ASTRONICS CORPORATION (NASDAQ:ATRO) Files An 8-K Results of Operations and Financial Condition

Item 8.01 Other Events

On February 3, 2020, Astronics Corporation (“Astronics”) issued a news release providing its preliminary revenue for the fourth quarter and full year of 2019 and preliminary bookings for the fourth quarter of 2019. These amounts are preliminary, unaudited, subject to change upon completion of the audit of Astronics, and may differ from what will be reflected in our audited consolidated financial statements as of and for the year ended December 31, 2019. Additional information and disclosures would be required for a more complete understanding of our financial position and results of operations as of December 31, 2019. In the news release Astronics also rescinded its initial 2020 revenue guidance issued in November 2019. Further, the news release addressed items related to Astronics Corporation’s antenna business, an on-going intellectual property dispute and its stock buyback program.

A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.

The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing. The information in this report including the exhibit hereto, shall not be deemed to be “filed” for purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

Press Release of Astronics Corporation dated February 3, 2020.

ASTRONICS CORP Exhibit
EX-99.1 2 a232020exhibit991.htm EX-99.1 DocumentNEWS RELEASEExhibit 99.1FOR IMMEDIATE RELEASE  Astronics Corporation Provides Update on Progress•Unaudited revenue of approximately $198 million for fourth quarter 2019 exceeded guidance•2020 revenue guidance withdrawn due to uncertainty related to 737 MAX•New VVIP IFE platform “Avenir” successfully launched•Expects restructuring charges related to antenna business of $29 million to $35 million in fourth quarter 2019•Estimating intellectual property damages of an additional $18 million in fourth quarter; Company has filed appeal and is vigorously defending position•Temporarily pausing stock buyback initiativesEAST AURORA,…
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About ASTRONICS CORPORATION (NASDAQ:ATRO)

Astronics Corporation is a supplier of products to the aerospace, defense, electronics and semiconductor industries. The Company’s products and services include electrical power generation, distribution and motion systems, lighting and safety systems, avionics products, aircraft structures, systems certification and automated test systems. The Company operates through two segments: Aerospace and Test Systems. The Company’s Aerospace segment designs and manufactures products for the global aerospace industry. Its product lines include lighting and safety systems, electrical power generation, distribution and motions systems, aircraft structures, avionics products, systems certification and other products. The Company’s Test Systems segment designs, develops, manufactures and maintains automated test systems that support the semiconductor, aerospace, communications and weapons test systems, as well as training and simulation devices for both commercial and military applications.