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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 Corporation (OTC-PINK:BUKS) reported a 16% increase in revenue to
Butler National Corporation (OTCQB: BUKS) has appointed Christopher Reedy as Chief Operating Officer (COO), enhancing its organizational structure. Reedy, who has been with the company for over 20 years, brings extensive experience in the gaming and aircraft modification sectors. His responsibilities will include overseeing the leadership of operating subsidiaries and managing shareholder relations. The Board expressed confidence in Reedy's suitability for the role due to his significant contributions, including supporting operations and regulatory efforts. Butler National continues to be a key player in the gaming industry and aircraft support services.
Butler National Corporation (BUKS) reported a 4% revenue increase to $19.3 million for Q2 fiscal 2023, with earnings of $0.03 per share. Aerospace Products revenue rose by 2%, while Professional Services saw a 6% increase. Net income declined to $2.7 million from $3.2 million year-over-year, impacting the operating margin, which fell to 21% from 25%. The backlog remains strong at $28.2 million, and the company invested $1 million in new product development.
Butler National Corporation (OTCQB: BUKS) has received approval for a Sports Wagering Management Contract from the Kansas Lottery. This contract allows the management of sports wagering at Boot Hill Casino & Resort in Dodge City, Kansas, including online and mobile platforms. The contract is for five years, with a 10% revenue share to the state. The company aims to launch online sports betting in Kansas in collaboration with DraftKings and Bally's Corporation, providing Kansans opportunities to place bets legally.
Butler National Corporation (OTCQB: BUKS) announced partnerships with DraftKings and Bally's Corporation to introduce sports betting in Kansas following the state's legalization of the activity. The agreements enable mobile betting and an on-site sportsbook at Boot Hill Casino & Resort, set to launch pending regulatory approvals. CEO Clark Stewart expressed optimism about providing Kansans with a seamless betting experience by football season, aiming to enhance tourism and revenue for the state.
Butler National Corporation (OTCQB: BUKS) announced that its subsidiary, Avcon Industries, has received FAA Supplemental Type Certificate (STC) approval for wing-mounted hard points and SATCOM radome installation on Beechcraft King Air aircraft. The modifications enhance the ISR capabilities of the King Air platform, with payload capacities of 325 pounds for inboard stores and 225 pounds for outboard stores. Avcon is also launching a new subsidiary, Avcon ISR Solutions, to strengthen its role in the ISR market.
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