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Aerosonic Reports Second Quarter Results
CLEARWATER, Fla. – September 10, 2012 – Aerosonic Corporation (NYSE Amex: AIM), a leading supplier of precision flight products for commercial, business and military aircraft, announced that today it filed its Quarterly Report on Form 10-Q for the three and six months ended July 27, 2012 and July 29, 2011, respectively, with the United States Securities and Exchange Commission.
|Three Months Ended||Six Months Ended|
|July 27, 2012||July 29, 2011||July 27, 2012||July 29, 2011|
|Operating (loss) income||$||(161,000||)||$||(221,000||)||$||560,000||$||(603,000||)|
|Net (loss) income||$||(138,000||)||$||(167,000||)||$||276,000||$||(484,000||)|
|Basic (loss) earnings per share||$||(0.04||)||$||(0.04||)||$||0.07||$||(0.13||)|
|Diluted (loss) earnings per share||$||(0.04||)||$||(0.04||)||$||0.07||$||(0.13||)|
Net sales for the second quarter of fiscal year 2013 increased $1,051,000, or 16.4%, to $7,472,000 when compared to $6,421,000 for the second quarter of fiscal year 2012. During the second quarter of fiscal year 2013, the net sales increased from the prior year on sales of mechanical products, sensors, and repairs, partially offset by decreased sales of development services, while sales of spares were comparable. Net sales for the six months ended July 27, 2012 increased $1,703,000, or 13.0%, to $14,833,000 when compared to $13,130,000 for the six months ended July 29, 2011. During the first six months of fiscal year 2013, the net sales increased from the first six months of the prior fiscal year across all product groups including mechanical products, sensors, spares, repairs, and development services. Our net sales continue to be impacted by the ongoing recession in the business jet and general aviation markets.
For the quarter ended July 27, 2012, net loss was ($138,000) or ($0.04) basic and diluted loss per share, versus net loss of ($167,000), or ($0.04) basic and diluted loss per share for the quarter ended July 29, 2011. For the six months ended July 27, 2012, net income was $276,000 or $0.07 basic and diluted earnings per share, versus a net loss of ($484,000), or ($0.13) basic and diluted loss per share for the six months ended July 29, 2011.
“As scheduled, our investment in the new OASIS™ display system accelerated this quarter and was the primary reason for the net loss reported in the second quarter. The OASIS™ development project continued to move along as planned and in line with performance, cost, and schedule objectives. Our overall business indicators also continued to move positively, with revenue and gross margins for the quarter and fiscal year to date significantly improved over last year,” noted Doug Hillman, President and CEO. “This is an exciting time for the company, as we have begun deploying OASIS™ prototypes to our potential launch customers, and anticipate receiving FAA certification early next year.”
The following information was filed by Aerosonic Corp on Tuesday, September 11, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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