Butler National Promotes Chris Reedy from COO to President and CEO
Reedy’s Leadership and Operational Expertise Poised to Drive Butler National’s Progress
Butler National Relocates Headquarters to New Hangar, Enhancing Presence and Boosting Operational Efficiency
New Century, Kan. – May 12, 2023 – Butler National Corporation (OTCQB: BUKS), a recognized provider of professional management services in the gaming industry and a leader in special mission aircraft modifications, announces the promotion of Christopher J. Reedy from his current position as Chief Operating Officer to President and Chief Executive Officer. Reedy’s extensive experience and leadership skills will continue to guide the company’s strategic vision and growth. Additionally, Butler National has relocated its headquarters to a new facility at the New Century Airport.
BUTLER NATIONAL CORPORATION ANNOUNCES THIRD QUARTER FISCAL YEAR 2023 FINANCIAL RESULTS
Revenue increased 16% to $20.5 million for the third quarter resulting in quarterly earnings of three cents per share
OLATHE, KANSAS, March 16, 2023,Butler National Corporation (OTCQB: BUKS), a leader in the growing global market for aircraft modification, maintenance, repair and overhaul (MRO) and a recognized provider of gaming management services, announces its financial results for the third quarter fiscal 2023 ended January 31, 2023. The Company will defer the conference call for the quarter to a planned fiscal year end results call following the filing of the Company’s Form 10-K.
Management Comments
The quarter-ended January 31, 2023, was a positive quarter. Both the Professional Services and Aerospace Products segments experienced increases in revenue. Revenue increased 16% to $20.5 million in the three months ended January 31, 2023, as compared to $17.6 million in the three months ended January 31, 2022. The increase in revenue reflects an increase of 25% in Aerospace Products revenue and an increase of 8% in Professional Services revenue. Our Aerospace Products segment continues to focus on new opportunities in international markets, obsolescence solutions and the development of new Federal Aviation Administration supplemental type certificates (“STCs”). Sports wagering became legal in the State of Kansas on September 1, 2022, and resulted in a new revenue source of $1.2 million for the Professional Services segment. In addition to the online platform, we initially opened a temporary physical sports book and now feature a permanent DraftKings branded physical sports book at Boot Hill Casino.
Third quarter fiscal 2023 net income was $2.0 million compared to a net income of $2.7 million in the third quarter fiscal 2022. Third quarter fiscal 2023 operating margin was 17% compared to 25% in third quarter fiscal 2022. We continue to review operational processes and methods to control general and administrative expenses.
During the three months ended January 31, 2023, we invested approximately $578 in the development and acquisition of new products. This expenditure for design and development engineering, testing, and certification of new products is the foundation for Aerospace Products and is essential to our long-term revenue and profits.
We are positive about the remainder of fiscal 2023. Our cash position increased $4.7 million during the first nine months of fiscal 2023 and backlog remains strong at $27.1 million. Working with our contracted platform, we have brought online sports wagering to Kansans on behalf of the Kansas Lottery. We opened our permanent retail sports book at Boot Hill Casino & Resort on February 28, 2023. Management and all employees are focused on the development of new products, staffing, production and cost management. We are committed to our customers and to increasing shareholder value.
Butler National Establishes COO Role to Drive Opportunities
Butler National Promotes 20+ Year Employee Christopher Reedy to Chief Operating Officer
OLATHE, KANSAS. (January 26, 2023) Butler National Corporation (OTCQB: BUKS) announces the corporate organizational structure change with the establishment of the Chief Operator Officer (“COO”) position, and the appointment of Christopher J. Reedy by the Board as Executive Vice President, Chief Operating Officer and Secretary of the Company.
Butler National is a recognized provider of professional management services in the gaming industry and a leader in special mission aircraft modifications. Christopher Reedy has extensive experience in both of these segments with his past role as Vice President and Secretary for the Corporation. Butler National has employed Christopher Reedy to perform many roles since November of 2000. Mr. Reedy was appointed to the Secretary position in 2005. In addition to his aviation credentials, Mr. Reedy possesses a Bachelor’s Science in Electrical Engineering from Kansas State University and a Juris Doctorate from the University of Missouri-Kansas City.
