ST. LOUIS, Nov. 8, 2012 (GLOBE NEWSWIRE) -- LMI Aerospace, Inc. (LMIA), a leading provider of design engineering services and supplier of structural assemblies, kits and components to the aerospace, defense and technology markets, today announced its financial results for the third quarter of 2012. <\/p>\n
Third Quarter 2012 Highlights <\/p>\n
Third Quarter Results <\/p>\n
Net sales for the third quarter of 2012 increased 9.1 percent to $70.6 million, including $2.2 million from the newly acquired TASS, Inc. (\"TASS\") subsidiary, compared to $64.8 million in the third quarter of 2011. Net income for the third quarter of 2012 was $5.6 million, or $0.48 per diluted share, compared to $4.1 million, or $0.35 per diluted share, in the third quarter of 2011. Third quarter 2012 results include a pre-tax charge of $0.5 million in acquisition costs. Excluding this charge, earnings per diluted share would have been $0.51. <\/p>\n
\"As the current year has progressed, our expectation has been that sales in the Aerostructures segment would increase sequentially each quarter, and Engineering Services sales would remain at the levels experienced in the first two quarters of 2012,\" said Ronald S. Saks, Chief Executive Officer of LMI. \"We have continued to win new business for both segments, and production rates on certain high volume programs have increased. However, delayed receipt of customer furnished engineering and program delays on certain development projects deferred approximately $7.0 million of sales into 2013. Accordingly, Aerostructures sales guidance for 2012 was reduced by $7.0 million to a mid-point of $175.0 million, and sales guidance for 2013 was increased by the same amount to a mid-point of $216.0 million. In addition, about $5.0 million in expected orders and reduced customer pulls decreased the Aerostructures segment's expected sales. <\/p>\n
\"In Engineering Services, we increased overall sales expectations by $6.0 million for the expected contribution of our newly acquired TASS subsidiary but decreased our base business forecast by $2.0 million due to uncertainty over two customer programs. We expect our Aerostructures plants to experience considerable growth again in 2013, and gross margins have improved as a result of production efficiencies and improved performance on some complex new programs. In addition, we plan to build some inventory in 2012, especially of those items deferred into 2013 to better manage the growth expected in 2013.\" <\/p>\n
Aerostructures Segment <\/p>\n
Increasing production rates and new work on the Boeing 737, 747 and 787 models combined to drive a 4.1 percent increase in net sales of large commercial aircraft products, and the Gulfstream G650 and G280 models contributed to a 10.1 percent rise in corporate and regional market net sales. Reduced sales related to the Blackhawk program were due to decreased demand for certain models at one of the company's customers and increased production at a customer owned assembly facility, which we expect to continue into future periods. <\/p>\n
The Aerostructures segment generated gross profit of $12.9 million, or 29.3 percent of net sales, in the third quarter of 2012 versus $11.9 million, or 27.0 percent of net sales, in the third quarter of 2011. Production efficiencies led to this improvement in the segment's margins. <\/p>\n
Selling, general and administrative expenses (\"SG&A\") were $7.5 million in the third quarter of 2012 versus $6.7 million in the third quarter of 2011. Included in these expenses for the third quarter of 2012 is $0.5 million in acquisition expenses. <\/p>\n<\/p>\n
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LMI Aerospace, Inc. Announces Third Quarter 2012 Results<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" ST. LOUIS, Nov Continue reading