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astronics.com Nasdaq: ATRO CJS Securities New Ideas Virtual Conference January 14, 2025 Peter J. Gundermann, Chairman, President & CEO Nancy L. Hedges, Vice President & CFO
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Safe Harbor Statement This presentation contains forward-looking statements as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words “expect,” “anticipate,” “plan,” “may,” “will,” “estimate” or other similar expressions and include all statements with regard to the timing for the ruling on the Company’s UK and French patent infringement damages proceedings as well as the indirect damages claim yet to be filed in Germany and the amount of any such damages that may become due and payable by the Company as a result, the Company’s ability to appeal the ruling on the Company’s UK patent infringement damages claim, the timing as to when the damages in the UK patent infringement claim will become due and payable, to achieving any revenue or profitability expectations, commercial aerospace widebody/long haul build rates and order rates, the timing of pricing and impact of inflation on margins, the effectiveness on profitability of cost reduction efforts, the timing of receipt of task orders or future orders, the timing of projects through development to LRIP to full rate production including the TS 4549/T and FLRAA, the rate of cash generation, the impact of volume on margins, the effectiveness of pricing in new or renewed contracts, the expectations of demand by customers and markets, preliminary unaudited revenue and bookings for the fourth quarter of 2024 and full year 2024, 2025 revenue outlook, and the rate of production for Boeing and the resolution of intellectual property disputes. Because such statements apply to future events, they are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. Important factors that could cause actual results to differ materially from what may be stated here include any impact from global pandemics and related governmental and other actions taken in response, trend in growth with passenger power and connectivity on airplanes, the state of the aerospace and defense industries, the market acceptance of newly developed products, internal production capabilities, the timing of orders received, the status of customer certification processes and delivery schedules, the demand for and market acceptance of new or existing aircraft which contain the Company’s products, the need for new and advanced test and simulation equipment, customer preferences and relationships, the effectiveness of the Company’s supply chain, and other factors which are described in filings by Astronics with the Securities and Exchange Commission. The Company assumes no obligation to update forward-looking information in this presentation whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise. Non-GAAP Financial Measures This presentation will discuss some non-GAAP (“adjusted”) financial measures which we believe are useful in evaluating our performance. You should not consider the presentation of this additional information in isolation or as a substitute for results compared in accordance with GAAP . The non-GAAP (“adjusted”) measures are notated and we have provided reconciliations of comparable GAAP to non-GAAP measures in tables found in the Supplemental Information portion of this presentation. astronics.com 2
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astronics.com 3 Astronics Corporation (Nasdaq: ATRO) Market data as of January 8, 2025 [Source: Factset] Market Cap $557 million Recent Price $15.60 52-Week Range (high/low) $23.74 / $14.13 Average Daily Volume (3 mos.) 318,600 Established/IPO 1968/1972 Shares Out – Common 29.7 million Shares Out – Class B 5.6 million Institutional ownership 61% Insider ownership 9% Index membership Russell 3000®/2000® INNOVATION. COLLABORATION. SUCCESS. Astronics serves the world’s aerospace, defense, and other mission critical industries with proven, innovative technology solutions. Our strategy is to grow value by developing technologies, organically or through acquisition, for our targeted markets.
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65% 10% 23% Other 2% astronics.com 4 Solid Franchise with Leading Market Positions 88%12% Aerospace Test Systems TTM Q3 24 Sales: $782.2 million Commercial Aerospace General Aviation Defense & Government* *Includes Test and Aerospace sales Commercial Aerospace ~50/50 Line Fit/Aftermarket ~50/50 Narrowbody/Widebody
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Revenue 2019 to 2025E ($ in millions) Covid Recovery astronics.com 5 692.6 418.0 365.2 461.2 604.8 80.1 84.6 79.7 73.7 84.4 $773 $503 $445 $535 $689 2019 2020 2021 2022 2023 2024 Prelim* 2025E* ~$796 $820 to $860 *Preliminary revenue and 2025 guidance provided January 10, 2025. Segment sales tally may differ due to rounding. Faced 42% decline in sales due to Covid » Concentration of sales to commercial aerospace » Commercial aerospace recovered later than other industries Dramatic growth despite significant challenges » Supply chain impeded growth and margins in 2022 and 2023 » Employee shortages and high turnover in 2022 and 2023 resulted in production inefficiencies » Negotiated higher pricing to help offset inflation » Some slower contract turnover given length of term » New pricing began rolling in during latter half of 2023 » 2024: stabilizing operations, more predictable supply chain and improving pricing helped drive steadily improving margins » 2025: Continued tailwinds and improved operating environment
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Astronics Strategic Thrusts Elevating Innovation astronics.com 6 STRATEGIC THRUSTS PRODUCT LINES Electrical Power & Motion Lighting & Safety Avionics/Systems Certification Structures Test Solutions Other Inflight Entertainment & Connectivity (IFEC) TTM Q3 24 Sales: $782 million Aircraft Lighting & Safety Flight Critical Electrical Power 22% 9% 49% 12%8% All Other Test Solutions
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Aircraft Data Systems Aircraft Inflight Entertainment & Connectivity IFC Radome Systems Inflight Entertainment Systems Hardware Power for Passengers and Crew 7astronics.com
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astronics.com 8 IFEC: IN-SEAT POWER SYSTEM (ISPS) » In-seat power, line-fit and retrofit, now powering 1 million+ seats on over 280 airlines worldwide » System provides power to personal electronics and seat-back displays » High barriers to entry: 90%+ market share » ASP: $350-$850 per seat » Market penetration seats*: ~60% wide body and ~30% narrow body *Company estimates based on pre-COVID airline fleets
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Lighting & Safety Solutions Cabin Emergency / Safety Systems Exterior Cockpit 9
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Boeing 787 Cockpit ... Robert's dream job!: astronics.com 10 Aircraft Lighting Systems Industry Leader in Aircraft Lighting Illuminating commercial, business and military aircraft, including Airbus, Boeing, Embraer, Lockheed and Textron A complete array of innovative, lightweight, reliable, solid-state lighting systems Products » Exterior lighting systems » Cabin lighting systems » Cockpit lighting systems Markets » Commercial transport » Military » Business and general aviation
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Flight Critical Electrical Power astronics.com 11 The technology for the future of small aircraft: Solid-state power distribution systems replace extensive wiring and traditional electromechanical components with modular electronics and software Selected for the U.S. Army Future Long-Range Assault Aircraft (FLRAA) program » Intelligent systems for power generation, distribution and conversion » Increased reliability » Reduced weight » Automation, flexibility » Lower life cycle cost » Reduces pilot workload First Mover Advantage: Establishing leadership in small aircraft airframe power
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astronics.com 12 Addressing Trends: Modernization of Aircraft Clean, Streamlined Cockpit Modern Cockpit with Electronic Circuit Breakers Pilatus PC-24 Traditional Cockpit with Mechanical Circuit Breakers Learjet 45
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astronics.com 13 Flight Critical Electrical Power Programs of Record Electronic Circuit Breaker Units and Long-Life Starter Generator Program Wins to Date » Daher TBM 900 » Bell 505, 525 » Pilatus PC-24 » Cessna Denali » FLRAA: Bell V-280 Valor* » Boeing MQ-25 Stingray *Future Long-Range Assault Aircraft (FLRAA)
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U.S. Army Future Long-Range Assault Aircraft Program 14 Selected by Bell Textron to Develop Electrical Power Distribution System • With roughly twice the range and twice the speed, FLRAA brings unmatched combat capability to the war fighter • First flight expected in 2026; LRIP currently planned in 2028; Initial fielding in 2030 • $70B program across lifespan expected to replace 2,000 Black Hawk utility helicopters • Expect Astronics’ shipset content to approach or exceed 7 digits Employs Astronics CorePower® family of solutions CorePower Benefits » Clean, intelligent, and efficient power to improve aircraft performance » Reduces overall system weight » Supports the U.S. Army Modular Open Systems Architecture (MOSA) initiatives Currently in engineering and development » ~$65 million development effort 2024-2026
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Aerospace Well Positioned on Wide Range of High-Profile Aircraft astronics.com 15 Transport Business Aircraft Military 777/777X • ~$240K in content (PSUs, fuel access doors) • ~$350K in IFEC content (BFE) Embraer Phenom 100/300 • Exterior lighting F-35 JSF • ~$55K in content (Exterior lighting system, lighting controls) 737 • ~$100K in content (PSUs, fuel access doors, exterior and cockpit lighting) • Potentially $100k to $150k IFEC content (BFE) Cessna Citations • Exterior and cockpit lighting UH-60 Blackhawk • Exterior & cockpit lighting 787 • ~$45K in content (fuel access doors) • ~$200K in IFEC content (BFE) Beechcraft Denali • Induction starter generator, electronic circuit breakers and passenger power V-22 Osprey • Cabin, cockpit and exterior lighting A350 • ~$30K in content (Emergency exit lighting) • ~$200K in IFEC content (BFE) Pilatus PC-24 • Airframe power and induction starter generator Bell V280: FLRAA program • Airframe power, lighting & safety A320 and other Airbus and Boeing aircraft • Potentially $100k to $150k IFEC content (BFE) Bell 525/505 • Airframe power, lighting & safety A220 • ~$80K in content (PSUs) • Potential $100k to $150k IFEC content (BFE) Embraer E2 • PSUs, emergency lighting • Potential IFEC (BFE)
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astronics.com 16 Test Systems: A&D, Transit and Radio » Validate operating performance on multiple top-priority defense communications and weapons systems platforms » Awarded $40 million, 5-year IDIQ contract for the U.S. Marine Corps’ Handheld Radio Test Sets program » Awarded ~$215 million, 5-year IDIQ contract for the U.S. Army Radio Test Set 4549/T » Expanded into metro rail test system support: › MARTA and NYCT – Stadler and Kawasaki › AutoPoint Multi-Axis Robotic System (AP-MARS) Next-gen radio test set that combines 16+ field test capabilities in one device Award-winning test solutions Testing for Mission-Critical Industries Structuring business to deliver profitability » Closed three facilities in 2024 » Restructuring in April and November 2024 expected to provide more than $5 million in annualized savings Freedom 2 Universal Functional Tester Solutions Designed for the Unique Requirements of Mass Transit
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FINANCIALS INNOVATION. COLLABORATION. SUCCESS.
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$508.2 $511.5 $532.1 $547.6 $543.6 $90.4 … $73.6 $78.8 $68.2 $598.6 $586.6 $605.6 $626.4 $611.9 $602.0 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q424 Prelim Sales ($ in millions) Sales, Bookings & Backlog astronics.com 18 Bookings Backlog *Guidance provided January 10, 2025. Segment sales tally may differ due to rounding. $142.1 $168.8 $163.7 $176.9 $177.6 $20.8 $26.5 $21.4 $21.2 $26.1 $162.9 $195.3 $185.1 $198.1 $203.7 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Prelim* $208 to $210 $153.3 $172.1 $184.1 $192.5 $173.6 $22.7 $11.2 $20.0 $26.4 $15.6 $176.0 $183.3 $204.1 $218.9 $189.2 $199.0 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Prelim*
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$20.6 $40.0 $34.2 $41.4 $42.7 12.7% 20.5% 18.5% 20.9% 21.0% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Gross Profit and Margin ($ in millions) Profit and Margins astronics.com 19 Operating Profit (Loss) and Margin Incremental volume drives margin expansion Q3 2024 Y/Y margin impacts » $3.5 million warranty reserve » $0.9 million inventory reserve related to a customer bankruptcy filing » Earlier restructuring savings in Test segment beginning to be realized ($14.5) $7.8 $1.7 $7.6 $8.4 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 (8.9)% 4.0% 0.9% 3.8% 4.1% $24.2 $47.2 14.9% 23.2% Q3 23 Q3 24 ($0.6) Q3 23 Q3 24 --% 9.6% $19.6 Adj. Gross Profit and Margin1 Adj. Operating Profit (Loss) and Margin2 1Adjusted Gross Profit is defined as gross profit as reported, adjusted for certain items. See supplemental information for a reconciliation to GAAP. 2Adjusted Operating Income is defined as income from operations as reported, adjusted for certain items. See supplemental information for a reconciliation to GAAP.
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… … Q3 23 Q3 24 $(0.51) $(0.34) Net Income and Diluted EPS Adjusted EBITDA 1 and Margin astronics.com 20 EPS and EBITDA … Q3 23 Q3 24 1Adjusted EBITDA, adj. net income and adj. diluted EPS are a non-GAAP financial measures. Please see supplemental slides for a reconciliation of these measures and other important disclosures regarding the use of non-GAAP financial metrics. These metrics are as stated in Q3 2024 and are not restated to reflect the impact of the recent Convertible Senior Notes offering. ($ in millions; except EPS) $(17.0) $(11.7) Adj. Net Income and Adj. Diluted EPS1 … … Q3 23 Q3 24 $(0.07) $0.35 $(2.3) $12.2 $8.8 $27.1 5.4% 13.3%
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Cash from Operations Capital Expenditures Balance Sheet and Cash Flow ($ in millions) $37.3 ($5.5) ($28.3) ($24.0) $4.1 2020 2021 2022 2023 YTD Q3 24 $270.4 $256.6 $239.9 $249.5 $249.2 $132.6 $133.2 $150.2 $161.2 $174.6 2020 2021 2022 2023 Q3 2024 $7.5 $6.0 $7.7 $7.6 $5.2 2020 2021 2022 2023 Q3 24 YTD Shareholder’s Equity Funded Net Debt » Refinanced debt to provide greater financial flexibility, no restrictive covenants, annual interest savings and flexible settlement option to limit/avoid dilution » Conversion price of $22.89, representing a 30% premium » Increased ABL revolving credit facility by $20 million to $220 million » Able to address potential obligations related to allegations of IP infringement Funded Net Debt & Shareholders’ Equity 2024 CapEx expectation: $9 million to $11 million* * Guidance provided as of November 6, 2024 astronics.com 21 $165 Million Convertible Note Offering Generated $8.5 million in cash from operations in Q3 24
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Convertible Note Summary of Terms* 22 Key terms Closed December 3, 2024 Convertible Senior Notes due 2030 Offering Size $150 million plus $15 million greenshoe Coupon 5.50%, payable semi-annually on March 15 and September 15 Ranking Senior Unsecured Maturity March 15, 2030 Investor Put Right None, except customary in connection with a fundamental change Issuer Call Right Provisionally callable on or after March 20, 2028 if stock price exceeds 130% of conversion price for a specified period of time with table make-whole Conversion Premium and Price ~30% at $22.89 Flexible Settlement Mechanism Cash, shares of common stock, or a combination of cash and shares of common stock; Company plans net settlement Takeover Protection Standard fundamental change provisions with table make-whole Use of Proceeds Repay existing term loan, pay down revolver, and pay any incurred fees associated with the transaction Lock-up 60 days Sole Bookrunner HSBC * Refer to the offering memorandum for additional details on the transaction and terms
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astronics.com Nasdaq: ATRO CJS Securities New Ideas Virtual Conference January 14, 2025 Peter J. Gundermann, Chairman, President & CEO Nancy L. Hedges, Vice President & CFO
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astronics.com 24 Astronics Corporation SUPPLEMENTAL INFORMATION INNOVATION. COLLABORATION. SUCCESS.
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Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 GAAP Consolidated Net Income (Loss) $ (16,983) $ 6,976 $ (3,178) $ 1,533 $ (11,738) Interest expense 5,991 5,947 5,759 5,856 6,217 Income tax expense (benefit) (3,835) (5,442) (1,351) (274) 6,565 Depreciation and amortization 6,385 6,346 6,328 6,203 6,041 Equity-based compensation expense 1,611 1,595 2,802 1,840 1,772 Non-cash annual stock bonus accrual - 2,806 1,448 - - Restructuring-related charges including severance - - 117 657 259 Legal reserve, settlements and recoveries (1,227) - - - (332) Non-cash 401K contribution and quarter bonus accrual 1,237 2,776 3,454 - - Litigation related legal expenses 4,574 3,826 3,694 4,428 5,558 Loss on extinguishment of debt - - - - 6,987 Warranty reserve - - - - 3,527 Non-cash reserves for customer bankruptcy 11,074 - - - 2,203 Adjusted EBITDA $ 8,827 $ 24,830 $ 19,073 $ 20,243 $ 27,059 Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA astronics.com 25 Reconciliation to Non-GAAP Performance Measures In addition to reporting net income, a U.S. generally accepted accounting principle (“GAAP”) measure, we present Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, non-cash equity-based compensation expense, goodwill, intangible and long-lived asset impairment charges, equity investment income or loss, legal reserves, settlements and recoveries, restructuring charges, loss on extinguishment of debt, unusual specific warranty reserves, and customer bankruptcy reserve) which is a non-GAAP measure. The Company’s management believes Adjusted EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare the performance of its core operations from period to period by removing the impact of the capital structure (interest), tangible and intangible asset base (depreciation and amortization), taxes, equity- based compensation expense, goodwill, and other items as noted previously which are not commensurate with the core activities of the reporting period in which it is included. As such, the Company uses Adjusted EBITDA as a measure of performance when evaluating its business and as a basis for planning and forecasting. Adjusted EBITDA is not a measure of financial performance under GAAP and is not calculated through the application of GAAP. As such, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure. Adjusted EBITDA, as presented, may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.
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2021 2022 2023 GAAP Consolidated Net Income (Loss) $ (25,578) $ (35,747) $ (26,421) Interest expense 6,804 9,422 23,328 Income tax expense (benefit) (1,382) 5,954 110 Depreciation and amortization 29,005 27,777 26,104 Equity-based compensation expense 6,460 6,497 7,198 Non-cash annual stock bonus accrual - - 6,549 Equity Investment accrued payable write-off - - (1,800) Contingent consideration liability fair value adjustment (2,200) - - Restructuring-related charges including severance 577 199 564 Legal reserve, settlements and recoveries 8,374 500 (2,532) Customer accommodation settlement - 2,100 - Lease termination settlement - 450 - Litigation related legal expenses 7,142 6,935 17,850 Non-cash 401K contribution and quarter bonus accrual 4,199 4,512 2,806 AMJP grant benefit (8,670) (6,008) - Net gain on sale of facility (5,014) - - Net gain on sale of business (10,677) (11,284) (3,427) Loss on extinguishment of debt - - - Warranty reserve - - - Non-cash reserves for customer bankruptcy - - 11,074 Deferred liability recovery - - (5,824) Adjusted EBITDA $ 9,040 $ 11,307 $ 55,579 Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA astronics.com 26 Reconciliation to Non-GAAP Performance Measures In addition to reporting net income, a U.S. generally accepted accounting principle (“GAAP”) measure, we present Adjusted EBI TDA (earnings before interest, income taxes, depreciation and amortization, non-cash equity-based compensation expense, goodwill, intangible and long- lived asset impairment charges, equity investment income or loss, legal reserves, settlements and recoveries, restructuring c harges, gains or losses associated with the sale of businesses and grant benefits recorded related to the AMJP program), which i s a non-GAAP measure. The Company’s management believes Adjusted EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare the performance of its core operations from period to period by removing the impact of the capital structure (interest), tangible and intangible asset base (depreciation and amortization), taxes, equity -based compensation expense, goodwill and other items as noted previously, which iare not commensurate with the core activities of the reporting period in which it is included. As such, the Company uses Adjusted EBITDA as a measure of performance when evaluating its business and as a basis for planning a nd forecasting. Adjusted EBITDA is not a measure of financial performance under GAAP and is not calculated through the applicati on of GAAP. As such, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation o f, but in conjunction with, the GAAP measure. Adjusted EBITDA, as presented, may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.
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Q3 2023 Q3 2024 Gross Profit $20,618 $42,743 Add back (deduct) Warranty reserve - 3,527 Non-cash reserves for customer bankruptcy 3,601 909 Adjusted Gross Profit $24,219 $47,179 Sales $ 162,922 $ 203,698 Gross Margin 12.7% 21.0% Adjusted Gross Margin 14.9% 23.2% Reconciliation of Gross Profit to Adjusted Gross Profit astronics.com 27
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Q3 2023 Q3 2024 Income (Loss) from Operations $(14,479) $8,374 Add back (deduct) Restructuring-related charges including severance - 259 Legal reserve, settlements and recoveries (1,227) (332) Litigation-related legal expenses 4,574 5,558 Non-cash reserves for customer bankruptcy 11,074 2,203 Warranty reserve - 3,527 Adjusted Operating Income (Loss) $(58) $19,589 Sales $162,922 $203,698 Operating Margin (8.9%) 4.1% Adjusted Operating Margin -% 9.6% Reconciliation of Operating Income to Adjusted Operating Income astronics.com 28
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Q3 2023 Q3 2024 Net Loss $(16,983) $(11,738) Add back (deduct) Amortization of intangibles 3,381 3,188 Restructuring-related charges including severance - 259 Legal reserve, settlements and recoveries (1,227) (332) Litigation-related legal expenses 4,574 5,558 Loss on extinguishment of debt - 6,987 Non-cash reserves for customer bankruptcy 11,074 2,203 Warranty reserve - 3,527 Normalize tax rate1 (3,081) 2,511 Adjusted Net Income (Loss) $(2,262) $12,163 Weighted average diluted shares outstanding (in thousands) 33,000 35,011 Diluted loss per share ($0.51) ($0.34) Adjusted diluted earnings (loss) per share ($0.07) $0.35 Reconciliation of Net Income and Diluted Earnings per Share to Adjusted Net Income and Adjusted Diluted Earnings per Share astronics.com 29 1 Applies a normalized tax rate of 25% to GAAP pre-tax income and non-GAAP adjustments above, which are each pre-tax.
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Extensive List of Customers Representative List 280+ Airlines Airbus AMAC Aerospace Bell Helicopter Boeing Bombardier Carson Helicopters Cessna Cirrus Aircraft Collins Aerospace Comlux Dassault Aviation Delta Flight Products Embraer General Dynamics Gulfstream Honda Aircraft Honeywell Hughes Intelsat Safran Sikorsky Textron Aviation Thales Thompson Aero Seating U.S. Army/Navy/Air Force/Marines Viasat astronics.com 30 Jet Aviation Kawasaki L3Harris Leonardo Lockheed Martin NASA Northrup Grumman Panasonic Avionics Pilatus Raytheon Technologies
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astronics.com 31 Created a Portfolio for Growth 2013 2014 2015 2016 2017 2018 2019 PECO Manufacturing » July 2013 » Aerospace: Manufacturing Services PGA Avionics » December 2013 » Aerospace: Power, Executive Armstrong Aerospace » January 2015 » Aerospace: Systems Certification, Power AeroSat » October 2013 » Aerospace: Connectivity EADS N.A. Test » February 2014 » Semiconductor and A&D Test Custom Control Concepts » April 2017 » Aerospace: Executive Telefonix PDT » December 2017 » Aerospace: Connectivity Sale of Semi Test Business » February 2019 » Semiconductor Test Freedom Communication Technologies » July 2019 » A&D Test Diagnosys Test Systems » October 2019 » A&D Test
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Select Competitors » Airbus KID – Systeme » Collins Aerospace » Meggitt » Crane Aerospace ELECTRICAL POWER » Safran » Honeywell » Transdigm » Collins Aerospace LIGHTING & SAFETY » TECOM (Smiths Group) » ThinKomAVIONICS » Viavi » Lockheed » National Instruments TEST SOLUTIONS » Safran » Ametek » Transdigm » Whelan » Diehl Aerospace » Kontron » Panasonic » Teradyne » Ametek » Keysight » Rhode & Schwartz
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For more information: astronics.com Company: Nancy L. Hedges Chief Financial Officer 716-805-1599 nancy.hedges@astronics.com Investor Relations: Deborah K. Pawlowski Alliance Advisors IR 716-843-3908 dpawlowski@allianceadvisors.com