Attached files
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| 8-K - AEROSONIC CORP /DE/ | v205521_8k.htm |
Exhibit
99.1
Aerosonic
Reports Third Quarter Results
CLEARWATER, Fla. –
December 13,
2010 - Aerosonic
Corporation (NYSE AMEX: AIM), a leading supplier of precision flight products
for commercial, business and military aircraft, announced that today it filed
its quarterly report on Form 10-Q for the quarter ended October 29, 2010, with
the United States Securities and Exchange Commission.
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Three Months Ended
(Unaudited)
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Nine Months Ended
(Unaudited)
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October 29, 2010
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October 30, 2009
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October 29, 2010
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October 30, 2009
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Sales,
net
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$ | 7,049,000 | $ | 7,537,000 | $ | 20,793,000 | $ | 24,425,000 | ||||||||
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Gross
profit
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2,069,000 | 2,672,000 | 6,322,000 | 9,145,000 | ||||||||||||
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Operating
income
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345,000 | 918,000 | 1,024,000 | 3,653,000 | ||||||||||||
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Net
income
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$ | 93,000 | $ | 728,000 | $ | 370,000 | $ | 2,659,000 | ||||||||
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Earnings
per share
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Basic
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$ | 0.02 | $ | 0.20 | $ | 0.10 | $ | 0.72 | ||||||||
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Diluted
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$ | 0.02 | $ | 0.18 | $ | 0.09 | $ | 0.69 | ||||||||
Net sales
for the third quarter of fiscal year 2011 decreased $488,000, or 6%, to
$7,049,000 when compared to $7,537,000 for the third quarter of fiscal year
2010. During the third quarter of fiscal year 2011, the sales volume decreased
from the prior year by approximately $1.2 million on reduced demand for
transmitter products, sensor products and spares, offset by approximately
$800,000 of increased sales volume of mechanical instruments, contributing to
the net decrease of $488,000.
Gross
profit for the third quarter of fiscal year 2011 was 29.4% versus 35.5% for the
third quarter of fiscal year 2010. The three-month comparative decrease in gross
profit as a percent of sales reflects (a) the effects of a significantly higher
mix of mechanical products which historically produce lower gross margins, (b)
lean investment activities, and (c) contract loss provisions of approximately
$198,000 on two customer-funded development contracts. Management views these
costs as investments in technology and capabilities that are expected to benefit
future business opportunities.
The
Company reported net income for the quarter ended October 29, 2010 of
approximately $93,000 or $0.02 basic and diluted earnings per share, versus net
income of approximately $728,000, or $0.20 basic and $0.18 diluted earnings per
share for the quarter ended October 30, 2009.
“Our
focus on building the business has required that we eschew stronger short term
earnings to position ourselves for healthy growth when our markets begin to
improve. While recovery has taken longer than expected, history has shown that
reinvesting in difficult times will often lead to excellent performance as
opportunities develop.” said Doug Hillman, President and CEO.
Aerosonic
Corporation, headquartered in Clearwater, Florida, is principally engaged in the
manufacture of aviation products. Locations of the Company include
Clearwater, Florida and Charlottesville, Virginia. For additional
information, visit the Company’s website at www.aerosonic.com.
This
document contains statements that constitute "forward-looking" statements within
the meaning of the Securities Act of 1933 and the Securities Act of 1934, as
amended by the Private Securities Litigation Reform Act of 1995.
"Forward-looking" statements contained in this document include the intent,
belief or current expectations of the Company and its senior management team
with respect to future actions by officers and directors of the Company,
prospects of the Company's operations, profits from future operations, overall
future business prospects and long term stockholder value, as well as the
assumptions upon which such statements are based.
Investors
are cautioned that any such forward-looking statements are not guarantees of
future performance, and that actual results may differ materially from those
contemplated by such forward-looking statements. Important factors that could
cause actual results to differ materially from those contemplated by the
forward-looking statements in this document include, but are not limited to,
adverse developments involving operations of the Company's business units,
failure to meet operating objectives or to execute the business plan, and the
failure to reach revenue or profit projections. The Company undertakes no
obligation to update or revise the forward-looking statements contained in this
document to reflect changed assumptions, the occurrence of unanticipated events,
or changes to future operating results over time.