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Overview of Butler National Corporation
Butler National Corporation (OTCQX: BUKS) is a diversified company operating in two primary business segments: Aerospace Products and Professional Services. With a strong foundation in aviation and gaming management, the company has carved out specialized niches in both industries, leveraging decades of expertise to deliver innovative solutions and services.
Aerospace Products Segment
The Aerospace Products segment of Butler National Corporation focuses on the manufacture, sale, and service of electronic equipment and aircraft modifications. This segment supports both special mission and commercial aviation operations. The company operates two Federal Aviation Administration (FAA) Repair Stations, specializing in enhancements for turbine-powered aircraft such as Learjet, Beechcraft King Air, Cessna Caravan, and Gulfstream models. Key offerings include:
- Aircraft Structural Modifications: Butler National provides FAA-certified Supplemental Type Certificates (STCs) for structural and avionics upgrades, enhancing aircraft functionality and performance.
- Special Mission Modifications: The company develops unique solutions, such as the Avcon “Special Mission Pod” and dual camera ports, designed for surveillance, radar, and sensor applications.
- Avionics and Electronics: Through its subsidiary Butler Avionics, Inc., the company offers advanced avionics installations, including the Garmin G700TXi “Glass Cockpit” system, which significantly improves pilot situational awareness and operational efficiency.
- Robust Cabling and Control Systems: Butler National-Tempe specializes in the design and manufacture of rugged electronic controls and cabling for demanding aviation environments.
By focusing on FAA-certified modifications and leveraging its vertically integrated operations, Butler National addresses critical needs in the aviation industry, including safety, efficiency, and adaptability to new technologies. Their client base spans private aircraft owners, commercial operators, and government agencies, ensuring a broad market reach.
Professional Services Segment
In the Professional Services segment, Butler National Corporation manages gaming and entertainment operations. The centerpiece of this segment is the Boot Hill Casino and Resort in Dodge City, Kansas, which features:
- Gaming Facilities: Approximately 500 slot machines, 14-17 table games, and a DraftKings-branded sportsbook, offering both traditional and online sports wagering.
- Dining and Entertainment: The casino includes high-quality dining options and entertainment facilities aimed at enhancing visitor experiences.
- Tourism Promotion: The company actively markets the casino to promote regional tourism and attract a diverse customer base.
Butler National’s partnership with DraftKings for online and retail sports wagering has become a significant revenue driver, complementing its traditional gaming operations. The company’s commitment to customer engagement and innovative marketing strategies helps sustain its competitive position in the gaming industry.
Strategic Positioning and Market Impact
Butler National's dual-industry focus provides a unique diversification strategy, mitigating risks associated with market-specific fluctuations. In the Aerospace segment, the company’s emphasis on FAA-certified modifications and special mission solutions positions it as a leader in the growing global market for aircraft Maintenance, Repair, and Overhaul (MRO). Meanwhile, its Professional Services segment benefits from the rising popularity of sports wagering and the steady demand for casino entertainment.
With a robust backlog of projects exceeding $30 million and ongoing investments in new product development, Butler National demonstrates a commitment to innovation and long-term growth. The company’s vertically integrated operations, strategic partnerships, and focus on quality staffing further enhance its competitive edge in both segments.
Conclusion
Butler National Corporation exemplifies a dynamic approach to business, combining technical expertise in aviation with operational excellence in gaming management. By addressing the evolving needs of its diverse customer base and leveraging its industry certifications and partnerships, the company continues to deliver value to stakeholders while maintaining a strong market presence.
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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