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8-K - FORM 8-K - BUTLER NATIONAL CORP | buks20170914_8k.htm |
Exhibit 99 |
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PRESS RELEASE |
September 14, 2017 |
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BUTLER NATIONAL CORPORATION REPORTS FOURTH QUARTER FISCAL YEAR 2018 FINANCIAL RESULTS AND CONFERENCE CALL
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[OLATHE, KANSAS] September 14, 2017 - Butler National Corporation (OTC QB: BUKS), a leader in the growing global market for aircraft structural modification, maintenance, repair and overhaul (MRO) and a recognized provider of management services in diverse business groups, announces its financial results for the first quarter fiscal 2018 ended July 31, 2017. In conjunction with the release, the Company has scheduled a conference call Tuesday, September 16, 2017 at 9:00 AM Central Daylight Time.
What: Butler National Corporation First Quarter Fiscal 2018 Financial Results Conference Call
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Historical selected financial data related to all operations: |
Quarter Ended July 31 |
Quarter Ended April 30 |
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(In thousands) |
(In thousands) |
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2017 |
2016 |
2015 |
2017 |
2016 |
2015 |
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Net Revenue |
$ 11,649 |
$ 11,389 |
$ 11,696 |
$ 15,122 |
$ 11,925 |
$ 11,836 |
Operating Income (Loss) |
646 |
711 |
361 |
1,503 |
418 |
(389) |
Net Income (Loss) |
238 |
224 |
19 |
777 |
381 |
(322) |
Total Assets |
42,250 |
41,280 |
40,463 |
42,778 |
42,697 |
41,598 |
Long-term Obligations |
2,944 |
4,713 |
6,038 |
3,347 |
5,218 |
6,870 |
Stockholders' Equity |
28,721 |
26,186 |
25,272 |
28,296 |
26,098 |
25,402 |
Weighted Average Shares – Diluted |
64,544 |
63,467 |
62,260 |
63,456 |
63,467 |
62,260 |
New Product Research and Development Cost |
398 |
299 |
555 |
328 |
515 |
828 |
Management Comments:
First quarter fiscal 2018 resulted in a net income of $238,000 compared to a net income of $224,000 in the first quarter fiscal 2017. Butler National Corporation is working to exceed previous revenue levels while continuing to focus on our margin expansion initiatives, including efficiencies in our implementation and operational processes and controlling expenses.
During the three months ending July 31, 2017, we invested approximately $398,000 in projects focused on the development and acquisition of new products. We feel this expenditure for design and development engineering, testing, and certification of new products is required to grow Aerospace Products and help stabilize our long-term revenue and enhance our profits.
We are excited about the future. Management and all employees are focused on the development of new products, execution of our numerous business development opportunities as well as increasing revenue while managing costs. We believe we are positioned for the future as we focus on serving the needs of our customers and enhancing shareholder value,” commented Clark D. Stewart, President of the Company.
Business Segment Highlights
Professional Services: Revenue from Professional Services decreased 1% for the three months ended July 31, 2017 to $7.4 million compared to $7.5 million in the three months ended July 31, 2016. Costs of Professional Services increased 7% in the three months ended July 31, 2017 to $4.8 million compared to $4.5 million the three months ended July 31, 2016. Costs were 65% of segment total revenues in the three months ended July 31, 2017, as compared to 60% of segment total revenues in the three months ended July 31, 2016. Expenses decreased 11% in the three months ended July 31, 2017 to $2.3 million compared to $2.5 million in the three months ended July 31, 2016. Expenses were 30% of segment total revenues in the three months ended July 31, 2017, as compared to 34% of segment total revenues in the three months ended July 31, 2016. Operating income from Professional Services decreased 21% to $353,000 in the three months ended July 31, 2017 from $445,000 in the three months ended July 31, 2016.
Aerospace Products: Revenue from Aerospace Products increased 8% to $4.2 million in the three months ended July 31, 2017, compared to $3.9 million in the three months ended July 31, 2016. Costs of Aerospace Products increased by 6% in the three months ended July 31, 2017 to $3.0 million compared to $2.9 million for the three months ended July 31, 2016. Costs were 72% of segment total revenue in the three months ended July 31, 2017, as compared to 73% of segment total revenue in the three months ended July 31, 2016. Expenses increased 15% in the three months ended July 31, 2017 to $884,000 compared to $769,000 million in the three months ended July 31, 2016. Expenses were 21% of segment total revenue in the three months ended July 31, 2017, as compared to 20% of segment total revenue in the three months ended July 31, 2016. Operating income from Aerospace Products increased 10% to $293,000 in the three months ended July 31, 2017 from $266,000 in the three months ended July 31, 2016.
Costs related to Professional Services and Aerospace Products include the cost of engineering, labor, materials, equipment utilization, control systems, security and occupancy. Expenses related to Professional Services and Aerospace Products include marketing and advertising, employee benefits, depreciation and amortization, and general, administrative and other expenses.
Backlog: As of July 31, 2017 our backlog totaled approximately $12.9 million. The backlog includes firm, pending, and contract orders, which may not be completed within the next fiscal year. This is consistent with the industry in which modifications services and related contracts may take several months and sometimes years to complete. There can be no assurance that all orders will be completed or that some may ever commence.
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Our Business:
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Forward-Looking Information:
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FOR MORE INFORMATION, CONTACT: |
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David Drewitz, Public Relations www.creativeoptionscommunications.com
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Ph (972) 814-5723
Ph (913) 780-9595 |
THE WORLDWIDE WEB: |