East Aurora, NY | July 3, 2013– Astronics Corporation (NASDAQ: ATRO), a leading provider of advanced technologies for the global aerospace and defense industries, today announced that
it has mutually agreed with PECO Inc. (PECO) to extend the closing date of the acquisition to August 9, 2013, pending completion of customary closing items.

Astronics previously announced on May 28 that it had entered into a definitive agreement to acquire the outstanding shares of PECO for approximately $136 million in cash.

East Aurora, NY | May 28, 2013– Astronics Corporation (NASDAQ: ATRO), a leading provider of advanced technologies for the global aerospace and defense industries, today announced that it has entered into a definitive agreement to acquire the outstanding shares of PECO Inc. (PECO) for approximately $136 million in cash. The agreement is expected to close in late June 2013, and is subject to certain conditions, including a review under the Hart-Scott-Rodino Antitrust Improvements Act and the successful arrangement of debt financing by Astronics.

PECO, located in Portland, Oregon, designs and manufacturers highly engineered commercial aerospace interior components and systems for the aerospace industry. The company specializes in Passenger Service Units (PSUs) which incorporate air handling, emergency oxygen, electrical power management and cabin lighting systems. It also manufactures a wide range of fuel access doors that meet stringent strength, fuel sealing and anti-corrosion requirements. PECO enjoys a longstanding relationship with many aerospace customers, including The Boeing Company, for which it provides a variety of products across its line of commercial airliners.

“We believe PECO is an excellent strategic fit with Astronics. PECO is a leader in the critical equipment it designs and manufactures and has successfully established a number of positive relationships with aerospace customers. We believe that Astronics will be able to both strengthen and benefit from those solid relationships,” stated Peter J. Gundermann, President and CEO of Astronics. “We are excited to welcome the PECO team to Astronics. We expect the combination of world class capabilities from both organizations will serve to further our mutual goals.”

PECO had 2012 sales of $77.8 million and has projected 2013 sales of approximately $83 million, with adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) margins consistent with Astronics’ past performance. Excluding one-time acquisition related charges the acquisition is expected to be accretive to earnings in 2013. PECO employs approximately 240 people.

Astronics has the option to make an election under IRS code section 338(h) (10) before the end of 2013 which would provide certain tax benefits. If the election is made, Astronics will be responsible for additional costs including indemnifying the sellers for additional income taxes they incur as a result of the election.

Houlihan Lokey acted as the exclusive financial advisor to PECO.

• Achieves record quarter in sales, bookings, backlog, gross profit, operating profit and net income
• Record quarterly sales of $74 million, up 13.6% from 2012 first quarter
• Record quarterly diluted earnings per share of $0.56, up from $0.40 from 2012
first quarter; including $0.07 per share related to 2012 R&D tax credits
• 2013 revenue expectation narrowed to a range of $280 million to $310 million

East Aurora, NY | May 6, 2013– Astronics Corporation (NASDAQ: ATRO), a leading provider of advanced technologies for the global aerospace and defense industries, today reported financial results for the three months ended March 30, 2013.

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East Aurora, NY | April 22, 2013/Globe Newswire/– Astronics Corporation (Nasdaq:ATRO), a leading provider of advanced technologies for the global aerospace and defense industries, today announced that its wholly-owned subsidiary, Astronics Advanced Electronic Systems Corp. (AES), signed a multi-year agreement with Panasonic Avionics Corporation (Panasonic) to provide Astronics’ world leading EMPOWER® In-Seat Power Systems for installation with Panasonic’s In-Flight Entertainment and Connectivity (IFEC) Systems on Airbus A350 aircraft.

“We are pleased that Panasonic has chosen to continue its long-standing relationship with Astronics by selecting EMPOWER® system products for integration with their IFEC systems onboard A350 aircraft,” said Peter J. Gundermann, President and CEO of Astronics Corporation. “We look forward to adding the A350 to the list of aircraft for which we provide highly reliable, low weight power solutions and outstanding customer service to Panasonic.”

Astronics began providing EMPOWER® products to Panasonic in 2005 under various commercial agreements. Since then, the parties have collaborated on the design and development of multiple intelligent power supply systems used to provide power to Personal Electronic Devices (PEDs) such as laptops, as well as the IFE seat back displays and other electronic devices provided by Panasonic in the cabin of commercial air transport aircraft. Such systems assure high reliability and availability of IFE System functionality and allow the passengers to connect their own portable device for work or pleasure.

For more than 15 years, Astronics has developed innovative intelligent power management systems.The patented EMPOWER® System is currently in service with over 170 Airline/OEM customers at more than 500,000 seat locations.

East Aurora, NY | March 26, 2013– Astronics Corporation (NASDAQ: ATRO), a leading provider of advanced technologies for the global aerospace and defense industries announced today at the Aircraft Electronic Association’s International Convention & Trade Show that its wholly-owned subsidiary, Astronics Advanced Electronic Systems Corp. (AES), has contracted with three business aircraft OEMs to supply its new EmPower® System, which supports USB capability. The EmPower® System will be installed on numerous aircraft models.

The selection was based on the system’s ability to support multiple passengers with a mix of AC and USB power. The inherent safety features of the EmPower® 28VDC to 115VAC System and the dual use AC/USB Outlet provides a clean and easy installation to support the power needs of passengers and crew.

The flexibility of a combined AC/USB outlet is designed to conserve valuable cabin space and to provide passengers with two power availability options at each seat location. Should customers desire, separate AC and USB outlets can be installed.

Keeping safety in mind for both the passenger and the aircraft, overcurrent, overvoltage and thermal runaway conditions are managed locally by the system. This protects both the passenger device power cable as well as the device. The EmPower® USB outlet unit is TSO-C71 certified and DO-160E compliant, while the EmPower® 28VDC to 115VAC in-seat power supply is TSO-C-73 certified.

“Astronics is committed to bringing industry leading electrical power systems to the business aviation market. The EmPower® product is an example of an elegant, but simple, design solution, which allows business aircraft to meet customer demands for power on aircraft,” noted Peter J. Gundermann, President and CEO of Astronics Corporation.

For more than 15 years, Astronics has developed patented intelligent power management systems. The patented EmPower® System is currently in service with over 170 Airline/OEM customers and installed in over 500,000 seat locations. The 28VDC to 115VAC EmPower® In-Seat Power Supply System was launched into the business jet market in 2009 and was the first intelligent power management system of its kind available to the business jet market.

EAST AURORA, NY | October 30, 2012 -– Astronics Corporation (NASDAQ: ATRO) announced today that it has added USB charging capability to its EMPOWER® System line of products for the business jet market. Astronics is a leader in advanced, high performance lighting, electrical power, enhanced vision, network systems and automated test systems for the global aerospace and defense industries and its wholly-owned subsidiary, Astronics Advanced Electronic Systems Corp. (AES) is the leader in providing passenger power on aircraft.

The EMPOWER® 28VDC to 115VAC System supports power requirements for passenger and crew portable electronic devices. The latest generation EMPOWER® System adds USB charging capability to provide the necessary power to operate and charge higher power tablet devices such as the iPad, Samsung Galaxy and more.

Powered via the EMPOWER® System, the flexibility of a combined AC/USB outlet conserves valuable cabin space and provides customers with two modes of available power at each seat location. Should customers desire, the AC and USB outlets can be installed separately.

With safety in mind for both passengers and aircraft; overcurrent, overvoltage and thermal runaway conditions are managed locally by the system, thus protecting both the passenger device power cable and the device. The EMPOWER® USB outlet unit is TSO-C71 certified and DO-160E compliant.

“Astronics is committed to bringing industry leading electrical power systems to the business aviation market. The EMPOWER® product is an example of an elegantly simple design solution which allows business aircraft to meet customer demands for power on the aircraft,” noted Peter Gundermann, President and CEO of Astronics Corporation.

For over 15 years, Astronics has developed patented intelligent power management systems. The patented EMPOWER® System is currently in service with over 170 Airline/OEM customers at over 500,000 seat locations. The 28VDC to 115VAC EMPOWER® In-Seat Power Supply System was launched into the business jet market in 2009 and was the first intelligent power management system of its kind available to the business jet market.

East Aurora, NY | October 8, 2012– Astronics Corporation (NASDAQ: ATRO), a leading provider of advanced technologies for the global aerospace and defense industries, announced it has delivered the 600th Max-Viz enhanced vision system (EVS) for installation on Cirrus SR22 airplanes.

Based on infrared technology, Astronics’ Max-Viz 600 enhanced vision system improves safety of flight and situational awareness by helping penetrate haze, light fog, smoke and precipitation eight to ten times farther than the unaided human eye can see during day or night. It requires no programming or interpretation and permits pilots to clearly see unlit obstacles during taxi, takeoff and landing. In flight, pilots use the system to avoid clouds, fly between layers and observe detailed surface features, such as ground-based obstacles and mountain terrain.

“The Cirrus-integrated Max-Viz 600 EVS is currently being chosen by more than 60 percent of new Cirrus SR22 owners as an option, which we believe is a reflection of its effectiveness for single-engine operations,” noted Peter J. Gundermann, President and CEO of Astronics. “The Max-Viz 600 integrates seamlessly with the aircrafts’ multifunction display using visible and infrared light to show terrain, landmarks, cloud buildups and ground objects such as parked aircraft, animals or people.”

The Max-Viz 600 was designed to fill the need for general aviation piston and slower single engine turboprop fixed wing aircraft, and is also certified for the Robinson R-44 helicopter. The Max-Viz line of enhanced vision systems also includes the Max-Viz 1500, a dual optical field of view EVS with patented image software for turbine rotorcraft, fixed wing turboprop and jets.

– Sales increased 17.2% in the quarter to $65.0 million
– Diluted earnings per share of $0.39, up 11% from prior year
– 2012 revenue guidance increased to $260 million to $275 million
– Record quarter for bookings of $77.2 million


East Aurora, NY | August 7, 2012–
Astronics Corporation (NASDAQ: ATRO), a leader in advanced, high-performance lighting, electrical power and automated test systems for the global aerospace and defense industries, today reported financial results for the three and six months ended June 30, 2012.

Peter J. Gundermann, President and Chief Executive Officer, commented, “We had another very strong quarter with excellent sales, profits and new orders. Our market conditions remain strong and we received a record amount of new orders during the quarter totaling over $77 million. We are pleased with our progress during the first half of 2012 and expect strong conditions to prevail through the remainder of the year.”

Consolidated Review

Sales in the second quarter of 2012 were $65.0 million, up $9.5 million, or 17.2%, from the prior year second quarter sales of $55.5 million. Aerospace sales, which represented 96% of total second quarter sales, increased 20.2% over the prior year period to $62.4 million. Test Systems sales decreased to $2.6 million for the second quarter 2012 compared with $3.5 million in last year’s second quarter.

Year-to-date sales in 2012 were $130.1 million, up $19.5 million, or 17.7%, from the prior year-to-date sales of $110.6 million. Aerospace sales increased 21.8% over the prior year-to-date period to $124.4 million. Test Systems year-to-date sales decreased to $5.7 million compared with $8.5 million in the prior year.

Consolidated operating margin in the 2012 second quarter was 12.0% compared with 13.1% in the prior year period. Year-to-date consolidated operating margin was 13.1% compared with 13.9% in the prior year period. Year-to-date and second quarter increases in engineering and development (E&D) costs, which are included in cost of products sold, offset leverage from increased aerospace sales. E&D costs were $11.1 million and $21.1 million in the 2012 second quarter and year-to-date periods, respectively, compared with $8.8 million and $17.1 million in the 2011 second quarter and year-to-date periods, respectively. E&D spending for 2012 is expected to be in the range of
$40 million to $43 million.

Consolidated SG&A in the 2012 second quarter was $9.3 million increasing $2.2 million when compared with $7.1 million in the prior year second quarter. The increase was a result of the incremental SG&A costs associated with Ballard Technology (“Ballard”) which was acquired in November 2011, as well as increased compensation costs. Year-to-date consolidated SG&A was $18.1 million, increasing $4.6 million when compared with $13.5 million in the prior year period. The increase was due primarily to the incremental Ballard SG&A costs and increased compensation and legal costs.

Net income in the second quarter of 2012 was $5.2 million, or $0.39 per diluted share, compared with net income of $4.5 million, or $0.35 per diluted share, in the same period of last year. Year-to-date net income in 2012 was $11.3 million, or $0.86 per diluted share, compared with net income of $9.8 million, or $0.76 per diluted share, in the same period of last year. Earnings per share for the second quarter and year-to-date periods of 2011 have been restated to reflect the impact of the one-for-ten Class B stock distribution to shareholders of record on August 16, 2011.

Aerospace Segment Review (refer to sales by market and segment data in accompanying tables)

Second quarter 2012 aerospace sales increased 20.2% to $62.4 million compared with $51.9 million in the second quarter of 2011. Sales to the commercial transport market increased primarily on higher cabin electronics shipments as global demand for passenger power systems continues to be strong. Also contributing to the increase was the addition of Ballard’s avionics databus products as well as increased sales of aircraft lighting and airframe power products. Military sales increased due primarily to increased aircraft lighting sales and the addition of Ballard’s avionics databus military sales. Sales to the business jet market were up when compared with last year’s second quarter due to increased aircraft lighting sales.

Year-to-date sales in 2012 to the commercial transport market also increased primarily from increased cabin electronics sales, the addition of Ballard and higher demand for aircraft lighting and airframe power products. Military sales increased due to the addition of Ballard military sales offset partially by lower aircraft lighting and airframe power sales. Sales to the business jet market were up when compared with last year, due to increased aircraft lighting sales partially offset by lower airframe power sales.

Aerospace operating profit for the second quarter of 2012 was $10.9 million, or 17.5% of sales, compared with $9.0 million, or 17.3% of sales, in the same period last year. Leverage from higher sales was partially offset by increased E&D costs and increased compensation costs.

Year-to-date 2012 Aerospace operating profit was $22.8 million, or 18.3% of sales, compared with $18.3 million, or 17.9% of sales, in the same period last year. The increase in year-to-date operating profit was due to leverage from the higher sales partially offset by increased E&D costs combined with higher legal and compensation costs.

Bookings during the second quarter and first half of 2012 were $75.7 million and $134.2 million, respectively, compared with bookings of $55.0 million and $103.7 million in the second quarter and year-to-date periods of 2011, respectively. Backlog at the end of the second quarter was
$107.7 million.

Test Systems Segment Review (refer to sales by market and segment data in accompanying tables)

Sales in the 2012 second quarter decreased to $2.6 million when compared with $3.5 million for the same period in 2011. Year-to-date sales in 2012 decreased to $5.7 million when compared with $8.5 million for the same period in 2011.

Test Systems operating loss for the second quarter of 2012 was $1.3 million compared with a loss of $0.5 million in the same period last year. The year-to-date operating loss was $2.4 million compared with a loss of $0.5 million in the same period last year.

Bookings during the second quarter and year-to-date periods were $1.5 million and $3.8 million, respectively. Backlog at the end of the second quarter was $6.5 million.

Balance Sheet

Cash at the end of the 2012 second quarter declined by $2.7 million to $8.2 million compared with $10.9 million at December 31, 2011, primarily as a result of the early extinguishment in January 2012 of a $5.0 million, 6% subordinated note and an increased investment in net working capital assets.

Capital expenditures during the second quarter and first half of 2012 were $2.8 million and $4.5 million, respectively, compared with $6.2 million and $7.0 million for the same periods in 2011, respectively.

The Company expects capital spending in 2012 to be approximately $18 million to $20 million.

Outlook

On June 30, 2012 backlog was $114.2 million, up from backlog of $102.0 million at the end of the trailing first quarter of 2012 and slightly improved over backlog of $102.1 million at the end of the second quarter of 2011. Approximately $82 million of this backlog is expected to ship by the end of 2012 and $96 million is expected to ship over the next four quarters.

Mr. Gundermann concluded, “We began the year with top line expectations of $235 million to $250 million in sales, which we revised upward in May to $250 million to $265 million. Now, based on strong bookings and our recent acquisition of Max-Viz, we are increasing our expected sales range for 2012 to $260 million to $275 million.”

Astronics anticipates that approximately $250 million to $264 million of forecasted 2012 revenue will be from its Aerospace segment, while approximately $10 million to $11 million of the forecasted revenue will be from its Test Systems segment.

East Aurora, NY | July 31, 2012– Astronics Corporation (NASDAQ: ATRO), a leading provider of advanced technologies for the global aerospace and defense industries, today announced that it has acquired privately-held Max-Viz, Inc. (“Max-Viz”), a market-leading developer and designer of Enhanced Vision Systems (EVS) for fixed and rotary wing aircraft through both OEM and aftermarket channels in the general aviation, commercial and military aerospace markets for $10 million in cash. Additional purchase consideration of up to $8.0 million may be paid by Astronics if Max-Viz achieves certain revenue targets in 2013, 2014 and 2015.

Founded in 2001 in Portland, OR, Max-Viz had 2011 revenue of $5.4 million and backlog of $3.0 million at the end of 2011, and is projecting 2012 full-year revenue in the range of $7.0 million to $8.0 million. Max-Viz’s EVS product line fuses infrared and visible imagery allowing real-time display to pilots for increased visibility in adverse weather conditions, such as darkness, precipitation, fog, dust and smoke.

“The Max-Viz acquisition fits well with our strategy to broaden our product and technology offerings to the aerospace and defense industry,” commented Peter J. Gundermann, President and CEO of Astronics. “They are a leading provider of EVS technology having earned FAA certification for installation on more than 200 different fixed wing and rotary wing aircraft models across various manufacturers. We expect that Max-Viz will continue its growth through innovation, quality and its solid pipeline of opportunities.”

Astronics expects the acquisition to be slightly accretive in 2012. KippsDeSanto & Co. acted as exclusive financial advisor to Max-Viz, Inc. on this transaction.

EAST AURORA, NY | July 16, 2012 — Astronics Corporation (NASDAQ: ATRO), a leading provider of advanced technologies for the global aerospace and defense industries, announced today that its Luminescent Systems Canada Inc. (LSI Canada) subsidiary has been selected by Rockwell Collins as the 2012 Human Machine Interface Supplier of the Year. This is the third year in a row that LSI Canada has received this award.

The Supplier of the Year award is an acknowledgement of significant contributions made during the year by suppliers to Rockwell Collins and is based on quality, delivery, total cost of ownership, lead time and customer service. The award was presented to Astronics at the 2012 Rockwell Collins Annual Supplier Conference in Cedar Rapids, IA.

We rarely publish stories on company moves, almost never. We got wind of an Astronics move (1.5 miles north on Willows Rd) so we went to see the new building which will house more than 300 employees (current full-time headcount is 312). The move comes amid a business and employee hiring expansion. Why, demand for inseat power is growing disproportionately to airline growth but is more akin to the growth of portable devices like Smartphones. Wi-Fi connectivity is becoming the darling of the flying set and with smaller single-aisle aircraft taking up the growth charge, the inseat product line will grow with it.

If you don’t know (or remember Astronics, here is a short primer: Astronics Advanced Electronic Systems (Astronics AES) began in Seattle, Washington as Electric Service Company “ELSCO” in 1958. In the 1960s the company focused on the small specialty power supply business and in the 1970s moved to Redmond, WA. During the 1980s product offerings expanded further to system-level power systems and test systems. In the early 1990s the company delivered a new product – airplane cabin phone systems for AT&T and later in the 1990s introduced its in-seat power system, EmPower®. In the early 2000s, Astronics AES moved to a larger building in Redmond and introduced the CorePower® product line, a complete power generation and distribution systems for business aircraft. EmPower®– In-seat power systems for commercial and business aircraft provides power to run laptops, portable electronic devices and in-flight entertainment systems. EmPower® systems.

And lastly, but still in the Astronics mode, here are a few juicy bits we picked up about the newest (soon to be announced) inset power product. See if you can figure out what it is?

Commercially:
1)  The attest product from the leader of In Seat Power products.
2)     First to market with a system that charges 4 iPads simultaneously as well as other similar devices.
3)     Launch customer to be announced soon.
4)     Directed in response to airlines that are launching IFEC. programs and also recognize that passengers are carrying on their own electronic environment.

Technically:
1. Provides power to 4 USB devices.
2. Delivers up to 2.1A / device to charge iPad and other similar devices
3. Weight – > 0.35kg  (> 0.75lbs)
4. Has a very small form factor.
5. Compatible with Airbus and Boeing design requirements.
6. It is interchangeable / intermixable with ISPSS and IFE systems.
7. Wide frequency input
8. Meets OEM offerability requirements..
9. Patents are pending.
10. Meets FAA/EASA requirements.
11. It is efficient – it exhibits very Low Heat dissipation.

Stay Tuned!