Astronics Corporation to Record Fourth Quarter 2009 Non-Cash Goodwill Intangible Asset Impairment Charge
EAST AURORA, NY, January 19, 2010 – Astronics Corporation (NASDAQ: ATRO), a leader in advanced, high performance lighting, electrical power management and automated test systems for the global aerospace and defense industries, today announced that it expects to record a fourth quarter non-cash, pre-tax charge of approximately $19.4 million for impairment of goodwill and other intangible assets related to its Test Systems business. As a result of this charge, the Company expects to report a net loss for the fourth quarter and the year ended December 31, 2009.
The impairment charge reflects lower than previously anticipated revenue and future cash flow from Astronics’ Test Systems business, which was acquired as part of the Company’s acquisition of DME Corporation in January 2009. Astronics has reduced its revenue outlook for the Test Systems business as compared with its initial assessment as a result of low new order bookings.
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