Wednesday, LMI Aerospace, Inc. (LMIA), said that it has completed acquisition of Everett, Washington-based Integrated Technologies, Inc. or Intec. LMI also said it has reviewed its 2009 guidance and will update expectations for 2009 revenue, operating margins, and cash flow based on current production rates and the backlog of orders from customers.
LMI said that on January 27 it would announce revenue results for the fourth quarter, which was affected by the Boeing strike and customer destocking programs.
The St. Charles, Missouri headquartered LMI, which provides products and services to the aerospace, defense and technology industries, said that the acquisition is expected to provide the company an entry into aerospace composite manufacturing and would be accretive to its earnings in 2009.
Intec's primary business is designed to support composite testing, manufacturing and research, by analyzing new and existing materials including organic matrix composites, ceramics, metal matrix composites and metal. In 2008, Intec generated sales of $7 million, and projected sales in 2009 are in the $8 million to $9 million range.
LMI also said it has reviewed its organizational structure and has effected changes, which it plans to announce in a news release on January 27, along with the fourth quarter revenue results.
Booked backlog for the Aerostructures division, as of December 31, 2008, was $250 million, LMI said.
LMI is currently up $0.73 or 3.78% and trades at $20.03
For comments and feedback: editorial@rttnews.com