$ATRO
ASTRONICS CORP

2014 Q1 Form 10-Q Financial Statement

#000119312514188963 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013 Q1
Revenue $141.0M $105.5M $73.97M
YoY Change 90.56% 56.42% 13.55%
Cost Of Revenue $110.9M $80.30M $53.75M
YoY Change 106.42% 60.92% 14.36%
Gross Profit $30.01M $25.17M $20.22M
YoY Change 48.4% 43.43% 11.58%
Gross Profit Margin 21.29% 23.87% 27.34%
Selling, General & Admin $16.38M $14.30M $9.157M
YoY Change 78.86% 48.96% 2.89%
% of Gross Profit 54.58% 56.81% 45.29%
Research & Development $17.20M $12.80M
YoY Change 34.38%
% of Gross Profit 57.32% 63.31%
Depreciation & Amortization $4.838M $4.510M $1.749M
YoY Change 176.62% 131.28% 20.62%
% of Gross Profit 16.12% 17.92% 8.65%
Operating Expenses $33.58M $14.20M $21.96M
YoY Change 52.93% 47.92% 146.71%
Operating Profit $13.63M $10.97M $11.06M
YoY Change 23.19% 38.01% 19.98%
Interest Expense -$2.300M -$2.000M -$200.0K
YoY Change 1050.0% 900.0% -33.33%
% of Operating Profit -16.88% -18.23% -1.81%
Other Income/Expense, Net
YoY Change
Pretax Income $11.30M $8.902M $10.84M
YoY Change 4.24% 15.76% 20.46%
Income Tax $3.797M $2.500M $2.280M
% Of Pretax Income 33.59% 28.08% 21.03%
Net Earnings $7.507M $6.389M $8.564M
YoY Change -12.34% 12.98% 40.51%
Net Earnings / Revenue 5.33% 6.06% 11.58%
Basic Earnings Per Share $0.30 $0.30 $0.41
Diluted Earnings Per Share $0.29 $0.29 $0.39
COMMON SHARES
Basic Shares Outstanding 21.54M shares 17.54M shares 17.39M shares
Diluted Shares Outstanding 22.65M shares 18.21M shares

Balance Sheet

Concept 2014 Q1 2013 Q4 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.10M $54.60M $17.80M
YoY Change 63.48% 637.84% 117.07%
Cash & Equivalents $29.12M $54.64M $17.80M
Short-Term Investments
Other Short-Term Assets $5.944M $6.088M $5.600M
YoY Change 6.14% -6.81% 3.7%
Inventory $141.1M $85.27M $49.60M
Prepaid Expenses $5.529M $4.264M
Receivables $109.0M $60.94M $39.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $290.7M $211.2M $112.5M
YoY Change 158.41% 95.54% 17.43%
LONG-TERM ASSETS
Property, Plant & Equipment $100.9M $70.90M $54.10M
YoY Change 86.48% 32.43% 29.43%
Goodwill $103.4M $101.0M
YoY Change 360.69%
Intangibles $101.6M $102.7M
YoY Change 521.56%
Long-Term Investments
YoY Change
Other Assets $6.137M $5.474M $12.30M
YoY Change -50.11% 83.88% 5.13%
Total Long-Term Assets $312.0M $280.1M $104.3M
YoY Change 199.14% 169.36% 23.58%
TOTAL ASSETS
Total Short-Term Assets $290.7M $211.2M $112.5M
Total Long-Term Assets $312.0M $280.1M $104.3M
Total Assets $602.7M $491.3M $216.8M
YoY Change 178.01% 131.74% 20.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $45.39M $25.26M $12.30M
YoY Change 269.02% 138.43% 1.65%
Accrued Expenses $27.07M $24.67M $13.00M
YoY Change 108.26% 57.78% 27.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $13.09M $12.28M $12.30M
YoY Change 6.44% 32.49% 132.08%
Total Short-Term Liabilities $123.3M $85.24M $49.00M
YoY Change 151.69% 77.7% 36.11%
LONG-TERM LIABILITIES
Long-Term Debt $255.3M $188.0M $15.70M
YoY Change 1526.28% 807.75% -28.31%
Other Long-Term Liabilities $43.07M $7.704M $18.00M
YoY Change 139.26% 163.02% 9.76%
Total Long-Term Liabilities $298.4M $195.7M $33.70M
YoY Change 785.44% 727.88% -12.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $123.3M $85.24M $49.00M
Total Long-Term Liabilities $298.4M $195.7M $33.70M
Total Liabilities $421.7M $319.8M $82.70M
YoY Change 409.94% 268.16% 11.31%
SHAREHOLDERS EQUITY
Retained Earnings $134.1M
YoY Change 25.47%
Common Stock $180.0K $41.01M
YoY Change 78.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $181.0M $171.5M $134.1M
YoY Change
Total Liabilities & Shareholders Equity $602.7M $491.3M $216.8M
YoY Change 178.01% 131.74% 20.31%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013 Q1
OPERATING ACTIVITIES
Net Income $7.507M $6.389M $8.564M
YoY Change -12.34% 12.98% 40.51%
Depreciation, Depletion And Amortization $4.838M $4.510M $1.749M
YoY Change 176.62% 131.28% 20.62%
Cash From Operating Activities $2.570M $15.40M $14.33M
YoY Change -82.07% 118.75% 199.16%
INVESTING ACTIVITIES
Capital Expenditures -$16.91M -$2.040M -$1.830M
YoY Change 824.04% -66.83% 9.58%
Acquisitions $70.28M
YoY Change
Other Investing Activities -$70.28M -$23.94M
YoY Change 59750.0%
Cash From Investing Activities -$87.18M -$25.98M -$1.830M
YoY Change 4663.93% 319.71% 9.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $405.0K
YoY Change
Cash From Financing Activities 59.11M -3.060M -2.080M
YoY Change -2941.83% 194.23% -64.2%
NET CHANGE
Cash From Operating Activities 2.570M 15.40M 14.33M
Cash From Investing Activities -87.18M -25.98M -1.830M
Cash From Financing Activities 59.11M -3.060M -2.080M
Net Change In Cash -25.50M -13.64M 10.42M
YoY Change -344.72% 7078.95% -487.36%
FREE CASH FLOW
Cash From Operating Activities $2.570M $15.40M $14.33M
Capital Expenditures -$16.91M -$2.040M -$1.830M
Free Cash Flow $19.48M $17.44M $16.16M
YoY Change 20.54% 32.22% 150.15%

Facts In Submission

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ASTRONICS CORP
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CY2014Q1 dei Document Type
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10-Q
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CY2014Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b><i>18) Recent Accounting Pronouncements</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The Company&#x2019;s management has reviewed recent accounting pronouncements issued through the date of the issuance of financial statements. In management&#x2019;s opinion, none of these new pronouncements apply or will have a material effect on the Company&#x2019;s financial statements.</p> </div>
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GoodwillAcquiredDuringPeriod
2540000
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-27000
CY2014Q1 us-gaap Increase Decrease In Employee Related Liabilities
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-967000
CY2014Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
110946000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
59111000
CY2014Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-816000
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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-15000
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-10000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
4000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
394000
CY2014Q1 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-120000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-25518000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-87181000
CY2014Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
2776000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
9520000
CY2014Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
334000
CY2014Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-102000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
17200000
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
588000
CY2014Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
58000000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4838000
CY2014Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
9000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1261000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2467000
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue And Customer Advances And Deposits
IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits
9203000
CY2014Q1 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16378000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3797000
CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-21000
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MaximumLeverageRatio
4 pure
CY2014Q1 atro Number Of Major Customers
NumberOfMajorCustomers
2 Customer
CY2014Q1 atro Provision For Non Cash Losses On Inventory And Receivables
ProvisionForNonCashLossesOnInventoryAndReceivables
312000
CY2014Q1 atro Number Of Significant Contracts Allowing Right Of Return
NumberOfSignificantContractsAllowingRightOfReturn
0 Contract
CY2014Q1 atro Number Of Facility Operated By Entity
NumberOfFacilityOperatedByEntity
12 Location
CY2014Q1 atro Number Of Non Qualified Supplemental Retirement Defined Benefit Plans
NumberOfNonQualifiedSupplementalRetirementDefinedBenefitPlans
2 RetirementPlans
CY2014Q1 atro Contractual Life Of Service
ContractualLifeOfService
P24M
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.47
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18211000 shares
CY2013Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-218000
CY2013Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
819000 shares
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
CY2013Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.210 pure
CY2013Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
14326000
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17392000 shares
CY2013Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
8488000
CY2013Q1 us-gaap Gross Profit
GrossProfit
20219000
CY2013Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
-13000
CY2013Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
73967000
CY2013Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
48000
CY2013Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
160000
CY2013Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-9000
CY2013Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
130000
CY2013Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-10000
CY2013Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
277000
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
11062000
CY2013Q1 us-gaap Payments For Previous Acquisition
PaymentsForPreviousAcquisition
81000
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
10844000
CY2013Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-197000
CY2013Q1 us-gaap Increase Decrease In Accounts Receivable
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-5863000
CY2013Q1 us-gaap Increase Decrease In Other Operating Capital Net
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2937000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
8564000
CY2013Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-56000
CY2013Q1 us-gaap Increase Decrease In Inventories
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1115000
CY2013Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-76000
CY2013Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-14000
CY2013Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
15000
CY2013Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1828000
CY2013Q1 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-2035000
CY2013Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-32000
CY2013Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
282000
CY2013Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
53748000
CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
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CY2013Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1015000
CY2013Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-37000
CY2013Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-24000
CY2013Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-5000
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
326000
CY2013Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
10418000
CY2013Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1828000
CY2013Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
1208000
CY2013Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1737000
CY2013Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
138000
CY2013Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-106000
CY2013Q1 us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
IncreaseDecreaseInBillingInExcessOfCostOfEarnings
116000
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12800000
CY2013Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
137000
CY2013Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1749000
CY2013Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
8000
CY2013Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
57000
CY2013Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
468000
CY2013Q1 us-gaap Increase Decrease In Deferred Revenue And Customer Advances And Deposits
IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits
-2321000
CY2013Q1 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9157000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2280000
CY2013Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
2000
CY2013Q1 atro Domestic Tax Credit Related To Previous Year Recognized During Period
DomesticTaxCreditRelatedToPreviousYearRecognizedDuringPeriod
1100000
CY2013Q1 atro Provision For Non Cash Losses On Inventory And Receivables
ProvisionForNonCashLossesOnInventoryAndReceivables
116000
CY2013Q1 atro Domestic Tax Credit Related To Current Year Recognized During Period
DomesticTaxCreditRelatedToCurrentYearRecognizedDuringPeriod
200000

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