$ATRO
ASTRONICS CORP

2015 Q2 Form 10-Q Financial Statement

#000119312515185435 Filed on May 13, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q1
Revenue $161.6M $141.0M
YoY Change -7.4% 90.56%
Cost Of Revenue $121.5M $110.9M
YoY Change -7.53% 106.42%
Gross Profit $40.16M $30.01M
YoY Change -7.04% 48.4%
Gross Profit Margin 24.85% 21.29%
Selling, General & Admin $22.62M $16.38M
YoY Change 9.16% 78.86%
% of Gross Profit 56.32% 54.58%
Research & Development $22.20M $17.20M
YoY Change 7.77% 34.38%
% of Gross Profit 55.28% 57.32%
Depreciation & Amortization $6.127M $4.838M
YoY Change 12.01% 176.62%
% of Gross Profit 15.26% 16.12%
Operating Expenses $44.82M $33.58M
YoY Change 8.47% 52.93%
Operating Profit $17.54M $13.63M
YoY Change -21.97% 23.19%
Interest Expense -$1.200M -$2.300M
YoY Change -53.85% 1050.0%
% of Operating Profit -6.84% -16.88%
Other Income/Expense, Net
YoY Change
Pretax Income $16.30M $11.30M
YoY Change -18.2% 4.24%
Income Tax $5.614M $3.797M
% Of Pretax Income 34.45% 33.59%
Net Earnings $10.68M $7.507M
YoY Change -18.72% -12.34%
Net Earnings / Revenue 6.61% 5.33%
Basic Earnings Per Share $0.37 $0.30
Diluted Earnings Per Share $0.35 $0.29
COMMON SHARES
Basic Shares Outstanding 25.31M shares 21.54M shares
Diluted Shares Outstanding 26.23M shares 22.65M shares

Balance Sheet

Concept 2015 Q2 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.60M $29.10M
YoY Change 8.65% 63.48%
Cash & Equivalents $22.56M $29.12M
Short-Term Investments
Other Short-Term Assets $17.60M $5.944M
YoY Change 25.71% 6.14%
Inventory $120.8M $141.1M
Prepaid Expenses $5.529M
Receivables $76.35M $109.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $237.3M $290.7M
YoY Change -11.19% 158.41%
LONG-TERM ASSETS
Property, Plant & Equipment $124.9M $100.9M
YoY Change 13.4% 86.48%
Goodwill $119.6M $103.4M
YoY Change 16.45%
Intangibles $112.0M $101.6M
YoY Change 15.55%
Long-Term Investments
YoY Change
Other Assets $6.382M $6.137M
YoY Change 11.91% -50.11%
Total Long-Term Assets $363.0M $312.0M
YoY Change 15.03% 199.14%
TOTAL ASSETS
Total Short-Term Assets $237.3M $290.7M
Total Long-Term Assets $363.0M $312.0M
Total Assets $600.3M $602.7M
YoY Change 3.0% 178.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.88M $45.39M
YoY Change -11.75% 269.02%
Accrued Expenses $31.10M $27.07M
YoY Change 8.91% 108.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.658M $13.09M
YoY Change -80.05% 6.44%
Total Short-Term Liabilities $105.6M $123.3M
YoY Change -6.35% 151.69%
LONG-TERM LIABILITIES
Long-Term Debt $214.1M $255.3M
YoY Change -7.83% 1526.28%
Other Long-Term Liabilities $43.56M $43.07M
YoY Change 1.39% 139.26%
Total Long-Term Liabilities $257.7M $298.4M
YoY Change -6.39% 785.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $105.6M $123.3M
Total Long-Term Liabilities $257.7M $298.4M
Total Liabilities $363.3M $421.7M
YoY Change -6.38% 409.94%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $221.0K $180.0K
YoY Change 22.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $237.0M $181.0M
YoY Change
Total Liabilities & Shareholders Equity $600.3M $602.7M
YoY Change 3.0% 178.01%

Cashflow Statement

Concept 2015 Q2 2014 Q1
OPERATING ACTIVITIES
Net Income $10.68M $7.507M
YoY Change -18.72% -12.34%
Depreciation, Depletion And Amortization $6.127M $4.838M
YoY Change 12.01% 176.62%
Cash From Operating Activities $26.78M $2.570M
YoY Change 29.62% -82.07%
INVESTING ACTIVITIES
Capital Expenditures -$7.060M -$16.91M
YoY Change 14.24% 824.04%
Acquisitions $52.62M $70.28M
YoY Change
Other Investing Activities $300.0K -$70.28M
YoY Change -87.65%
Cash From Investing Activities -$59.97M -$87.18M
YoY Change 1494.95% 4663.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $5.663M $405.0K
YoY Change
Cash From Financing Activities 35.45M 59.11M
YoY Change -241.24% -2941.83%
NET CHANGE
Cash From Operating Activities 26.78M 2.570M
Cash From Investing Activities -59.97M -87.18M
Cash From Financing Activities 35.45M 59.11M
Net Change In Cash 2.260M -25.50M
YoY Change -127.56% -344.72%
FREE CASH FLOW
Cash From Operating Activities $26.78M $2.570M
Capital Expenditures -$7.060M -$16.91M
Free Cash Flow $33.84M $19.48M
YoY Change 26.08% 20.54%

Facts In Submission

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CY2015Q2 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>17) Recent Accounting Pronouncements</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> In May 2014, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued authoritative guidance regarding revenue recognition. 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. This authoritative guidance will be effective as of the Company&#x2019;s first quarter of fiscal 2017. However, the FASB has proposed a deferral of the effective date of the new revenue standard by one year. The Company is currently evaluating the impact that adoption of this guidance will have on its consolidated financial statements and disclosures.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> In April 2015, the FASB issued authoritative guidance regarding the presentation of debt issuance costs. The authoritative guidance requires that all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the debt. This authoritative guidance, which will be applied on a retrospective basis, will be effective as of the Company&#x2019;s first quarter of fiscal 2016, with early adoption permitted. The Company plans to early adopt by the end of fiscal 2015 with no material impact on its consolidated financial statements and disclosures.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> In April 2015, the FASB issued authoritative guidance regarding customer&#x2019;s accounting for fees paid in a cloud computing arrangement. The authoritative guidance provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the guidance requires the software license element of the arrangement to be accounted for consistent with other software license agreements. This authoritative guidance will be effective as of the Company&#x2019;s first quarter of fiscal 2016, with early adoption permitted. The Company is currently evaluating the impact that adoption of this guidance will have on its consolidated financial statements.</p> </div>
CY2015Q2 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2015Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.344 pure
CY2015Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
26779000
CY2015Q2 us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
In the ordinary course of business, the Company warrants its products against defects in design, materials and workmanship typically over periods ranging from twelve to sixty months.
CY2015Q2 dei Document Period End Date
DocumentPeriodEndDate
2015-04-04
CY2015Q2 dei Amendment Flag
AmendmentFlag
false
CY2015Q2 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q2 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22806000 shares
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
CY2015Q2 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P8Y
CY2015Q2 dei Entity Central Index Key
EntityCentralIndexKey
0000008063
CY2015Q2 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q2 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2014-09-05
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22011000 shares
CY2015Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
738000
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3646000
CY2015Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1246000
CY2015Q2 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
633000
CY2015Q2 us-gaap Gross Profit
GrossProfit
40162000
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
161638000
CY2015Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5663000
CY2015Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
7059000
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-3485000
CY2015Q2 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3474000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
16297000
CY2015Q2 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
52615000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
17543000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
7198000
CY2015Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax
118000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
16297000
CY2015Q2 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
76000
CY2015Q2 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
300000
CY2015Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-87000
CY2015Q2 us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
500000
CY2015Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-110000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
10683000
CY2015Q2 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-18563000
CY2015Q2 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
CY2015Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-40000
CY2015Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6127000
CY2015Q2 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-886000
CY2015Q2 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2015Q2 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
409000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
22200000
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
22619000
CY2015Q2 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
708000
CY2015Q2 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
2416000
CY2015Q2 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-848000
CY2015Q2 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
20325000
CY2015Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
726000
CY2015Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2852000
CY2015Q2 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1366000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5614000
CY2015Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
121476000
CY2015Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
35447000
CY2015Q2 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-4535000
CY2015Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-59974000
CY2015Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-161000
CY2015Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
402000
CY2015Q2 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
5517000
CY2015Q2 us-gaap Increase Decrease In Deferred Revenue And Customer Advances And Deposits
IncreaseDecreaseInDeferredRevenueAndCustomerAdvancesAndDeposits
-8796000
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
506000
CY2015Q2 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
40000000
CY2015Q2 atro Actual Leverage Ratio
ActualLeverageRatio
1.5 pure
CY2015Q2 atro Interest Coverage Ratio Actual
InterestCoverageRatioActual
22.8 pure
CY2015Q2 atro Line Of Credit Extension Period
LineOfCreditExtensionPeriod
P5Y
CY2015Q2 atro Number Of Non Qualified Supplemental Retirement Defined Benefit Plans
NumberOfNonQualifiedSupplementalRetirementDefinedBenefitPlans
2 RetirementPlans
CY2015Q2 atro Provision For Non Cash Losses On Inventory And Receivables
ProvisionForNonCashLossesOnInventoryAndReceivables
-74000
CY2015Q2 atro Number Of Major Customers
NumberOfMajorCustomers
2 Customer

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