Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
The table below sets forth the range of prices for the Company’s Common Stock, traded on the NASDAQ National Market System, for each quarterly period during the last two years. The approximate number of shareholders of record as of February 18, 2021, was 724 for Common Stock and 1,982 for Class B Stock.
2020 High Low
First $ 28.92 $ 7.15
Second $ 15.46 $ 7.14
Third $ 10.80 $ 7.60
Fourth $ 13.64 $ 6.40
2019 High Low
First $ 36.01 $ 28.55
Second $ 44.20 $ 31.69
Third $ 41.86 $ 26.08
Fourth $ 31.50 $ 27.95
The Company has not paid any cash dividends in the three-year period ended December 31, 2020. The Company has no plans to pay cash dividends as it plans to retain all cash from operations as a source of capital to service debt and finance working capital and growth in the business.
On February 24, 2016, the Company’s Board of Directors authorized the repurchase of up to $50 million of common stock, which allowed the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions. The Company repurchased approximately 1,675,000 shares and has completed that program in 2017. On December 12, 2017, the Company’s Board of Directors authorized an additional repurchase of up to $50 million. No shares were repurchased in 2018. The Company repurchased approximately 1,823,000 shares and completed that program in the third quarter of 2019. On September 17, 2019, the Company’s Board of Directors authorized an additional repurchase of up to $50 million. Cumulative repurchases under this plan were approximately 310,000 shares at a cost of $8.5 million before the 10b5-1 plan associated with the share repurchase program was terminated on February 3, 2020.
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The following graph and table shows the performance of the Company’s common stock compared with the S&P 500 Index — Total Return and the NASDAQ US and Foreign Companies for a $100 investment made December 31, 2015:
2015 2016 2017 2018 2019 2020
Astronics Corp. Return % — (1.75) 22.55 (13.30) (8.21) (52.67)
Cum $ 100.00 98.25 120.40 104.39 95.82 45.35
S&P 500 Index - Total Returns Return % — 11.96 21.83 (4.38) 31.49 18.40
Cum $ 100.00 111.96 136.40 130.42 171.49 203.04
NASDAQ Stock Market (US and Foreign Companies) Return % — 8.81 29.37 (2.95) 35.78 43.55
Cum $ 100.00 108.81 140.76 136.60 185.47 266.23
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ITEM 6. SELECTED FINANCIAL DATA
Five-Year Performance Highlights
2020 (7) 2019 (6) 2018 2017 (3) 2016
(Amounts in thousands, except for employees and per share data)
RESULTS OF OPERATIONS:
Sales $ 502,587 $ 772,702 $ 803,256 $ 624,464 $ 633,123
Impairment Loss included in Net Income (4) $ 87,016 $ 11,083 $ — $ 16,237 $ —
Net Gain on Sales of Businesses (5) $ — $ 78,801 $ — $ — $ —
Net (Loss) Income $ (115,781) $ 52,017 $ 46,803 $ 19,679 $ 48,424
Net (Loss) Income Margin (23.0) % 6.7 % 5.8 % 3.2 % 7.6 %
Diluted Earnings Per Share (1) $ (3.76) $ 1.60 $ 1.41 $ 0.58 $ 1.40
Weighted Average Shares Outstanding – Diluted (1) 30,795 32,459 33,136 33,718 34,537
Return on Average Equity (35.1) % 13.4 % 13.1 % 5.9 % 15.2 %
YEAR-END FINANCIAL POSITION:
Working Capital (2) $ 223,211 $ 222,441 $ 246,079 $ 212,438 $ 168,513
Total Assets $ 619,745 $ 782,716 $ 774,640 $ 735,956 $ 604,344
Indebtedness $ 173,000 $ 188,224 $ 233,982 $ 271,767 $ 148,120
Shareholders’ Equity $ 270,371 $ 388,857 $ 386,625 $ 329,927 $ 337,449
Book Value Per Share (1) $ 8.75 $ 12.54 $ 11.86 $ 10.22 $ 10.13
OTHER YEAR-END DATA:
Depreciation and Amortization $ 31,854 $ 33,049 $ 35,032 $ 27,063 $ 25,790
Capital Expenditures $ 7,459 $ 12,083 $ 16,317 $ 13,478 $ 13,037
Shares Outstanding (1) 30,894 30,999 32,593 32,269 33,328
Number of Employees 2,200 2,800 2,700 2,500 2,300
1. Diluted Earnings Per Share, Weighted Average Shares Outstanding - Diluted, Book Value Per Share and Shares Outstanding have been adjusted for the impact of the October 12, 2018 fifteen percent Class B stock distribution and the October 11, 2016 fifteen percent Class B stock distribution.
2. Working capital is calculated as the difference between Current Assets and Current Liabilities.
3. Information includes the results of CCC, acquired on April 3, 2017, and CSC, acquired on December 1, 2017, each from the acquisition date forward.
4. The Company recorded goodwill impairment charges during the first and second quarters of 2020 as described in Note 7 in our consolidated financial statements in Item 8. The Company recorded impairment charges in conjunction with restructuring, impairment and other activities during the fourth quarter of 2019, as described in Note 23 in our consolidated financial statements. The Company also recorded a goodwill impairment charge during the fourth quarter of 2017.
5. The Company recorded a gain of $80.1 million upon the sale of the semiconductor business on February 13, 2019, offset by a $1.3 million loss on the sale of the airfield lighting product line on July 12, 2019.
6. Information includes the results of Freedom, acquired on July 1, 2019, and Diagnosys, acquired on October 4, 2019, each from the acquisition date forward. Information reflects the sale of the semiconductor business, divested on February 13, 2019.
7. During 2020, the Company recorded non-cash charges of $21.5 million included within its provision for income taxes related to the Company’s determination that a valuation allowance against its deferred tax assets was necessary. Accounting rules require a reduction of the carrying amounts of deferred tax assets by a valuation allowance if, based on the available and objectively verifiable evidence, it is more likely than not that such assets will not be realized.
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.