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8-K - FORM 8-K - ASTRONICS CORP | c20765e8vk.htm |
Exhibit 99.1
NEWS RELEASE |
Astronics Corporation ×130 Commerce Way × East Aurora, NY × 14052-2164
For more information contact: |
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Company:
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Investor Relations: | |
David C. Burney, Chief Financial Officer
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Deborah K. Pawlowski, Kei Advisors LLC | |
Phone: (716) 805-1599, ext. 159
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Phone: (716) 843-3908 | |
Email: david.burney@astronics.com
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Email: dpawlowski@keiadvisors.com |
FOR IMMEDIATE RELEASE
Astronics Announces 10% Class B Stock Distribution
| Common and Class B stockholders will receive distribution of Class B Stock |
EAST AURORA, NY, August 2, 2011 Astronics Corporation (NASDAQ: ATRO), a leader in advanced,
high-performance lighting, electrical power and automated test systems for the global aerospace and
defense industries, announced a one-for-ten distribution of Class B Stock to holders of both Common
and Class B Stock. Stockholders will receive one share of Class B Stock for every ten shares of
Common and Class B Stock held on the record date of August 16, 2011. Fractional shares will be
paid in cash. The Company expects the new shares to be distributed on or about August 30, 2011.
Astronics initially distributed shares of Class B Stock to Common and Class B stockholders in 1987.
Additional Class B share distributions were made in 1988, 2000, 2001 and 2008. Currently, there
are approximately 2.1 million Class B and 8.9 million Common shares outstanding. After the
distribution, approximately 3.2 million Class B and 8.9 million Common shares will be outstanding.
Astronics Class B Stock is entitled to ten votes per share while Common Stock is entitled to one
vote per share. Class B Stock is not a tradable security, but is convertible, at all times and
without cost to the shareholder, into one share of Astronics Corporation Common Stock, which is
tradable and provides shareholders of Class B Stock access to the market. The value of one share
of Class B Stock is equivalent to one share of Common Stock. Subject to certain exceptions, shares
of Astronics Class B Stock automatically convert into an equal number of shares of Common Stock
upon transfer.
Peter J. Gundermann, President and Chief Executive Officer of Astronics, commented, The Board of
Directors chose to initiate this distribution of Class B shares to reward our current stockholders,
encourage long-term ownership and interest in Astronics and increase the total number of shares
outstanding.
Information regarding the Class B share distribution and instructions to convert Class B stock into
Common stock can be found in the Frequently Asked Questions section of Astronics website at
www.astronics.com. Registered shareholders and brokers should contact the Companys transfer
agent, American Stock Transfer & Trust Company (AST) at (800) 937-5449, regarding the conversion of
Class B Stock to Common Stock. AST is the agent for the distribution.
ABOUT ASTRONICS CORPORATION
Astronics Corporation is a leader in advanced, high-performance lighting, electrical power and
automated test systems for the global aerospace and defense industries. Astronics strategy is to
develop and maintain positions of technical leadership in its chosen aerospace and defense markets,
to leverage those positions to grow the amount of content and volume of product it sells to those
markets and to selectively acquire businesses with similar technical capabilities that could
benefit from our leadership position and strategic direction. Astronics Corporation, and its
wholly-owned subsidiaries, Astronics Advanced Electronic Systems Corp., DME Corporation and
Luminescent Systems Inc., have a reputation for high-quality designs, exceptional responsiveness,
strong brand recognition and best-in-class manufacturing practices. The Company routinely posts
news and other important information on its Web site at
www.Astronics.com.
For
more information on Astronics and its products, visit its Web site at
www.Astronics.com.
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Securities Exchange Act of
1934. One can identify these forward-looking statements by the use of the words expect,
anticipate, plan, may, will, estimate or other similar expressions. Because such
statements apply to future events, they are subject to risks and uncertainties that could cause the
actual results to differ materially from those contemplated by the statements. Important factors
that could cause actual results to differ materially include the state of the aerospace and defense
industries, the market acceptance of newly developed products, internal production capabilities,
the timing of orders received, the status of customer certification processes, the demand for and
market acceptance of new or existing aircraft which contain the Companys products, customer
preferences, and other factors which are described in filings by Astronics with the Securities and
Exchange Commission. The Company assumes no obligation to update
forward-looking information in this news release whether to reflect changed assumptions, the
occurrence of unanticipated events or changes in future operating results, financial conditions or
prospects, or otherwise.
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