Strong Revenue Growth
Revenue of $206 million was at the high end of the range and up 11% year-over-year.
Record Bookings and Backlog
First quarter bookings were $280 million, yielding a book-to-bill of 1.36, and backlog at quarter end was $673 million, both new all-time records.
Aerospace Segment Performance
Revenue of $191 million was up 17% year-over-year with an adjusted operating profit margin of 16.2%.
Improved Profitability
Adjusted net income increased to $17 million, up from $2 million last year, and adjusted EBITDA rose to $30.7 million from $17.6 million.
Operating Cash Flow and Debt Management
Operating cash flow was $20.6 million, up sharply from $2 million last year, and long-term debt net of cash was reduced by $16 million.