BUTLER NATIONAL CORPORATION ANNOUNCES FIRST QUARTER FISCAL YEAR 2025 FINANCIAL RESULTS
Rhea-AI Summary
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.
Positive
- Revenue increased 15% year-over-year to $19.8 million
- Operating income surged 211% to $3.5 million
- Net income tripled to $2.2 million
- Earnings per share improved to $0.03 from $0.01 year-over-year
- Aerospace Products revenue jumped 30%
- Record high backlog of $38.2 million
- Aerospace Products segment turned profitable with $1.4 million operating income
- Sports wagering contributed $1.0 million in quarterly revenue
Negative
- Increased wage expenses due to tight labor market
- Longer product schedules due to long lead-time tooling and parts
- Increased raw material costs impacting profitability
News Market Reaction – BUKS
In the trading session that priced this news, BUKS gained 10.91%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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- Operating income increased
Historical selected financial data related to all operations: | ||||||||
Quarter Ended July 31, | ||||||||
(In thousands, except per share data) | ||||||||
2024 | 2023 | |||||||
Revenue | $ | 19,828 | $ | 17,185 | ||||
Operating Income | $ | 3,536 | $ | 1,137 | ||||
Net Income | $ | 2,246 | $ | 719 | ||||
Total Assets | $ | 114,649 | $ | 105,000 | ||||
Long-term liabilities | $ | 35,937 | $ | 40,574 | ||||
Stockholders' Equity | $ | 56,292 | $ | 42,216 | ||||
Weighted Average Shares - Diluted | 68,738 | 75,199 | ||||||
Earnings Per Share | $ | 0.03 | $ | 0.01 | ||||
New Product Research and Development Cost | $ | 220 | $ | 205 | ||||
Management Comments
Butler National's fiscal first quarter ended July 31, 2024 continued the positive results and focus on internal growth. Company earnings for the quarter were
First quarter fiscal 2025 net income was
During the three months ended July 31, 2024, we invested approximately
We are pleased with the continued demand for Aerospace Products and the efforts by our team members with achieving the results. The
As the fiscal year continues, we are maintaining new product development efforts and working diligently to expand "kit" availability for certain aircraft modifications. Kits allow customers to complete field installations, a conservation of high-demand company employee resources and saving of transportation of airplanes to
From a backlog perspective, numbers remain robust. The backlog is at a record high of
We invite shareholders to attend the October 30, 2024 annual shareholder meeting.
Business Segment Highlights
Professional Services:
Revenue increased
Aerospace Products:
Revenue increased
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 July 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," "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, except as expressly required by federal securities laws.
FOR MORE INFORMATION, CONTACT: | |
David Drewitz, Public Relations | Ph (972) 814-5723 |
david@creativeoptionscommunications.com | |
www.creativeoptionsmarketing.com | |
Butler National Corporation Investor Relations | Ph (913) 780-9595 |
THE WORLDWIDE WEB:
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SOURCE Butler National Corporation