Strong Commercial Aerospace Sales Growth and Improved Working Capital
LOS ANGELES--(BUSINESS WIRE)--Oct. 27, 2014--
Ducommun Incorporated (NYSE:DCO) (“Ducommun” or the “Company”) today
reported results for its third quarter and nine months ended
September 27, 2014.
Third Quarter 2014 Highlights
-
Third quarter revenue was $188.2 million
-
Net income was $2.6 million, or $0.24 per diluted share
-
EBITDA for the quarter was $18.6 million
-
Ducommun made a voluntary principal prepayment of $7.5 million on its
term loan during the quarter
“Ducommun’s top line growth this quarter was driven by a 21% increase in
our overall commercial aerospace revenue,” said Anthony J. Reardon,
chairman and chief executive officer. “We continue to benefit from
current platform build rates as well as higher content, reflecting
increased customer demand for our structural and electronic solutions.
The strength of our commercial aerospace operations has helped offset
the impact of changes within certain military and space programs.
“We believe there are numerous opportunities for further expansion
across our product portfolio, particularly within the commercial
aerospace and non-A&D markets. Given the inevitable changes in military
spending priorities, we are also committed to adjusting our cost basis
to reflect current and anticipated mix changes and position Ducommun to
win new, attractive programs over the long term. We posted another
quarter of solid cash flow and improved working capital, further
de-leveraging the balance sheet to provide for increased financial
flexibility as we focus on margin improvement, operational efficiency
and sustained cash generation going forward.”
Third Quarter Results
Net revenue for the third quarter of 2014 was $188.2 million, a 3.8%
increase, compared to $181.3 million for the third quarter of 2013. The
revenue increase year-over-year primarily reflects 20.5% higher revenue
in the Company’s commercial aerospace markets partially offset by 3.3%
lower revenue in the Company’s military and space markets.
Net income for the third quarter of 2014 was $2.6 million, or $0.24 per
diluted share compared to net income of $4.6 million, or $0.42 per
diluted share, for the third quarter of 2013. Net income for the third
quarter of 2014 decreased primarily due to higher income tax expense and
higher accrued compensation and benefit costs, partially offset by
insurance recoveries related to property and equipment and lower
interest expense. The current quarter effective income tax rate was
47.2% compared to a tax benefit rate of 1.9% for the prior year’s
quarter. The third quarter 2014 effective income tax rate included a
total of approximately $0.9 million additional tax expense as a result
of tax returns filed or to be filed. The third quarter of 2013 included
a $0.7 million federal research and development tax credit (“Federal R&D
Tax Credit”) benefit as a result of the American Taxpayer Relief Act
(the “Act”) passed in January, 2013. For the third quarter of fiscal
2014, there was no comparable Federal R&D Tax Credit benefit recorded,
as a similar Act has not been passed at this time.
Operating income for the third quarter of 2014 was $10.3 million, or
5.5% of revenue, compared to $12.0 million, or 6.6% of revenue, in the
comparable period last year. The decrease in operating income in the
third quarter of 2014 was primarily due to higher accrued compensation
and benefit costs and additional costs incurred as a result of a major
outside supplier’s delay in deliveries, partially offset by higher
revenue.
Interest expense decreased to $7.0 million in the third quarter of 2014,
compared to $7.4 million in the previous year’s third quarter, as the
Company continued to de-lever its balance sheet. Other income for the
third quarter of fiscal 2014 included $1.6 million of insurance
recoveries related to property and equipment that was recorded as other
income compared to none in the comparable period in 2013.
EBITDA for the third quarter of 2014 was $18.6 million, or 9.9% of
revenue, compared to $19.2 million, or 10.6% of revenue, for the
comparable period in 2013.
During the third quarter of 2014, the Company generated $5.4 million of
cash from operations compared to $7.8 million during the third quarter
of 2013.
The Company’s firm backlog as of September 27, 2014 was approximately
$569 million.
Ducommun AeroStructures (“DAS”)
The Company’s DAS segment reported net revenue for the current third
quarter of $81.4 million, compared to $77.7 million for the third
quarter of 2013. The higher revenue was primarily due to a 15.3%
increase in commercial aerospace revenue that was partially offset by an
8.1% decrease in military and space revenues.
DAS segment operating income was $7.2 million, or 8.8% of revenue,
compared to operating income of $7.6 million, or 9.8% of revenue, in the
third quarter of 2013. The lower operating income was due to additional
costs incurred as a result of a major outside supplier’s delay in
deliveries that was partially offset by higher revenue. EBITDA was $11.1
million for the current quarter, or 13.6% of revenue, compared to $10.3
million, or 13.2% of revenue, for the comparable quarter in the prior
year. EBITDA for the third quarter of fiscal 2014 included $1.6 million
of insurance recoveries related to property and equipment that was
recorded as other income compared to none in the comparable period in
2013.
Ducommun LaBarge Technologies (“DLT”)
The Company’s DLT segment reported net revenue for the third quarter of
$106.8 million, compared to $103.5 million for the third quarter of
2013. The higher revenue reflected a 43.7% increase in commercial
aerospace electronics revenue.
DLT’s operating income for the third quarter of 2014 was $8.3 million,
or 7.8% of revenue, compared to $7.6 million, or 7.3% of revenue, for
the third quarter of 2013, primarily due to an increase in revenue,
favorable product mix, and improved operations, partially offset by
higher accrued compensation and benefit costs. EBITDA was $12.7 million
for the current quarter, or 11.9% of revenue, compared to $12.1 million,
or 11.7% of revenue, in the comparable quarter of the prior year.
Corporate General and Administrative Expenses
(“CG&A”)
CG&A expenses for the third quarter of 2014 were $5.1 million, or 2.7%
of total Company revenue, an increase from $3.3 million, or 1.8% of
total Company revenue in the prior-year period. CG&A expenses increased
primarily due to higher accrued compensation and benefit costs.
Year to Date Results
Net revenue for the nine months ended September 27, 2014 was $554.4
million compared to $548.7 million for the nine months ended September
28, 2013. The revenue increase year-over-year primarily reflects 10.0%
higher commercial aerospace revenue and 3.6% increase in non-aerospace
and defense (“non-A&D”) revenue, partially offset by 4.6% lower revenue
in the Company’s military and space markets.
Net income for the nine months ended September 27, 2014 was $13.7
million, or $1.23 per diluted share, compared to net income of $13.8
million, or $1.28 per diluted share, for the nine months ended September
28, 2013. Net income for the first nine months of fiscal 2014 compared
to the comparable period of fiscal 2013 included higher income tax
expense, partially offset by insurance recoveries related to property
and equipment, higher revenue, higher gross profit, and lower interest
expense. The effective tax rate for the current nine month period of
fiscal 2014 was 35.9% compared to 5.4% for the comparable period of
fiscal 2013. The first nine months of fiscal 2013 included a $3.7
million Federal R&D Tax Credit benefit -- a combination of Federal R&D
Tax Credit for fiscal 2012 (as a result of the Act passed in January,
2013) and Federal R&D Tax Credit for the first nine months of fiscal
2013. For the first nine months of fiscal 2014, there was no comparable
Federal R&D Tax Credit benefit recorded as a similar Act has not been
passed at this time.
Operating income for the nine months ended September 27, 2014 increased
9.7% to $40.9 million, or 7.4% of revenue, compared to $37.3 million, or
6.8% of revenue, for the nine months ended September 28, 2013. Operating
income in 2014 rose as a result of favorable product mix, higher gross
profit, and a $0.8 million workers’ compensation audit refund related to
prior years, partially offset by higher accrued compensation and benefit
costs.
Interest expense decreased to $21.1 million in the first nine months of
2014, compared to $22.7 million in the first nine months of fiscal 2013,
as the Company continued to de-lever its balance sheet. Other income for
the first nine months of fiscal 2014 included $1.6 million of insurance
recoveries related to property and equipment that was recorded as other
income compared to none in the comparable period in 2013.
EBITDA for the nine months ended September 27, 2014 was $64.3 million,
or 11.6% of revenue, compared to $58.7 million, or 10.7% of revenue, for
the nine months ended September 28, 2013.
During the first nine months of fiscal 2014 the Company generated $20.9
million of cash from operations compared to $14.7 million during the
first nine months of fiscal 2013.
Ducommun AeroStructures
The Company’s DAS segment reported net revenue for the nine months ended
September 27, 2014 of $241.6 million, compared to $234.4 million for the
nine months ended September 28, 2013. The higher revenue was primarily
due to a 7.3% increase in commercial aerospace revenue that was
partially offset by a 2.7% decrease in military and space revenue.
DAS segment operating income during the first nine months of fiscal 2014
was $27.3 million, or 11.3% of revenue, compared to operating income of
$23.8 million, or 10.1% of revenue, in the first nine months of fiscal
2013. The higher operating income was due to favorable product mix and a
$0.8 million workers’ compensation audit refund related to prior years,
partially offset by higher accrued compensation and benefit costs.
EBITDA was $37.1 million for the first nine months of fiscal 2014, or
15.4% of revenue, compared to $31.2 million, or 13.3% of revenue, for
the comparable period in the prior year. EBITDA for the first nine
months of fiscal 2014 included $1.6 million of insurance recoveries
related to property and equipment that was recorded as other income
compared to none in the comparable period in 2013.
Ducommun LaBarge Technologies
The Company’s DLT segment reported net revenue for the nine months ended
September 27, 2014 of $312.8 million, compared to $314.2 million for the
nine months ended September 28, 2013. The slight decline in
year-over-year net revenue was primarily due to an 5.7% decline in
defense technologies revenue, partially offset by 23.4% higher
commercial aerospace revenue and 3.6% higher non-A&D revenue.
DLT’s operating income for the first nine months of fiscal 2014 was
$26.1 million, or 8.3% of revenue, compared to $26.8 million, or 8.5% of
revenue, for the first nine months of fiscal 2013 due to higher accrued
compensation and benefit costs and lower revenue, partially offset by
favorable product mix. EBITDA was $39.5 million for the nine month
period of 2014, or 12.6% of revenue, compared to $40.6 million, or 12.9%
of revenue, in the comparable nine month period of the prior year.
Corporate General and Administrative Expenses
CG&A expenses for the nine months ended September 27, 2014 were $12.5
million, or 2.2% of total Company revenue, down from $13.2 million, or
2.4% of total Company revenue, in the nine months ended September 28,
2013. CG&A expense decreased primarily due to the first nine months of
the prior year included a $0.5 million charge related to the Company’s
debt repricing transaction.
Conference Call
A teleconference hosted by Anthony J. Reardon, the Company’s chairman
and chief executive officer, and Joseph P. Bellino, the Company’s vice
president, treasurer and chief financial officer, will be held today,
October 27, 2014 at 2:00 p.m. PT (5:00 p.m. ET) to review these
financial results. To participate in the teleconference, please call
866-510-0707 (international 617-597-5376) approximately ten minutes
prior to the conference time. The participant passcode is 30035541. Mr.
Reardon and Mr. Bellino will be speaking on behalf of the Company and
anticipate the meeting and Q&A period to last approximately 45 minutes.
This call is being webcast by Thomson Reuters and can be accessed
directly at the Ducommun website at www.ducommun.com.
Conference call replay will be available after that time at the same
link or by dialing 888-286-8010, passcode 16971760.
About Ducommun Incorporated
Founded in 1849, Ducommun Incorporated provides engineering and
manufacturing services to the aerospace, defense, and other industries
through a wide spectrum of electronic and structural applications. The
company is an established supplier of critical components and assemblies
for commercial aircraft and military and space vehicles as well as for
the energy market, medical field, and industrial automation. It operates
through two primary business units – Ducommun AeroStructures (“DAS”) and
Ducommun LaBarge Technologies (“DLT”). Additional information can be
found at www.ducommun.com.
Statements contained in this press release regarding other than
recitation of historical facts are forward-looking statements. These
statements are identified by words such as “may,” “will,” “ begin,” “
look forward,” “expect,” “believe,” “intend,” “anticipate,” “should,”
“potential,” “estimate,” “continue,” “momentum” and other words
referring to events to occur in the future. These statements reflect the
Company’s current view of future events and are based on its assessment
of, and are subject to, a variety of risks and uncertainties beyond its
control, including, but not limited to, the state of the world
financial, credit, commodities and stock markets, and uncertainties
regarding the Company, its businesses and the industries in which it
operates, which are described in the Company’s filings with the
Securities and Exchange Commission. The Company is under no obligation
to (and expressly disclaims any such obligation to) update or alter its
forward-looking statements whether as a result of new information,
future events or otherwise.
DUCOMMUN INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
|
|
|
|
|
|
|
|
September 27, 2014
|
|
December 31, 2013
|
Assets
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
40,852
|
|
|
$
|
48,814
|
|
Accounts receivable, net
|
|
104,396
|
|
|
91,909
|
|
Inventories
|
|
145,468
|
|
|
140,507
|
|
Production cost of contracts
|
|
10,375
|
|
|
11,599
|
|
Deferred income taxes
|
|
13,664
|
|
|
10,850
|
|
Other current assets
|
|
20,444
|
|
|
27,085
|
|
Total Current Assets
|
|
335,199
|
|
|
330,764
|
|
Property and Equipment, Net
|
|
93,181
|
|
|
96,090
|
|
Goodwill
|
|
161,940
|
|
|
161,940
|
|
Intangibles, Net
|
|
157,694
|
|
|
165,465
|
|
Other Assets
|
|
7,657
|
|
|
9,940
|
|
Total Assets
|
|
$
|
755,671
|
|
|
$
|
764,199
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
$
|
26
|
|
|
$
|
25
|
|
Accounts payable
|
|
55,083
|
|
|
58,111
|
|
Accrued liabilities
|
|
42,916
|
|
|
45,453
|
|
Total Current Liabilities
|
|
98,025
|
|
|
103,589
|
|
Long-Term Debt, Less Current Portion
|
|
310,157
|
|
|
332,677
|
|
Deferred Income Taxes
|
|
73,078
|
|
|
68,489
|
|
Other Long-Term Liabilities
|
|
16,858
|
|
|
19,750
|
|
Total Liabilities
|
|
498,118
|
|
|
524,505
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
Shareholders’ Equity
|
|
|
|
|
|
|
Common stock
|
|
109
|
|
|
110
|
|
Treasury stock
|
|
—
|
|
|
(1,924
|
)
|
Additional paid-in capital
|
|
72,563
|
|
|
70,542
|
|
Retained earnings
|
|
188,551
|
|
|
174,828
|
|
Accumulated other comprehensive loss
|
|
(3,670
|
)
|
|
(3,862
|
)
|
Total Shareholders’ Equity
|
|
257,553
|
|
|
239,694
|
|
Total Liabilities and Shareholders’ Equity
|
|
$
|
755,671
|
|
|
$
|
764,199
|
|
|
|
|
|
|
|
|
|
|
DUCOMMUN INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Unaudited)
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
September 27, 2014
|
|
September 28, 2013
|
|
September 27, 2014
|
|
September 28, 2013
|
Net Revenues
|
|
$
|
188,164
|
|
|
$
|
181,288
|
|
|
$
|
554,433
|
|
|
$
|
548,675
|
|
Cost of Sales
|
|
154,770
|
|
|
148,984
|
|
|
448,526
|
|
|
446,202
|
|
Gross Profit
|
|
33,394
|
|
|
32,304
|
|
|
105,907
|
|
|
102,473
|
|
Selling, General and Administrative Expenses
|
|
23,050
|
|
|
20,351
|
|
|
65,005
|
|
|
65,175
|
|
Operating Income
|
|
10,344
|
|
|
11,953
|
|
|
40,902
|
|
|
37,298
|
|
Interest Expense
|
|
(6,975
|
)
|
|
(7,403
|
)
|
|
(21,094
|
)
|
|
(22,668
|
)
|
Other Income
|
|
1,600
|
|
|
—
|
|
|
1,600
|
|
|
—
|
|
Income Before Taxes
|
|
4,969
|
|
|
4,550
|
|
|
21,408
|
|
|
14,630
|
|
Income Tax Expense (Benefit)
|
|
2,347
|
|
|
(86
|
)
|
|
7,685
|
|
|
783
|
|
Net Income
|
|
$
|
2,622
|
|
|
$
|
4,636
|
|
|
$
|
13,723
|
|
|
$
|
13,847
|
|
Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
0.24
|
|
|
$
|
0.43
|
|
|
$
|
1.26
|
|
|
$
|
1.30
|
|
Diluted earnings per share
|
|
$
|
0.24
|
|
|
$
|
0.42
|
|
|
$
|
1.23
|
|
|
$
|
1.28
|
|
Weighted-Average Number of Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
10,921
|
|
|
10,722
|
|
|
10,902
|
|
|
10,657
|
|
Diluted
|
|
11,150
|
|
|
10,917
|
|
|
11,202
|
|
|
10,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit %
|
|
17.7
|
%
|
|
17.8
|
%
|
|
19.1
|
%
|
|
18.7
|
%
|
SG&A %
|
|
12.2
|
%
|
|
11.2
|
%
|
|
11.7
|
%
|
|
11.9
|
%
|
Operating Income %
|
|
5.5
|
%
|
|
6.6
|
%
|
|
7.4
|
%
|
|
6.8
|
%
|
Net Income %
|
|
1.4
|
%
|
|
2.6
|
%
|
|
2.5
|
%
|
|
2.5
|
%
|
Effective Tax Rate
|
|
47.2
|
%
|
|
(1.9
|
)%
|
|
35.9
|
%
|
|
5.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DUCOMMUN INCORPORATED AND SUBSIDIARIES
BUSINESS SEGMENT PERFORMANCE
(Unaudited)
(In thousands)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
%
Change
|
|
September 27, 2014
|
|
September 28, 2013
|
|
%
of Net Revenues
2014
|
|
|
%
of Net Revenues
2013
|
|
|
% Change
|
|
September 27, 2014
|
|
September 28, 2013
|
|
% of Net Revenues 2014
|
|
% of Net Revenues 2013
|
Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DAS
|
|
4.7
|
%
|
|
$
|
81,357
|
|
|
$
|
77,740
|
|
|
43.2
|
%
|
|
42.9
|
%
|
|
3.1
|
%
|
|
$
|
241,627
|
|
|
$
|
234,437
|
|
|
43.6
|
%
|
|
42.7
|
%
|
DLT
|
|
3.1
|
%
|
|
106,807
|
|
|
103,548
|
|
|
56.8
|
%
|
|
57.1
|
%
|
|
(0.5
|
)%
|
|
312,806
|
|
|
314,238
|
|
|
56.4
|
%
|
|
57.3
|
%
|
Total Net Revenues
|
|
3.8
|
%
|
|
$
|
188,164
|
|
|
$
|
181,288
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
1.0
|
%
|
|
$
|
554,433
|
|
|
$
|
548,675
|
|
|
100.0
|
%
|
|
100.0
|
%
|
Segment Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DAS
|
|
|
|
|
$
|
7,190
|
|
|
$
|
7,633
|
|
|
8.8
|
%
|
|
9.8
|
%
|
|
|
|
|
$
|
27,269
|
|
|
$
|
23,766
|
|
|
11.3
|
%
|
|
10.1
|
%
|
DLT
|
|
|
|
|
8,288
|
|
|
7,596
|
|
|
7.8
|
%
|
|
7.3
|
%
|
|
|
|
|
26,089
|
|
|
26,772
|
|
|
8.3
|
%
|
|
8.5
|
%
|
|
|
|
|
|
15,478
|
|
|
15,229
|
|
|
|
|
|
|
|
|
|
|
|
53,358
|
|
|
50,538
|
|
|
|
|
|
|
|
Corporate General and Administrative Expenses (1) |
|
|
|
|
(5,134
|
)
|
|
(3,276
|
)
|
|
(2.7
|
)%
|
|
(1.8
|
)%
|
|
|
|
|
(12,456
|
)
|
|
(13,240
|
)
|
|
(2.2
|
)%
|
|
(2.4
|
)%
|
Total Operating Income
|
|
|
|
|
$
|
10,344
|
|
|
$
|
11,953
|
|
|
5.5
|
%
|
|
6.6
|
%
|
|
|
|
|
$
|
40,902
|
|
|
$
|
37,298
|
|
|
7.4
|
%
|
|
6.8
|
%
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DAS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
$
|
7,190
|
|
|
$
|
7,633
|
|
|
|
|
|
|
|
|
|
|
|
$
|
27,269
|
|
|
$
|
23,766
|
|
|
|
|
|
|
|
Other Income (2) |
|
|
|
|
1,600
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
1,600
|
|
|
—
|
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
|
|
|
2,272
|
|
|
2,621
|
|
|
|
|
|
|
|
|
|
|
|
8,242
|
|
|
7,386
|
|
|
|
|
|
|
|
|
|
|
|
|
11,062
|
|
|
10,254
|
|
|
13.6
|
%
|
|
13.2
|
%
|
|
|
|
|
37,111
|
|
|
31,152
|
|
|
15.4
|
%
|
|
13.3
|
%
|
DLT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
8,288
|
|
|
7,596
|
|
|
|
|
|
|
|
|
|
|
|
26,089
|
|
|
26,772
|
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
|
|
|
4,391
|
|
|
4,540
|
|
|
|
|
|
|
|
|
|
|
|
13,442
|
|
|
13,863
|
|
|
|
|
|
|
|
|
|
|
|
|
12,679
|
|
|
12,136
|
|
|
11.9
|
%
|
|
11.7
|
%
|
|
|
|
|
39,531
|
|
|
40,635
|
|
|
12.6
|
%
|
|
12.9
|
%
|
Corporate General and Administrative Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
|
|
(5,134
|
)
|
|
(3,276
|
)
|
|
|
|
|
|
|
|
|
|
|
(12,456
|
)
|
|
(13,240
|
)
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
|
|
|
41
|
|
|
41
|
|
|
|
|
|
|
|
|
|
|
|
145
|
|
|
126
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,093
|
)
|
|
(3,235
|
)
|
|
|
|
|
|
|
|
|
|
|
(12,311
|
)
|
|
(13,114
|
)
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
$
|
18,648
|
|
|
$
|
19,155
|
|
|
9.9
|
%
|
|
10.6
|
%
|
|
|
|
|
$
|
64,331
|
|
|
$
|
58,673
|
|
|
11.6
|
%
|
|
10.7
|
%
|
Capital Expenditures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DAS
|
|
|
|
|
$
|
1,266
|
|
|
$
|
1,159
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,986
|
|
|
$
|
4,208
|
|
|
|
|
|
|
|
DLT
|
|
|
|
|
1,761
|
|
|
866
|
|
|
|
|
|
|
|
|
|
|
|
4,736
|
|
|
3,046
|
|
|
|
|
|
|
|
Corporate Administration
|
|
|
|
|
1
|
|
|
43
|
|
|
|
|
|
|
|
|
|
|
|
25
|
|
|
67
|
|
|
|
|
|
|
|
Total Capital Expenditures
|
|
|
|
|
$
|
3,028
|
|
|
$
|
2,068
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,747
|
|
|
$
|
7,321
|
|
|
|
|
|
|
|
(1) Includes costs not allocated to either the DLT or DAS operating
segments.
(2) Insurance recoveries related to property and
equipment included as other income.
Source: Ducommun Incorporated
Ducommun Incorporated
Joseph P. Bellino, Vice President, Treasurer
and Chief Financial Officer
310.513.7211
or
Chris Witty,
Investor Relations
646.438.9385
cwitty@darrowir.com