aerosonic corp (AIM) Details
Aerosonic Corporation, together with its subsidiaries, engages in the design, manufacture, and sale of aircraft instrumentation and sensor systems worldwide. The company offers mechanical and digital altimeters, airspeed indicators, rate of climb indicators, microprocessor controlled air data test sets, and a range of other flight instruments. It also provides angle of attack indicators; stall warning systems; integrated multifunction probes, which are integrated air data sensors; aircraft sensors and monitoring systems; integrated cockpit displays; digital and mechanical standby displays; mechanical and electro-mechanical cockpit instruments; and digital cockpit instruments. Aerosonic Corporation markets its products to original equipment manufacturers, including manufacturers of helicopters, and corporate and private jets; contractors of military jets; and general aviation aircraft owners. The company sells its products directly through its sales personnel, as well as through distributors and commissioned sales representatives. Aerosonic Corporation was founded in 1953 and is headquartered in Clearwater, Florida.
Last Reported Date: 05/1/13
Founded in 1953
aerosonic corp (AIM) Top Compensated Officers
Chief Executive Officer, President and Direct...
Total Annual Compensation: $263.7K
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: $196.0K
Chief Operations Officer and Executive Vice P...
Total Annual Compensation: $186.2K
Executive Vice President of Sales & Marketing...
Total Annual Compensation: $192.0K
Compensation as of Fiscal Year 2012.
Aerosonic Corp. Announces Unaudited Earnings Results for the Fourth Quarter and Audited Earnings Results for the Year Ended January 31, 2013
May 1 13
Aerosonic Corp. announced unaudited earnings results for the fourth quarter and audited earnings results for the year ended January 31, 2013. 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. The Company reported net income for the quarter ended January 31, 2013 of $1,793,000, or $0.43 diluted income per share, compared to net income of $730,000, or $0.18 diluted income per share for the quarter ended January 31, 2012. Operating income was $467,000 against $1,608,000 a year ago.
For fiscal year 2013, the Company reported net income of $2,522,000, or $0.62 diluted income per share, compared to net income of $392,000, or $0.10 diluted income per share for the year 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, 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. Operating income was $1,791,000 against $1,341,000 a year ago.
Aerosonic Corp. Receives New Orders Related to M346 International Trainer Aircraft
Feb 11 13
Aerosonic Corp. announced that it has received new purchase orders in support of the M-346 Master jet trainer sale to Israel. The orders are to supply air data systems that include its Integrated Multifunction Probe and related equipment for the production of the jet trainer aircraft. These orders are valued at $7.7 million. Shipments will begin in June 2013. The IMFP(R) provides angle of attack, air data sensing and pressure sensing for military aircraft in one probe, reducing flight management system complexity on military aircraft. It is currently installed on several military aircraft.
Aerosonic Corp. Announces Amendment to Loan Agreement with BMO Harris Bank N.A
Feb 6 13
On February 4, 2013, Aerosonic Corp. entered into a third amendment dated as of January 31, 2012, to its Loan Agreement dated April 30, 2010, as amended, with BMO Harris Bank N.A. The Amendment (a) renews to January 31, 2016, the maturity date of Aerosonic’s revolving line of credit in the amount of $4 million; (b) renews to May 1, 2015, the maturity date of Aerosonic’s Interest Bearing Installment Note (Equipment) in the amount of $855,000, and (c) renews to January 31, 2018, the maturity date of Aerosonic’s Interest Bearing Installment Note (Real Estate) in the approximate amount of $2,877,777. Aerosonic replaced the existing promissory notes evidencing these loans through issuance of new notes (collectively, the “New Notes”). Except as amended to extend their respective maturities, the New Notes contain the same terms and conditions as the promissory notes that they replace. The facility evidenced by the Renewal Revolving Credit Note matures on January 31, 2016. This facility provides a line of credit in an amount equal to the lesser of (a) the Revolving Credit Limit of $4,000,000; or (b) a Borrowing Base determined based on eligible accounts receivable and inventory. Interest only is payable monthly. The interest rate applicable to the Renewal Revolving Credit Note is one-month LIBOR plus 300 basis points. The facility evidenced by the Renewal Interest Bearing Installment Note (Equipment) matures on May 1, 2015, and provides term financing. Interest and principal are payable monthly in installments. The interest rate applicable to the Equipment Note is one-month LIBOR plus 3.25 basis points.