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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Astronics Corporation | NASDAQ:ATRO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.15 | 6.68% | 18.37 | 17.80 | 19.00 | 18.38 | 17.00 | 17.49 | 183,125 | 22:30:00 |
☒ |
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
☐ |
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
New York
(State or other jurisdiction of
incorporation or organization)
|
16-0959303
(IRS Employer
Identification Number)
|
||||
130 Commerce Way, East Aurora, New York
(Address of principal executive offices)
|
14052
(Zip code)
|
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Stock, $.01 par value per share | ATRO | NASDAQ Stock Market |
Large accelerated filer | ☒ |
Accelerated filer
|
☐ |
Emerging growth company
|
☐ | ||||||||||||
Non-accelerated filer
|
☐ |
Smaller Reporting Company
|
☐ |
PAGE | |||||||||||||||||||||||
PART I
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Item 1
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Item 2
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Item 3
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Item 4
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PART II
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Item 1
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Item 1a
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Item 2
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Item 3
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Item 4
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Item 5
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Item 6
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September 26, 2020 | December 31, 2019 | ||||||||||
Current Assets: | |||||||||||
Cash and Cash Equivalents
|
$ | 29,897 | $ | 31,906 | |||||||
Accounts Receivable, Net of Allowance for Doubtful Accounts
|
92,947 | 147,998 | |||||||||
Inventories
|
163,451 | 145,787 | |||||||||
Prepaid Expenses and Other Current Assets
|
27,375 | 15,853 | |||||||||
Assets Held for Sale | — | 1,537 | |||||||||
Total Current Assets
|
313,670 | 343,081 | |||||||||
Property, Plant and Equipment, Net of Accumulated Depreciation | 108,111 | 112,499 | |||||||||
Operating Right-of-Use Assets | 19,802 | 23,602 | |||||||||
Other Assets | 23,341 | 31,271 | |||||||||
Intangible Assets, Net of Accumulated Amortization | 114,355 | 127,293 | |||||||||
Goodwill | 58,182 | 144,970 | |||||||||
Total Assets
|
$ | 637,461 | $ | 782,716 | |||||||
Current Liabilities: | |||||||||||
Current Maturities of Long-term Debt
|
$ | 232 | $ | 224 | |||||||
Accounts Payable
|
26,320 | 35,842 | |||||||||
Current Operating Lease Liabilities | 4,969 | 4,517 | |||||||||
Accrued Expenses and Other Current Liabilities
|
42,831 | 48,697 | |||||||||
Customer Advance Payments and Deferred Revenue
|
24,916 | 31,360 | |||||||||
Total Current Liabilities
|
99,268 | 120,640 | |||||||||
Long-term Debt | 168,000 | 188,000 | |||||||||
Long-term Operating Lease Liabilities | 17,582 | 21,039 | |||||||||
Other Liabilities | 62,765 | 64,180 | |||||||||
Total Liabilities | 347,615 | 393,859 | |||||||||
Shareholders’ Equity: | |||||||||||
Common Stock
|
346 | 345 | |||||||||
Accumulated Other Comprehensive Loss
|
(15,068) | (15,628) | |||||||||
Other Shareholders’ Equity
|
304,568 | 404,140 | |||||||||
Total Shareholders’ Equity
|
289,846 | 388,857 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 637,461 | $ | 782,716 |
Nine Months Ended | Three Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Sales | $ | 387,784 | $ | 574,290 | $ | 106,506 | $ | 177,018 | |||||||||||||||
Cost of Products Sold | 310,059 | 445,056 | 91,333 | 140,224 | |||||||||||||||||||
Gross Profit | 77,725 | 129,234 | 15,173 | 36,794 | |||||||||||||||||||
Selling, General and Administrative Expenses | 85,941 | 90,677 | 24,170 | 31,691 | |||||||||||||||||||
Impairment Loss | 87,016 | — | — | — | |||||||||||||||||||
(Loss) Income from Operations | (95,232) | 38,557 | (8,997) | 5,103 | |||||||||||||||||||
Net (Gain) Loss on Sale of Businesses | — | (78,801) | — | 1,332 | |||||||||||||||||||
Other Expense, Net of Other Income | 4,546 | 1,197 | 369 | 464 | |||||||||||||||||||
Interest Expense, Net of Interest Income | 5,091 | 4,576 | 1,775 | 1,547 | |||||||||||||||||||
(Loss) Income Before Income Taxes | (104,869) | 111,585 | (11,141) | 1,760 | |||||||||||||||||||
(Benefit from) Provision for Income Taxes | (9,073) | 25,503 | (5,887) | 550 | |||||||||||||||||||
Net (Loss) Income | $ | (95,796) | $ | 86,082 | $ | (5,254) | $ | 1,210 | |||||||||||||||
(Loss) Earnings Per Share: | |||||||||||||||||||||||
Basic
|
$ | (3.11) | $ | 2.65 | $ | (0.17) | $ | 0.04 | |||||||||||||||
Diluted
|
$ | (3.11) | $ | 2.61 | $ | (0.17) | $ | 0.04 |
Nine Months Ended | Three Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Net (Loss) Income | $ | (95,796) | $ | 86,082 | $ | (5,254) | $ | 1,210 | |||||||||||||||
Other Comprehensive (Loss) Income: | |||||||||||||||||||||||
Foreign Currency Translation Adjustments
|
(85) | (722) | 1,409 | (1,336) | |||||||||||||||||||
Retirement Liability Adjustment – Net of Tax
|
645 | 441 | 215 | 147 | |||||||||||||||||||
Total Other Comprehensive (Loss) Income | 560 | (281) | 1,624 | (1,189) | |||||||||||||||||||
Comprehensive (Loss) Income | $ | (95,236) | $ | 85,801 | $ | (3,630) | $ | 21 |
(Unaudited, In thousands)
|
Nine Months Ended | ||||||||||
Cash Flows from Operating Activities: | September 26, 2020 | September 28, 2019 | |||||||||
Net (Loss) Income | $ | (95,796) | $ | 86,082 | |||||||
Adjustments to Reconcile Net (Loss) Income to Cash Flows from Operating Activities, Excluding the Effects of Acquisitions/Divestitures: | |||||||||||
Depreciation and Amortization | 24,095 | 24,183 | |||||||||
Provisions for Non-Cash Losses on Inventory and Receivables | 4,535 | 4,613 | |||||||||
Equity-based Compensation Expense | 3,924 | 2,943 | |||||||||
Deferred Tax Expense (Benefit) | 1,127 | (3,820) | |||||||||
Non-cash Severance Expense | 3,007 | — | |||||||||
Operating Lease Amortization Expense | 3,352 | 2,993 | |||||||||
Non-cash Litigation Provision | — | 1,700 | |||||||||
Net Gain on Sale of Businesses, Before Taxes | — | (78,801) | |||||||||
Equity Investment Other Than Temporary Impairment | 3,493 | — | |||||||||
Impairment Loss | 87,016 | — | |||||||||
Other | 6,622 | (5,485) | |||||||||
Cash Flows from Changes in Operating Assets and Liabilities: | |||||||||||
Accounts Receivable | 53,604 | 23,423 | |||||||||
Inventories | (19,807) | (18,963) | |||||||||
Accounts Payable | (9,589) | (5,494) | |||||||||
Accrued Expenses | (11,340) | (5,867) | |||||||||
Other Current Assets and Liabilities | (224) | (697) | |||||||||
Customer Advanced Payments and Deferred Revenue | (6,474) | (3,266) | |||||||||
Income Taxes | (12,316) | 5,581 | |||||||||
Operating Lease Liabilities | (3,412) | (2,824) | |||||||||
Supplemental Retirement and Other Liabilities | (304) | 3,940 | |||||||||
Cash Flows from Operating Activities | 31,513 | 30,241 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Acquisition of Business, Net of Cash Acquired | — | (21,785) | |||||||||
Proceeds on Sale of Business | — | 104,792 | |||||||||
Capital Expenditures | (5,575) | (8,850) | |||||||||
Proceeds on Sale of Assets | 1,600 | — | |||||||||
Cash Flows from Investing Activities | (3,975) | 74,157 | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from Long-term Debt | 150,000 | 99,000 | |||||||||
Payments for Long-term Debt | (170,000) | (146,080) | |||||||||
Purchase of Outstanding Shares for Treasury | (7,732) | (50,000) | |||||||||
Stock Options Activity | 33 | 423 | |||||||||
Finance Lease Principal Payments | (1,425) | (1,284) | |||||||||
Financing Fees | (360) | — | |||||||||
Cash Flows from Financing Activities | (29,484) | (97,941) | |||||||||
Effect of Exchange Rates on Cash | (63) | (284) | |||||||||
(Decrease) Increase in Cash and Cash Equivalents | (2,009) | 6,173 | |||||||||
Cash and Cash Equivalents at Beginning of Period | 31,906 | 16,622 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 29,897 | $ | 22,795 | |||||||
Nine Months Ended | Three Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Beginning of Period | $ | 269 | $ | 260 | $ | 274 | $ | 264 | |||||||||||||||
Net Exercise of Stock Options | — | 1 | — | — | |||||||||||||||||||
Class B Stock Converted to Common Stock | 8 | 4 | 3 | 1 | |||||||||||||||||||
End of Period | 277 | 265 | 277 | 265 | |||||||||||||||||||
Convertible Class B Stock | |||||||||||||||||||||||
Beginning of Period | 76 | 83 | 72 | 80 | |||||||||||||||||||
Net Exercise of Stock Options | 1 | — | — | — | |||||||||||||||||||
Class B Stock Converted to Common Stock | (8) | (4) | (3) | (1) | |||||||||||||||||||
End of Period | 69 | 79 | 69 | 79 | |||||||||||||||||||
Additional Paid in Capital | |||||||||||||||||||||||
Beginning of Period | 76,340 | 73,044 | 79,179 | 75,604 | |||||||||||||||||||
Net Exercise of Stock Options and Equity-based Compensation Expense | 3,956 | 3,365 | 1,117 | 805 | |||||||||||||||||||
End of Period | 80,296 | 76,409 | 80,296 | 76,409 | |||||||||||||||||||
Accumulated Comprehensive Loss | |||||||||||||||||||||||
Beginning of Period | (15,628) | (13,329) | (16,692) | (12,421) | |||||||||||||||||||
Foreign Currency Translation Adjustments | (85) | (722) | 1,409 | (1,336) | |||||||||||||||||||
Retirement Liability Adjustment – Net of Taxes | 645 | 441 | 215 | 147 | |||||||||||||||||||
End of Period | (15,068) | (13,610) | (15,068) | (13,610) | |||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||
Beginning of Period | 428,584 | 376,567 | 338,042 | 461,439 | |||||||||||||||||||
Net (Loss) Income | (95,796) | 86,082 | (5,254) | 1,210 | |||||||||||||||||||
End of Period | 332,788 | 462,649 | 332,788 | 462,649 | |||||||||||||||||||
Treasury Stock | |||||||||||||||||||||||
Beginning of Period | (100,784) | (50,000) | (108,516) | (50,000) | |||||||||||||||||||
Purchase of Shares | (7,732) | (50,000) | — | (50,000) | |||||||||||||||||||
End of Period | (108,516) | (100,000) | (108,516) | (100,000) | |||||||||||||||||||
Total Shareholders’ Equity | $ | 289,846 | $ | 425,792 | $ | 289,846 | $ | 425,792 |
Nine Months Ended | Three Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Beginning of Period | 26,874 | 25,978 | 27,355 | 26,343 | |||||||||||||||||||
Net Issuance from Exercise of Stock Options | 69 | 53 | 44 | 19 | |||||||||||||||||||
Class B Stock Converted to Common Stock | 790 | 444 | 334 | 113 | |||||||||||||||||||
End of Period | 27,733 | 26,475 | 27,733 | 26,475 | |||||||||||||||||||
Convertible Class B Stock | |||||||||||||||||||||||
Beginning of Period | 7,650 | 8,290 | 7,209 | 8,007 | |||||||||||||||||||
Net Issuance from Exercise of Stock Options | 16 | 50 | 1 | 2 | |||||||||||||||||||
Class B Stock Converted to Common Stock | (790) | (444) | (334) | (113) | |||||||||||||||||||
End of Period | 6,876 | 7,896 | 6,876 | 7,896 | |||||||||||||||||||
Treasury Stock | |||||||||||||||||||||||
Beginning of Period | 3,526 | 1,675 | 3,808 | 1,675 | |||||||||||||||||||
Purchase of Shares | 282 | 1,823 | — | 1,823 | |||||||||||||||||||
End of Period | 3,808 | 3,498 | 3,808 | 3,498 |
Standard | Description | Financial Statement Effect or Other Significant Matters | ||||||
ASU No. 2016-13
Financial Instruments - Credit Losses (Topic 326) |
The standard replaces the incurred loss model with the current expected credit loss (CECL) model to estimate credit losses for financial assets measured at amortized cost and certain off-balance sheet credit exposures. The CECL model requires a Company to estimate credit losses expected over the life of the financial assets based on historical experience, current conditions and reasonable and supportable forecasts. The provisions of the standard are effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The amendment requires a modified retrospective approach by recording a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. |
The Company adopted this guidance as of January 1, 2020. The standard changed the way entities recognize impairment of most financial assets. Short-term and long-term financial assets, as defined by the standard, are impacted by immediate recognition of estimated credit losses in the financial statements, reflecting the net amount expected to be collected. The adoption of this standard had an immaterial impact on our condensed consolidated financial statements.
Date of adoption: Q1 2020
|
||||||
ASU No. 2018-13
Fair Value Measurement (Topic 820) |
The standard removes the disclosure requirements for the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. The provisions of this ASU are effective for years beginning after December 15, 2019, with early adoption permitted. |
This ASU did not have a significant impact on our consolidated financial statements, as it only includes changes to disclosure requirements.
Date of adoption: Q1 2020
|
Standard | Description | Financial Statement Effect or Other Significant Matters | ||||||
ASU No. 2018-14
Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20)
|
The standard includes updates to the disclosure requirements for defined benefit plans including several additions, deletions and modifications to the disclosure requirements. The provisions of this ASU are effective for years beginning after December 15, 2020, with early adoption permitted.
|
This ASU does not have a significant impact on our consolidated financial statements, as it only includes changes to disclosure requirements.
Planned date of adoption: Q1 2021
|
||||||
ASU No. 2019-12
Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes
|
The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and improve consistent application by clarifying and amending existing guidance. The amendments of this standard are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period for which financial statements have not been issued, with the amendments to be applied on a respective, modified retrospective or prospective basis, depending on the specific amendment. |
The Company is currently evaluating the requirements of this standard. The standard is not expected to have a material impact on the Company's financial statements.
Planned date of adoption: Q1 2021
|
||||||
ASU No. 2020-04
Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting
|
The amendments in Update 2020-04 are elective and apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The new guidance provides the following optional expedients: simplify accounting analyses under current U.S. GAAP for contract modifications, simplify the assessment of hedge effectiveness, allow hedging relationships affected by reference rate reform to continue and allow a one-time election to sell or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform. |
The amendments are effective for all entities from the beginning of an interim period that includes the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. After 2021, it is unclear whether banks will continue to provide LIBOR submissions to the administrator of LIBOR, and no consensus currently exists as to what benchmark rate or rates may become accepted alternatives to LIBOR. The Company is currently evaluating the impact of adopting this guidance.
Planned date of adoption: Before December 31, 2022
|
(In thousands) | Contract Assets | Contract Liabilities | |||||||||
Beginning Balance, January 1, 2020 | $ | 19,567 | $ | 38,758 | |||||||
Ending Balance, September 26, 2020
|
$ | 19,460 | $ | 29,392 |
Nine Months Ended | Three Months Ended | |||||||||||||||||||||||||
(In thousands) | September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||
Aerospace Segment | ||||||||||||||||||||||||||
Commercial Transport
|
$ | 214,390 | $ | 393,721 | $ | 44,067 | $ | 122,212 | ||||||||||||||||||
Military
|
50,329 | 57,753 | 18,164 | 17,255 | ||||||||||||||||||||||
Business Jet
|
45,259 | 49,555 | 14,711 | 12,432 | ||||||||||||||||||||||
Other
|
16,213 | 19,461 | 5,606 | 5,803 | ||||||||||||||||||||||
Aerospace Total | 326,191 | 520,490 | 82,548 | 157,702 | ||||||||||||||||||||||
Test Systems Segment | ||||||||||||||||||||||||||
Semiconductor
|
3,407 | 7,815 | 585 | 2,219 | ||||||||||||||||||||||
Aerospace & Defense
|
58,186 | 45,985 | 23,373 | 17,097 | ||||||||||||||||||||||
Test Systems Total | 61,593 | 53,800 | 23,958 | 19,316 | ||||||||||||||||||||||
Total | $ | 387,784 | $ | 574,290 | $ | 106,506 | $ | 177,018 |
Nine Months Ended | Three Months Ended | |||||||||||||||||||||||||
(In thousands) | September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||
Aerospace Segment | ||||||||||||||||||||||||||
Electrical Power & Motion
|
$ | 148,500 | $ | 255,007 | $ | 32,481 | $ | 78,428 | ||||||||||||||||||
Lighting & Safety
|
90,973 | 139,502 | 25,320 | 44,127 | ||||||||||||||||||||||
Avionics
|
57,381 | 79,414 | 16,104 | 19,871 | ||||||||||||||||||||||
Systems Certification
|
5,596 | 9,050 | 605 | 3,384 | ||||||||||||||||||||||
Structures
|
7,528 | 18,056 | 2,432 | 6,089 | ||||||||||||||||||||||
Other
|
16,213 | 19,461 | 5,606 | 5,803 | ||||||||||||||||||||||
Aerospace Total | 326,191 | 520,490 | 82,548 | 157,702 | ||||||||||||||||||||||
Test Systems | 61,593 | 53,800 | 23,958 | 19,316 | ||||||||||||||||||||||
Total | $ | 387,784 | $ | 574,290 | $ | 106,506 | $ | 177,018 |
(In thousands)
|
September 26, 2020 | December 31, 2019 | |||||||||
Finished Goods
|
$ | 29,257 | $ | 33,434 | |||||||
Work in Progress
|
26,911 | 25,594 | |||||||||
Raw Material
|
107,283 | 86,759 | |||||||||
$ | 163,451 | $ | 145,787 |
(In thousands)
|
September 26, 2020 | December 31, 2019 | |||||||||
Land
|
$ | 9,837 | $ | 9,802 | |||||||
Buildings and Improvements
|
75,188 | 74,723 | |||||||||
Machinery and Equipment
|
119,688 | 115,202 | |||||||||
Construction in Progress
|
6,030 | 5,453 | |||||||||
210,743 | 205,180 | ||||||||||
Less Accumulated Depreciation
|
102,632 | 92,681 | |||||||||
$ | 108,111 | $ | 112,499 |
September 26, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
(In thousands) |
Weighted
Average Life
|
Gross Carrying
Amount
|
Accumulated
Amortization
|
Gross Carrying
Amount
|
Accumulated
Amortization
|
||||||||||||||||||||||||
Patents | 11 years | $ | 2,146 | $ | 1,869 | $ | 2,146 | $ | 1,804 | ||||||||||||||||||||
Non-compete Agreement | 4 years | 11,091 | 9,627 | 11,318 | 7,696 | ||||||||||||||||||||||||
Trade Names | 10 years | 11,467 | 7,290 | 11,438 | 6,550 | ||||||||||||||||||||||||
Completed and Unpatented Technology | 9 years | 48,250 | 24,633 | 48,201 | 21,196 | ||||||||||||||||||||||||
Customer Relationships | 15 years | 142,528 | 57,708 | 142,212 | 50,776 | ||||||||||||||||||||||||
Total Intangible Assets | 12 years | $ | 215,482 | $ | 101,127 | $ | 215,315 | $ | 88,022 |
Nine Months Ended | Three Months Ended | |||||||||||||||||||||||||
(In thousands)
|
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||
Amortization Expense
|
$ | 13,024 | $ | 12,746 | $ | 4,382 | $ | 4,394 |
(In thousands) | December 31, 2019 | Acquisition Adjustments | Impairment Charges |
Foreign
Currency
Translation
|
September 26, 2020 | ||||||||||||||||||||||||
Aerospace | $ | 123,038 | $ | — | $ | (86,312) | $ | (178) | $ | 36,548 | |||||||||||||||||||
Test Systems | 21,932 | (298) | — | — | 21,634 | ||||||||||||||||||||||||
$ | 144,970 | $ | (298) | $ | (86,312) | $ | (178) | $ | 58,182 |
Nine Months Ended | Three Months Ended | |||||||||||||||||||||||||
(In thousands) | September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||
Balance at Beginning of Period | $ | 7,660 | $ | 5,027 | $ | 6,965 | $ | 4,806 | ||||||||||||||||||
Warranties Divested or Acquired | — | (103) | — | 20 | ||||||||||||||||||||||
Warranties Issued | 1,618 | 2,014 | 95 | 769 | ||||||||||||||||||||||
Warranties Settled | (1,324) | (1,850) | (16) | (670) | ||||||||||||||||||||||
Reassessed Warranty Exposure | (596) | 138 | 314 | 301 | ||||||||||||||||||||||
Balance at End of Period | $ | 7,358 | $ | 5,226 | $ | 7,358 | $ | 5,226 |
(In thousands) | September 26, 2020 | December 31, 2019 | |||||||||||||||
Operating Leases: | |||||||||||||||||
Operating Right-of-Use Assets, Gross | $ | 28,549 | $ | 28,788 | |||||||||||||
Less Accumulated Right-of-Use Asset Impairment | 1,710 | 1,019 | |||||||||||||||
Less Accumulated Amortization | 7,037 | 4,167 | |||||||||||||||
Operating Right-of-Use Assets, Net | $ | 19,802 | $ | 23,602 | |||||||||||||
Short-term Operating Lease Liabilities | $ | 4,969 | $ | 4,517 | |||||||||||||
Long-term Operating Lease Liabilities | 17,582 | 21,039 | |||||||||||||||
Operating Lease Liabilities | $ | 22,551 | $ | 25,556 | |||||||||||||
Finance Leases: | |||||||||||||||||
Finance Right-of-Use Assets, Gross | $ | 3,484 | $ | 3,484 | |||||||||||||
Less Accumulated Amortization | 1,784 | 1,020 | |||||||||||||||
Finance Right-of-Use Assets, Net — Included in Other Assets | $ | 1,700 | $ | 2,464 | |||||||||||||
Short-term Finance Lease Liabilities — Included in Accrued Expenses and Other Current Liabilities
|
$ | 2,041 | $ | 1,922 | |||||||||||||
Long-term Finance Lease Liabilities — Included in Other Liabilities
|
1,272 | 2,815 | |||||||||||||||
Finance Lease Liabilities | $ | 3,313 | $ | 4,737 |
Nine Months Ended | Three Months Ended | ||||||||||||||||||||||
(In thousands) | September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | |||||||||||||||||||
Finance Lease Cost: | |||||||||||||||||||||||
Amortization of Right-of-Use Assets | $ | 765 | $ | 765 | $ | 255 | $ | 255 | |||||||||||||||
Interest on Lease Liabilities | 170 | 243 | 50 | 76 | |||||||||||||||||||
Total Finance Lease Cost | 935 | 1,008 | 305 | 331 | |||||||||||||||||||
Operating Lease Cost | 3,957 | 3,622 | 1,314 | 1,216 | |||||||||||||||||||
Right-of-Use Asset Impairment | 691 | — | — | — | |||||||||||||||||||
Variable Lease Cost | 1,010 | 958 | 377 | 279 | |||||||||||||||||||
Short-term Lease Cost (excluding month-to-month) | 155 | 118 | 41 | 33 | |||||||||||||||||||
Less Sublease and Rental (Income) Expense | (1,085) | (301) | (348) | 216 | |||||||||||||||||||
Total Operating Lease Cost | 4,728 | 4,397 | 1,384 | 1,744 | |||||||||||||||||||
Total Net Lease Cost | $ | 5,663 | $ | 5,405 | $ | 1,689 | $ | 2,075 |
(In thousands) | Operating Leases | Finance Leases | ||||||||||||
2020 | $ | 1,490 | $ | 537 | ||||||||||
2021 | 5,373 | 2,181 | ||||||||||||
2022 | 5,062 | 743 | ||||||||||||
2023 | 3,692 | — | ||||||||||||
2024 | 2,844 | — | ||||||||||||
Thereafter | 6,297 | — | ||||||||||||
Total Lease Payments | 24,758 | 3,461 | ||||||||||||
Less: Interest | 2,207 | 148 | ||||||||||||
Total Lease Liability | $ | 22,551 | $ | 3,313 |
Nine Months Ended |
Three Months Ended
|
|||||||||||||||||||||||||
(In thousands)
|
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||
Weighted Average Shares - Basic
|
30,780 | 32,427 | 30,770 | 31,964 | ||||||||||||||||||||||
Net Effect of Dilutive Stock Options
|
— | 575 | — | 619 | ||||||||||||||||||||||
Weighted Average Shares - Diluted
|
30,780 | 33,002 | 30,770 | 32,583 |
(In thousands) | September 26, 2020 | December 31, 2019 | |||||||||
Foreign Currency Translation Adjustments | $ | (7,127) | $ | (7,042) | |||||||
Retirement Liability Adjustment – Before Tax | (10,051) | (10,868) | |||||||||
Tax Benefit of Retirement Liability Adjustment | 2,110 | 2,282 | |||||||||
Retirement Liability Adjustment – After Tax | (7,941) | (8,586) | |||||||||
Accumulated Other Comprehensive Loss | $ | (15,068) | $ | (15,628) |
Nine Months Ended | Three Months Ended | ||||||||||||||||||||||
(In thousands) | September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | |||||||||||||||||||
Foreign Currency Translation Adjustments | $ | (85) | $ | (722) | $ | 1,409 | $ | (1,336) | |||||||||||||||
Retirement Liability Adjustments: | |||||||||||||||||||||||
Reclassifications to General and Administrative Expense: | |||||||||||||||||||||||
Amortization of Prior Service Cost
|
302 | 302 | 101 | 101 | |||||||||||||||||||
Amortization of Net Actuarial Losses
|
515 | 256 | 171 | 85 | |||||||||||||||||||
Tax Benefit
|
(172) | (117) | (57) | (39) | |||||||||||||||||||
Retirement Liability Adjustment | 645 | 441 | 215 | 147 | |||||||||||||||||||
Other Comprehensive (Loss) Income | $ | 560 | $ | (281) | $ | 1,624 | $ | (1,189) |
Nine Months Ended | Three Months Ended | ||||||||||||||||||||||
(In thousands) | September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | |||||||||||||||||||
Service Cost | $ | 167 | $ | 136 | $ | 56 | $ | 45 | |||||||||||||||
Interest Cost | 627 | 687 | 209 | 229 | |||||||||||||||||||
Amortization of Prior Service Cost | 290 | 290 | 97 | 97 | |||||||||||||||||||
Amortization of Net Actuarial Losses | 486 | 224 | 162 | 74 | |||||||||||||||||||
Net Periodic Cost | $ | 1,570 | $ | 1,337 | $ | 524 | $ | 445 |
Nine Months Ended |
Three Months Ended
|
||||||||||||||||||||||
(In thousands) | September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | |||||||||||||||||||
Service Cost | $ | 11 | $ | 10 | $ | 4 | $ | 3 | |||||||||||||||
Interest Cost | 26 | 35 | 9 | 12 | |||||||||||||||||||
Amortization of Prior Service Cost | 12 | 12 | 4 | 4 | |||||||||||||||||||
Amortization of Net Actuarial Losses | 29 | 32 | 9 | 11 | |||||||||||||||||||
Net Periodic Cost | $ | 78 | $ | 89 | $ | 26 | $ | 30 |
Nine Months Ended | Three Months Ended | ||||||||||||||||||||||
(In thousands) | September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | |||||||||||||||||||
Sales | |||||||||||||||||||||||
Aerospace | $ | 326,282 | $ | 520,495 | $ | 82,548 | $ | 157,702 | |||||||||||||||
Less Intersegment Sales | (91) | (5) | — | — | |||||||||||||||||||
Total Aerospace Sales | 326,191 | 520,490 | 82,548 | 157,702 | |||||||||||||||||||
Test Systems | 62,391 | 53,995 | 24,406 | 19,346 | |||||||||||||||||||
Less Intersegment Sales | (798) | (195) | (448) | (30) | |||||||||||||||||||
Total Test Systems Sales | 61,593 | 53,800 | 23,958 | 19,316 | |||||||||||||||||||
Total Consolidated Sales | $ | 387,784 | $ | 574,290 | $ | 106,506 | $ | 177,018 | |||||||||||||||
Segment Measure of Operating (Loss) Profit and Margins | |||||||||||||||||||||||
Aerospace
|
$ | (86,567) | $ | 48,949 | $ | (6,332) | $ | 8,789 | |||||||||||||||
(26.5) | % | 9.4 | % | (7.7) | % | 5.6 | % | ||||||||||||||||
Test Systems
|
4,270 | 4,166 | 936 | 2,075 | |||||||||||||||||||
6.9 | % | 7.7 | % | 3.9 | % | 10.7 | % | ||||||||||||||||
Total Segment Measure of Operating (Loss) Profit | (82,297) | 53,115 | (5,396) | 10,864 | |||||||||||||||||||
(21.2) | % | 9.2 | % | (5.1) | % | 6.1 | % | ||||||||||||||||
Additions/Deductions from Segment Measure of Operating (Loss) Profit | |||||||||||||||||||||||
Net (Gain) Loss on Sale of Businesses | — | (78,801) | — | 1,332 | |||||||||||||||||||
Interest Expense, Net of Interest Income
|
5,091 | 4,576 | 1,775 | 1,547 | |||||||||||||||||||
Corporate Expenses and Other
|
17,481 | 15,755 | 3,970 | 6,225 | |||||||||||||||||||
(Loss) Income Before Income Taxes | $ | (104,869) | $ | 111,585 | $ | (11,141) | $ | 1,760 |
(In thousands)
|
September 26, 2020 | December 31, 2019 | ||||||||||||
Aerospace
|
$ | 490,927 | $ | 629,371 | ||||||||||
Test Systems
|
102,087 | 110,994 | ||||||||||||
Corporate
|
44,447 | 42,351 | ||||||||||||
Total Assets
|
$ | 637,461 | $ | 782,716 |
Restructuring Charges in the
nine months ended September 26, 2020
|
||||||||||||||||||||||||||||||||
(In thousands) | Accrual as of December 31, 2019 | Cost of Products Sold | Selling, General and Administrative | Cash Paid |
Accrual as of
September 26, 2020 |
|||||||||||||||||||||||||||
Accrued Expenses and Other Current Liabilities | $ | 613 | $ | 280 | $ | 5,278 | $ | (3,133) | $ | 3,038 | ||||||||||||||||||||||
Other Liabilities | 4,577 | — | — | — | 4,577 | |||||||||||||||||||||||||||
$ | 5,190 | $ | 280 | $ | 5,278 | $ | (3,133) | $ | 7,615 |
Item 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Nine Months Ended | Three Months Ended | ||||||||||||||||||||||
($ in thousands) | September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | |||||||||||||||||||
Sales | $ | 387,784 | $ | 574,290 | $ | 106,506 | $ | 177,018 | |||||||||||||||
Gross Profit (sales less cost of products sold) | $ | 77,725 | $ | 129,234 | $ | 15,173 | $ | 36,794 | |||||||||||||||
Gross Margin | 20.0 | % | 22.5 | % | 14.2 | % | 20.8 | % | |||||||||||||||
Selling, General and Administrative Expenses | $ | 85,941 | $ | 90,677 | $ | 24,170 | $ | 31,691 | |||||||||||||||
SG&A Expenses as a Percentage of Sales | 22.2 | % | 15.8 | % | 22.7 | % | 17.9 | % | |||||||||||||||
Impairment Loss | $ | 87,016 | $ | — | $ | — | $ | — | |||||||||||||||
Net (Gain) Loss on Sale of Businesses | $ | — | $ | (78,801) | $ | — | $ | 1,332 | |||||||||||||||
Interest Expense, Net of Interest Income | $ | 5,091 | $ | 4,576 | $ | 1,775 | $ | 1,547 | |||||||||||||||
Effective Tax Rate | 8.7 | % | 22.9 | % | 52.8 | % | 31.3 | % | |||||||||||||||
Net (Loss) Income | $ | (95,796) | $ | 86,082 | $ | (5,254) | $ | 1,210 |
Nine Months Ended | Three Months Ended | ||||||||||||||||||||||
(In thousands) | September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | |||||||||||||||||||
Sales | $ | 326,282 | $ | 520,495 | $ | 82,548 | $ | 157,702 | |||||||||||||||
Less Intersegment Sales
|
(91) | (5) | — | — | |||||||||||||||||||
Total Aerospace Sales
|
$ | 326,191 | $ | 520,490 | $ | 82,548 | $ | 157,702 | |||||||||||||||
Operating (Loss) Profit | $ | (86,567) | $ | 48,949 | $ | (6,332) | $ | 8,789 | |||||||||||||||
Operating Margin | (26.5) | % | 9.4 | % | (7.7) | % | 5.6 | % | |||||||||||||||
Aerospace Sales by Market | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Commercial Transport | $ | 214,390 | $ | 393,721 | $ | 44,067 | $ | 122,212 | |||||||||||||||
Military | 50,329 | 57,753 | 18,164 | 17,255 | |||||||||||||||||||
Business Jet | 45,259 | 49,555 | 14,711 | 12,432 | |||||||||||||||||||
Other | 16,213 | 19,461 | 5,606 | 5,803 | |||||||||||||||||||
$ | 326,191 | $ | 520,490 | $ | 82,548 | $ | 157,702 | ||||||||||||||||
Aerospace Sales by Product Line | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Electrical Power & Motion | $ | 148,500 | $ | 255,007 | $ | 32,481 | $ | 78,428 | |||||||||||||||
Lighting & Safety | 90,973 | 139,502 | 25,320 | 44,127 | |||||||||||||||||||
Avionics | 57,381 | 79,414 | 16,104 | 19,871 | |||||||||||||||||||
Systems Certification | 5,596 | 9,050 | 605 | 3,384 | |||||||||||||||||||
Structures | 7,528 | 18,056 | 2,432 | 6,089 | |||||||||||||||||||
Other | 16,213 | 19,461 | 5,606 | 5,803 | |||||||||||||||||||
$ | 326,191 | $ | 520,490 | $ | 82,548 | $ | 157,702 |
(In thousands) | September 26, 2020 | December 31, 2019 | |||||||||
Total Assets
|
$ | 490,927 | $ | 629,371 | |||||||
Backlog
|
$ | 208,772 | $ | 275,754 |
Nine Months Ended | Three Months Ended | ||||||||||||||||||||||
(In thousands) | September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | |||||||||||||||||||
Sales | $ | 62,391 | $ | 53,995 | $ | 24,406 | $ | 19,346 | |||||||||||||||
Less Intersegment Sales | (798) | (195) | (448) | (30) | |||||||||||||||||||
Net Sales | $ | 61,593 | $ | 53,800 | $ | 23,958 | $ | 19,316 | |||||||||||||||
Operating profit | $ | 4,270 | $ | 4,166 | $ | 936 | $ | 2,075 | |||||||||||||||
Operating Margin | 6.9 | % | 7.7 | % | 3.9 | % | 10.7 | % | |||||||||||||||
Test Systems Sales by Market | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Semiconductor | $ | 3,407 | $ | 7,815 | $ | 585 | $ | 2,219 | |||||||||||||||
Aerospace & Defense | 58,186 | 45,985 | 23,373 | 17,097 | |||||||||||||||||||
$ | 61,593 | $ | 53,800 | $ | 23,958 | $ | 19,316 |
(In thousands)
|
September 26, 2020 | December 31, 2019 | |||||||||
Total Assets
|
$ | 102,087 | $ | 110,994 | |||||||
Backlog | $ | 73,466 | $ | 83,837 |
Payments Due by Period | |||||||||||||||||||||||||||||
(In thousands) | Total | 2020 | 2021-2022 | 2023-2024 | After 2024 | ||||||||||||||||||||||||
Long-term Debt | $ | 168,232 | $ | 232 | $ | — | $ | 168,000 | $ | — | |||||||||||||||||||
Interest on Long-term Debt | 14,810 | 1,727 | 12,369 | 714 | — | ||||||||||||||||||||||||
Purchase Obligations | 92,146 | 51,949 | 39,787 | 30 | 380 | ||||||||||||||||||||||||
Supplemental Retirement Plan and Post Retirement Obligations | 27,348 | 101 | 753 | 973 | 25,521 | ||||||||||||||||||||||||
Lease Obligations | 28,219 | 2,026 | 13,359 | 6,537 | 6,297 | ||||||||||||||||||||||||
Other Liabilities | 3,846 | 1,901 | 768 | 744 | 433 | ||||||||||||||||||||||||
Total Contractual Obligations | $ | 334,601 | $ | 57,936 | $ | 67,036 | $ | 176,998 | $ | 32,631 |
Period | (a) Total Number of Shares Purchased | (b) Average Price Paid Per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Dollar Value of Shares that may yet be Purchased Under the Program (1) | ||||||||||
June 28, 2020 -
September 26, 2020 |
— | — | — | $41,483,815 | ||||||||||
Section 302 Certification - Chief Executive Officer
|
||||||||
Section 302 Certification - Chief Financial Officer
|
||||||||
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
||||||||
Exhibit 101.1*
|
Instance Document
|
|||||||
Exhibit 101.2*
|
Schema Document
|
|||||||
Exhibit 101.3*
|
Calculation Linkbase Document
|
|||||||
Exhibit 101.4*
|
Labels Linkbase Document
|
|||||||
Exhibit 101.5*
|
Presentation Linkbase Document
|
|||||||
Exhibit 101.6*
|
Definition Linkbase Document
|
*
|
Submitted electronically herewith.
|
ASTRONICS CORPORATION
|
||||||||||||||
(Registrant)
|
||||||||||||||
Date:
|
October 30, 2020 |
By:
|
/s/ David C. Burney
|
|||||||||||
David C. Burney
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
1 Year Astronics Chart |
1 Month Astronics Chart |
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