Astronics Corporation · NASDAQ:ATRO

Astronics — Shareholder Meeting (May 2009)

22 slides from Astronics's shareholder meeting presentation, May 5, 2009

  1. Slide 1: 2009 Shareholder Meeting

    2009 Shareholder Meeting Copyright Astronics Corporation ©2009

  2. Slide 2: Safe Harbor Statement

    Safe Harbor Statement These slides contain (and the accompanying oral discussion will contain) “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause th

  3. Slide 3: Sales Growth

    Sales Growth ($ in millions) Annual Sales e ar) $210-$225 ( 4Y G R $173.7 CA $158.2 . 6 % 49 $110.8 $74.4 $34.7 2004 2005 2006 2007 2008 2009 Est. Copyright © Astronics Corporation 2009

  4. Slide 4: Strong Net Income

    Strong Net Income ($ in millions) $15.4 $8.4 * $5.7 $2.3 ($0.7) 2004 2005 2006 2007 2008 (2.0%) 1.4% 5.1% 9.7% 4.8% Percent of Sales * Included $6.1 million after-tax charge related to Eclipse Aviation Copyright © Astronics Corporation 2009

  5. Slide 5: 2008 Sales By Market and Product

    2008 Sales By Market and Product Markets Products 49% Cabin Electronics 60% Commercial Transport 20% Military 13% 5% Cabin Airframe Lighting Power 7% Exterior Lighting 1% Other 20% Business 25% Cockpit Jet Lighting 2008 Sales: $173.7 million Copyright © Astronics Corporation 2009

  6. Slide 6: Investment in Future Programs

    Investment in Future Programs Engineering & Development Expense (in millions) NEW PRODUCT IDEAS Generated internally and $25.0 * requested by customers $22.9 $14.8 LONG-TERM: $10.9 Drives Future $8.9 Results $5.8 2004 2005 2006 2007 2008 2009E Percent 16.7% 12.0% 9.8% 9.4% 13.2% 11.5% of Sales * Inc

  7. Slide 7: Boeing 787 with IFE/Passenger Power

    Boeing 787 with IFE/Passenger Power Seat Power Box For Thales 75 units per Aircraft Seat Power Module Providing 75 In-Use Lights For Panasonic and 300 Outlet Units 75 units per Aircraft Providing 75 In-Use Lights and 300 Outlet Units • 886 total orders to date • Expected annual production rate of 10

  8. Slide 8: Lear 85 Electronic Power Distribution System

    Lear 85 Electronic Power Distribution System Right Battery Electronic Right & Left Anticipated Circuit Breaker Units Power Distribution Units Bus Contactor entry into Right System (ECBUs 2 & 4) (RPDU & LPDU) (RBBC) service Control Interface External Power Unit (SCIU) by 2013 Contactor (EPC) Electron

  9. Slide 9: F-35 Exterior Lighting System

    F-35 Exterior Lighting System Planned replacement for F-15, F-16, F-18 & AV-8 Forecast: 3,000 aircraft built over 20 years ATRO supplies entire exterior lighting system Copyright © Astronics Corporation 2009

  10. Slide 10: DME Acquisition

    DME Acquisition Test, training Revenue: Aviation & simulation $86.8 safety (80%) million (20%) (Unaudited 2008) Increases penetration into Adds airline safety Military & Defense equipment and airport lighting niche Strong retrofit and cabin refurbishment opportunities • U.S. Department of Defense •

  11. Slide 11: DME Acquisition: Closed Jan 30, 2009

    DME Acquisition: Closed Jan 30, 2009 $51 Million Financing $45 million in cash $40 million senior secured 5- year term loan at LIBOR 500,000 common shares +2.25% to 3.5% $5 million, 5.5 year, $2 million performance 6.0% subordinated seller contingency note $2 million contingency seller note Copyrigh

  12. Slide 12: Automated Test: VIPER/T

    Automated Test: VIPER/T • Main test platform for U.S. Marine Corps • Test and Diagnose Electronic, Electro- mechanical, Electro- optic, and Radio Expanded content value: Frequency equipment $10,000 - $50,000 • $115 million contracted to date Copyright © Astronics Corporation 2009

  13. Slide 13: Aircraft Safety and Airport Lighting

    Aircraft Safety and Airport Lighting • Leading supplier of emergency flashlights, raft and slide lighting, locator transmitters, and survival kits for airlines worldwide • Airport lighting systems provider to FAA and public/private airports Copyright © Astronics Corporation 2009

  14. Slide 14: Aerospace: Global Economic Crisis

    Aerospace: Global Economic Crisis Cessna Boeing & Airbus 2008: Record Q109 net orders: 4 business jet deliveries Q108 net orders: 683 1/09: Projected Airbus +8 / Boeing -4 deliveries off 20% from ’08 4/09: Projected deliveries down 36% to 38% from ’08 Gulfstream In March revised 2009 projections: La

  15. Slide 15: Financial Review and Outlook for 2009

    Financial Review and Outlook for 2009 Copyright Astronics Corporation ©2009

  16. Slide 16: Cash Generation

    Cash Generation ($ in millions) Cash Flow from Operating Activities $11.5 $8.6 $7.9 $7.2 $6.1 $5.0 $5.1 $5.1 ($3.5) ($1.2) ($0.3) ($1.2) ($0.5) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2004 2005 2006 2007 2008 07 07 07 07 08 08 08 08 Copyright © Astronics Corporation 2009

  17. Slide 17: Strong Balance Sheet Position

    Strong Balance Sheet Position ($ in millions) $13.3 million low interest industrial revenue bonds • $3.3 million fixed at 3.99% $59.7 • $10.0 million in two Industrial Revenue Bonds with interest reset $14.4 weekly $22.9 $18.4 $63.4 $18.2 $12.1 $58.3 $45 million revolving line $49.2 of credit $22.7

  18. Slide 18: Controlling Expenses

    Controlling Expenses SG&A as a Percent of Sales 15.79% 13.78% 12.26% 10.37% 10.03% 2004 2005 2006 2007 2008 Copyright © Astronics Corporation 2009

  19. Slide 19: Challenging Near-Term, But Strong Long-term View

    Challenging Near-Term, But Strong Long-term View Backlog Trend Annual Bookings ($ in millions) ($ in millions) $111.7 $99.5 $96.1 $92.4 $170.4 $89.0 $151.1 $155.3 $114.2 $96.6 $27.2 $43.1 2004 2005 2006 2007 2008 Q1 2004 2005 2006 2007 2008 Q1 2009 2009 TTM Copyright © Astronics Corporation 2009

  20. Slide 20: 2009 Revenue Expectations

    2009 Revenue Expectations ($ in millions) Annual Sales ƒ DME projected $75 $210 to $225 million (11 months): dependent on timing of projects $173.7 $158.2 ƒ Commercial Transport market expected to $110.8 remain stable $74.4 ƒ Need to win test systems orders $34.7 2004 2005 2006 2007 2008 2009 Est. C

  21. Slide 21: Capitalize on Technical Expertise

    Capitalize on Technical Expertise ƒ Established technical leaders ƒ Lighting ƒ Electrical Power ƒ Automated Test ƒ Find market opportunities to capitalize on capabilities ƒ Dominate our well-defined markets in aerospace and defense Copyright © Astronics Corporation 2009

  22. Slide 22: 2009 Shareholder Meeting

    2009 Shareholder Meeting Copyright Astronics Corporation ©2009

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