Butler National Corp. (BUKS) research, news, and more from GeoInvesting

Company description

Wed, 30 Jul 2008 04:00:00 GMT

Butler National Corporation operates in the Aerospace and Services business segments. The Aerospace segment focuses on the manufacturing of support systems for `Classic` commercial and military aircraft including the Butler National TSD for Boeing and Classic aircraft, switching equipment for Boeing/Douglas Aircraft, weapon control systems for Boeing Helicopter and performance enhancement structural modifications for Learjet, Cessna, Dassault and Raytheon business aircraft. Services include electronic monitoring of water pumping stations, temporary employee services, Indian gaming services and administrative management services.

Research

Mon, 15 Dec 2025 12:42:12 GMT

Butler National Corporation (OTC:BUKS) ($2.80; $178.4M market cap), a stock recently added to our new Defense Screen, announced Q2 2026 results:

Q2 sales of $23.3 million vs. $21.4 million in the prior year
Q2 2026 adjusted EPS: $0.06 vs. $0.05 in the prior year
Aerospace Products segment revenue rose 20% to $14.0 million
Professional Services segment revenue declined 5% to $9.2 million
Recognized a $1.5 million gain on sale of Boot Hill Casino’s admin building
Backlog as of October 31, 2025: $46.3 million (vs. $38.1 million in prior year)
Repurchased 687,852 shares in Q2
FAA STC delays due to government shutdown
Continued investment in systems integration and new product development

Management Commentary:

"Fiscal year 2026 continued its upward trajectory as the first six months reflect record performance. The strong second quarter results reflect the commitment of the entire Butler National team to achieving growth, positive results and new efficiencies."

“The recent government shutdown temporarily slowed progress on several FAA STC programs, including the King Air expanded door opening project and a Cessna 208 camera provisions project. We implemented contingency processes to attempt to minimize schedule disruption.”

“The legacy gaming financials continue to reflect the economic challenges of agribusiness in the Dodge City region. Professional Services revenue decreased by 5% in the second quarter of fiscal 2026 to $9.2 million compared to $9.7 million in the second quarter of fiscal 2025. We completed the restaurant renovation in October, which is expected to attract additional patronage to the facility.”

"We repurchased 687,852 shares of our outstanding common stock during the second quarter as part of our ongoing capital allocation strategy. We continue to invest in resources to promote long-term growth."

Butler National Corporation designs, manufactures, installs, and services aerospace components and aircraft modifications, while also operating a separate gaming and entertainment services business.

Research

Wed, 24 Jul 2024 04:00:00 GMT

Butler National Corp. (OTC:BUKS) ($0.895, $71.3 M market cap) released fiscal 2024 financial results

Q4 2024 EPS: $0.07 per share vs. $0.01 per share in Q4 2023.
Full Year 2024 EPS: $0.18 per share vs. $0.06 per share in FY 2023.
Q4 2024 Revenue: $22.7 million vs. $20.1 million in Q4 2023.
Full Year 2024 Revenue: $78.4 million vs. $75.2 million in FY 2023

CEO comments:

"The Butler team continues to focus on training new talent to enhance production efficiencies while maintaining schedules and growing net income. Training ranges from on-the-job development of aircraft modifications skills, both for technicians and engineers, to specialized cable manufacturing in Tempe. Our objective is to grow production capacity and minimize the loss of productivity. The modification activity at the New Century facility is progressing as we have reached our current staffing goals for modifications; however, we continue to seek talented staff at each of our locations to further enhance productivity. We are working to expand program management activities to better accommodate customer requests and track the significantly increased number of modifications that are in process at both Newton and New Century. From an engineering perspective, the commitment to develop niche new product offerings continues. We are also reviewing and streamlining operations to maximize the effective use of our resources. I am very appreciative of all the Butler National employees for their contributions in achieving the record results for fiscal year 2024. We are looking forward to meaningful discussions at the upcoming shareholder meeting."

BUKS is “a leader in the growing global market for aircraft structural modification, maintenance, repair and overhaul (MRO) and a recognized provider of gaming management services.”

Research

Fri, 18 Mar 2022 14:43:07 GMT

BUTLER NATL CORP (OOTC:BUKS) ($0.80; $60.2M market cap) - On Wednesday, we highlighted the company’s strong Q3 2022 results, which can be seen here. Butler provides aerospace products and professional services in the United States.

We mentioned we would be on the conference call, held yesterday. There was one notable exchange that addressed the possibility of acquisitions, with the of candidates potentially adding to the bottom line:

“I guess I would tell you that we've been discussing the possibility of some acquisitions that match up with where we are, and we've actually had some activity in that area, and so we're looking to do that and maybe we can add some more to the $0.15 a share by doing that. And so -- that's what we're looking at right now. Our cash is down about $7.5 million from where it was at the last time we reported on it. So that's, of course, used to buy out the minority interest in some of those other items that we needed for expansion.

But we are looking at prospective purchases, and I think that would add to the size and the momentum and the support of the company, and we probably pick up some new shareholders and maybe pick up some price. So that's kind of the plan. We haven't published anything more than what I've said to you today, so -- but we are actively doing that.”

Research

Wed, 16 Mar 2022 18:14:31 GMT

BUTLER NATL CORP (OOTC:BUKS) ($0.80; $60.2M market cap) provides aerospace products and professional services in the United States. The company reported its Q3 2022 results:

Sales of $18.1 million vs $14.6 million in the prior year
EPS of $0.04 vs $0.01 in the prior year

The increase in revenue reflects an increase of 30% in Aerospace Products revenue and an increase of 19% in Professional Services revenue. We continue to focus on growth in international markets, solutions for regulatory mandates and the development of new supplemental type certificates (“STCs”). This includes significant global efforts.

During the three months ending January 31, 2022, we invested approximately $656,000 in projects focused on the development and acquisition of new products. We feel this expenditure for design and development engineering, testing, and certification of new products is required to grow Aerospace Products and help stabilize our long-term revenue and enhance our profits.

The result came out during the day yesterday, so we issued the following tweet:

The company will be hosting its Q3 2022 conference call tomorrow at 10 AM EST, we will be on the call as well as reach out to management to set up an interview.

Research

Mon, 16 Dec 2019 13:05:19 GMT

$BUKS ($0.75) (Aerospace & Defense/Casino Management) reported $0.03 vs $0.03 on 27% top line growth. The company will be hosting a conference call Tuesday morning at 9 A.M. EST. We plan on joining to call to see if management offers any information arbitrage and would like to learn more about the sharp increase in interest expense for the quarter. It is unclear if it will be a one time event, or the new run rate due to the debt obligations associated with lease rights.

On December 9, 2019, the Company announced that the Kansas Lottery entered into a 15-yr Renewal Agreement for the Lottery Gaming Facility Management Contract for the Boot Hill Casino.

Research

Mon, 16 Sep 2019 17:22:23 GMT

BUTLER NATL CORP (OOTC:BUKS) ($0.43; $29.3M market cap) provides aerospace products and professional services in the United States. The company reported its Q1 2020 results:

Sales of $17.0 million vs $13.4 million in the prior year
EPS of $0.03 vs $0.01 in the prior year

“The quarter-ended July 31, 2019 was a positive beginning to fiscal year 2020. Revenue increased 27% to $17.0 million in the three months ended July 31, 2019, as compared to $13.4 million in the three months ended July 31, 2018. The increase in revenue reflects an increase of 63% in Aerospace Products revenue and an increase of 2% in Professional Services revenue. We continue to focus on growth in international markets, solutions for regulatory mandates and the development of new supplemental type certificates (“STCs”). This includes significant efforts in South America, Europe, Africa, and Asia...

...We are excited about the future. Management and all employees are focused on the development of new products, execution of our numerous business development opportunities as well as increasing revenue while managing costs. We believe we are positioned for the future as we focus on serving the needs of our customers and enhancing shareholder value,” commented Clark D. Stewart, President of the Company.”

Quarterly consistency has been an issue in the past. On January 22, 2019 we highlighted some open market purchases by a large stakeholder. The company will be hosting a conference call tomorrow morning at 10 AM EST which we plan to be on. It seems the company only issued the press release on otcmarkets.com and on their site.

Research

Mon, 22 Jul 2019 13:27:31 GMT

BUTLER NATL CORP (OOTC:BUKS) ($0.40; $25.6M market cap) - On January 22, 2019 we highlighted some open market purchases by a large stakeholder in BUKS, a company that provides aerospace products and professional services in the United States. We also pointed out the strong Q2 2019 results reported in December (April end Fiscal Year).

Late in the trading Friday, the Company announced its Q4 and full year 2019 results:

Q4 sales of $15.7 million vs $14.4 million in the prior year
EPS of $0.00 vs $0.00 in the prior year
Full year sales of $58.7 million vs $48.2 million in the prior year
EPS of $0.06 vs $0.01 in the prior year
Backlog has increased to $19.9 million at July 12, 2019 compared to a backlog of $15.2 million at July 13, 2018. Also up sequentially from $16.2 in April 2019.

"Fiscal 2019 was an outstanding year for Butler National Corporation. Shareholders’ Equity increased 17% to $34.3 million. Revenue increased 22% to $58.7 million in fiscal 2019 from $48.3 million in fiscal 2018. Revenue from Professional Services increased 2% and revenue from Aerospace Products increased 57%. Butler National Corporation continues to focus on growth in international markets, solutions for regulatory mandates and through the development of new supplemental type certificates (“STCs”). This includes significant efforts in South America, Europe, Africa, and Asia...

...We continue to work to improve efficiencies in our implementation, operational processes, and controlling general and administrative expenses.

During fiscal 2019, we invested approximately $1.9 million in projects focused on product development of new products. We feel these expenditures for the design and development engineering, testing, and certification of new products may help stabilize our long-term revenue and enhance our profits.

This is an exciting time for Butler National Corporation. Management and all employees are focused on the execution of numerous business development opportunities as well as increasing revenue while managing costs. We believe we are positioned for the future as we focus on serving the needs of our customers and enhancing shareholder value,” commented Clark D. Stewart, President of the Company.

BUKS will host a conference call tomorrow morning at 10 AM EST. We plan to join the call to see if management offers more color on its fiscal 2020 outlook.

Research

Thu, 11 Apr 2019 15:16:50 GMT

BUTLER NATL CORP (OOTC:BUKS) ($0.40; $25.6M market cap) - On January 22, 2019 we highlighted some recent open market purchases by a large stakeholder in the Company as well as strong Q2 2019 results reported in December (April end Fiscal Year). BUKS provides aerospace products and professional services in the United States.

In mid March, Mr. Daly made another small open market purchase, and the Company posted strong Q3 2019 results:

Sales of $14.3 million vs $11.0 million in the prior year
EPS of $0.02 vs $0.00 in the prior year

“We continue to be excited about the future. Management and all employees are focused on the development of new products, execution of our numerous business development opportunities as well as increasing revenue while managing costs. We believe we are positioned for the future as we focus on serving the needs of our customers and enhancing shareholder value,” commented Clark D. Stewart, President of the Company.”

It seems the Company's Aerospace division is growing nicely while its Professional Services segment is stagnant. Each segment represents roughly 50% of total revenues for Q3, but Aerospace grew 93% in the third quarter while Professional Services grew 1%.

The overall backlog was up sequentially from Q2 to $16.7 million from $13.8 million. We plan to interview management to obtain a better understanding of the business mix and what is driving the growth in its Aerospace division.

Shares were trading at $0.30 at the time of our original note, and now are trading at $0.40, just off its newly reached high of $0.42 on March 18, 2019.

Reasons For Tracking

Tue, 22 Jan 2019 15:40:17 GMT

BUTLER NATL CORP (OOTC:BUKS) ($0.30; $19.27M market cap) provides aerospace products and professional services in the United States. We noticed several open market purchases from Joseph Daly, a 10% owner of the Company. Since late June, Daly has added nearly 200,000 shares in several different transactions at open market prices. He holds nearly 6.7 million shares through direct and indirect holdings. BUKS had strong Q2 2019 results in mid-December as well, reporting:

Sales of $15.3 million vs $11.1 million in the prior year period
Net income of $1.7 million vs $0.08 million in the prior year period (Includes $1.3 tax refund)
GAAP EPS of $0.03 vs $0.00
Non-GAAP/Adjusted $0.01 vs $0.00

The company is investing in new product development:

During the three months ending October 31, 2018, we invested approximately $302,000 in projects focused on the development and acquisition of new products. We feel this expenditure for design and development engineering, testing, and certification of new products is required to grow Aerospace Products and help stabilize our long-term revenue and enhance our profits.

Future outlook from management:

We continue to be excited about the future. Management and all employees are focused on the development of new products, execution of our numerous business development opportunities as well as increasing revenue while managing costs. We believe we are positioned for the future as we focus on serving the needs of our customers and enhancing shareholder value,” commented Clark D. Stewart, President of the Company.

At first glance, the share count is higher than we typically like, with 66 million shares outstanding (We typically look for significantly less than 50 mil). We intend to look at the investing history of Joseph Daly.