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Aerosonic Corp (AIM) SEC Filing 10-Q Quarterly report for the period ending Friday, May 3, 2013

Aerosonic Corp

CIK: 109471

 

Exhibit 99.1

 

Aerosonic Reports Fourth Quarter and Fiscal Year 2013 Results

 

CLEARWATER, Fla. – May 1, 2013, – Aerosonic Corporation (the “Company” or “Aerosonic”) (NYSE MKT: AIM), a leading supplier of precision flight products for commercial, business and military aircraft, announced that today it filed its Annual Report on Form 10-K for the year ended January 31, 2013, with the United States Securities and Exchange Commission.

 

   Quarter Ended January 31,   Year Ended January 31, 
   (Unaudited)   (Audited) 
   2013   2012   2013   2012 
                 
Sales, net  $8,921,000   $9,157,000   $31,021,000   $29,607,000 
Operating income  $467,000   $1,608,000   $1,791,000   $1,341,000 
Net income  $1,793,000   $730,000   $2,522,000   $392,000 
Basic income per share  $0.47   $0.19   $0.67   $0.10 
Diluted income per share  $0.43   $0.18   $0.62   $0.10 

  

For the fiscal quarter ended January 31, 2013, the Company reported net sales of $8,921,000, down 3% as compared to net sales of $9,157,000 for the fiscal quarter ended January 31, 2012. Net sales were $31,021,000 during fiscal year 2013, an increase of $1,414,000, or 4.8%, compared to $29,607,000 for fiscal year 2012. During fiscal year 2013, our sales volume increased from the prior year by approximately $2.2 million on increased demand for repairs, sensors, spares and development services, offset by approximately $0.8 million on reduced demand for mechanical instruments.

 

The Company reported net income for the quarter ended January 31, 2013 of $1,793,000, or $0.47 basic income per share, compared to net income of $730,000, or $0.19 basic income per share for the quarter ended January 31, 2012. For fiscal year 2013, the Company reported net income of $2,522,000, or $0.67 basic income per share, compared to net income of $392,000, or $0.10 basic income per share for the year ended January 31, 2012.

 

“Aerosonic made excellent progress during our Fiscal Year 2013, as sales increased almost 5% while year-end backlog increased by 19%. Gross margins increased to 39% from last year’s 29% based on growth in our aftermarket business and overall productivity improvements,” commented Douglas J. Hillman, President and CEO. “Our operating income improved by 34% compared to last year, while net income benefitted from the sale of intellectual property that we had elected not to further develop on our own. The funds from that sale will further enable our reinvestment in further growth via new digital Standby Displays and leading edge Air Data products.”   

 


The following information was filed by Aerosonic Corp on Thursday, May 2, 2013 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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CIK: 109471
Form Type: 10-Q Quarterly Report
Accession Number: 0001144204-13-034741
Submitted to the SEC: Thu Jun 13 2013 5:13:14 PM EST
Accepted by the SEC: Thu Jun 13 2013
Period: Friday, May 3, 2013
Industry: Search Detection Navagation Guidance Aeronautical Sys

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