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Aeroflex Incorporated and Subsidiaries
Selected Financial Data
(In thousands, except percentages, footnotes, and per share data)
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2006 |
2005 |
2004 |
2003 |
2002 |
Net sales |
$551,846 |
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$463,371 |
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$414,101 |
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$265,807 |
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$171,531 |
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Income from continuing operations |
28,096 |
(1) |
18,644 |
(2) |
20,464 |
(3) |
10,895 |
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7,621 |
(4) |
Discontinued operations |
(1,603) |
(1) |
(1,603) |
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(8,317) |
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(4,500) |
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(18,402) |
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Cumulative effect of a change in accounting
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— |
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— |
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— |
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— |
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— |
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Net income (loss) |
26,959 |
(1) |
17,041 |
(2) |
12,147 |
(3) |
6,395 |
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(10,781) |
(4) |
Income from continuing operations per common share |
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Basic |
$0.37 |
(1) |
$0.25 |
(2) |
$0.30 |
(3) |
$0.18 |
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$0.13 |
(4) |
Diluted |
0.37 |
(1) |
0.25 |
(2) |
0.29 |
(3) |
0.18 |
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0.12 |
(4) |
Weighted average number of common shares outstanding |
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Basic |
75,028 |
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74,634 |
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67,917 |
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60,193 |
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59,973 |
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Diluted |
76,576 |
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75,885 |
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69,931 |
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60,753 |
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62,012 |
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2006 |
2005 |
2004 |
2003 |
2002 |
Working capital |
$209,139 |
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$161,749 |
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$237,865 |
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$161,925 |
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$145,095 |
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Total assets |
638,022 |
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589,849 |
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551,391 |
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331,262 |
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318,096 |
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Long-term debt (including current portion) |
4,165 |
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4,824 |
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10,275 |
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9,270 |
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11,244 |
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Stockholders' equity |
487,670 |
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443,980 |
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427,097 |
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258,415 |
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249,482 |
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Other statistics |
After tax profit margin from continuing operations |
5.1% |
(1) |
4.0% |
(2) |
4.9% |
(3) |
4.1% |
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4.4% |
(4) |
Return on average stockholders' equity from continuing operations |
6.0% |
(1) |
4.3% |
(2) |
6.0% |
(3) |
4.3% |
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3.0% |
(4) |
Stockholders'
equity
per
share
(5) |
$6.48 |
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$5.95 |
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$5.75 |
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$4.30 |
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$4.16 |
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(1)
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Includes (a) $6.8 million ($4.2 million, net of tax, or $.05 per diluted share) charge for share based compensation, (b) a $3.2 million ($2.0 million, net of tax, or $.03 per diluted share) charge for restructuring costs for the consolidation of our three United Kingdom operations into one division, and (c) a $3.9 million ($2.4 million, net of tax, or $.03 per diluted share) adjustment for a development contract, (d) the cumulative effect of a change in accounting principle relates to the adoption of FASB Interpretation No. 47, effective June 30, 2006, including the recording of a fixed asset and an asset retirement obligation liability for certain leases of $2.4 million each and $1.6 million accumulated depreciation, and after tax charge of $l.1 million.
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(2) |
Includes (a) $3.0 million ($3.0 million, net of tax, or $.04 per diluted share) charge for the write-off of in-process
research and development acquired in connection with the purchases of JcAIR and SPG, and (b) includes $ 3.1 million ($1.9 million, net of tax, or $.02 per diluted share) charge for the restructuring of our European sales and management organization. |
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(3) |
Includes $4.2 million ($3.9 million, net of tax, or $.06 per diluted share) charge for the write-off of in-process research and development acquired in connection with the purchases of MCE, RIWS and Celerity. |
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(4) |
Includes (a) $3.1 million ($2.1 million, net of tax, or $.03 per diluted share) charge for the consolidation of our
manufacturing operations in order to take advantage of excess manufacturing capacity and reduce operating
costs including charges related to excess equipment capacity, and (b) includes $1.1 million ($1.1 million, net of tax, or $.02 per diluted share) charge for the write-off of in-process research and development acquired in
connection with the purchase of IFR Systems, Inc. in May 2002. |
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(5) |
Calculated by dividing stockholders’ equity, at the end of the year, by the number of shares outstanding at the end of the year. |
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