Summary
TransDigm Group Incorporated (TDG) filed an amendment (10-Q/A) to its Quarterly Report for the period ending June 27, 2009. This amendment primarily serves to restate the company's basic and diluted earnings per share (EPS) and weighted-average shares outstanding calculations. The restatement is due to the adoption of the two-class method for calculating EPS, which accounts for "participating securities," specifically vested stock options with non-forfeitable dividend rights. This change impacts prior reporting and requires adjustments to reflect a more accurate EPS calculation under new accounting standards. Financially, the company demonstrated robust performance, with net sales increasing to $189.9 million for the thirteen-week period ended June 27, 2009, up from $186.1 million in the prior year. For the thirty-nine week period, net sales grew to $564.2 million from $524.5 million. Net income also saw a healthy rise, reaching $41.4 million and $121.3 million for the thirteen and thirty-nine week periods, respectively. The company made significant strategic acquisitions during the fiscal year, including Aircraft Parts Corporation (APC), the Unison Product Line, and CEF Industries, Inc., strengthening its position in highly engineered aerospace components and adding substantial goodwill to its balance sheet.
Financial Highlights
26 data pointsKey Highlights
- 1Restatement of EPS and weighted average shares outstanding due to the adoption of the two-class method for accounting for participating securities (vested stock options).
- 2Net sales increased for both the thirteen-week ($189.9M vs. $186.1M) and thirty-nine-week ($564.2M vs. $524.5M) periods ending June 27, 2009, compared to the prior year.
- 3Net income grew substantially, reaching $41.4M for the thirteen-week period and $121.3M for the thirty-nine-week period, up from $36.0M and $95.1M respectively.
- 4Significant goodwill was added to the balance sheet from acquisitions, including APC ($47.0M), the Unison Product Line ($59.6M), and CEF ($50.4M), totaling over $157M in goodwill.
- 5Inventories increased to $157.8M from $144.1M, indicating potential growth or supply chain considerations.
- 6The company continues to manage its debt effectively, with long-term debt remaining stable at approximately $1.36 billion.
- 7A subsequent event notes the acquisition of Acme Aerospace, Inc. for approximately $40 million, further expanding the company's product portfolio in niche aerospace components.