Aerosonic Corporation (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 quarter ended
August 1, 2008, with the United States Securities and Exchange
Commission.
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Three Months Ended
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Six Months Ended
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August 1, 2008
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July 27, 2007
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August 1, 2008
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July 27, 2007
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Revenues
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5,962,000
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|
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$
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5,292,000
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$
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12,613,000
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$
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12,117,000
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Net (loss) income
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$
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(234,000
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)
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$
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(1,303,000
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)
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$
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(470,000
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)
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$
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(1,241,000
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)
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(Loss) Earnings per share
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Basic and diluted
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$
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(0.06
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)
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$
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(0.37
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)
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$
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(0.13
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)
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$
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(0.35
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)
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For the fiscal quarter ended August 1, 2008, the Company reported
revenues of approximately $6.0 million, an increase of 13.0% as compared
to revenues of approximately $5.3 million for the fiscal quarter ended
July 27, 2007. This increase compared to last year was primarily
attributed to the consolidation of the Earlysville, Virginia facility
with the Clearwater, Florida facility in the prior year. For the six
months ended August 1, 2008, the Company reported revenues of
approximately $12.6 million, an increase of 4.0% as compared to revenues
of approximately $12.1 for the six months ended July 27, 2007.
The Company reported a net loss for the quarter ended August 1, 2008 of
approximately $234,000, or ($0.06) basic and diluted earnings per share,
versus a net loss of approximately $1,303,000, or ($0.37) basic and
diluted earnings per share for the quarter ended July 27, 2007. The loss
during the quarter was due to limited shipping delays as well as further
investments in training and capacity while completing the consolidation
of the Earlysville, Virginia facility. For the six months ended August
1, 2008, the Company incurred a net loss of approximately $470,000, or
($0.13) basic and diluted earnings per share, versus a net loss of
approximately $1,241,000, or ($0.35) basic and diluted earnings per
share for the six months ended July 27, 2007.
"Our financial results for the second quarter of fiscal year 2009 showed
improvement over last year,” stated Douglas
Hillman, President and CEO. “During this past
quarter we have taken several steps forward, including implementing a
new management operating system, improved manufacturing coordination and
making some adjustments in our organization to increase through-put.”
“Notwithstanding the August 8, 2008 fire at
our Clearwater facility which slowed us down, we continue to move
forward full speed ahead with our improvement plans. Although the fire
has been very disruptive, we fully expect that Aerosonic will come out
of this challenging time with momentum and a renewed focus on
performance and growth,” commented Mr. Hillman.
Aerosonic Corporation, headquartered in Clearwater, Florida, is
principally engaged in the manufacture of aviation products. Locations
of the Company include Clearwater, Florida and Earlysville, Virginia.
For additional information, visit the Company’s
website at www.aerosonic.com.
This document contains statements that constitute "forward-looking"
statements within the meaning of the Securities Act of 1933 and the
Securities Act of 1934, as amended by the Private Securities Litigation
Reform Act of 1995. "Forward-looking" statements contained in this
document include the intent, belief or current expectations of the
Company and its senior management team with respect to future actions by
officers and directors of the Company, prospects of the Company's
operations, profits from future operations, overall future business
prospects and long term stockholder value, as well as the assumptions
upon which such statements are based.
Investors are cautioned that any such forward-looking statements are
not guarantees of future performance, and that actual results may differ
materially from those contemplated by such forward-looking statements.
Important factors that could cause actual results to differ materially
from those contemplated by the forward-looking statements in this
document include, but are not limited to, adverse developments involving
operations of the Company's business units, failure to meet operating
objectives or to execute the business plan, and the failure to reach
revenue or profit projections. The Company undertakes no obligation to
update or revise the forward-looking statements contained in this
document to reflect changed assumptions, the occurrence of unanticipated
events, or changes to future operating results over time.
Aerosonic Corporation, Clearwater
Mark Perkins, 727-461-3000