February 17, 2014
Astronics Corporation reports 2013 fourth quarter net income of $6.4m
Astronics Corporation reported consolidated sales increased by $38.0m, or 56.4%, to $105.5m compared with the same period last year. The acquired businesses accounted for $23.8m of sales in the 2013 fourth quarter, all in the aerospace segment. Consolidated gross profit was $25.2m, up $7.6m from the fourth quarter of 2012. Consolidated gross margin was 23.9% compared with 26.0% for same period last year. The Company expensed $3.5m for the fair value step-up of acquired inventory from the 2013 acquisitions that was sold during the quarter. Engineering and development (“E&D”) costs were $14.3m in the fourth quarter of 2013 compared with $11.1m in the same period of 2012. Leverage from higher sales volume helped to offset these items.