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10 Apr 15. Boeing [NYSE: BA] has acquired 2d3 Sensing, a wholly owned subsidiary of OMG plc [LON: OMG] specializing in motion imagery processing of critical intelligence, surveillance and reconnaissance data generated from aerial platforms. 2d3 Sensing’s software and services are used by the U.S. Air Force and other government and commercial customers. Their products can be found on the ScanEagle and Integrator systems provided by Boeing subsidiary Insitu, and this acquisition will allow further integration of 2d3 Sensing’s video analysis and other capabilities, into Insitu and other Boeing platforms.
“This supports our effort to differentiate our platforms and services with integrated information solutions,” said Steve Nordlund, Boeing Defense, Space & Security vice president, Unmanned Airborne Systems. 2d3 Sensing has approximately 40 employees in California and the United Kingdom.
“Insitu has a long history with 2d3 and by integrating them into the team, we can further leverage the unique capabilities the company offers,” said Ryan Hartman, Insitu president and CEO. “The services they provide highlight ways in which computer vision and image processing technologies can be used to enhance and analyze full motion video data captured and recorded during live missions. We look forward to incorporating such improvements into our unmanned vehicles.”
Boeing did not release the terms of the agreement.
09 Apr 15. Ducommun Incorporated (DCO) (“Ducommun” or the “Company”) reported results for its fourth quarter and year ended December 31, 2014.
Fourth Quarter 2014 Highlights
* Fourth quarter revenue was $187.6m
* Net income was $5.2m, or $0.46 per diluted share
* EBITDA for the quarter was $18.2m
* Cash flow from operations of $32.5m
* Ducommun made voluntary principal prepayments totaling $20.1m on its term loan during the quarter — resulting in a total of $42.6m in voluntary prepayments for fiscal 2014
“Ducommun posted its seventh consecutive quarter of year-over-year commercial aerospace growth, ending 2014 with record sales in this market of $242m — up 14% over 2013,” said Anthony J. Reardon, chairman and chief executive officer. “Continued strength on key Boeing and Airbus platforms and an increase in demand from the regional and business jet markets were the primary drivers of such growth, while non-A&D sales rose by nearly 7% during the year. At the same time, we paid down $42.6m in debt, bolstering our balance sheet.
“Looking ahead, we continue to see many opportunities to grow the business even in an environment of lower defense spending. We believe 2015 will be a transition year where the first half is impacted by a reduction in sales to certain legacy military programs and overall reduced government procurement activity, partially offset by further expansion in Ducommun’s commercial aerospace and non A&D end markets. However, we see a solid second half of the year with continued strength in these areas driving top line expansion and paving the way for further growth in 2016.
“We were also pleased with record annual cash flow of $53.4m last year facilitating our de-leveraging success. In addition, Ducommun is actively exploring the opportunity to refinance its debt mid-year, market conditions permitting, which we anticipate would result in much lower interest expense going forward. Given this backdrop — and our focus on margin improvement — we feel confident Ducommun is taking the right steps to position the Company for increased growth and enhanced operational performance in 2016 and beyond with the goal of improving our shareholder returns.”
Fourth Quarter Results
Net revenue for the fourth quarter of 2014 was $187.6m, compared to $18