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Aeroflex Announces Quarterly and Full-Year Financials (8/16/12)
Aeroflex announced its financial results for the fourth quarter and full fiscal year 2012, which ended June 30.
For the fourth quarter, net sales were $184.7 million compared with $198.7 million in the fourth quarter of fiscal 2011. The performance of the wireless test business was the primary contributor to the decline in sales in the comparative quarters.
Operating income was $31 million and net income was $17.2 million compared with operating income of $30 million and a net loss of $21.6 million in the fourth quarter of fiscal 2011.
For the full fiscal year 2012, net sales were $673 million compared to $729.4 million in fiscal 2011. The operating loss was $21.3 million compared with operating income of $52.7 million in fiscal 2011. The primary reason for the difference is because of a goodwill impairment charge of $56.7 million in fiscal 2012.
“Over the last few months, we have been working to reposition our wireless test business for the future,” said Len Borow, Aeroflex CEO. “We have made significant operational changes that will reduce costs and enable the business to improve profitability. We have continued to focus on our customers, technology and products.
“Our AMS (Aeroflex microelectronics solutions) business has performed well despite the strong economic uncertainty that exists within our end markets. Overall, our business model continues to deliver strong cash flow, which enabled us to prepay over $80 million in debt this past fiscal year and an additional $20 million to date in the first quarter of fiscal 2013.”
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