SECURITIES AND EXCHANGE COMMISSION |
0-24293 (Commission File Number) | 43-1309065 (I.R.S. Employer Identification No.) |
3600 Mueller Road, St. Charles, Missouri (Address of Principal Executive Offices) | 63301 (Zip Code) |
(636) 946-6525 |
Item 5. Other Events On November 14, 2002, LMI Aerospace, Inc. issued a press release relating to its financial performance during the Third Quarter of 2002. The text of the announcement is attached hereto as Exhibit 99.1. |
Exhibit Number | Description |
99.1 | Text of Press Release, dated November 14, 2002, issued by LMI Aerospace, Inc. |
SIGNATUREPursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: November 14, 2002 |
LMI AEROSPACE, INC. |
By: /s/ Lawrence E. Dickinson Lawrence E. Dickinson Chief Financial Officer and Secretary |
EXHIBIT INDEX |
Exhibit Number | Description |
99.1 | Text of Press Release, dated November 14, 2002, issued by LMI Aerospace, Inc. |
Exhibit 99.1LMI Aerospace, Inc. |
LMI Aerospace, Inc. Condensed Consolidated Statements of Operations (Amounts in thousands, except per share data) (Unaudited) For the Three Months For the Nine Months Ended September 30, Ended September 30, 2002 2001 2002 2001 ------------------------------------------------------- Net sales $ 21,258 $ 19,558 $ 59,522 $ 54,712 Cost of sales 17,726 14,936 48,087 42,210 ------------------------------------------------------- Gross profit 3,532 4,622 11,435 12,502 Selling, general, and administrative expenses 3,402 2,800 9,242 7,607 ------------------------------------------------------- Income from operations 130 1,822 2,193 4,895 Other income (expense): Interest expense (426) (262) (1,018) (559) Other, net (211) 25 (200) 56 ------------------------------------------------------- Income (loss) before income taxes (507) 1,585 975 4,392 Provision (benefit) for income taxes (87) 555 468 1,537 ------------------------------------------------------- Net Income (loss) $ (420) $ 1,030 $ 507 $ 2,855 ======================================================= Net income (loss) per common share $ (0.05) $ 0.13 $ 0.06 $ 0.35 ======================================================= Net income (loss) per common share - assuming dilution $ (0.05) $ 0.13 $ 0.06 $ 0.35 ======================================================= Weighted average common shares outstanding 8,061,368 8,063,505 8,042,079 8,071,494 ======================================================= Weighted average dilutive stock options outstanding 72,590 142,156 118,726 88,714 ======================================================= LMI Aerospace, Inc. Condensed Consolidated Balance Sheets (Amounts in thousands, except share and per share data) September 30, December 31, 2002 2001 (unaudited) ------------------------------- Assets Current assets: Cash and cash equivalents $ 1,010 $ 4,645 Investments 369 643 Trade accounts receivable, net 11,134 6,285 Inventories 27,285 23,045 Prepaid expenses 892 787 Deferred income taxes 913 886 ------------------------------- Total current assets 41,603 36,291 Property, plant, and equipment, net 26,671 24,014 Goodwill, net 16,389 7,420 Other assets 776 277 ------------------------------- $ 85,439 $ 68,002 =============================== Liabilities and stockholders' equity Current liabilities: Accounts payable $ 5,504 $ 3,547 Accrued expenses 3,239 2,659 Current installments of long-term debt 4,383 2,334 Revolving line of credit 2,535 - ------------------------------- Total current liabilities 15,661 8,540 Long-term debt, less current installments 21,306 12,621 Deferred income taxes 1,922 1,192 ------------------------------- Total noncurrent liabilities 23,228 13,813 Stockholders' equity: Common stock of $.02 par value; authorized 28,000,000 shares; issued 8,736,427 at December 31, 2001 and at September 30, 2002 175 175 Additional paid-in capital 26,171 26,171 Treasury Stock, at cost, 716,676 and 554,641 shares at December 31, 2001 and September 30, 2002, respectively (2,631) (3,402) Accumulated other comprehensive income (loss) (14) - Retained earnings 22,849 22,705 ------------------------------- Total stockholders' equity 46,550 45,649 ------------------------------- $ 85,439 $ 68,002 ===============================