Having enjoyed a string of profitable quarters, in-seat power specialist Astronics has announced a one-for-ten distribution of Class B stock to holders of both common and Class B stock.
"The board of directors chose to initiate this distribution of Class B shares to reward our current stockholders, encourage long-term ownership and interest in Astronics and increase the total number of shares outstanding," said Astronics president and CEO Peter Gundermann.
Stockholders will receive one share of Class B stock for every ten shares of common and Class B stock held on the record date of 16 August. Fractional shares will be paid in cash. The company expects the new shares to be distributed on or about 30 August.
Astronics recently raised its revenue guidance for the year after achieving a 53.2% increase in first quarter net profit to $5.2 million and a 17.5% rise in sales to $55.1 million, as demand for in-flight entertainment and in-seat power systems continues unabated.
The company achieved a full year 2010 net income of $14.9 million.
Source: Air Transport Intelligence news
