BUTLER NATIONAL CORPORATION ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2022 FINANCIAL RESULTS AND CONFERENCE CALL.


– Revenues increased by 20% to 73.5 million dollars in fiscal 2022 vs 61.5 million dollars in fiscal year 2021 –

OLATHE, Kan., July 15, 2022 /PRNewswire/ — Butler National Corporation (OTCQB: BUKS), a leader in the growing global market for aircraft structural modification, maintenance, repair and overhaul (MRO) and a recognized provider of game management services, announces its financial results for the fourth quarter and fiscal year ended April 302022. In connection with the announcement, the Company has scheduled a conference call for Monday, 18.07.2022 at 10:00 AM Central Daylight Time.

What: Butler National Corporation Fourth Quarter Fiscal Year End 2022 Financial Results Conference Call

When: Monday, July 18, 202210:00 AM Central Daylight Time

How to: Live by phone by calling 800-550-7966. Code: 565 658. Conference call participants should call at least 5 minutes before the start time.

Clark Stewartchairman and CEO, Butler National Corp., will lead the call and discuss fourth quarter and fiscal year-end results, the status of new and existing orders, gaming activities and the outlook for fiscal 2023.

Historical selected financial data relating to all operations:

Year ended April 30

Quarter ended April 30

(In thousands except po
share data)

(In thousands except po
share data)

in 2022

in 2021

in 2022

in 2021

Income

$

73,473

$

61,480

$

18,104

$

17,908

Operating Income (Loss)

16,129

5,900

2,962

2,217

Net Income (Loss)

10,368

1,433

1,628

624

Total assets

100,809

101,921

100,809

101,921

Long-term liabilities

46,310

42,975

46,310

42,975

Share capital

40,834

41,379

40,834

41,379

Weighted average shares – diluted

75,340

74,145

75,255

74,027

Diluted earnings (loss) per share

0.14

0.02

0.02

0.01

Costs of research and development of new products

2,352

3,493

500

941

Management comments

“The fiscal year has ended April 30, 2022, produced one of the best years in the history of Butler National Corporation. Revenues rose 20% to 73.5 million dollars in fiscal 2022 vs 61.5 million dollars in fiscal 2021. The revenue increase reflects a 30% increase in professional services revenue and a 10% increase in aerospace products revenue. The company’s acquisition of an outstanding interest in a casino management company and strong marketing campaigns at Boot Hill Casino & Resort improved our financial position in the professional services segment. Our Aerospace Products segment continues to focus on growth in international markets, solutions to regulatory mandates and development of new Federal Aviation Administration (“STC”) Supplemental Certificates.

Net income in fiscal 2022 was $12.2 million compared to net income in $2.5 million in fiscal 2021. Operating margin for fiscal 2022 was 22% compared to 10% in fiscal 2021. We continue to work to improve efficiencies in our implementation, operational processes, and control of general and administrative expenses.

The fourth quarter of fiscal 2022 was a strong quarter for the professional services segment. Professional services grew by 11% compared to the fourth quarter of fiscal year 2021. Aerospace Products was down 10% due to a reduction in our aircraft modification business. Revenues increased by 1% to 18.1 million dollars in the fourth quarter of fiscal year 2022, compared to 17.9 million dollars in the fourth quarter of fiscal 2021. The fourth quarter of fiscal 2022 resulted in net income of 1.6 million dollars compared to net income of $624,000 in the fourth quarter of fiscal 2021.

During the completed fiscal year April 302022, we invested approx 2.4 million dollars in projects aimed at the development and procurement of new products. We believe these expenditures for design and engineering development, testing and certification of new products are necessary to develop aerospace products, help stabilize our long-term revenues and increase our profits.

We are optimistic about the future. Management and all employees are focused on new product development and business development opportunities, as well as increasing revenue while managing costs. We believe we are positioned for the future as we focus on meeting the needs of our customers and increasing shareholder value,” he commented. Clark D. Stewartpresident and CEO of Butler National Corporation.

Featured business segments

Air Products:
Revenue increased 10% to $34.3 million in fiscal 2022 compared to $31.3 million in fiscal 2021. This $3.1 million increase was the result of an increase in our avionics and special mission electronics business 3.4 million dollars and reducing our aircraft modification business $351,000. We have invested in the development of several STCs. The development of STC results in new market products for the company. Expenses decreased 4% to $22.4 million in fiscal 2022, compared to $23.3 million in fiscal 2021. Expenses were 65% of total segment revenue in fiscal 2022, compared to 74% of total segment revenue in fiscal 2022. 2021 Expenses decreased in fiscal 2022 to 202% $5.7 million compared to $7.1 million in fiscal 2021. Expenses were 17% of total segment revenue in fiscal 2022, compared to 23% of total segment revenue in fiscal 2021. 2021 Aerospace Products had operating income of $6.2 million in fiscal 2022 compared to 2022 operating income of $854,000 in fiscal 2021.

Professional services:
Professional services revenue increased 30% to $39.1 million in fiscal 2022 from $30.2 million in fiscal 2021. Expenses increased 11% in fiscal 2022 to $15.8 million compared to $14.2 million in fiscal 2021. Expenses were 41.2% of total revenue in fiscal 2020 compared to 47% of total segment revenue in fiscal 2021. Expenses increased 22% in fiscal 2022 to $13.4 million compared to $10.9 million in fiscal 2021. Expenses were 34% of total segment revenue in fiscal 2022, compared to 36% of total segment revenue in fiscal 2021. Professional services operating income grew 98% to $100.0 million in fiscal 2022 compared to $5.0 million in fiscal 2021.

Costs related to professional services and aviation products include engineering, labor, materials, equipment usage, control systems, security and occupancy costs. Expenses related to professional services and aviation products include marketing and advertising, employee benefits, depreciation and amortization, and general, administrative and other expenses.

Backlog:
Like April 30, 2022our backlog was approx $22.1 million. Like July 1, 2022our backlog was approx 24.2 million dollars. The backlog includes firm, pending and contract orders, which may not be completed in the next fiscal year. This is standard for an industry where modification services and related contracts can take months or years to complete. Such actions lead to a backlog as additional customers request changes but must wait for other projects to be completed. There can be no guarantee that all orders will be fulfilled or that any will ever commence.

Our business:
Butler National Corporation operates in the aerospace and professional services business segments. The Aerospace Products segment includes special mission aircraft modifications, manufacturing, sales and service of electronic equipment and systems and technologies to improve and support aircraft-related products. In addition, we also operate Federal Aviation Administration (“FAA”) repair stations. Aerospace Products subsidiaries are concentrated on Beechcraft King Air, Cessna Caravan, Cessna turbine engine and Learjet aircraft. Professional services include casino management services, temporary staffing services and administrative management services.

Information about the future:
Statements made in this report, other reports and proxy statements filed with the Securities and Exchange Commission, communications to shareholders, press releases and oral statements by representatives of the Company that are not historical in nature, or that state the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future , may constitute “forward-looking statements” within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements can often be identified by the use of forward-looking terminology such as “could,” “should,” “will,” “intended,” “continue,” “believe,” “may,” ” expect,” “hope,” “anticipate,” “goal,” “forecast,” “plan,” “guideline,” or “estimate,” or the negative of these words, variations thereof, or similar expressions. Forward-looking statements are not guarantees of future performance or results. They involve risks, uncertainties and assumptions. It is important to note that any such performance and actual results, financial condition or operations may differ materially from those expressed in such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in Item 1A of the Company’s Annual Report on Form 10-K, which is incorporated herein by reference. Risk Factors and elsewhere herein or in other reports filed with the SEC. Other contingencies not identified here may also have such an effect. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in future business results, financial condition or operations over time.

FOR MORE INFORMATION CONTACT:

David Drewitz, Public Relations
david@creativeoptionscommunications.com

www.creativeoptionscommunications.com

Tel. (972) 814-5723

Butler National Corporation Investor Relations

Tel. (913) 780-9595

WORLDWIDE WEB:
Please browse www.butlernational.com for images of our products and details about Butler National Corporation and its subsidiaries.

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SOURCE Butler National Corporation



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