Key Developments: LMI Aerospace Inc (LMIA.OQ)

LMIA.OQ on NASDAQ Stock Exchange Global Select Market

13.83USD
17 Apr 2014
Price Change (% chg)

$0.10 (+0.73%)
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Latest Key Developments (Source: Significant Developments)

LMI Aerospace Inc suspends issuance of guidance pending strategic review by new CEO
Monday, 17 Mar 2014 07:00am EDT 

LMI Aerospace Inc:Says in order to provide adequate time for the new CEO, Dan Korte, who is succeeding Ron Saks effective March 18, to conduct a thorough review of the company's forecast and operations, it will suspend providing annual guidance and withdraws previously issued FY 2014 guidance.  Full Article

LMI Aerospace Inc announces Ceo Ron Saks to retire
Wednesday, 26 Feb 2014 07:00am EST 

LMI Aerospace Inc:Says that chief executive officer Ronald S. Saks will retire.Succeeding Saks will be Daniel G. (Dan) Korte, former president of Defense Aerospace at Rolls-Royce.  Full Article

LMI Aerospace Inc Lowers FY 2013 Revenue Guidance
Tuesday, 12 Nov 2013 07:00am EST 

LMI Aerospace Inc announced that for fiscal 2013, it expects net sales between $421.0 million and $425.5 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $433.1 million for fiscal 2013.  Full Article

LMI Aerospace Inc Announces New CFO
Monday, 4 Nov 2013 01:00pm EST 

LMI Aerospace Inc announced that Cliff Stebe has been named the Chief Financial Officer of the Company filling the vacancy left by Mr. Dickinson.  Full Article

LMI Aerospace Inc Lowers FY 2013 Revenue Guidance
Thursday, 8 Aug 2013 07:00am EDT 

LMI Aerospace Inc updated fiscal 2013 guidance and expects net sales between $433 million and $445 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $466 million for fiscal 2013.  Full Article

LMI Aerospace Inc Lowers FY 2013 Revenue Guidance
Friday, 10 May 2013 07:00am EDT 

LMI Aerospace Inc updated fiscal 2013 guidance and expects net sales between $469 million and $493 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $479 million for fiscal 2013.  Full Article

LMI Aerospace Inc Issues FY 2013 Revenue Guidance In Line With Analysts' Estimates
Tuesday, 12 Mar 2013 07:00am EDT 

LMI Aerospace Inc announced that for fiscal 2013, it expects net sales between $469 million and $493 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $480 million for fiscal 2013.  Full Article

LMI Aerospace Inc Completes Acquisition of Valent Aerostructures
Monday, 31 Dec 2012 08:00am EST 

LMI Aerospace Inc announced that it completed its acquisition of Valent Aerostructures, LLC (Valent) on December 28, 2012. Headquartered in Kansas City, Missouri, Valent is a provider of complex, structural components, sub-assemblies and machined parts for OEM and Tier 1 airframe manufacturers in the aerospace and defense industries. The acquisition was structured as a purchase of all the outstanding equity of Valent for a price of $237 million, plus certain retained obligations of $9.7 million and subject to adjustment for working capital and transaction expenses. As part of the purchase price, LMI issued to the former equity holders of Valent an aggregate of approximately 784,000 shares of LMI common stock, which represented $15 million of value. The purchase agreement also includes a potential earnout of up to $40 million in the event Valent surpasses certain EBITDA thresholds in 2013. In connection with the closing of the acquisition, LMI completed its previously announced debt refinancing and entered into $300 million of new senior secured credit facilities comprised of a $225 million term loan facility and a $75 million revolving credit facility. LMI has used or expects to use the new facilities to finance the Valent acquisition, refinance existing debt and for general corporate purposes including working capital requirements.  Full Article

LMI Aerospace Inc to Acquire Valent Aerostructures; Provides $300 Million Of New Senior Secured Credit Facilities
Thursday, 6 Dec 2012 07:00am EST 

LMI Aerospace Inc announced that it has agreed to acquire Valent Aerostructures, LLC for approximately $237 million, plus approximately $9.7 million of certain retained obligations. The transaction, unanimously approved by LMI's Board of Directors and is expected to be completed by December 31, 2012. The purchase consideration payable to Valent's equity holders at closing would be approximately $237 million, less retained indebtedness of approximately $12.6 million and would include $15 million of LMI stock. The aggregate consideration of approximately $246.7 million with respect to the transaction, which includes the retained obligations of $9.7 million. LMI has entered into a commitment letter with RBC Capital Markets to provide $300 million of new senior secured credit facilities to finance the Valent acquisition, refinance existing debt and fund working capital requirements. The new senior credit facilities would replace LMI's existing senior credit facility. Advisors to LMI on the transaction are RBC Capital Markets, exclusive financial advisor; Polsinelli Shughart PC, legal advisor; and AeroAdvisory, LLC, strategic deal planning and due diligence advisor. Advisors to Valent are: Wells Fargo Securities, financial advisor and SNR Denton, legal advisor.  Full Article

LMI Aerospace Inc Lowers FY 2012 Revenue Guidance; Raises FY 2013 Revenue Guidance
Thursday, 8 Nov 2012 07:00am EST 

LMI Aerospace, Inc. updated fiscal 2012 guidance and expects net sales to be net sales between $279.0 million and $283.0 million. For fiscal 2013, it expects net sales between $332.0 million and $350.0 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $289 million for fiscal 2012 and revenue of $325 million for fiscal 2013.  Full Article

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