Exhibit 99.1LMI Aerospace, Inc. |
FOR THE THREE MONTHS FOR THE TWELVE MONTHS ENDED DECEMBER 31 ENDED DECEMBER 31 2000 1999 2000 1999 Net sales $14,528 $11,693 $55,658 $50,054 Cost of sales 11,954 9,916 48,255 41,586 ----------------------------------------- Gross profit 2,574 1,777 7,403 8,468 Selling, general, and administrative expenses 2,182 2,363 9,135 8,517 ----------------------------------------- Income (loss) from operations 392 (586) (1,732) (49) Interest expense (16) (49) (169) (195) Other (expense) income, net 24 85 179 435 ----------------------------------------- Income (loss) before income taxes 400 (550) (1,722) 191 Provision for (benefit of) income taxes 140 (192) (603) (40) ----------------------------------------- Income (loss) before cumulative change in accounting principle 260 (358) $(1,119) $ 231 Cumulative effect of change in accounting principle** - - (164) - ----------------------------------------- Net income (loss) $ 260 (358) $(1,283) $ 231 Amounts per common share: Income (loss) before cumulative effect of change in accounting principle $ .03 $(.04) $ (.14) $ .03 Cumulative effect of change in accounting principle - - (.02) - ---------------------------------------- Net income (loss) $ .03 $ (.04) $ (.16) $ .03 Weighted average common shares outstanding* 8,134,501 8,201,805 8,190,525 8,201,805
**In the fourth quarter of 2000, the Company changed its method of accounting for revenue recognition in accordance with Staff Accounting Bulletin (SAB) No. 101, "Revenue Recognition in Financial Statements". # # # |