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Aerosonic Announces Third Quarter Results

15 December 2000

Aerosonic Announces Third Quarter Results

    CLEARWATER, Fla., Dec. 15 Aerosonic Corporation
(Amex: AIM) announces year-to-date sales for fiscal year 2001 continue to
outpace the previous period with a 5% increase to $17,822,000 as compared to
$16,992,000.  Net sales for the third quarter, ended October 31, 2000,
decreased by 9% to $5,706,000 as compared to $6,237,000 for the same period in
the preceding year.  Gross profit as a percentage of net sales equaled 36% in
the third quarter of both fiscal year 2001 and fiscal year 2000.  The decrease
in sales is primarily due to delays in shipments of the multi-function probe
into late fourth quarter of fiscal year 2001 and early first quarter of fiscal
year 2002.  The impact of the delays were offset by increased sales of
altimeters and airspeed indicators.  The strong sales in the mechanical
instruments along with increased efficiencies in the manufacturing process of
these instruments have helped maintain the gross profit margin.  Net loss was
$193,000, or $0.05 per share compared with net income of $68,000 or $0.02 per
share in the prior year period.
    Cash flow from operating activities for the nine months ended increased by
$1,356,000 to $958,000 from $(398,000) during the prior year period.
Reductions in accounts receivable and inventory contributed to the positive
cash flow from operations.  The positive cash flow from operations was
primarily used to lower the outstanding debt by approximately $453,000.
    In making the announcement, J. Mervyn Nabors, the Company's Chief
Executive Officer, stated "The foundation of Aerosonic was strengthened
through numerous long term contracts signed during the third quarter.  Despite
the delays in shipments on certain contracts combined with the absorption of
certain one-time general and administrative expenses, primarily additional
legal expenses, the Company continues to fundamentally improve.  Year-to-date
sales have outpaced our previous fiscal year and cash flow from operations
through better balance sheet management has continued to strengthen the
Company."

                               Three Months Ended        Nine Months Ended
                                  October 31,               October 31,
                              2000          1999         2000          1999

    Net Sales           $5,706,000    $6,237,000 $ 17,822,000  $ 16,992,000
    Gross Profit         2,080,000     2,250,000    6,124,000     6,303,000
    Net Income          $(193,000)       $68,000      $18,000      $261,000
    Net Income Per Share  $ (0.05)         $0.02       $ 0.00         $0.07
    Basic and
     Diluted Weighted
     Average Shares
     Outstanding         3,922,000     3,934,000    3,917,000     3,941,000