Astronics reported sales of $40.4 million in the third quarter of 2008, which ended September 27, 2008, up 7.0% compared with $37.7 million in the third quarter of 2007. Net income declined to $2.4 million, or $0.22 per diluted share, in the third quarter of 2008 compared with $4.1 million, or $0.38 per diluted share, in the same period the prior year. Net income was adversely impacted by higher engineering and development spending, higher manufacturing costs related to increased infrastructure and capacity, and sales mix. All per share data was adjusted to reflect a one-for-four Class B Stock distribution that was distributed on or about October 17, 2008.
Commercial transport market sales increased to $25.5 million in the third quarter of 2008, up 10.3% compared with $23.1 million in the same period the prior year primarily as a result of increased cabin electronics sales. Military sales increased 12.2% to $7.6 million in the third quarter of 2008 compared with $6.7 million in the prior year
