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Saturday, July 16, 2005

Butler National Corporation (BUKS)

This company (no website) is due to release the 10-K within a few weeks. It'll be worth reading. The company claims to be doing lots of business lately, but it's a one-time thing:
...has experienced a great deal of success in sales and delivery of Reduced Vertical Separation Minimums (RVSM) for the Learjet 20 Series airplanes in the Latin American market. The AVCON team has upgraded 15 airplanes with AVCON Group Solution. The AVCON team has an additional 5 orders booked or pending.
From the 2004 10-K:
Effective January 2005, the FAA is requiring that all aircraft planning to operate between 29,000 and 41,000 feet within the United States air space be RVSM compliant. RVSM stands for Reduced Vertical Separation Minimums and means that in the future aircraft will be separated by 1,000 feet vertically instead of the current 2,000 feet.
Market cap is about $26 million. Net income in recent years doesn't justify that much.

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