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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Butler National Corp (QX) | USOTC:BUKS | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0669 | 8.08% | 0.895 | 0.861 | 0.94 | 0.895 | 0.84625 | 0.86 | 41,873 | 21:45:02 |
☒
|
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
|
Kansas
|
|
41-0834293
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer
☐
|
Accelerated filer
☐
|
Non-accelerated filer
☐
|
Smaller reporting company
T
|
Item 1
|
Financial Statements (Unaudited)
|
PAGE NO.
|
Condensed Consolidated Balance Sheets – October 31, 2016 and April 30, 2016
|
3
|
|
Condensed Consolidated Statements of Operations - Three Months Ended October 31, 2016 and 2015
|
4
|
|
Condensed Consolidated Statements of Operations - Six Months Ended October 31, 2016 and 2015
|
5
|
|
Condensed Consolidated Statements of Cash Flows - Six Months Ended October 31, 2016 and 2015
|
6
|
|
Notes to Condensed Consolidated Financial Statements
|
7
|
|
Item 2
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
8
|
Item 3
|
Quantitative and Qualitative Disclosures about Market Risk
|
19
|
Item 4
|
Controls and Procedures
|
19
|
Item 1
|
Legal Proceedings
|
20
|
Item 1A
|
Risk Factors
|
20
|
Item 2
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
20
|
Item 3
|
Defaults Upon Senior Securities
|
20
|
Item 4
|
Mine Safety Disclosures
|
20
|
Item 5
|
Other Information
|
20
|
Item 6
|
Exhibits
|
20
|
Signatures
|
21
|
|
Exhibit Index
|
22
|
|
THREE MONTHS ENDED
October 31,
|
|||||||
|
2016
|
2015
|
||||||
REVENUE:
|
||||||||
Professional Services
|
$
|
7,722
|
$
|
7,334
|
||||
Aerospace Products
|
5,091
|
2,772
|
||||||
Total revenue
|
12,813
|
10,106
|
||||||
|
||||||||
COSTS AND EXPENSES:
|
||||||||
Cost of Professional Services
|
4,649
|
4,539
|
||||||
Cost of Aerospace Products
|
3,698
|
2,449
|
||||||
Marketing and advertising
|
1,064
|
1,137
|
||||||
Employee benefits
|
438
|
429
|
||||||
Depreciation and amortization
|
507
|
566
|
||||||
General, administrative and other
|
1,293
|
1,585
|
||||||
Total costs and expenses
|
11,649
|
10,705
|
||||||
|
||||||||
OPERATING INCOME (LOSS)
|
1,164
|
(599
|
)
|
|||||
|
||||||||
OTHER INCOME (EXPENSE):
|
||||||||
Interest expense
|
(106
|
)
|
(117
|
)
|
||||
Other income (expense), net
|
1
|
9
|
||||||
Total other expense
|
(105
|
)
|
(108
|
)
|
||||
|
||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
1,059
|
(707
|
)
|
|||||
|
||||||||
PROVISION (BENEFIT) FOR INCOME TAXES
|
||||||||
Deferred income tax expense
|
292
|
-
|
||||||
Provision (benefit) for income taxes
|
-
|
(269
|
)
|
|||||
NET INCOME (LOSS)
|
767
|
(438
|
)
|
|||||
Net income attributable to noncontrolling interest in BHCMC, LLC
|
(248
|
)
|
(40
|
)
|
||||
NET INCOME (LOSS) ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION
|
$
|
519
|
$
|
(478
|
)
|
|||
|
||||||||
BASIC EARNINGS (LOSS) PER COMMON SHARE
|
$
|
0.01
|
$
|
(0.01
|
)
|
|||
|
||||||||
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION
|
63,466,873
|
62,260,098
|
||||||
|
||||||||
DILUTED EARNINGS (LOSS) PER COMMON SHARE
|
$
|
0.01
|
$
|
(0.01
|
)
|
|||
|
||||||||
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION
|
63,466,873
|
62,260,098
|
SIX MONTHS ENDED
October 31,
|
||||||||
2016
|
2015
|
|||||||
REVENUE:
|
||||||||
Professional Services
|
$
|
15,206
|
$
|
14,938
|
||||
Aerospace Products
|
8,996
|
6,864
|
||||||
Total revenue
|
24,202
|
21,802
|
||||||
COSTS AND EXPENSES:
|
||||||||
Cost of Professional Services
|
9,169
|
9,042
|
||||||
Cost of Aerospace Products
|
6,569
|
5,570
|
||||||
Marketing and advertising
|
2,083
|
2,581
|
||||||
Employee benefits
|
914
|
914
|
||||||
Depreciation and amortization
|
1,014
|
1,177
|
||||||
General, administrative and other
|
2,578
|
2,757
|
||||||
Total costs and expenses
|
22,327
|
22,041
|
||||||
OPERATING INCOME (LOSS)
|
1,875
|
(239
|
)
|
|||||
OTHER INCOME (EXPENSE):
|
||||||||
Interest expense
|
(224
|
)
|
(236
|
)
|
||||
Other income (expense), net
|
(18
|
)
|
10
|
|||||
Total other expense
|
(242
|
)
|
(226
|
)
|
||||
INCOME (LOSS) BEFORE INCOME TAXES
|
1,633
|
(465
|
)
|
|||||
PROVISION (BENEFIT) FOR INCOME TAXES
|
||||||||
Deferred income tax expense
|
418
|
-
|
||||||
Provision (benefit) for income taxes
|
-
|
(258
|
)
|
|||||
NET INCOME (LOSS)
|
1,215
|
(207
|
)
|
|||||
Net income attributable to noncontrolling interest in BHCMC, LLC
|
(472
|
)
|
(252
|
)
|
||||
NET INCOME (LOSS) ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION
|
$
|
743
|
$
|
(459
|
)
|
|||
BASIC EARNINGS (LOSS) PER COMMON SHARE
|
$
|
0.01
|
$
|
(0.01
|
)
|
|||
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION
|
63,466,873
|
62,260,098
|
||||||
DILUTED EARNINGS (LOSS) PER COMMON SHARE
|
$
|
0.01
|
$
|
(0.01
|
)
|
|||
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION
|
63,466,873
|
62,260,098
|
|
SIX MONTHS ENDED
October 31,
|
|||||||
|
2016
|
2015
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income (loss)
|
$
|
1,215
|
$
|
(207
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash provided by operating activities
|
||||||||
Depreciation and amortization
|
1,797
|
2,027
|
||||||
|
||||||||
Changes in assets and liabilities
|
||||||||
Accounts receivable
|
(1,654
|
)
|
(261
|
)
|
||||
Inventories
|
356
|
(948
|
)
|
|||||
Prepaid expenses and other current assets
|
(116
|
)
|
(31
|
)
|
||||
Deferred tax asset
|
418
|
(258
|
)
|
|||||
Accounts payable
|
(378
|
)
|
(189
|
)
|
||||
Customer deposits
|
1,472
|
282
|
||||||
Accrued liabilities
|
(190
|
)
|
(295
|
)
|
||||
Gaming facility mandated payment
|
(111
|
)
|
88
|
|||||
Other current liabilities
|
117
|
149
|
||||||
Net cash provided by operating activities
|
2,926
|
357
|
||||||
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Capital expenditures
|
(911
|
)
|
(602
|
)
|
||||
Net cash used in investing activities
|
(911
|
)
|
(602
|
)
|
||||
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Borrowings of promissory notes, net
|
(1,230
|
)
|
1,218
|
|||||
Borrowings of long-term debt
|
-
|
70
|
||||||
Repayments of long-term debt
|
(1,360
|
)
|
(1,256
|
)
|
||||
Distribution to non-controlling member
|
(360
|
)
|
(360
|
)
|
||||
Net cash used in financing activities
|
(2,950
|
)
|
(328
|
)
|
||||
|
||||||||
NET DECREASE IN CASH
|
(935
|
)
|
(573
|
)
|
||||
|
||||||||
CASH, beginning of period
|
7,381
|
6,195
|
||||||
|
||||||||
CASH, end of period
|
$
|
6,446
|
$
|
5,622
|
||||
|
||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||
Interest paid
|
$
|
225
|
$
|
237
|
||||
Income taxes paid
|
$
|
-
|
$
|
-
|
||||
|
·
|
the impact of general economic trends on the Company's business;
|
·
|
sensitivity of demand related to changes in the U.S. dollar to foreign currency exchange rates;
|
·
|
the deferral or termination of programs or contracts for convenience by customers;
|
·
|
market acceptance of the Company's Aerospace Products and or other planned products or product enhancements;
|
·
|
increased fuel and energy costs and the downward pressure on demand for our aircraft business;
|
·
|
the ability to gain and maintain regulatory approval of existing products and services and receive regulatory approval of new businesses and products;
|
·
|
the actions of regulatory, legislative, executive or judicial decisions of the federal, state or local level with regard to our business and the impact of any such actions;
|
·
|
failure to retain/recruit key personnel;
|
·
|
the availability of government funding to vendors and customers;
|
·
|
any delays in receiving components from third party suppliers;
|
·
|
the competitive environment;
|
·
|
the bankruptcy or insolvency of one or more key customers or vendors;
|
·
|
new product offerings from competitors;
|
·
|
protection of intellectual property rights;
|
·
|
the ability to service, supply or visit the international market;
|
·
|
acts of terrorism and war and other uncontrollable events;
|
·
|
joint ventures and other arrangements;
|
·
|
low priced penny-stock regulations;
|
·
|
general governance features;
|
·
|
United States and other country defense spending cuts;
|
·
|
our estimated effective income tax rates; estimated tax benefits; and merits of our tax position;
|
·
|
potential future acquisitions;
|
·
|
changes in laws, including increased tax rates, smoking bans, regulations or accounting standards, third-party relations and approvals, and decisions, disciplines and fines of courts, regulators and governmental bodies;
|
·
|
the ability to timely and cost-effectively integrate companies that we acquire into our operations;
|
·
|
construction factors, including delays, increased costs of labor and materials, availability of labor and materials, zoning issues, environmental restrictions, soil and water conditions, weather and other hazards, site access matters and building permit issues;
|
·
|
litigation outcomes and judicial and governmental body actions, including gaming legislative action, referenda, regulatory disciplinary actions and fines and taxation;
|
·
|
access to insurance on reasonable terms for our assets;
|
·
|
cybersecurity incidents could disrupt business operations, result in the loss of critical and confidential information, and adversely impact our reputation and results of operations;
|
·
|
as a supplier of military and other equipment to the U.S. Government, we are subject to unusual risks, such as the right of the U.S. Government contractor to terminate contracts for convenience and to conduct audits and investigations of our operations and performance;
|
·
|
our reputation and ability to do business may be impacted by the improper conduct of employees, vendors, agents or business partners;
|
·
|
changes in legislation or government regulations or policies can have a significant impact on our results of operations; and
|
·
|
other factors disclosed from time to time in the Company's filings with the Securities and Exchange Commission.
|
(dollars in thousands)
|
Six
Months
Ended
October 31, 2016
|
Percent
of Total
Revenue
|
Six
Months
Ended
October 31, 2015
|
Percent
of Total
Revenue
|
Percent
Change
2015-2016
|
|||||||||||||||
Revenue:
|
||||||||||||||||||||
Professional Services
|
$
|
15,206
|
63
|
%
|
$
|
14,938
|
69
|
%
|
2
|
%
|
||||||||||
Aerospace Products
|
8,996
|
37
|
%
|
6,864
|
31
|
%
|
31
|
%
|
||||||||||||
Total revenue
|
24,202
|
100
|
%
|
21,802
|
100
|
%
|
11
|
%
|
||||||||||||
Costs and expenses:
|
||||||||||||||||||||
Costs of Professional Services
|
9,169
|
38
|
%
|
9,042
|
41
|
%
|
1
|
%
|
||||||||||||
Cost of Aerospace Products
|
6,569
|
27
|
%
|
5,570
|
26
|
%
|
18
|
%
|
||||||||||||
Marketing and advertising
|
2,083
|
8
|
%
|
2,581
|
12
|
%
|
(19
|
)
%
|
||||||||||||
Employee benefits
|
914
|
4
|
%
|
914
|
4
|
%
|
0
|
%
|
||||||||||||
Depreciation and amortization
|
1,014
|
4
|
%
|
1,177
|
5
|
%
|
(14
|
)
%
|
||||||||||||
General, administrative and other
|
2,578
|
11
|
%
|
2,757
|
13
|
%
|
(6
|
)
%
|
||||||||||||
Total costs and expenses
|
22,327
|
92
|
%
|
22,041
|
101
|
%
|
1
|
%
|
||||||||||||
Operating income (loss)
|
$
|
1,875
|
8
|
%
|
$
|
(239
|
)
|
(1
|
)
%
|
· | Professional Services derives its revenue from (a) professional management services in the gaming industry through Butler National Service Corporation ("BNSC") and BHCMC, LLC ("BHCMC"), and (b) professional architectural, engineering and management support services. Revenue from Professional Services increased 2% for the six months to $15.2 million at October 31, 2016 compared to $14.9 million at October 31, 2015. |
· | Aerosp ace Products derives its revenue by designing, engineering, manufacturing, installing, servicing and repairing products for classic and current production aircraft. Aerospace Products revenue increased 31% for the six months to $9.0 million at October 31, 2016 compared to $6.9 million at October 31, 2015. This increase is primarily due to an increase in avionics-related revenue of $1.9 million. We anticipate future domestic military spending reductions and continued slow growth of the United States economy. |
(dollars in thousands)
|
Six
Months
Ended
October 31, 2016
|
Percent
of Total
Revenue
|
Six
Months
Ended
October 31, 2015
|
Percent
of Total
Revenue
|
Percent
Change
2015-2016
|
|||||||||||||||||
Professional Services
|
||||||||||||||||||||||
Revenue
|
||||||||||||||||||||||
Boot Hill Casino
|
|
$
|
14,956
|
98
|
%
|
|
$
|
14,517
|
97
|
%
|
3
|
%
|
||||||||||
Management/Professional Services
|
250
|
2
|
%
|
421
|
3
|
%
|
(41
|
)
%
|
||||||||||||||
Revenue
|
15,206
|
100
|
%
|
14,938
|
100
|
%
|
2
|
%
|
||||||||||||||
Costs of Professional Services
|
9,169
|
60
|
%
|
9,042
|
61
|
%
|
1
|
%
|
||||||||||||||
Expenses
|
5,086
|
34
|
%
|
5,435
|
36
|
%
|
(6
|
)
%
|
||||||||||||||
Total costs and expenses
|
14,255
|
94
|
%
|
14,477
|
97
|
%
|
(2
|
)
%
|
||||||||||||||
Professional Services operating income before noncontrolling interest in BHCMC, LLC
|
|
$
|
951
|
6
|
%
|
|
$
|
461
|
3
|
%
|
106
|
%
|
||||||||||
(dollars in thousands)
|
Six
Months
Ended
October 31, 2016
|
Percent
of Total
Revenue
|
Six
Months
Ended
October 31, 2015
|
Percent
of Total
Revenue
|
Percent
Change
2015-2016
|
|||||||||||||||||
Aerospace Products
|
||||||||||||||||||||||
Revenue
|
|
$
|
8,996
|
100
|
%
|
|
$
|
6,864
|
100
|
%
|
31
|
%
|
||||||||||
Costs of Aerospace Products
|
6,569
|
73
|
%
|
5,570
|
81
|
%
|
18
|
%
|
||||||||||||||
Expenses
|
1,503
|
17
|
%
|
1,994
|
29
|
%
|
(25
|
)
%
|
||||||||||||||
Total costs and expenses
|
8,072
|
90
|
%
|
7,564
|
110
|
%
|
7
|
%
|
||||||||||||||
Aerospace Products operating income (loss)
|
|
$
|
924
|
10
|
%
|
|
$
|
(700
|
)
|
(10
|
)
%
|
· |
Revenue from Professional Services increased 2% for the six months ended October 31, 2016 to $15.2 million compared to $14.9 million for the six months ended October 31, 2015.
In t he six months ended October 31, 2016 Boot Hill Casino received gross receipts for the State of Kansas of $19.9 million compared to $19.7 million for the six months ended October 31, 2015. Mandated fees, taxes and distributions reduced gross receipts by $6.6 million resulting in gaming revenue of $13.3 million for the six months ended October 31, 2016, compared to a reduction to gross receipts of $6.7 million resulting in gaming revenue of $13.0 million for the six months ended October 31, 2015. Non-gaming revenue at Boot Hill Casino remained constant at $1.6 million for the six months ended October 31, 2016, and $1.6 million for the six months ended October 31, 2015. The remaining management and Professional Services revenue includes professional management services in the gaming industry, and licensed architectural services. Professional Services revenue excluding Boot Hill Casino decreased 41% to $250 for the six months ended October 31, 2016, compared to $421 for the six months ended October 31, 2015. |
· | Costs of Professional Service s increased 1% in the six months ended October 31, 2016 to $9.2 million compared to $9.0 million in the six months ended October 31, 2015. Costs were 60% of segment total rev enue in the six months ended October 31, 2016, as compared to 61% of segment total revenue in the six months ended October 31, 2015 . |
· | Expense s decreased 6% in the six months ended October 31, 2016 to $5.1 million compared to $5.4 million in the six months ended October 31, 2015. Expenses were 34% of segment total revenue in the six months ended October 31, 2016, as compared to 36% of segment total revenue in the six months ended October 31, 2015. |
· | Rev enue increased 31% to $9.0 million in the six months ended October 31, 2016, compared to $6.9 million in the six months ended October 31, 2015. We anticipate future domestic military spending reductions and continued slow growth of the United States economy. In an effort to offset decreased domestic military spending, we have invested in the development of several STCs. These STCs are state of the art avionics and we are aggressively marketing both domestically and internationally. |
· | Costs of Aerospace Products increased by 18% in the six months ended October 31, 2016 to $6.6 million compared to $5.6 million for the six months ended October 31, 2015. Costs were 73% of segment total revenue in the six months ended October 31, 2016, as compared to 81% of segment total revenue in the six months ended October 31, 2015. |
· | E xpenses decreased 25% in the six months ended October 31, 2016 to $1.5 million compared to $2.0 million in the six months ended October 31, 2015. Expenses were 17% of segment total revenue in the six months ended October 31, 2016, as compared to 29% of segment total revenue in the six months ended October 31, 2015. |
(dollars in thousands)
|
Three
Months
Ended
October 31, 2016
|
Percent
of Total
Revenue
|
Three
Months
Ended
October 31, 2015
|
Percent
of Total
Revenue
|
Percent
Change
2015-2016
|
|||||||||||||||
Revenue:
|
||||||||||||||||||||
Professional Services
|
$
|
7,722
|
60
|
%
|
$
|
7,334
|
73
|
%
|
5
|
%
|
||||||||||
Aerospace Products
|
5,091
|
40
|
%
|
2,772
|
27
|
%
|
84
|
%
|
||||||||||||
Total revenue
|
12,813
|
100
|
%
|
10,106
|
100
|
%
|
27
|
%
|
||||||||||||
Costs and expenses:
|
||||||||||||||||||||
Costs of Professional Services
|
4,649
|
36
|
%
|
4,539
|
45
|
%
|
2
|
%
|
||||||||||||
Cost of Aerospace Products
|
3,698
|
29
|
%
|
2,449
|
24
|
%
|
51
|
%
|
||||||||||||
Marketing and advertising
|
1,064
|
8
|
%
|
1,137
|
11
|
%
|
(6
|
)
%
|
||||||||||||
Employee benefits
|
438
|
4
|
%
|
429
|
4
|
%
|
2
|
%
|
||||||||||||
Depreciation and amortization
|
507
|
4
|
%
|
566
|
6
|
%
|
(10
|
)
%
|
||||||||||||
General, administrative and other
|
1,293
|
10
|
%
|
1,585
|
16
|
%
|
(18
|
)
%
|
||||||||||||
Total costs and expenses
|
11,649
|
91
|
%
|
10,705
|
106
|
%
|
9
|
%
|
||||||||||||
Operating income (loss)
|
$
|
1,164
|
9
|
%
|
$
|
(599
|
)
|
(6
|
)
%
|
· | Professional Services derives its revenue from (a) professional management services in the gaming industry through Butler National Service Corporation ("BNSC") and BHCMC, LLC ("BHCMC"), and (b) professional architectural, engineering and management support services. Revenue from Professional Services increased 5% for the three months to $7.7 million at October 31, 2016 compared to $7.3 million at October 31, 2015. |
· | Aerosp ace Products derives its revenue by designing, engineering, manufacturing, installing, servicing and repairing products for classic and current production aircraft. Aerospace Products revenue increased 84% for the three months to $5.1 million at October 31, 2016 compared to $2.8 million at October 31, 2015. This increase is primarily due to an increase in avionics-related revenue of $1.2 million and an increase of modification revenue of $1.0 million. We anticipate future domestic military spending reductions and continued slow growth of the United States economy. |
(dollars in thousands)
|
Three
Months
Ended
October 31, 2016
|
Percent
of Total
Revenue
|
Three
Months
Ended
October 31, 2015
|
Percent
of Total
Revenue
|
Percent
Change
2015-2016
|
|||||||||||||||||
Professional Services
|
||||||||||||||||||||||
Revenue
|
||||||||||||||||||||||
Boot Hill Casino
|
|
$
|
7,624
|
99
|
%
|
|
$
|
7,147
|
97
|
%
|
7
|
%
|
||||||||||
Management/Professional Services
|
98
|
1
|
%
|
187
|
3
|
%
|
(48
|
)
%
|
||||||||||||||
Revenue
|
7,722
|
100
|
%
|
7,334
|
100
|
%
|
5
|
%
|
||||||||||||||
Costs of Professional Services
|
4,649
|
60
|
%
|
4,539
|
62
|
%
|
2
|
%
|
||||||||||||||
Expenses
|
2,568
|
33
|
%
|
2,763
|
38
|
%
|
(7
|
)
%
|
||||||||||||||
Total costs and expenses
|
7,217
|
93
|
%
|
7,302
|
100
|
%
|
(1
|
)
%
|
||||||||||||||
Professional Services operating income before noncontrolling interest in BHCMC, LLC
|
|
$
|
505
|
7
|
%
|
|
$
|
32
|
0
|
%
|
1,478
|
%
|
||||||||||
(dollars in thousands)
|
Three
Months
Ended
October 31, 2016
|
Percent
of Total
Revenue
|
Three
Months
Ended
October 31, 2015
|
Percent
of Total
Revenue
|
Percent
Change
2015-2016
|
|||||||||||||||||
Aerospace Products
|
||||||||||||||||||||||
Revenue
|
|
$
|
5,091
|
100
|
%
|
|
$
|
2,772
|
100
|
%
|
84
|
%
|
||||||||||
Costs of Aerospace Products
|
3,698
|
73
|
%
|
2,449
|
88
|
%
|
51
|
%
|
||||||||||||||
Expenses
|
734
|
14
|
%
|
954
|
35
|
%
|
(23
|
)
%
|
||||||||||||||
Total costs and expenses
|
4,432
|
87
|
%
|
3,403
|
123
|
%
|
30
|
%
|
||||||||||||||
Aerospace Products operating income (loss)
|
|
$
|
659
|
13
|
%
|
|
$
|
(631
|
)
|
(23
|
)
%
|
· |
Revenue from Professional Services increased 5% for the three months ended October 31, 2016 to $7.7 million compared to $7.3 million for the three months ended October 31, 2015.
In t he three months ended October 31, 2016 Boot Hill Casino received gross receipts for the State of Kansas of $10.1 million compared to $9.6 million for the three months ended October 31, 2015. Mandated fees, taxes and distributions reduced gross receipts by $3.3 million resulting in gaming revenue of $6.8 million for the three months ended October 31, 2016, compared to a reduction to gross receipts of $3.2 million resulting in gaming revenue of $6.4 million for the three months ended October 31, 2015. Non-gaming revenue at Boot Hill Casino increased to $841 for the three months ended October 31, 2016, compared to $793 for the three months ended October 31, 2015. The remaining management and Professional Services revenue includes professional management services in the gaming industry, and licensed architectural services. Professional Services revenue excluding Boot Hill Casino decreased 48% to $98 for the three months ended October 31, 2016, compared to $187 for the three months ended October 31, 2015. |
· | Costs of Professional Service s increased 2% in the three months ended October 31, 2016 to $4.6 million compared to $4.5 million in the three months ended October 31, 2015. Costs were 60% of segment total rev enue in the three months ended October 31, 2016, as compared to 62% of segment total revenue in the three months ended October 31, 2015 . |
· | Expense s decreased 7% in the three months ended October 31, 2016 to $2.6 million compared to $2.8 million in the three months ended October 31, 2015. Expenses were 33% of segment total revenue in the three months ended October 31, 2016, as compared to 38% of segment total revenue in the three months ended October 31, 2015. |
· | Rev enue increased 84% to $5.1 million in the three months ended October 31, 2016, compared to $2.8 million in the three months ended October 31, 2015. We anticipate future domestic military spending reductions and continued slow growth of the United States economy. In an effort to offset decreased domestic military spending, we have invested in the development of several STCs. These STCs are state of the art avionics and we are aggressively marketing both domestically and internationally. |
· | Costs of Aerospace Products increased by 51% in the three months ended October 31, 2016 to $3.7 million compared to $2.4 million for the three months ended October 31, 2015. Costs were 73% of segment total revenue in the three months ended October 31, 2016, as compared to 88% of segment total revenue in the three months ended October 31, 2015. |
· | E xpenses decreased 23% in the three months ended October 31, 2016 to $734 compared to $1.0 million in the three months ended October 31, 2015. Expenses were 14% of segment total revenue in the three months ended October 31, 2016, as compared to 35% of segment total revenue in the three months ended October 31, 2015. |
Membership Interest
|
Members of
Board of Managers
|
Equity Ownership
|
Income
(Loss) Sharing
|
|||||||||
Class A
|
3
|
20%
|
40%
|
|||||||||
Class B
|
4
|
80%
|
60%
|
BUTLER NATIONAL CORPORATION
|
|
(Registrant)
|
|
December 13, 2016
|
/s/ Clark D. Stewart
|
Date
|
Clark D. Stewart
|
(President and Chief Executive Officer)
|
|
December 13, 2016
|
/s/ Craig D. Stewart
|
Date
|
Craig D. Stewart
|
(Chief Financial Officer)
|
Exhibit
Number
|
Description of Exhibit
|
3.1
|
Articles of Incorporation, as amended and restated are incorporated by reference to Exhibit 3.1 of our Form DEF 14A filed on December 26, 2001.
|
3.2
|
Bylaws, as amended, are incorporated by reference to Exhibit 3.2 of our Form 10-Q filed on
March 14, 2013.
|
4.1
|
Rights Agreement, dated August 2, 2011, by and between Butler National Corporation and UMB Bank, N.A., as Rights Agent, which includes the form of Certificate of Designations, setting forth the terms of the Series C Participating Preferred Stock, par value $5.00 per share, as Exhibit A, the form of Right Certificate as Exhibit B and the summary of the rights as Exhibit C.
|
31.1
|
Certificate of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a).
|
31.2
|
Certificate of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a).
|
32.1
|
Certifications of Chief Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2
|
Certifications of Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
99.1
|
Cautionary Statements for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995, are incorporated by reference to Exhibit 99 of the Form 10-K for the fiscal year ended April 30, 2016.
|
99.2
|
Investor Presentation for the 2016 Annual Meeting of Shareholders of Butler National Corporation, which is incorporated by reference to Exhibit 99.1 of the Company's Current Report on Form 8-K dated November 8, 2016.
|
101
|
The following financial information from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2016, formatted in XBRL (Extensible Business Reporting Language) includes: (i) Condensed Consolidated Balance Sheets as of October 31, 2016 and April 30, 2016, (ii) Condensed Consolidated Statements of Operations for the three months ended October 31, 2016 and 2015 and six months ended October 31, 2016 and 2015, (iii) Condensed Consolidated Statements of Cash Flows for the six months ended October 31, 2016 and 2015, and (iv) the Notes to Consolidated Financial Statements, with detail tagging.
|
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