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Higher costs left Astronics with a reported net income of $1.4 million for the quarter ending April 4, compared to $2.6 million of net income for the same period the year before.
Sales for the first quarter were reported at $50 million, a 21.7 percent increase over the first quarter of 2008 and an all-time record for the company. But that achievement was the result of the infusion of two months worth of sales from the Florida-based DME, a maker of weapons and communications test equipment, acquired by Astronics as of Jan. 30.
The net income translated to 13 cents per share, compared to 31 cents a share from the first quarter of 2008.
Peter J. Gundermann, president and chief executive officer of Astronics, said some of the company's biggest customers were reducing their planned production in the weakened economy, decreasing their demand for Astronics' products.
"We have responded accordingly by cutting costs and aligning ourselves more appropriately to customer expectations," Gundermann said in a company press release. "We believe that conditions will strengthen as the year progresses and as cost-saving adjustments made in the first quarter play out."
Gundermann said on a corporate conference call Monday afternoon that while the production in the commercial airliner and military aircraft markets seem to be steadying, the market for corporate jets is "really getting slammed."
New orders for the first quarter were also down by 32 percent compared to the same period last year. Gundermann said orders can fluctuate wildly from quarter to quarter and can't be read as a trend.
The company now estimates 2009 revenue to be in the range of $210 million to $225 million. Three months ago, 2009 revenue estimates were in the range of $230 million to $245 million. Either would be a significant increase over 2008's sales of $174 million.
gpyle@buffnews.com
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