AEROSONIC CORP /DE/ Files SEC form 10-Q, Quarterly Report

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ("MD&A") General Results of Operations Net sales for the first quarter of fiscal year 2010 increased $2,123,000, or 32%, to $8,774,000 when compared to $6,651,000 for the first quarter of fiscal year 2009. The increase in sales between fiscal quarters is primarily the result of increased production in the transmitter product line in fiscal quarter ended May 1, 2009. Historically this line provides higher revenues and gross margins. Management's emphasis continues to be based on a focus of returning the Company to full production as soon as is practicable. Cost of sales for the first quarter of fiscal year 2010 increased $216,000, or 4%, to $5,464,000 when compared to $5,248,000 for the first quarter of fiscal year 2009. Gross profit increased from 21% for the first quarter of fiscal year 2009 to 38% for the first quarter of fiscal year 2010. The three month comparative increase in gross profit, as a percent of sales, is primarily the result of focused production in the transmitter product line. Our improvement in gross profit will continue to require the following: • improving controls over the manufacturing process; • planning inventory purchases and movement carefully; and • reducing costs and inefficiencies in our operations through better resource management and improved accountability. These initiatives will be complemented with a marketing and sales strategy that addresses the highly competitive environment. Selling, general and administrative expenses for the first quarter of fiscal year 2010 decreased $58,000 when compared to the first quarter of fiscal year 2009. The change in selling, general and administrative expenses is primarily the result of personnel reductions made in the third quarter of fiscal 2009. Interest expense, net, decreased $100,000 for the first quarter of fiscal year 2010...
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AEROSONIC CORP /DE/ Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (c) Appointment of Chief Financial Officer. Aerosonic Corporation (the "Registrant") appointed Mr. Kevin J. Purcell as Executive Vice President and Chief Financial Officer of the Registrant, which appointment was memorialized by the execution of an employment agreement (the "Employment Agreement"), effective as of May 26, 2009 (the "Effective Date"), by and between the Registrant and Mr. Purcell. The material items of the Employment Agreement are summarized below, and the full text of the Employment Agreement is filed as Exhibit 10.1 to this Current Report and is incorporated herein by reference. Mr. Purcell, age 51, has held a number of senior financial positions, including VP and CFO at Herley Industries, Inc., and VP of Finance, Contracts and Compliance for Smiths Aerospace LLC, Customer Services Americas. Mr. Purcell has also served other companies in senior financial positions including Vice President and CFO, Controller and Director. In addition, he worked for a number of years in the Government Contractor Advisory Services group of KPMG. Mr. Purcell received his B.B.A. degree in financial accounting from Iona College and his M.B.A. degree from Pepperdine University. He is a Certified Public Accountant and a Certified Management Accountant. Mr. Purcell does not hold any directorships with reporting companies in the United States. There are no family relationships between Mr. Purcell and the directors, executive officers, or persons nominated or chosen by the Registrant to become directors or executive officers. During the last two years, there have been no transactions, or proposed transactions, to which the Registrant was or is to be a party, in which Mr. Purcell (or any member of his immediate family) had or is to have a direct or indirect material interest. Employment Agre...
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Aerosonic Reports Second Quarter Results

Net sales for the second quarter of fiscal year 2010 increased $2,152,000, or 36%, to $8,114,000 when compared to $5,962,000 for the second quarter of fiscal year 2009. On a year to date basis, net sales were $16,888,000 during the first six months of fiscal year 2010, an increase of $4,275,000, or 34%, when compared to $12,613,000 for the first six months of fiscal year 2009. The increase in sales for the respective periods was primarily the result of increased productivity across several product lines, including our transmitter product line. We were successful in stabilizing manufacturing processes and improving upon critical manufacturing and planning processes.Gross profit increased from 34% for the second quarter of fiscal year 2009 to 39% for the second quarter of fiscal year 2010. On a year to date basis, gross profit increased from 27% for the first six months of fiscal year 2009 to 38% for the first six months of fiscal year 2010. The three month comparative increase in gross profit percentage, as well as the year to date comparative increase in gross profit percentage, is primarily attributable to the improvement in operational performance across several product lines.The Company reported net income for the quarter ended July 31, 2009 of approximately $556,000, or $0.15 basic and $0.14 diluted earnings per share, versus a net loss of approximately ($234,000), or ($0.06) basic and diluted loss per share for the quarter ended August 1, 2008. For the six months ended July 31, 2009, the Company reported net income of approximately $1,931,000, or $0.53 basic and $0.51 diluted earnings per share, versus a net loss of approximately ($470,000), or ($0.13) basic and diluted loss...
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AEROSONIC CORP /DE/ Files SEC form 10-Q, Quarterly Report

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ("MD&A") General Results of Operations Net sales for the second quarter of fiscal year 2010 increased $2,152,000, or 36%, to $8,114,000 when compared to $5,962,000 for the second quarter of fiscal year 2009. On a year to date basis, net sales were $16,888,000 during the first six months of fiscal year 2010, an increase of $4,275,000, or 34%, when compared to $12,613,000 for the first six months of fiscal year 2009. The increase in sales for the respective periods was primarily the result of increased productivity across several product lines, including our transmitter product line. We were successful in stabilizing manufacturing processes and improving upon critical manufacturing and planning processes. Certain test processes continue at the Virginia facility due to damage to testing equipment from the August 2008 fire at the Clearwater, Florida facility. It is expected that the capability to perform these processes will return to the Clearwater, Florida facility by the end of fiscal year 2010. Cost of sales for the second quarter of fiscal year 2010 increased $1,029,000, or 26%, to $4,951,000 when compared to $3,922,000 for the second quarter of fiscal year 2009. On a year to date basis, cost of sales were $10,415,000 during the first six months of fiscal year 2010, an increase of $1,245,000, or 14%, when compared to $9,170,000 for the first six months of fiscal year 2009. Gross profit increased from 34% for the second quarter of fiscal year 2009 to 39% for the second quarter of fiscal year 2010. On a year to date basis, gross profit increased from 27% for the first six months of fiscal year 2009 to 38% for the first six months of fiscal year 2010. The three month comparative increase in gross profit percentage, as well as the year to date comparative increase in gross profit percentage, is primarily attributable to the improvement in operationa...
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AEROSONIC CORP /DE/ Files SEC form 8-K, Other Events, Financial Statements and Exhibits

Show all filings for AEROSONIC CORP /DE/ | Request a Trial to NEW EDGAR Online Pro Form 8-K for AEROSONIC CORP /DE/ 14-Jul-2009Other Events, Financial Statements and Exhibits Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational...
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AEROSONIC CORP /DE/ Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements and Exhib

Show all filings for AEROSONIC CORP /DE/ | Request a Trial to NEW EDGAR Online Pro Form 8-K for AEROSONIC CORP /DE/ 19-Jun-2009Results of Operations and Financial Condition, Financial Statements and Exhib Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provi...
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Palm Bank names Charles Pope to executive posts

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AEROSONIC CORP /DE/ Financials

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AEROSONIC CORP /DE/ Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements and Exhib

Show all filings for AEROSONIC CORP /DE/ | Request a Trial to NEW EDGAR Online Pro Form 8-K for AEROSONIC CORP /DE/ 17-Sep-2009Results of Operations and Financial Condition, Financial Statements and Exhib Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provi...
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