Astronics Corporation 10-K Summary (Fiscal Year Ended Dec 31, 2000)
Business Context and Reporting Period
This Form 10-K covers the fiscal year ended December 31, 2000, for Astronics Corporation, a New York-based company operating in two primary segments: Aerospace and Electronics, and Printing and Packaging. The company employs approximately 703 people, with significant growth in headcount compared to the prior year. The Printing and Packaging segment exhibits seasonality, with 55-60% of revenues typically realized in the second half of the year.
Key Financial Metrics
The filing incorporates detailed financial statements, selected financial data, and management discussion by reference to the 2000 Annual Report to Shareholders. Consequently, specific values for revenue, net income, cash flow, margins, debt, and liquidity are not explicitly stated in the text of this 10-K form.
One specific financial metric provided in the filing is the Allowance for Doubtful Accounts:
| Year | Beginning Balance ($000s) | Charged to Expense ($000s) | Write-offs/Recoveries ($000s) | Ending Balance ($000s) |
|---|---|---|---|---|
| 2000 | 178 | 54 | (50) | 182 |
| 1999 | 238 | (55) | (5) | 178 |
As of March 7, 2001, the aggregate market value of shares held by non-affiliates was approximately $85,093,535.
Material Changes
- Workforce Expansion: Total employees increased from 521 in 1999 to 703 in 2000. The Aerospace and Electronics segment grew from 299 to 435 employees, while the Printing and Packaging segment grew from 216 to 268 employees.
- Allowance for Doubtful Accounts: The ending balance increased to $182,000 in 2000 from $178,000 in 1999, driven by a $54,000 charge to expense.
Outlook, Risks, and Management Commentary
Management notes that the company faces considerable competition from larger entities with greater resources. Success in the Aerospace and Electronics segment relies on product innovation and cost management, while the Specialty Packaging segment depends on competitive pricing and short lead times. The company continues to invest in state-of-the-art technology to maintain competitiveness.
There are no material pending legal proceedings other than routine litigation. The company holds various patents related to electroluminescence and instrument panels but does not consider its business materially dependent on patent protection alone.
Investor Verification Checklist
- Review the 2000 Annual Report to Shareholders (pages 6-17) for consolidated financial statements, as specific revenue and profit figures are not in this 10-K text.
- Verify the "Selected Financial Data" on page 18 of the Annual Report to assess year-over-year financial performance.
- Examine the "Liquidity" and "Backlog" sections on pages 21-22 of the Annual Report for cash flow and order book details.
- Confirm the impact of the 35% increase in employee headcount on operating expenses and profitability.