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Butler National Corporation (OTCQB: BUKS) is a renowned player in the fields of specialized aircraft structural modification, maintenance, repair, and overhaul (MRO), as well as gaming management services. Celebrated for over 50 years of excellence, Butler National operates through its subsidiaries to offer an array of unique products and services.
In the aerospace sector, Butler National's subsidiaries include Avcon Industries, Inc., Butler Avionics, Inc., and Butler National Corporation - Tempe. These entities focus on aircraft structural modifications, system integrations, avionics retrofits, overhauls, manufacturing, and repair. Avcon is currently expanding its operations to the New Century Airport near Kansas City, aiming to increase its workforce and hangar space to accommodate the growing demand for its services. Avcon's recent achievements include the Federal Aviation Administration (FAA) Supplemental Type Certificate (STC) approval for the Avcon extended nose and 'Whale Pod' modifications for King Air Model B300 aircraft.
In the gaming sector, the company manages the Boot Hill Casino & Resort in Dodge City, Kansas, through its subsidiaries BHCMC, LLC and Butler National Service Corporation. This facility offers an array of gaming options, including 500 electronic gaming machines, 16 table games, and a DraftKings branded retail sportsbook. The Boot Hill Casino also features a 150-seat casual dining restaurant, Firesides at Boot Hill.
Recent news highlights significant developments, including the acquisition of KC Machine, a provider of high-quality precision parts, and financial results showing a positive trend in revenue and net income. Butler National reported a revenue increase of 1% to $19.6 million for the second quarter of fiscal 2024 and net income of $5.0 million. The backlog remains strong at approximately $26.7 million, indicating a robust pipeline of future work.
Under the leadership of CEO Christopher J. Reedy, Butler National continues to innovate and expand its reach, focusing on shareholder value and long-term growth. The company is committed to the development of new products, staff training, and maintaining operational excellence across its aerospace and gaming segments.
Butler National (OTCQX: BUKS) reported strong financial results for Q1 FY2025 ended July 31, 2024. Revenue increased 15% to $19.8 million, with Aerospace Products revenue jumping 30% and Professional Services revenue up 2%. Operating income surged 211% to $3.5 million, while net income tripled to $2.2 million. Earnings per share improved to $0.03 from $0.01 year-over-year.
The company's backlog reached a record high of $38.2 million. Aerospace Products segment turned profitable with $1.4 million operating income, while Professional Services maintained strong performance. Sports wagering contributed $1.0 million in quarterly revenue. Butler National continues to invest in new product development and STC approvals to drive future growth.
Butler National (OTCQX: BUKS) has received FAA Supplemental Type Certificate (STC) approval for installing the Garmin G700TXi Flight Display System in Learjet Model 35/35A(C-21A)/36/36A airplanes with FC-530 or 535 autopilots. This 'Glass Cockpit' upgrade replaces traditional flight instruments, enhancing situational awareness and operations.
Christopher Reedy, President and CEO, highlighted the system's benefits, including improved pilot interface and decreased avionics workload. Carl Wolf of Garmin expressed excitement about the G700TXi's availability for Learjet Model 35/36 series. Butler National plans to make the STC package available to Garmin Dealers worldwide for field installation and is working on applying the G700TXi to Learjet models with FC-200 autopilots.
Butler National (OTCQX: BUKS) has appointed retired USAF Lieutenant General Michael Loh to its Board of Directors. Lt. Gen. Loh brings over 40 years of Air Force experience, including his role as Director of the U.S. Air National Guard, where he managed a $14 billion annual budget and oversaw 108,400 personnel. He is a command pilot with extensive flying experience in various aircraft.
This appointment comes as Aric Peters steps down from the Board but continues as VP and Director of Sales. Butler National, a 50-year-old public company, operates in Aerospace Products and Professional Services segments, focusing on aircraft modifications and gaming management services.
Butler National (OTCQX: BUKS) reported record financial results for fiscal year 2024 ended April 30. Key highlights include:
- Revenue increased 4% to $78.4 million
- Net income surged to $12.5 million, up from $4.5 million in FY2023
- Diluted earnings per share rose to $0.18, compared to $0.06 in FY2023
- Aerospace Products revenue grew 7% to $39.7 million
- Professional Services revenue increased 2% to $38.6 million
The company attributed the growth to targeted marketing of new FAA STC approved modifications, special mission products, and sports wagering. Butler National invested $3.1 million in new product development and is focusing on training new talent to enhance production efficiencies.
Butler National's subsidiary, Avcon Industries, obtained FAA Supplemental Type Certificate approval for dual camera ports and a 'Special Mission Pod' on Textron/Cessna Model 208 and 208B Caravans. The modifications allow approximately 80 cubic feet of additional space for sensors, cameras, and radars. The pod and dual camera ports enhance operational capabilities and versatility for special missions. The 'Special Mission Pod' starts at $225,000, while the dual camera port modification starts at $248,000. Avcon aims to expand its special mission modifications to more aircraft models.
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