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Butler National Corporation reports developments in aerospace products, aircraft modification and gaming management services. Its Aerospace Products segment designs, manufactures, sells and services structural aircraft modifications, electronic equipment integrations, defense-related articles and FAA Repair Station work for Learjet, Textron Beechcraft, King Air and Textron Cessna turboprop aircraft.
Recurring news includes quarterly financial results, FAA, EASA and CAA Supplemental Type Certificate approvals, Avcon and Butler Avionics special-mission aircraft modifications, non-halon fire extinguisher installations, Cessna Caravan camera and sensor ports, stock repurchases and corporate governance guidelines. The Professional Services segment manages the Boot Hill Casino and Resort gaming, dining, entertainment and sportsbook facility in Dodge City, Kansas.
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.
Butler National Corporation (OTCQB: BUKS) announced that its subsidiary, Avcon Industries, received FAA approval for special mission modifications for the Model 208 and 208B Caravan. The FAA Supplemental Type Certificate number SA01975WI allows for fuselage sensor ports and optional mission power systems. Avcon's President, Marcus Abendroth, expressed confidence that this cost-effective solution will address market needs, with over 2,500 Model 208/208B aircraft already built. The modification aims to enhance features and minimize downtime for installers, contributing to new market entries.
Butler National Corporation (OTCQB: BUKS) reported strong financial results for the second quarter of fiscal 2022, ending October 31, 2021. Revenue soared by 20% to $19.1 million, driven by a 27% increase in Professional Services and a 13% rise in Aerospace Products. Net income reached $3.2 million compared to $321,000 in the same period last year, marking a significant improvement in profitability. The operating margin rose to 25%. The company is focusing on global expansion and new product development, with a backlog of $21.3 million, positioning itself for future growth.
On October 20, 2021, Butler National Corporation (OTCQB: BUKS) announced that its subsidiary, Butler National Service Corporation (BNSC), has acquired a minority equity ownership in BHCMC, LLC for approximately $16.4 million. This purchase consolidates BNSC's ownership of BHCMC, which manages the Boot Hill Casino & Resort. The acquisition was funded by company resources and $8.0 million in commercial bank debt. Following approval from the Kansas Racing and Gaming Commission on October 15, 2021, the transaction enhances future growth opportunities for both BHCMC and BNSC.