BUTLER NATIONAL CORPORATION ANNOUNCES FISCAL YEAR END 2024 FINANCIAL RESULTS

– Report $0.18 diluted income in step with percentage for fiscal 2024 as in comparison to $0.06 in fiscal 2023 –

NEW CENTURY, Kan., July 23, 2024 /PRNewswire/ — Butler Nationwide Company (OTCQX: BUKS), a pacesetter within the rising world marketplace for plane structural amendment, repairs, restore and overhaul (MRO) and a known supplier of gaming control products and services, broadcasts its monetary effects for the fiscal time ended April 30, 2024. 

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Butler Nationwide Company President and CEO, Christopher J. Reedy, commented at the effects declaring, “We are pleased to report that fiscal year 2024 closed with record revenue and net income. Revenue increased 4% to $78.4 million in fiscal 2024 as compared to $75.2 million in fiscal 2023. Fiscal 2024 net income was $12.5 million compared to a net income of $4.5 million in fiscal 2023.  We are working diligently in all aspects of the business to continue the positive results.”

“The revenue reflects a 7% increase in Aerospace Products in fiscal 2024, which is attributed to targeted marketing our new FAA STC approved modifications and special mission products. There was also a 2% increase in Professional Services revenue attributable to sports wagering. Fiscal 2024 operating margin was 17% compared to 12% in fiscal 2023,” persisted Reedy.

“During the fiscal year ended April 30, 2024, we invested approximately $3.1 million in projects for the development and production of new products. We believe this expenditure for design and development engineering, testing, and certification of new products is required to grow Aerospace Products, help stabilize our long-term revenue and enhance our future profits,” stated Reedy.

“The Butler team continues to focus on training new talent to enhance production efficiencies while maintaining schedules and growing net income. Training ranges from on-the-job development of aircraft modifications skills, both for technicians and engineers, to specialized cable manufacturing in Tempe. Our objective is to grow production capacity and minimize the loss of productivity. The modification activity at the New Century facility is progressing as we have reached our current staffing goals for modifications; however, we continue to seek talented staff at each of our locations to further enhance productivity. We are working to expand program management activities to better accommodate customer requests and track the significantly increased number of modifications that are in process at both Newton and New Century. From an engineering perspective, the commitment to develop niche new product offerings continues. We are also reviewing and streamlining operations to maximize the effective use of our resources. I am very appreciative of all the Butler National employees for their contributions in achieving the record results for fiscal year 2024. We are looking forward to meaningful discussions at the upcoming shareholder meeting,” concluded Reedy.

Industry Department Highlights

Aerospace Merchandise:
Income higher 7% to $39.7 million in fiscal 2024 in comparison to $37.1 million in fiscal 2023. This $2.6 million building up used to be due basically to an building up in our plane amendment industry of $1.0 million and $1.2 million in our particular undertaking industry. We’ve got invested within the construction of a number of untouched FAA STC approvals. Every STC construction ends up in untouched marketable aircraft merchandise that the Corporate might promote to alternative consumers. Prices higher 11% to $28.7 million in fiscal 2024 in comparison to $25.9 million in fiscal 2023. Prices had been 72% of section overall income in fiscal 2024, in comparison to 70% of section overall income in fiscal 2023. The rise is without delay indistinguishable to an building up in subject material and hard work prices. Bills reduced 42% in fiscal 2024 to $6.5 million in comparison to $11.2 million in fiscal 2023. Bills had been 17% of section overall income in fiscal 2024, in comparison to 30% of section overall income in fiscal 2023. The trim is basically because of a $4.5 million severance accrual in terms of official separation commitments with two former government officials that used to be expensed in fiscal 2023. Aerospace Merchandise had an working source of revenue of $4.5 million in fiscal 2024 in comparison to an working source of revenue of $0.1 million in fiscal 2023.

Skilled Services and products:
Income from Skilled Services and products higher 2% to $38.6 million in fiscal 2024 from $38.0 million in fiscal 2023. The sports activities wagering platform introduced in $4.6 million of income all through fiscal 2024 in comparison to $2.7 million for the partiality time it used to be operational in fiscal 2023. Conventional on line casino gaming income reduced $1.2 million because of a trim in patron visits. We imagine this used to be due basically to pageant and higher inflation and drought statuses in our number one marketplace branch inflicting a trim in discretionary spending. Prices higher 2% in fiscal 2024 to $15.8 million in comparison to $15.4 million in fiscal 2023. Prices had been 41% of section overall income in fiscal 2024, in comparison to 40% of section overall income in fiscal 2023. The rise is without delay indistinguishable to an building up in hard work prices. Bills higher 1% in fiscal 2024 to $14.2 million in comparison to $14.0 million in fiscal 2023. Bills had been 36% of section overall income in fiscal 2024, in comparison to 37% of section overall income in fiscal 2023. The rise is due basically to an building up in depreciation expense. Running source of revenue from Skilled Services and products higher 1% to $8.7 million in fiscal 2024 in comparison to $8.6 million in fiscal 2023.

Prices indistinguishable to Skilled Services and products and Aerospace Merchandise come with the price of engineering, hard work, fabrics, apparatus usage, keep an eye on methods, safety and occupancy. Bills indistinguishable to Skilled Services and products and Aerospace Merchandise come with advertising and marketing and promoting, hard work, worker advantages, depreciation and amortization, and normal, administrative and alternative bills.

Backlog:
As of April 30, 2024, our backlog totaled roughly $30.3 million. As of July 19, 2024, our backlog totaled roughly $28.6 million. The backlog comprises orders with signed pledges which might not be finished throughout the upcoming fiscal time. There can also be deny commitment that every one orders can be finished or that some might ever start.

Our Industry:
Butler Nationwide Company operates within the Aerospace and Skilled Services and products industry branchs. The Aerospace Merchandise section comes to device design, engineering, production, integration, set up, repairing, overhauling, servicing and distribution of aerostructures, avionics, plane parts, equipment, subassemblies and methods (“Aerospace Products”). Moreover, we additionally function Federal Flying Management (the “FAA”) Restore Stations. We lend a large, international spectrum of the gliding business, together with house owners and contractors of personal and business companies, and governmental plane and providers to the federal government. Skilled Services and products come with on line casino control products and services and administrative control products and services.

Ahead-Having a look Data:
Statements made on this document, alternative reviews and proxy statements filed with the Securities and Change Fee, communications to stockholders, press releases, and oral statements made by way of representatives of the Corporate that don’t seem to be ancient in nature, or that climate the Corporate or control intentions, hopes, ideals, expectancies or predictions of the time, might represent “forward-looking statements” throughout the which means of Category 21E of the Securities and Change Work of 1934, as amended (the “Exchange Act”). Ahead-looking statements can frequently be known by way of the utility of forward-looking terminology, reminiscent of “could,” “should,” “will,” “intended,” “continue,” “believe,” “may,” “expect,” “anticipate,” “goal,” “forecast,” “plan,” “guidance” or “estimate” or the detrimental of those phrases, permutations thereof or related expressions. Ahead-looking statements don’t seem to be promises of time efficiency or effects. They contain dangers, uncertainties, and suppositions. It’s noteceable to notice that this sort of efficiency and fresh effects, monetary status or industry, may vary materially from the ones expressed in such forward-looking statements. Elements that would motive or give a contribution to such variations come with, however don’t seem to be restricted to, the ones mentioned in Merchandise 1A of the Corporate’s Annual Document on Mode 10-Ok, integrated herein by way of reference. Possibility Elements and in other places herein or in alternative reviews filed with the SEC. Alternative unexpected components no longer known herein may even have such an impact. We adopt deny legal responsibility to replace or revise forward-looking statements to mirror modified suppositions, the incidence of unanticipated occasions or adjustments in time working effects, monetary status or industry over date, excluding as expressly required by way of federal securities regulations.

THE WORLDWIDE WEB:
Please evaluation www.butlernational.com for footage of our merchandise and information about Butler Nationwide Company and its subsidiaries.

SOURCE Butler Nationwide Company