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CEO Letter to Shareholders
Read Letter to Shareholders & Employees...
2012
“LMI Aerospace is in an industry with end products that normally remain in active
service for more than twenty years. Accordingly, we have managed our business for
the long term, with emphasis on consistent financial performance, a strong balance
sheet, and principled strategic growth in capabilities and revenue. In 2011, we
reported record sales and net income, while emphasizing our firm values as the
basis for superior customer service. As we progress through 2012, LMI should in
creasingly participate in a potentially lengthy growth cycle in the commercial aircraft
and large cabin business jet markets. Our strategy is designed to foster organic
growth through improved execution of our current work statement while adding
capabilities to produce different and more complex product types, providing new
value added services, aggressive reduction of manufacturing and administrative
costs and investment in research and development to qualify us to manufacture
products with new materials and production processes. In 2012, we also expect to
make strategic acquisitions adding capabilities to support design and build projects..”
Large Commercial Aircraft |
$ |
97.6 |
Regional & Business Jet |
$ |
78.3 |
Military |
$ |
56 |
Other |
$ |
22.1 |
Results for Year
|
|
2011
|
|
2010
|
|
2009
|
| Net Sales |
$ |
254,040 |
$ |
223,356 |
$ |
241,196 |
| Income from operations |
$ |
24,924 |
$ |
19,065 |
$ |
17,611 |
| Net income |
$ |
16,389 |
$ |
12,931 |
$ |
10,155 |
|
|
|
|
|
|
|
| Net income per share, diluted |
$ |
1.4 |
$ |
1.11 |
$ |
0.9 |
| Weighted shares—diluted |
|
11,742 |
|
11,636 |
|
11,341 |
|
|
|
|
|
|
|
| Capital expenditures |
$ |
10,267 |
$ |
7,151 |
$ |
3,938 |
Financial Position |
|
|
|
|
|
|
| Working capital |
$ |
83,988 |
$ |
68,118 |
$ |
71,425 |
| Current ratio |
|
4.5:1 |
|
4.5:1 |
|
5.3:1 |
| Long-term debt, net |
$ |
- |
$ |
28 |
$ |
17,210 |
| Shareholders’ equity |
$ |
167,785 |
$ |
149,763 |
$ |
134,493 |
|
|
|
|
|
|
|
| Book value per common share |
$ |
13.84 |
$ |
12.4 |
$ |
11.21 |
| Employees |
|
1,480 |
|
1,330 |
|
1,240 |
Read Letter to Shareholders & Employees... |
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