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Company Overview
Butler National Corporation (BUKS) operates primarily in the aerospace and professional services sectors. The company is recognized for its specialized work in aircraft modification, maintenance, repair, and overhaul (MRO), as well as its expertise in managing gaming services. As a diversified enterprise, Butler National has cultivated a reputation for delivering robust aerospace solutions that include obtaining Federal Aviation Administration (FAA) Supplemental Type Certificates (STCs) and engineering modifications that enhance both commercial and special mission aircraft capabilities.
Aerospace Products Segment
The Aerospace Products segment is a core pillar of Butler National’s operations. The company designs, manufactures, and services advanced electronic equipment and modification kits for aircraft. Its operations include the development of systems tailored to improve aircraft functionality through enhanced structural modifications, avionics upgrades, and the integration of sophisticated sensor technology. By investing in the design, testing, and certification of new products, Butler National stays ahead of evolving technology trends in the aerospace industry. The company’s engineering teams work globally to secure FAA approval for modifications that provide increased capacity and improved operational performance on diversified platforms including Learjet, Beechcraft King Air, Cessna Caravan, Gulfstream, and other turbine-powered aircraft. Additionally, the maintenance of two FAA Repair Stations underscores the company’s commitment to quality and regulatory compliance.
Professional Services Segment
In addition to its aerospace endeavors, Butler National stands out in the gaming management arena. Through its Professional Services segment, the company manages gaming facilities encompassing casino operations, dining, and entertainment. This segment leverages a dedicated platform for sports wagering and traditional gaming, supported by a rich blend of technology and operational expertise. Facilities under this segment, such as Boot Hill Casino & Resort, are designed to offer a comprehensive gaming experience that includes a wide array of slot machines, table games, and branded sports wagering interfaces. The innovative approach to gaming management integrates modern digital interaction with traditional entertainment, thereby diversifying revenue streams and enhancing overall business resilience.
Operational Excellence and Strategic Focus
Butler National’s operations are characterized by a strong emphasis on quality, safety, and rigorous engineering. The company continually invests in talent development, operational process optimization, and advanced manufacturing technologies. Initiatives such as internal training programs and process reviews for cost management illustrate its focus on sustaining production efficiency and service quality. Strategic investments in product development—particularly in securing STC approvals—demonstrate the company’s commitment to creating scalable, marketable solutions for both domestic and international clientele.
Competitive Position and Industry Expertise
Embedded in a niche market, Butler National distinguishes itself through its deep industry expertise and capability to address complex modification challenges. The company leverages decades of cumulative experience to offer customized solutions that enhance aircraft performance and extend the lifespan of critical aviation systems. Its dual focus on aerospace modifications and gaming services allows it to maintain a balanced portfolio, ensuring diversified income while reinforcing its market relevance. By integrating innovative design with operational discipline, Butler National continues to serve a broad spectrum of customers from commercial aviation operators to government entities.
Key Highlights
- Innovative Aerospace Solutions: The company’s investment in FAA STC approvals and advanced modification technologies underscores its leadership in aircraft enhancements.
- Diversified Business Model: With operations spanning both high-tech MRO services and gaming management, Butler National exhibits a balanced revenue model.
- Operational Rigor: Emphasis on quality manufacturing, process optimization, and rigorous engineering practices ensures exceptional service delivery.
- Commitment to Expertise: In-house expertise in aerospace engineering and dynamic gaming management contributes to the company’s robust market presence.
Overall, Butler National Corporation maintains its role as a significant player in the aerospace MRO market while complementing its operations with a strong management presence in professional gaming services. This dual approach not only enhances its capacity to serve specialized needs in the aviation sector but also provides stability through diversified business operations, making it an important enterprise in its competitive landscape.
Butler National (OTCQX: BUKS) has appointed Julie M. Bowen to its Board of Directors, strengthening its corporate governance structure. Bowen, currently Chief Financial Officer of Legacy Infrastructure Group since 2022, joins as an Independent Director and Audit Committee Financial Expert.
A certified public accountant with experience at KPMG, LLP, Bowen brings expertise in accounting operations, strategic planning, finance, mergers and acquisitions, and stakeholder relations. Her appointment is subject to Kansas Racing and Gaming Commission background investigation approval.
Bowen holds a B.S. in Business Administration and Accounting and a Master of Accountancy from Kansas State University. The appointment reflects Butler National's commitment to enhancing board expertise in financial oversight and corporate governance.
Butler National (BUKS) reported strong financial results for Q3 FY2025 ended January 31, 2025. Revenue increased 12% to $21.2 million compared to $19.0 million in Q3 FY2024. The company achieved net income of $3.4 million, up from $2.4 million year-over-year, with earnings of $0.05 per share.
The Aerospace Products segment saw a 25% revenue increase to $11.4 million, driven by Aircraft Modification business growth. The Professional Services segment experienced a slight 1% decrease to $9.8 million, with sports wagering gains partially offsetting traditional gaming declines.
Notable developments include a $1.04 million gain from selling the legacy JET autopilot repair business and $864,000 investment in new FAA STC approvals. The company maintains a strong backlog of $35.2 million, despite challenges from holiday closures and severe winter weather in Kansas.
Butler National (OTCQX: BUKS) has appointed Jeff Yowell to the newly created position of Executive Chairman. Yowell, who joined the Board of Directors nearly a year ago, will work closely with President and CEO Chris Reedy to guide the company's strategic vision and growth. Joseph P. Daly has been appointed as Lead Independent Director.
Yowell brings significant experience, operating JDY Inc., a C-Suite consulting business, and owning Getter Farms, He has served on the Board of Trustees for the Trust of Buffalo Funds since 2015 and as Board Chairman since 2018. Previously, he was President and CEO of DataCore Marketing, from 1992 to 2012.
The appointment aims to support CEO Chris Reedy in evolving Board engagement and operational support while enhancing various aspects of the business to improve shareholder value.
Butler National (BUKS) reported financial results for Q2 FY2025 ended October 31, 2024. Revenue increased 9% to $21.4 million, driven by a 19% surge in Aerospace Products revenue to $11.7 million, while Professional Services revenue decreased 1% to $9.7 million.
Operating income rose 35% to $4.9 million, though net income decreased to $3.6 million ($0.05 per share) compared to $5.0 million ($0.07 per share) in Q2 FY2024. The previous year's earnings included a $3.7 million gain from an airplane sale. The company maintains a strong backlog of $38.1 million, with significant contributions from Special Mission Electronics operations and Aircraft Modification efforts. Sports wagering generated $1.4 million in quarterly revenue.
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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