
Receivables $115.0M $109.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $285.7M $255.1M
YoY Change 11.0% 2.04%
LONG-TERM ASSETS
Property, Plant & Equipment $124.3M $122.8M
YoY Change 0.46% -1.55%
Goodwill $119.1M $115.2M
YoY Change 3.03% -0.14%
Intangibles $95.06M $98.10M
YoY Change -8.25% -9.4%
Long-Term Investments
YoY Change
Other Assets $16.50M $13.15M
YoY Change 37.92% 20.75%
Total Long-Term Assets $355.0M $349.3M
YoY Change 0.02% -2.78%
TOTAL ASSETS
Total Short-Term Assets $285.7M $255.1M
Total Long-Term Assets $355.0M $349.3M
Total Assets $640.6M $604.3M
YoY Change 4.63% -0.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.88M $25.07M
YoY Change 31.7% -7.62%
Accrued Expenses $30.50M $35.20M
YoY Change -9.23% -16.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.695M $2.636M
YoY Change 0.15% 2.21%
Total Short-Term Liabilities $93.09M $86.56M
YoY Change 0.91% -16.95%
LONG-TERM LIABILITIES
Long-Term Debt $174.7M $145.5M
YoY Change 6.56% -12.99%
Other Long-Term Liabilities $35.55M $1.414M
YoY Change -5.59% -15.53%
Total Long-Term Liabilities $210.2M $146.9M
YoY Change 4.29% -13.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $93.09M $86.56M
Total Long-Term Liabilities $210.2M $146.9M
Total Liabilities $303.3M $266.9M
YoY Change 3.23% -13.63%
SHAREHOLDERS EQUITY
Retained Earnings $305.5M
YoY Change 18.8%
Common Stock $297.0K $65.05M
YoY Change 15.56% 11.92%
Preferred Stock
YoY Change
Treasury Stock (at cost) $17.62M
YoY Change
Treasury Stock Shares 532.1K shares
Shareholders Equity $337.3M $337.4M
YoY Change
Total Liabilities & Shareholders Equity $640.6M $604.3M
YoY Change 4.63% -0.8%

Cashflow Statement

Concept 2017 Q3 2016 Q4
OPERATING ACTIVITIES
Net Income $7.685M $9.885M
YoY Change -48.7% -28.92%
Depreciation, Depletion And Amortization $6.290M $6.310M
YoY Change -4.7% 0.48%
Cash From Operating Activities -$1.840M $1.830M
YoY Change -108.08% -91.79%
INVESTING ACTIVITIES
Capital Expenditures -$2.980M -$3.690M
YoY Change -20.11% 3.07%
Acquisitions
YoY Change
Other Investing Activities -$10.04M -$740.0K
YoY Change 1081.18% -7500.0%
Cash From Investing Activities -$13.02M -$4.420M
YoY Change 184.28% 23.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.23M -4.580M
YoY Change -190.86% -77.2%
NET CHANGE
Cash From Operating Activities -1.840M 1.830M
Cash From Investing Activities -13.02M -4.420M
Cash From Financing Activities 12.23M -4.580M
Net Change In Cash -2.630M -7.170M
YoY Change -155.49% 423.36%
FREE CASH FLOW
Cash From Operating Activities -$1.840M $1.830M
Capital Expenditures -$2.980M -$3.690M
Free Cash Flow $1.140M $5.520M
YoY Change -95.7% -78.66%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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atro Number Of Major Customers
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atro Number Of Major Customers
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dei Amendment Flag
AmendmentFlag
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dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
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dei Document Fiscal Year Focus
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dei Document Period End Date
DocumentPeriodEndDate
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dei Document Type
DocumentType
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dei Entity Central Index Key
EntityCentralIndexKey
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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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CY2016Q4 us-gaap Product Warranty Accrual
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us-gaap Product Warranty Accrual Additions From Business Acquisition
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101000 USD
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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%;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;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 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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