BUTLER NATIONAL CORPORATION ANNOUNCES THIRD QUARTER FISCAL YEAR 2024 FINANCIAL RESULTS
- Operating income rose by 12% to $3.8 million in Q3 FY 2024.
- Net income increased to $2.4 million compared to the previous year.
- Revenue decreased to $18.96 million, with a decline in Aerospace Products but growth in Professional Services.
- Investment of $845 in new product development highlights the company's commitment to innovation.
- Management remains positive about future growth opportunities and operational efficiency.
- None.
- Operating income increased
Historical selected financial data related to all operations: | ||||||||||||||||
Quarter Ended January 31, | Nine Months Ended January 31, | |||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenue | $ | 18,960 | $ | 20,464 | $ | 55,746 | $ | 55,093 | ||||||||
Operating Income | $ | 3,795 | $ | 3,385 | $ | 8,531 | $ | 9,012 | ||||||||
Net Income | $ | 2,382 | $ | 1,977 | $ | 8,052 | $ | 5,091 | ||||||||
Total Assets | $ | 113,279 | $ | 111,077 | $ | 113,279 | $ | 111,077 | ||||||||
Long-term liabilities | $ | 38,141 | $ | 43,172 | $ | 38,141 | $ | 43,172 | ||||||||
Stockholders' Equity | $ | 49,912 | $ | 46,446 | $ | 49,912 | $ | 46,446 | ||||||||
Weighted Average Shares - Diluted | 69,634 | 76,664 | 70,985 | 76,634 | ||||||||||||
Earnings Per Share | $ | 0.03 | $ | 0.03 | $ | 0.11 | $ | 0.07 | ||||||||
New Product Research and Development Cost | $ | 845 | $ | 703 | $ | 2,184 | $ | 2,335 |
Management Comments
Fiscal quarter three ended January 31, 2024 was positive. Company earnings were
Third quarter fiscal 2024 net income was
During the three months ended January 31, 2024, we invested approximately
"Business is good and the receipt of orders from Aerospace Segment customers continues. We are pleased with the
Additionally, customer demand for aircraft modifications, gun control units and ruggedized cabling is strong. The backlog remains high at
Business Segment Highlights
Professional Services:
Revenue increased
Aerospace Products:
Revenue decreased
Costs related to Professional Services and Aerospace Products include the cost of engineering, labor, materials, equipment utilization, control systems, security and occupancy. Expenses related to Professional Services and Aerospace Products include marketing and advertising, employee benefits, depreciation and amortization, and general, administrative and other expenses.
Backlog:
As of January 31, 2024, our backlog totaled approximately
Our Business:
Butler National Corporation operates in the Aerospace and Professional Services business segments. The Aerospace Products segment includes the manufacture, sale and service of electronic equipment and modifications to aircraft structures and electrical systems to support special mission and commercial aviation operations. Additionally, we operate two Federal Aviation Administration ("FAA") Repair Stations. Butler National companies, Avcon Industries, Inc. and Butler Avionics, Inc., concentrate on enhancements to Learjet, Beechcraft King Air, Cessna Caravan, Gulfstream, and other turbine powered aircraft. Butler National-Tempe designs and manufactures robust electronic controls and cabling. The Professional Services segment includes the management of a gaming and the related dining and entertainment facility in
Forward-Looking Information:
Statements made in this report, other reports and proxy statements filed with the Securities and Exchange Commission, communications to stockholders, press releases, and oral statements made by representatives of the Company that are not historical in nature, or that state the Company or management intentions, hopes, beliefs, expectations or predictions of the future, may constitute "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements can often be identified by the use of forward-looking terminology, such as "could," "should," "will," "intended," "continue," "believe," "may," "expect," "hope," "anticipate," "goal," "forecast," "plan," "guidance" or "estimate" or the negative of these words, variations thereof or similar expressions. Forward-looking statements are not guarantees of future performance or results. They involve risks, uncertainties, and assumptions. It is important to note that any such performance and actual results, financial condition or business, could differ materially from those expressed in such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in Item 1A of the Company's Annual Report on Form 10-K, incorporated herein by reference. Risk Factors and elsewhere herein or in other reports filed with the SEC. Other unforeseen factors not identified herein could also have such an effect. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial condition or business over time.
FOR MORE INFORMATION, CONTACT: | |
David Drewitz, Public Relations www.creativeoptionsmarketing.com
| Ph (972) 814-5723
Ph (913) 780-9595 |
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SOURCE Butler National Corporation
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