Butler National Corporation reported significant financial growth for the three months ended July 31, 2024, with total revenues reaching $19.8 million, a 15% increase from $17.2 million in the same period of 2023. This growth was driven primarily by a 30% rise in Aerospace Products revenue, which totaled $10.6 million, up from $8.1 million. The increase in Aerospace Products was attributed to a $1.6 million boost in aircraft modification business and a $1.1 million rise in special mission electronics. Professional Services revenue also saw a modest increase of 2%, amounting to $9.2 million compared to $9.0 million in the prior year.

The company's operating income surged to $3.5 million, up from $1.1 million in the previous year, while net income rose to $2.2 million from $719,000. Basic and diluted earnings per share improved to $0.03, compared to $0.01 in the same period last year. The increase in profitability was supported by a decrease in costs as a percentage of total revenue, which fell to 82% from 93% year-over-year.

Total current assets as of July 31, 2024, were reported at $39.0 million, up from $38.6 million at the end of April 2024. Cash increased slightly to $17.8 million, while accounts receivable rose significantly to $7.3 million from $5.8 million. Total liabilities decreased to $58.4 million from $59.5 million, and total stockholders' equity increased to $56.3 million from $54.4 million.

In terms of strategic developments, Butler National acquired KC Machine in September 2023 for $2.86 million to enhance its Avcon parts fabrication capacity. The acquisition was financed through a combination of cash and liabilities. Additionally, the company has been actively managing its stock repurchase program, which was increased from $4 million to $9 million in July 2023, with $2.1 million remaining for future repurchases as of July 31, 2024.

The company also reported a decrease in full-time employees, with 137 full-time and 3 part-time employees as of July 31, 2024, compared to 102 full-time and 4 part-time employees a year earlier. The Boot Hill Casino & Resort, managed by Butler National, had 189 full-time and 40 part-time employees, down from 203 full-time and 55 part-time employees in the previous year.

Overall, Butler National Corporation's financial performance reflects a robust recovery and growth trajectory, particularly in its Aerospace Products segment, while maintaining a focus on strategic acquisitions and efficient cost management.