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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ducommun Inc | NYSE:DCO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.36 | 2.46% | 56.54 | 60.00 | 55.425 | 60.00 | 306,608 | 22:30:00 |
x
|
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
|
Delaware
|
|
95-0693330
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
200 Sandpointe Avenue, Suite 700, Santa Ana, California
|
|
92707-5759
|
(Address of principal executive offices)
|
|
(Zip code)
|
Large accelerated filer
|
|
¨
|
Accelerated filer
|
|
x
|
|
|
|
|
||
Non-accelerated filer
|
|
¨
|
Smaller reporting company
|
|
¨
|
|
|
|
|
|
|
|
|
|
Emerging growth company
|
|
¨
|
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
Assets
|
|
|
|
|
||||
Current Assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
1,797
|
|
|
$
|
2,150
|
|
Accounts receivable, net of allowance for doubtful accounts of $725 and $868 at March 31, 2018 and December 31, 2017, respectively
|
|
64,915
|
|
|
74,064
|
|
||
Contract assets
|
|
78,163
|
|
|
—
|
|
||
Inventories
|
|
85,932
|
|
|
122,161
|
|
||
Production cost of contracts
|
|
11,181
|
|
|
11,204
|
|
||
Other current assets
|
|
12,503
|
|
|
11,435
|
|
||
Total Current Assets
|
|
254,491
|
|
|
221,014
|
|
||
Property and equipment, net of accumulated depreciation of $147,086 and $143,216 at March 31, 2018 and December 31, 2017, respectively
|
|
110,031
|
|
|
110,252
|
|
||
Goodwill
|
|
117,435
|
|
|
117,435
|
|
||
Intangibles, net
|
|
112,154
|
|
|
114,693
|
|
||
Non-current deferred income taxes
|
|
147
|
|
|
261
|
|
||
Other assets
|
|
3,311
|
|
|
3,098
|
|
||
Total Assets
|
|
$
|
597,569
|
|
|
$
|
566,753
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
||||
Current Liabilities
|
|
|
|
|
||||
Accounts payable
|
|
$
|
65,042
|
|
|
$
|
51,907
|
|
Contract liabilities
|
|
15,723
|
|
|
—
|
|
||
Accrued liabilities
|
|
22,469
|
|
|
28,329
|
|
||
Total Current Liabilities
|
|
103,234
|
|
|
80,236
|
|
||
Long-term debt
|
|
209,710
|
|
|
216,055
|
|
||
Non-current deferred income taxes
|
|
15,775
|
|
|
15,981
|
|
||
Other long-term liabilities
|
|
21,543
|
|
|
18,898
|
|
||
Total Liabilities
|
|
350,262
|
|
|
331,170
|
|
||
Commitments and contingencies (Notes 11, 13)
|
|
|
|
|
||||
Shareholders’ Equity
|
|
|
|
|
||||
Common stock - $0.01 par value; 35,000,000 shares authorized; 11,380,982 and 11,332,841 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively
|
|
114
|
|
|
113
|
|
||
Additional paid-in capital
|
|
80,523
|
|
|
80,223
|
|
||
Retained earnings
|
|
173,652
|
|
|
161,364
|
|
||
Accumulated other comprehensive loss
|
|
(6,982
|
)
|
|
(6,117
|
)
|
||
Total Shareholders’ Equity
|
|
247,307
|
|
|
235,583
|
|
||
Total Liabilities and Shareholders’ Equity
|
|
$
|
597,569
|
|
|
$
|
566,753
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
2018 |
|
April 1,
2017 |
||||
Net Revenues
|
|
$
|
150,455
|
|
|
$
|
136,297
|
|
Cost of Sales
|
|
123,700
|
|
|
111,292
|
|
||
Gross Profit
|
|
26,755
|
|
|
25,005
|
|
||
Selling, General and Administrative Expenses
|
|
19,326
|
|
|
20,753
|
|
||
Restructuring Charges
|
|
2,173
|
|
|
—
|
|
||
Operating Income
|
|
5,256
|
|
|
4,252
|
|
||
Interest Expense
|
|
(2,899
|
)
|
|
(1,745
|
)
|
||
Income Before Taxes
|
|
2,357
|
|
|
2,507
|
|
||
Income Tax (Benefit) Expense
|
|
(243
|
)
|
|
392
|
|
||
Net Income
|
|
$
|
2,600
|
|
|
$
|
2,115
|
|
Earnings Per Share
|
|
|
|
|
||||
Basic earnings per share
|
|
$
|
0.23
|
|
|
$
|
0.19
|
|
Diluted earnings per share
|
|
$
|
0.22
|
|
|
$
|
0.18
|
|
Weighted-Average Number of Common Shares Outstanding
|
|
|
|
|
||||
Basic
|
|
11,346
|
|
|
11,208
|
|
||
Diluted
|
|
11,613
|
|
|
11,495
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
2018 |
|
April 1,
2017 |
||||
Net Income
|
|
$
|
2,600
|
|
|
$
|
2,115
|
|
Other Comprehensive Income, Net of Tax:
|
|
|
|
|
||||
Amortization of actuarial losses and prior service costs, net of tax benefit of $45 and $63 for the three months ended March 31, 2018 and April 1, 2017, respectively
|
|
141
|
|
|
140
|
|
||
Change in unrealized gains and losses on cash flow hedges, net of tax of $61 and $72 for the three months ended March 31, 2018 and April 1, 2017, respectively
|
|
194
|
|
|
(121
|
)
|
||
Other Comprehensive Income
|
|
335
|
|
|
19
|
|
||
Comprehensive Income
|
|
$
|
2,935
|
|
|
$
|
2,134
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
2018 |
|
April 1,
2017 |
||||
Cash Flows from Operating Activities
|
|
|
|
|
||||
Net Income
|
|
$
|
2,600
|
|
|
$
|
2,115
|
|
Adjustments to Reconcile Net Income to
|
|
|
|
|
||||
Net Cash Provided by Operating Activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
5,981
|
|
|
5,782
|
|
||
Property and equipment impairment due to restructuring
|
|
1,077
|
|
|
—
|
|
||
Stock-based compensation expense
|
|
1,090
|
|
|
1,822
|
|
||
Deferred income taxes
|
|
(206
|
)
|
|
532
|
|
||
(Recovery of) provision for doubtful accounts
|
|
(143
|
)
|
|
26
|
|
||
Other
|
|
8,810
|
|
|
(1,860
|
)
|
||
Changes in Assets and Liabilities:
|
|
|
|
|
||||
Accounts receivable
|
|
9,292
|
|
|
4,590
|
|
||
Contract assets
|
|
(78,163
|
)
|
|
—
|
|
||
Inventories
|
|
36,229
|
|
|
(7,305
|
)
|
||
Production cost of contracts
|
|
(55
|
)
|
|
45
|
|
||
Other assets
|
|
412
|
|
|
610
|
|
||
Accounts payable
|
|
12,213
|
|
|
6,465
|
|
||
Contract liabilities
|
|
15,723
|
|
|
—
|
|
||
Accrued and other liabilities
|
|
(4,524
|
)
|
|
415
|
|
||
Net Cash Provided by Operating Activities
|
|
10,336
|
|
|
13,237
|
|
||
Cash Flows from Investing Activities
|
|
|
|
|
||||
Purchases of property and equipment
|
|
(3,341
|
)
|
|
(6,797
|
)
|
||
Proceeds from sale of assets
|
|
41
|
|
|
3
|
|
||
Net Cash Used in Investing Activities
|
|
(3,300
|
)
|
|
(6,794
|
)
|
||
Cash Flows from Financing Activities
|
|
|
|
|
||||
Borrowings from senior secured revolving credit facility
|
|
76,700
|
|
|
55,600
|
|
||
Repayments of senior secured revolving credit facility
|
|
(83,300
|
)
|
|
(55,600
|
)
|
||
Repayments of term loan
|
|
—
|
|
|
(5,000
|
)
|
||
Repayments of other debt
|
|
—
|
|
|
(3
|
)
|
||
Net cash paid upon issuance of common stock under stock plans
|
|
(789
|
)
|
|
(1,758
|
)
|
||
Net Cash Used in Financing Activities
|
|
(7,389
|
)
|
|
(6,761
|
)
|
||
Net Decrease in Cash and Cash Equivalents
|
|
(353
|
)
|
|
(318
|
)
|
||
Cash and Cash Equivalents at Beginning of Period
|
|
2,150
|
|
|
7,432
|
|
||
Cash and Cash Equivalents at End of Period
|
|
$
|
1,797
|
|
|
$
|
7,114
|
|
|
|
(In thousands)
Three Months Ended
|
||||||
|
|
March 31,
2018 |
|
April 1,
2017 |
||||
Interest paid
|
|
$
|
2,405
|
|
|
$
|
1,535
|
|
Taxes paid
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-cash activities:
|
|
|
|
|
||||
Purchases of property and equipment not paid
|
|
$
|
3,026
|
|
|
$
|
3,065
|
|
|
|
(In thousands, except per share data)
Three Months Ended
|
||||||
|
|
March 31,
2018 |
|
April 1,
2017 |
||||
Net income
|
|
$
|
2,600
|
|
|
$
|
2,115
|
|
Weighted-average number of common shares outstanding
|
|
|
|
|
||||
Basic weighted-average common shares outstanding
|
|
11,346
|
|
|
11,208
|
|
||
Dilutive potential common shares
|
|
267
|
|
|
287
|
|
||
Diluted weighted-average common shares outstanding
|
|
11,613
|
|
|
11,495
|
|
||
Earnings per share
|
|
|
|
|
||||
Basic
|
|
$
|
0.23
|
|
|
$
|
0.19
|
|
Diluted
|
|
$
|
0.22
|
|
|
$
|
0.18
|
|
|
|
(In thousands)
|
||||||
|
|
Three Months Ended
|
||||||
|
|
March 31
2018 |
|
April 1,
2017 |
||||
Consolidated Ducommun
|
|
|
|
|
||||
Military and space
|
|
|
|
|
||||
Defense electronics
|
|
$
|
54,500
|
|
|
$
|
48,923
|
|
Defense structures
|
|
11,840
|
|
|
14,521
|
|
||
Commercial aerospace
|
|
72,470
|
|
|
58,385
|
|
||
Industrial
|
|
11,645
|
|
|
14,468
|
|
||
Total
|
|
$
|
150,455
|
|
|
$
|
136,297
|
|
|
|
|
|
|
||||
Structural Systems
|
|
|
|
|
||||
Military and space (defense structures)
|
|
$
|
11,840
|
|
|
$
|
14,521
|
|
Commercial aerospace
|
|
56,206
|
|
|
43,054
|
|
||
Total
|
|
$
|
68,046
|
|
|
$
|
57,575
|
|
|
|
|
|
|
||||
Electronic Systems
|
|
|
|
|
||||
Military and space (defense electronics)
|
|
$
|
54,500
|
|
|
$
|
48,923
|
|
Commercial aerospace
|
|
16,264
|
|
|
15,331
|
|
||
Industrial
|
|
11,645
|
|
|
14,468
|
|
||
Total
|
|
$
|
82,409
|
|
|
$
|
78,722
|
|
•
|
December 2016, the FASB issued ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers” (“ASU 2016-20”);
|
•
|
May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”);
|
•
|
May 2016, the FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-06 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting” (“ASU 2016-11”);
|
•
|
April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” (“ASU 2016-10”); and
|
•
|
August 2015, the FASB issued ASU 2015-14, “Revenue From Contracts With Customers (Topic 606)” (“ASU 2015-14”).
|
|
|
(In thousands)
|
||||||||||
|
|
December 31, 2017
|
|
|
|
January 1, 2018
|
||||||
Unaudited Condensed Consolidated Balance Sheets
|
|
Balances Without Adoption of ASC 606
|
|
Effect of Adoption
|
|
Balances With Adoption of ASC 606
|
||||||
Assets
|
|
|
|
|
|
|
||||||
Contract assets
|
|
$
|
—
|
|
|
$
|
68,739
|
|
|
$
|
68,739
|
|
Inventories
|
|
122,161
|
|
|
(39,002
|
)
|
|
83,159
|
|
|||
Non-current deferred income taxes
|
|
261
|
|
|
(95
|
)
|
|
166
|
|
|||
Liabilities
|
|
|
|
|
|
|
|
|||||
Contract liabilities
|
|
—
|
|
|
24,460
|
|
|
24,460
|
|
|||
Accrued liabilities
|
|
28,329
|
|
|
(6,091
|
)
|
|
22,238
|
|
|||
Non-current deferred income taxes
|
|
15,981
|
|
|
2,608
|
|
|
18,589
|
|
|||
Shareholders’ Equity
|
|
|
|
|
|
|
|
|||||
Retained earnings
|
|
161,364
|
|
|
8,665
|
|
|
170,029
|
|
|
|
March 31, 2018
|
||||||||||
Unaudited Condensed Consolidated Balance Sheets
|
|
As Reported
|
|
Effect of Adoption
|
|
Balances Without Adoption of ASC 606
|
||||||
Assets
|
|
|
|
|
|
|
||||||
Current Assets
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
|
$
|
1,797
|
|
|
$
|
—
|
|
|
$
|
1,797
|
|
Accounts receivable, net of allowance for doubtful accounts of $725 and $868 at March 31, 2018 and December 31, 2017, respectively
|
|
64,915
|
|
|
—
|
|
|
64,915
|
|
|||
Contract assets
|
|
78,163
|
|
|
(78,163
|
)
|
|
—
|
|
|||
Inventories
|
|
85,932
|
|
|
51,918
|
|
|
137,850
|
|
|||
Production cost of contracts
|
|
11,181
|
|
|
—
|
|
|
11,181
|
|
|||
Other current assets
|
|
12,503
|
|
|
(472
|
)
|
|
12,031
|
|
|||
Total Current Assets
|
|
254,491
|
|
|
(26,717
|
)
|
|
227,774
|
|
|||
Property and equipment, net of accumulated depreciation of $147,086 and $143,216 at March 31, 2018 and December 31, 2017, respectively
|
|
110,031
|
|
|
—
|
|
|
110,031
|
|
|||
Goodwill
|
|
117,435
|
|
|
—
|
|
|
117,435
|
|
|||
Intangibles, net
|
|
112,154
|
|
|
—
|
|
|
112,154
|
|
|||
Non-current deferred income taxes
|
|
147
|
|
|
114
|
|
|
261
|
|
|||
Other assets
|
|
3,311
|
|
|
—
|
|
|
3,311
|
|
|||
Total Assets
|
|
$
|
597,569
|
|
|
$
|
(26,603
|
)
|
|
$
|
570,966
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
||||||
Current Liabilities
|
|
|
|
|
|
|
||||||
Accounts payable
|
|
$
|
65,042
|
|
|
$
|
—
|
|
|
$
|
65,042
|
|
Contract liabilities
|
|
15,723
|
|
|
(15,723
|
)
|
|
—
|
|
|||
Accrued liabilities
|
|
22,469
|
|
|
2,507
|
|
|
24,976
|
|
|||
Total Current Liabilities
|
|
103,234
|
|
|
(13,216
|
)
|
|
90,018
|
|
|||
Long-term debt
|
|
209,710
|
|
|
—
|
|
|
209,710
|
|
|||
Non-current deferred income taxes
|
|
15,775
|
|
|
(3,116
|
)
|
|
12,659
|
|
|||
Other long-term liabilities
|
|
21,543
|
|
|
—
|
|
|
21,543
|
|
|||
Total Liabilities
|
|
350,262
|
|
|
(16,332
|
)
|
|
333,930
|
|
|||
Commitments and contingencies (Notes 11, 13)
|
|
|
|
|
|
|
||||||
Shareholders’ Equity
|
|
|
|
|
|
|
||||||
Common stock - $0.01 par value; 35,000,000 shares authorized; 11,380,982 and 11,332,841 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively
|
|
114
|
|
|
—
|
|
|
114
|
|
|||
Additional paid-in capital
|
|
80,523
|
|
|
—
|
|
|
80,523
|
|
|||
Retained earnings
|
|
173,652
|
|
|
(10,271
|
)
|
|
163,381
|
|
|||
Accumulated other comprehensive loss
|
|
(6,982
|
)
|
|
—
|
|
|
(6,982
|
)
|
|||
Total Shareholders’ Equity
|
|
247,307
|
|
|
(10,271
|
)
|
|
237,036
|
|
|||
Total Liabilities and Shareholders’ Equity
|
|
$
|
597,569
|
|
|
$
|
(26,603
|
)
|
|
$
|
570,966
|
|
|
|
Three Months Ended March 31, 2018
|
||||||||||
Unaudited Condensed Consolidated Statements of Operations
|
|
As Reported
|
|
Effect of Adoption
|
|
Balances Without Adoption of ASC 606
|
||||||
Net Revenues
|
|
$
|
150,455
|
|
|
$
|
(11,997
|
)
|
|
$
|
138,458
|
|
Cost of Sales
|
|
123,700
|
|
|
(10,203
|
)
|
|
113,497
|
|
|||
Gross Profit
|
|
26,755
|
|
|
(1,794
|
)
|
|
24,961
|
|
|||
Selling, General and Administrative Expenses
|
|
19,326
|
|
|
—
|
|
|
19,326
|
|
|||
Restructuring Charges
|
|
2,173
|
|
|
—
|
|
|
2,173
|
|
|||
Operating Income
|
|
5,256
|
|
|
(1,794
|
)
|
|
3,462
|
|
|||
Interest Expense
|
|
(2,899
|
)
|
|
—
|
|
|
(2,899
|
)
|
|||
Income Before Taxes
|
|
2,357
|
|
|
(1,794
|
)
|
|
563
|
|
|||
Income Tax Benefit
|
|
(243
|
)
|
|
(76
|
)
|
|
(319
|
)
|
|||
Net Income
|
|
$
|
2,600
|
|
|
$
|
(1,718
|
)
|
|
$
|
882
|
|
Earnings Per Share
|
|
|
|
|
|
|
||||||
Basic earnings per share
|
|
$
|
0.23
|
|
|
|
|
|
|
|
||
Diluted earnings per share
|
|
$
|
0.22
|
|
|
|
|
|
|
|
||
Weighted-Average Number of Common Shares Outstanding
|
|
|
|
|
|
|
||||||
Basic
|
|
11,346
|
|
|
|
|
|
|||||
Diluted
|
|
11,613
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2018
|
||||||||||
Unaudited Condensed Consolidated Statements of Comprehensive Income
|
|
As Reported
|
|
Effect of Adoption
|
|
Balances Without Adoption of ASC 606
|
||||||
Net Income
|
|
$
|
2,600
|
|
|
$
|
(1,718
|
)
|
|
$
|
882
|
|
Other Comprehensive Income, Net of Tax:
|
|
|
|
|
|
|
||||||
Amortization of actuarial losses and prior service costs, net of tax benefit of $45 and $63 for the three months ended March 31, 2018 and April 1, 2017, respectively
|
|
141
|
|
|
—
|
|
|
141
|
|
|||
Change in unrealized gains and losses on cash flow hedges, net of tax of $61 and $72 for the three months ended March 31, 2018 and April 1, 2017, respectively
|
|
194
|
|
|
—
|
|
|
194
|
|
|||
Other Comprehensive Income
|
|
335
|
|
|
—
|
|
|
335
|
|
|||
Comprehensive Income
|
|
$
|
2,935
|
|
|
$
|
(1,718
|
)
|
|
$
|
1,217
|
|
|
|
Three Months Ended March 31, 2018
|
||||||||||
Unaudited Condensed Consolidated Statements of Cash Flows
|
|
As Reported
|
|
Effect of Adoption
|
|
Balances Without Adoption of ASC 606
|
||||||
Cash Flows from Operating Activities
|
|
|
|
|
|
|
||||||
Net Income
|
|
$
|
2,600
|
|
|
$
|
(1,718
|
)
|
|
$
|
882
|
|
Adjustments to Reconcile Net Income to
|
|
|
|
|
|
|
|
|||||
Net Cash Provided by Operating Activities:
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization
|
|
5,981
|
|
|
—
|
|
|
5,981
|
|
|||
Property and equipment impairment due to restructuring
|
|
1,077
|
|
|
—
|
|
|
1,077
|
|
|||
Stock-based compensation expense
|
|
1,090
|
|
|
—
|
|
|
1,090
|
|
|||
Deferred income taxes
|
|
(206
|
)
|
|
(3,116
|
)
|
|
(3,322
|
)
|
|||
Recovery of doubtful accounts
|
|
(143
|
)
|
|
—
|
|
|
(143
|
)
|
|||
Other
|
|
8,810
|
|
|
(8,975
|
)
|
|
(165
|
)
|
|||
Changes in Assets and Liabilities:
|
|
|
|
|
|
|
|
|||||
Accounts receivable
|
|
9,292
|
|
|
—
|
|
|
9,292
|
|
|||
Contract assets
|
|
(78,163
|
)
|
|
78,163
|
|
|
—
|
|
|||
Inventories
|
|
36,229
|
|
|
(51,918
|
)
|
|
(15,689
|
)
|
|||
Production cost of contracts
|
|
(55
|
)
|
|
—
|
|
|
(55
|
)
|
|||
Other assets
|
|
412
|
|
|
(1,066
|
)
|
|
(654
|
)
|
|||
Accounts payable
|
|
12,213
|
|
|
—
|
|
|
12,213
|
|
|||
Contract liabilities
|
|
15,723
|
|
|
(15,723
|
)
|
|
—
|
|
|||
Accrued and other liabilities
|
|
(4,524
|
)
|
|
4,353
|
|
|
(171
|
)
|
|||
Net Cash Provided by Operating Activities
|
|
10,336
|
|
|
—
|
|
|
10,336
|
|
|||
Cash Flows from Investing Activities
|
|
|
|
|
|
|
||||||
Purchases of property and equipment
|
|
(3,341
|
)
|
|
—
|
|
|
(3,341
|
)
|
|||
Proceeds from sale of assets
|
|
41
|
|
|
—
|
|
|
41
|
|
|||
Net Cash Used in Investing Activities
|
|
(3,300
|
)
|
|
—
|
|
|
(3,300
|
)
|
|||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
||||||
Borrowings from senior secured revolving credit facility
|
|
76,700
|
|
|
—
|
|
|
76,700
|
|
|||
Repayments of senior secured revolving credit facility
|
|
(83,300
|
)
|
|
—
|
|
|
(83,300
|
)
|
|||
Net cash paid upon issuance of common stock under stock plans
|
|
(789
|
)
|
|
—
|
|
|
(789
|
)
|
|||
Net Cash Used in Financing Activities
|
|
(7,389
|
)
|
|
—
|
|
|
(7,389
|
)
|
|||
Net Decrease in Cash and Cash Equivalents
|
|
(353
|
)
|
|
—
|
|
|
(353
|
)
|
|||
Cash and Cash Equivalents at Beginning of Period
|
|
2,150
|
|
|
—
|
|
|
2,150
|
|
|||
Cash and Cash Equivalents at End of Period
|
|
$
|
1,797
|
|
|
$
|
—
|
|
|
$
|
1,797
|
|
|
|
December 31, 2017
|
|
Three Months Ended March 31, 2018
|
|
March 31, 2018
|
||||||||||||||||||
|
|
Balance
|
|
Charges
|
|
Cash Payments
|
|
Non-Cash Payments
|
|
Change in Estimates
|
|
Balance
|
||||||||||||
Severance and benefits
|
|
$
|
2,659
|
|
|
$
|
755
|
|
|
$
|
(1,571
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,843
|
|
Modification of stock-based compensation awards
|
|
—
|
|
|
105
|
|
|
—
|
|
|
(105
|
)
|
|
—
|
|
|
—
|
|
||||||
Lease termination
|
|
66
|
|
|
21
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
80
|
|
||||||
Property and equipment impairment due to restructuring
|
|
—
|
|
|
1,077
|
|
|
—
|
|
|
(1,077
|
)
|
|
—
|
|
|
—
|
|
||||||
Professional service fees
|
|
—
|
|
|
215
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
215
|
|
||||||
Ending balance
|
|
$
|
2,725
|
|
|
$
|
2,173
|
|
|
$
|
(1,578
|
)
|
|
$
|
(1,182
|
)
|
|
$
|
—
|
|
|
$
|
2,138
|
|
|
|
(In thousands)
|
||||||
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
Raw materials and supplies
|
|
$
|
72,986
|
|
|
$
|
65,221
|
|
Work in process
|
|
10,894
|
|
|
62,584
|
|
||
Finished goods
|
|
2,052
|
|
|
10,665
|
|
||
|
|
85,932
|
|
|
138,470
|
|
||
Less progress payments
|
|
—
|
|
|
16,309
|
|
||
Total
|
|
$
|
85,932
|
|
|
$
|
122,161
|
|
|
|
(In thousands)
|
||||||
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
Accrued compensation
|
|
$
|
16,992
|
|
|
$
|
18,925
|
|
Accrued income tax and sales tax
|
|
70
|
|
|
71
|
|
||
Customer deposits
|
|
—
|
|
|
3,970
|
|
||
Provision for forward loss reserves
|
|
—
|
|
|
1,226
|
|
||
Other
|
|
5,407
|
|
|
4,137
|
|
||
Total
|
|
$
|
22,469
|
|
|
$
|
28,329
|
|
|
|
(In thousands)
|
||||||
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
Term loan
|
|
$
|
160,000
|
|
|
$
|
160,000
|
|
Revolving credit facility
|
|
51,500
|
|
|
58,100
|
|
||
Total debt
|
|
211,500
|
|
|
218,100
|
|
||
Less current portion
|
|
—
|
|
|
—
|
|
||
Total long-term debt
|
|
211,500
|
|
|
218,100
|
|
||
Less debt issuance costs
|
|
1,790
|
|
|
2,045
|
|
||
Total long-term debt, net of debt issuance costs
|
|
$
|
209,710
|
|
|
$
|
216,055
|
|
Weighted-average interest rate
|
|
4.09
|
%
|
|
3.73
|
%
|
|
|
(In thousands)
|
||||||
|
|
Three Months Ended
|
||||||
|
|
March 31,
2018 |
|
April 1,
2017 |
||||
Service cost
|
|
$
|
150
|
|
|
$
|
133
|
|
Interest cost
|
|
317
|
|
|
332
|
|
||
Expected return on plan assets
|
|
(446
|
)
|
|
(383
|
)
|
||
Amortization of actuarial losses
|
|
186
|
|
|
203
|
|
||
Net periodic pension cost
|
|
$
|
207
|
|
|
$
|
285
|
|
(1)
|
The amortization expense is included in the computation of periodic pension cost and is a decrease to net income upon reclassification from accumulated other comprehensive loss.
|
|
|
(In thousands)
Three Months Ended
|
||||||
|
|
March 31,
2018 |
|
April 1,
2017 |
||||
Net Revenues
|
|
|
|
|
||||
Structural Systems
|
|
$
|
68,046
|
|
|
$
|
57,575
|
|
Electronic Systems
|
|
82,409
|
|
|
78,722
|
|
||
Total Net Revenues
|
|
$
|
150,455
|
|
|
$
|
136,297
|
|
Segment Operating Income
|
|
|
|
|
||||
Structural Systems
|
|
$
|
4,391
|
|
|
$
|
2,784
|
|
Electronic Systems
|
|
5,744
|
|
|
7,104
|
|
||
|
|
10,135
|
|
|
9,888
|
|
||
Corporate General and Administrative Expenses
(1)
|
|
(4,879
|
)
|
|
(5,636
|
)
|
||
Operating Income
|
|
$
|
5,256
|
|
|
$
|
4,252
|
|
Depreciation and Amortization Expenses
|
|
|
|
|
||||
Structural Systems
|
|
$
|
2,316
|
|
|
$
|
2,352
|
|
Electronic Systems
|
|
3,632
|
|
|
3,423
|
|
||
Corporate Administration
|
|
33
|
|
|
7
|
|
||
Total Depreciation and Amortization Expenses
|
|
$
|
5,981
|
|
|
$
|
5,782
|
|
Capital Expenditures
|
|
|
|
|
||||
Structural Systems
|
|
$
|
1,529
|
|
|
$
|
5,188
|
|
Electronic Systems
|
|
2,734
|
|
|
1,433
|
|
||
Corporate Administration
|
|
—
|
|
|
—
|
|
||
Total Capital Expenditures
|
|
$
|
4,263
|
|
|
$
|
6,621
|
|
(1)
|
Includes costs not allocated to either the Structural Systems or Electronic Systems operating segments.
|
(1)
|
Includes assets not specifically identified to or allocated to either the Structural Systems or Electronic Systems operating segments, including cash and cash equivalents.
|
•
|
Revenues of
$150.5 million
|
•
|
Net income of
$2.6 million
, or
$0.22
per diluted share
|
•
|
Adjusted EBITDA of
$14.5 million
|
•
|
Backlog of
$819.8 million
|
•
|
They do not reflect our cash expenditures, future requirements for capital expenditures or contractual commitments;
|
•
|
They do not reflect changes in, or cash requirements for, our working capital needs;
|
•
|
They do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payments on our debt;
|
•
|
Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements;
|
•
|
They are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;
|
•
|
They do not reflect the impact on earnings of charges resulting from matters unrelated to our ongoing operations; and
|
•
|
Other companies in our industry may calculate Adjusted EBITDA differently from us, limiting their usefulness as comparative measures.
|
•
|
Are widely used by investors to measure a company’s operating performance without regard to items excluded from the calculation of such terms, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired, among other factors;
|
•
|
Help investors to evaluate and compare the results of our operations from period to period by removing the effect of our capital structure from our operating performance; and
|
•
|
Are used by our management team for various other purposes in presentations to our Board of Directors as a basis for strategic planning and forecasting.
|
•
|
Interest expense may be useful to investors for determining current cash flow;
|
•
|
Income tax expense may be useful to investors because it represents the taxes which may be payable for the period and the change in deferred taxes during the period, and may reduce cash flow available for use in our business;
|
•
|
Depreciation may be useful to investors because it generally represents the wear and tear on our property and equipment used in our operations;
|
•
|
Amortization expense may be useful to investors because it represents the estimated attrition of our acquired customer base and the diminishing value of product rights;
|
•
|
Stock-based compensation may be useful to our investors for determining current cash flow;
|
•
|
Restructuring charges may be useful to our investors in evaluating our core operating performance.
|
|
|
(in thousands, except per share data)
Three Months Ended
|
||||||||||||
|
|
March 31,
2018 |
|
%
of Net Revenues
|
|
April 1,
2017 |
|
%
of Net Revenues
|
||||||
Net Revenues
|
|
$
|
150,455
|
|
|
100.0
|
%
|
|
$
|
136,297
|
|
|
100.0
|
%
|
Cost of Sales
|
|
123,700
|
|
|
82.2
|
%
|
|
111,292
|
|
|
81.7
|
%
|
||
Gross Profit
|
|
26,755
|
|
|
17.8
|
%
|
|
25,005
|
|
|
18.3
|
%
|
||
Selling, General and Administrative Expenses
|
|
19,326
|
|
|
12.8
|
%
|
|
20,753
|
|
|
15.2
|
%
|
||
Restructuring Charges
|
|
2,173
|
|
|
1.5
|
%
|
|
—
|
|
|
—
|
%
|
||
Operating Income
|
|
5,256
|
|
|
3.5
|
%
|
|
4,252
|
|
|
3.1
|
%
|
||
Interest Expense
|
|
(2,899
|
)
|
|
(1.9
|
)%
|
|
(1,745
|
)
|
|
(1.3
|
)%
|
||
Income Before Taxes
|
|
2,357
|
|
|
1.6
|
%
|
|
2,507
|
|
|
1.8
|
%
|
||
Income Tax (Benefit) Expense
|
|
(243
|
)
|
|
nm
|
|
|
392
|
|
|
nm
|
|
||
Net Income
|
|
$
|
2,600
|
|
|
1.7
|
%
|
|
$
|
2,115
|
|
|
1.6
|
%
|
|
|
|
|
|
|
|
|
|
||||||
Effective Tax (Benefit) Rate
|
|
(10.3
|
)%
|
|
nm
|
|
|
15.6
|
%
|
|
nm
|
|
||
Diluted Earnings Per Share
|
|
$
|
0.22
|
|
|
nm
|
|
|
$
|
0.18
|
|
|
nm
|
|
|
|
Three Months Ended
|
||||||||||||||||
|
|
|
|
(In thousands)
|
|
% of Net Revenues
|
||||||||||||
|
|
Change
|
|
March 31
2018 |
|
April 1,
2017 |
|
March 31
2018 |
|
April 1,
2017 |
||||||||
Consolidated Ducommun
|
|
|
|
|
|
|
|
|
|
|
||||||||
Military and space
|
|
|
|
|
|
|
|
|
|
|
||||||||
Defense electronics
|
|
$
|
5,577
|
|
|
$
|
54,500
|
|
|
$
|
48,923
|
|
|
36.2
|
%
|
|
35.9
|
%
|
Defense structures
|
|
(2,681
|
)
|
|
11,840
|
|
|
14,521
|
|
|
7.9
|
%
|
|
10.7
|
%
|
|||
Commercial aerospace
|
|
14,085
|
|
|
72,470
|
|
|
58,385
|
|
|
48.2
|
%
|
|
42.8
|
%
|
|||
Industrial
|
|
(2,823
|
)
|
|
11,645
|
|
|
14,468
|
|
|
7.7
|
%
|
|
10.6
|
%
|
|||
Total
|
|
$
|
14,158
|
|
|
$
|
150,455
|
|
|
$
|
136,297
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Structural Systems
|
|
|
|
|
|
|
|
|
|
|
||||||||
Military and space (defense structures)
|
|
$
|
(2,681
|
)
|
|
$
|
11,840
|
|
|
$
|
14,521
|
|
|
17.4
|
%
|
|
25.2
|
%
|
Commercial aerospace
|
|
13,152
|
|
|
56,206
|
|
|
43,054
|
|
|
82.6
|
%
|
|
74.8
|
%
|
|||
Total
|
|
$
|
10,471
|
|
|
$
|
68,046
|
|
|
$
|
57,575
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Electronic Systems
|
|
|
|
|
|
|
|
|
|
|
||||||||
Military and space (defense electronics)
|
|
$
|
5,577
|
|
|
$
|
54,500
|
|
|
$
|
48,923
|
|
|
66.1
|
%
|
|
62.1
|
%
|
Commercial aerospace
|
|
933
|
|
|
16,264
|
|
|
15,331
|
|
|
19.8
|
%
|
|
19.5
|
%
|
|||
Industrial
|
|
(2,823
|
)
|
|
11,645
|
|
|
14,468
|
|
|
14.1
|
%
|
|
18.4
|
%
|
|||
Total
|
|
$
|
3,687
|
|
|
$
|
82,409
|
|
|
$
|
78,722
|
|
|
100.0
|
%
|
|
100.0
|
%
|
•
|
$14.1 million higher revenues in our commercial aerospace end-use markets: $5.8 million of the increase was related to the adoption of ASC 606 and the remainder mainly due to increased build rates which favorably impacted our large aircraft platforms; and
|
•
|
$2.9 million higher revenues in our military and space end-use markets: $6.5 million of the increase was related to the adoption of ASC 606 and the remainder mainly due to shipment timing; partially offset by
|
•
|
$2.8 million lower revenues in our industrial end-use markets: $0.4 million of the decrease was related to the adoption of ASC 606.
|
|
|
Three Months Ended
|
||||
|
|
March 31,
2018 |
|
April 1,
2017 |
||
Boeing Company
|
|
17.8
|
%
|
|
16.1
|
%
|
Lockheed Martin Corporation
|
|
4.6
|
%
|
|
6.3
|
%
|
Northrop Grumman Corporation
|
|
5.6
|
%
|
|
1.6
|
%
|
Raytheon Company
|
|
11.1
|
%
|
|
13.0
|
%
|
Spirit Aerosystems Holdings, Inc.
|
|
9.0
|
%
|
|
7.5
|
%
|
United Technologies Corporation
|
|
4.4
|
%
|
|
6.3
|
%
|
Total top ten customers
(1)
|
|
62.7
|
%
|
|
62.0
|
%
|
(1)
|
Includes the Boeing Company (“Boeing”), Lockheed Martin Corporation (“Lockheed Martin”), Northrop Grumman Corporation (“Northrop”), Raytheon Company (“Raytheon”), Spirit Aerosystems Holdings, Inc. (“Spirit”), and United Technologies Corporation (“United Technologies”).
|
|
|
March 31,
2018 |
|
December 31,
2017 |
||
Boeing
|
|
7.3
|
%
|
|
7.8
|
%
|
Lockheed Martin
|
|
3.4
|
%
|
|
5.9
|
%
|
Northrop
|
|
2.5
|
%
|
|
5.6
|
%
|
Raytheon
|
|
3.3
|
%
|
|
1.4
|
%
|
Spirit
|
|
15.9
|
%
|
|
13.5
|
%
|
United Technologies
|
|
1.6
|
%
|
|
2.3
|
%
|
•
|
$1.8 million of higher gross profit mainly due to higher revenue;
|
•
|
$1.5 million of lower selling, general and administrative expenses; and
|
•
|
$0.6 million of lower income tax expense; partially offset by
|
•
|
$2.2 million of higher restructuring charges; and
|
•
|
$1.2 million of higher interest expense.
|
|
|
Three Months Ended
|
|||||||||||||||
|
|
%
|
|
(In thousands)
|
|
% of Net Revenues
|
|||||||||||
|
|
Change
|
|
March 31,
2018 |
|
April 1,
2017 |
|
March 31,
2018 |
|
April 1,
2017 |
|||||||
Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|||||||
Structural Systems
|
|
18.2
|
%
|
|
$
|
68,046
|
|
|
$
|
57,575
|
|
|
45.2
|
%
|
|
42.2
|
%
|
Electronic Systems
|
|
4.7
|
%
|
|
82,409
|
|
|
78,722
|
|
|
54.8
|
%
|
|
57.8
|
%
|
||
Total Net Revenues
|
|
10.4
|
%
|
|
$
|
150,455
|
|
|
$
|
136,297
|
|
|
100.0
|
%
|
|
100.0
|
%
|
Segment Operating Income
|
|
|
|
|
|
|
|
|
|
|
|||||||
Structural Systems
|
|
|
|
$
|
4,391
|
|
|
$
|
2,784
|
|
|
6.5
|
%
|
|
4.8
|
%
|
|
Electronic Systems
|
|
|
|
5,744
|
|
|
7,104
|
|
|
7.0
|
%
|
|
9.0
|
%
|
|||
|
|
|
|
10,135
|
|
|
9,888
|
|
|
|
|
|
|||||
Corporate General and Administrative Expenses
(1)
|
|
|
|
(4,879
|
)
|
|
(5,636
|
)
|
|
(3.2
|
)%
|
|
(4.1
|
)%
|
|||
Total Operating Income
|
|
|
|
$
|
5,256
|
|
|
$
|
4,252
|
|
|
3.5
|
%
|
|
3.1
|
%
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|||||||
Structural Systems
|
|
|
|
|
|
|
|
|
|
|
|||||||
Operating Income
|
|
|
|
$
|
4,391
|
|
|
$
|
2,784
|
|
|
|
|
|
|||
Depreciation and Amortization
|
|
|
|
2,316
|
|
|
2,352
|
|
|
|
|
|
|||||
Restructuring Charges
|
|
|
|
1,526
|
|
|
—
|
|
|
|
|
|
|||||
|
|
|
|
8,233
|
|
|
5,136
|
|
|
12.1
|
%
|
|
8.9
|
%
|
|||
Electronic Systems
|
|
|
|
|
|
|
|
|
|
|
|||||||
Operating Income
|
|
|
|
5,744
|
|
|
7,104
|
|
|
|
|
|
|||||
Depreciation and Amortization
|
|
|
|
3,632
|
|
|
3,423
|
|
|
|
|
|
|||||
Restructuring Charges
|
|
|
|
520
|
|
|
—
|
|
|
|
|
|
|||||
|
|
|
|
9,896
|
|
|
10,527
|
|
|
12.0
|
%
|
|
13.4
|
%
|
|||
Corporate General and Administrative Expenses
(1)
|
|
|
|
|
|
|
|
|
|
|
|||||||
Operating Loss
|
|
|
|
(4,879
|
)
|
|
(5,636
|
)
|
|
|
|
|
|||||
Depreciation and Amortization
|
|
|
|
33
|
|
|
7
|
|
|
|
|
|
|||||
Stock-Based Compensation Expense
|
|
|
|
1,090
|
|
|
1,822
|
|
|
|
|
|
|||||
Restructuring Charges
|
|
|
|
127
|
|
|
—
|
|
|
|
|
|
|||||
|
|
|
|
(3,629
|
)
|
|
(3,807
|
)
|
|
|
|
|
|||||
Adjusted EBITDA
|
|
|
|
$
|
14,500
|
|
|
$
|
11,856
|
|
|
9.6
|
%
|
|
8.7
|
%
|
|
Capital Expenditures
|
|
|
|
|
|
|
|
|
|
|
|||||||
Structural Systems
|
|
|
|
$
|
1,529
|
|
|
$
|
5,188
|
|
|
|
|
|
|||
Electronic Systems
|
|
|
|
2,734
|
|
|
1,433
|
|
|
|
|
|
|||||
Corporate Administration
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Total Capital Expenditures
|
|
|
|
$
|
4,263
|
|
|
$
|
6,621
|
|
|
|
|
|
(1)
|
Includes costs not allocated to either the Structural Systems or Electronic Systems operating segments.
|
•
|
$13.2 million higher revenues in our commercial aerospace end-use markets: $5.1 million of the increase was related to the adoption of ASC 606 with the remaining mainly due to increased build rates which favorably impacted our large aircraft platforms; partially offset by
|
•
|
$2.7 million lower revenues in our military and space end-use markets: $0.5 million increase as a result of the adoption of ASC 606 which was more than offset by a decrease under ASC 605 mainly due to shipment timing.
|
•
|
$5.6 million higher revenues in our military and space end-use markets: $6.1 million of the increase was related to the adoption of ASC 606 with the remaining mainly due to shipment timing; and
|
•
|
$0.9 million higher revenues in our commercial aerospace end-use markets: $0.8 million of the increase was related to the adoption of ASC 606; partially offset by
|
•
|
$2.8 million lower revenues in our industrial end-use markets: $0.4 million of the decrease was related to the adoption of ASC 606.
|
|
|
(In thousands)
|
||||||||||
|
|
Change
|
|
March 31,
2018 |
|
December 31,
2017 |
||||||
Consolidated Ducommun
|
|
|
|
|
|
|
||||||
Military and space
|
|
|
|
|
|
|
||||||
Defense electronics
|
|
$
|
29,265
|
|
|
$
|
245,773
|
|
|
$
|
216,508
|
|
Defense structures
|
|
12,262
|
|
|
73,183
|
|
|
60,921
|
|
|||
Commercial aerospace
|
|
51,649
|
|
|
469,630
|
|
|
417,981
|
|
|||
Industrial
|
|
109
|
|
|
31,177
|
|
|
31,068
|
|
|||
Total
|
|
$
|
93,285
|
|
|
$
|
819,763
|
|
|
$
|
726,478
|
|
Structural Systems
|
|
|
|
|
|
|
||||||
Military and space (defense structures)
|
|
$
|
12,262
|
|
|
$
|
73,183
|
|
|
$
|
60,921
|
|
Commercial aerospace
|
|
46,940
|
|
|
408,526
|
|
|
361,586
|
|
|||
Total
|
|
$
|
59,202
|
|
|
$
|
481,709
|
|
|
$
|
422,507
|
|
Electronic Systems
|
|
|
|
|
|
|
||||||
Military and space (defense electronics)
|
|
$
|
29,265
|
|
|
$
|
245,773
|
|
|
$
|
216,508
|
|
Commercial aerospace
|
|
4,709
|
|
|
61,104
|
|
|
56,395
|
|
|||
Industrial
|
|
109
|
|
|
31,177
|
|
|
31,068
|
|
|||
Total
|
|
$
|
34,083
|
|
|
$
|
338,054
|
|
|
$
|
303,971
|
|
|
|
(In millions)
|
||||||
|
|
March 31,
|
|
December 31,
|
||||
|
|
2018
|
|
2017
|
||||
Total debt, including long-term portion
|
|
$
|
211.5
|
|
|
$
|
218.1
|
|
Weighted-average interest rate on debt
|
|
4.09
|
%
|
|
3.73
|
%
|
||
Term Loan interest rate
|
|
—
|
%
|
|
3.74
|
%
|
||
Cash and cash equivalents
|
|
$
|
1.8
|
|
|
$
|
2.2
|
|
Unused Revolving Credit Facility
|
|
$
|
148.2
|
|
|
$
|
141.6
|
|
3.1
|
Restated Certificate of Incorporation filed with the Delaware Secretary of State on May 29, 1990. Incorporated by reference to Exhibit 3.1 to Form 10-K for the year ended December 31, 1990.
|
*10.14
|
Form of Indemnity Agreement entered with all directors and officers of Ducommun. Incorporated by reference to Exhibit 10.8 to Form 10-K for the year ended December 31, 1990. All of the Indemnity Agreements are identical except for the name of the director or officer and the date of the Agreement:
|
|
Director/Officer
|
|
Date of Agreement
|
|
|
Richard A. Baldridge
|
|
March 19, 2013
|
|
|
Gregory S. Churchill
|
|
March 19, 2013
|
|
|
Robert C. Ducommun
|
|
December 31, 1985
|
|
|
Dean M. Flatt
|
|
November 5, 2009
|
|
|
Douglas L. Groves
|
|
February 12, 2013
|
|
|
Jay L. Haberland
|
|
February 2, 2009
|
|
|
Stephen G. Oswald
|
|
January 23, 2017
|
|
|
Amy M. Paul
|
|
January 23, 2017
|
|
|
Robert D. Paulson
|
|
March 25, 2003
|
|
|
Jerry L. Redondo
|
|
October 1, 2015
|
|
|
Rosalie F. Rogers
|
|
July 24, 2008
|
|
|
Christopher D. Wampler
|
|
January 1, 2016
|
|
|
Person
|
|
Date of Agreement
|
|
|
Douglas L. Groves
|
|
January 23, 2017
|
|
|
Amy M. Paul
|
|
January 23, 2017
|
|
|
Jerry L. Redondo
|
|
January 23, 2017
|
|
|
Rosalie F. Rogers
|
|
January 23, 2017
|
|
|
Christopher D. Wampler
|
|
January 23, 2017
|
|
Date: May 10, 2018
|
By:
|
|
/s/ Stephen G. Oswald
|
|
|
|
Stephen G. Oswald
|
|
|
|
Chairman, President and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
Date: May 10, 2018
|
By:
|
|
/s/ Douglas L. Groves
|
|
|
|
Douglas L. Groves
|
|
|
|
Vice President, Chief Financial Officer and Treasurer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
Date: May 10, 2018
|
By:
|
|
/s/ Christopher D. Wampler
|
|
|
|
Christopher D. Wampler
|
|
|
|
Vice President, Controller and Chief Accounting Officer
|
|
|
|
(Principal Accounting Officer)
|
1 Year Ducommun Chart |
1 Month Ducommun Chart |
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