AASI Aircraft Reports Results for Second Quarter, Six Months.LONG BEACH, Calif.--(BUSINESS WIRE)--Aug. 20, 1998--Advanced Aerodynamics aerodynamics, study of gases in motion. As the principal application of aerodynamics is the design of aircraft, air is the gas with which the science is most concerned. & Structures Inc. (Nasdaq:AASI AASI American Association of Snowboard Instructors (affliated with Professional Ski Instructors of America) AASI Abel Assessment for Sexual Interest AASI Automobile Association of South India ) Thursday reported results for the second quarter and six months ended June 30, 1998, posting net losses as anticipated for the periods. Results reflect AASI's status as a developmental-stage company. The company is seeking Federal Aviation Administration Federal Aviation Administration (FAA), component of the U.S. Department of Transportation that sets standards for the air-worthiness of all civilian aircraft, inspects and licenses them, and regulates civilian and military air traffic through its air traffic control approval of the JETCRUZER 500, a new six-passenger aircraft designed for the world business, commercial and government markets. Subsequent to the close of the quarter, the company reported that it has received orders for 23 additional aircraft, valued at $27 million, bringing total orders to 150 and raising the company's backlog to more than $180 million. AASI completed the first half of 1998 with a current ratio of 8.3:1 and a balance sheet at June 30, 1998, showing $6.3 million in cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has . The company has working capital of more than $5.8 million and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of approximately $16.5 million, or a book value of $1.86 per share. The company's long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. totals $8.5 million. Because of net losses incurred during the development of the JETCRUZER to date, AASI's accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. net federal and state loss carryforwards Loss Carryforward An accounting technique with which a company applies net operating losses of the current year to future year's profits in order to reduce tax liability. Notes: total more than $35.5 million, which the company expects will have a beneficial impact on future results. For the second quarter, the company reported an expected net loss of $2.3 million, or 26 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with a net loss of $1.4 million, or 15 cents per share, for the same period last year. For the first half of 1998, AASI reported a net loss of $4.6 million, or 51 cents per share, vs. a net loss of nearly $2.0 million, or 21 cents per share, a year ago. The company noted that results for the quarter and for the six months reflect increased research and development costs associated with efforts to prepare for the production of the JETCRUZER 500 and obtain final FAA approval. Investment in marketable securities brought revenues to $683,000 for the six-month period ended June 30, 1998, vs. $648,000 for the same period last year. Carl Chen, Ph.D., chairman and chief executive officer, said: "We are making good progress with the development of the JETCRUZER 500. Our balance sheet continues to be very strong, and we have working capital to reach our goal, which is to introduce the JETCRUZER to the world general aviation marketplace in the first quarter of 1999." Based on a unique canard ca·nard n. 1. An unfounded or false, deliberately misleading story. 2. a. A short winglike control surface projecting from the fuselage of an aircraft, such as a space shuttle, mounted forward of the main wing and wing design, the JETCRUZER 500 is a high-speed (360-mph) single-engine, corporate propjet aircraft that can accommodate first-class seating for six people, including the pilot. Powered by a Pratt & Whitney propjet engine, the JETCRUZER 500 can fly from Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. to New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of at altitudes up to 30,000 feet, with only one stop. Chen reported that construction of the company's new 200,000-square-foot manufacturing and headquarters building in Long Beach is on schedule and is expected to be completed in time to begin full-scale production. Once completed, the facility will spread over 10 acres of the Long Beach Airport and contain a computerized computerized adapted for analysis, storage and retrieval on a computer. computerized axial tomography see computed tomography. production system, tooling and equipment necessary for producing 120 JETCRUZER 500 aircraft per year, with one work shift. The facility will accommodate the production of up to 280 aircraft per year, with an expanded work force. Designworks/USA, a subsidiary of BMW BMW in full Bayerische Motoren Werke AG German automaker. Founded as an aircraft engine manufacturer in 1916, the company assumed the name Bayerische Motoren Werke and became known for its high-speed motorcycles in the 1920s. , has been named to design the interior sections of the JETCRUZER 500. The company also recently announced appointment of Robert M. Blair, a graduate of the U.S. Navy Test Pilot School and the U.S. Navy Fighter Weapons School Fighter Weapons School can mean the following:
During his career, Blair has flown a number of high-performance military aircraft, including the F/A-18 Hornet The McDonnell Douglas (now Boeing) F/A-18 Hornet is a modern all-weather carrier-capable strike fighter jet, designed to attack both ground and aerial targets. Designed in the 1970s for service with the U.S. Navy and U.S. , F-16 Falcon, AV-8 Harrier harrier, breed of dog harrier, breed of medium-sized hound whose origin is obscure but whose existence in England dates from the 13th cent. It stands from 19 to 21 in. (48.3–53.3 cm) high at the shoulder and weighs from 40 to 50 lb (18.1–22. and A-4 Skyhawk The A-4 Skyhawk was an American attack aircraft originally designed to operate from United States Navy aircraft carriers. The aircraft was designed and produced by Douglas Aircraft Corporation (later McDonnell Douglas) and was originally designated the A4D . He also has flown several general aviation aircraft, including Learjets, helicopters and other civilian aircraft. Advanced Aerodynamics & Structures is a publicly traded, development-stage company organized to design, develop, have certified See certification. by the FAA, manufacture and market propjet and jet aircraft for the world business, commercial and government markets. The information contained in this news release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risk and uncertainties, such as the statements of the company's plan, objectives, expectations and intentions. The company's actual results could differ materially from those indicated by such statements as a result of various factors, including those discussed in the company's Form 10-KSB and Form 10-QSB on file with the Securities and Exchange Commission. -0-
ADVANCED AERODYNAMICS & STRUCTURES INC.
(A development-stage enterprise)
Statement of Operations
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1998 1997 1998 1997
Interest income $ 285,000 $ 352,000 $ 590,000 $ 641,000
Other income 63,000 6,000 93,000 7,000
348,000 358,000 683,000 648,000
Costs and expenses:
Research and development
costs 1,754,000 906,000 3,375,000 1,232,000
Preoperating costs -- -- -- --
General and
administrative
expenses 819,000 706,000 1,696,000 1,187,000
Loss on disposal of
assets -- 104,000 -- 106,000
Interest expense 102,000 -- 181,000 --
In-process research
and development
acquired -- -- -- --
2,675,000 1,716,000 5,252,000 2,525,000
Loss before
extraordinary item (2,327,000) (1,358,000) (4,569,000) (1,877,000)
Extraordinary loss
on retirement of
Bridge Notes -- -- -- --
Net loss (2,327,000) (1,358,000) (4,569,000) (1,877,000)
Net loss per common
share (0.26) (0.15) (0.51) (0.21)
Weighted average number
of common shares
outstanding 8,900,000 8,900,000 8,900,000 8,900,000
ADVANCED AERODYNAMICS & STRUCTURES INC.
(A development-stage enterprise)
Balance Sheet Data
(Unaudited)
June 30,
1998
Assets:
Current assets:
Cash and cash equivalents $ 3,704,000
Certificate of deposit 12,000
Short-term investments 2,540,000
Prepaid expenses and other current assets 347,000
Total current assets 6,603,000
Restricted cash 15,326,000
Property and equipment, net 1,925,000
Construction in progress 2,334,000
Other assets 595,000
Total assets $26,783,000
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable $ 498,000
Accrued liabilities 299,000
Total current liabilities 797,000
Long-term debt 8,500,000
Deferred revenue 960,000
Total liabilities 10,257,000
Stockholders' equity:
Preferred stock, par value $.0001 per share; 5,000,000
shares authorized; no shares issued and outstanding --
Class A common stock, par value $.0001 per share;
Class A common stock, par value $.001 per share;
60,000,000 shares authorized; 6,999,676 shares issued
and outstanding 1,000
Class B common stock, par value $.0001 per share;
10,000,000 shares authorized; 1,900,324 shares issued
and outstanding --
Class E-1 common stock; par value $.0001 per share;
4,000,000 shares authorized; 4,000,000 shares issued
and outstanding --
Class E-2 common stock; par value $.0001 per share;
4,000,000 shares authorized; 4,000,000 shares issued
and outstanding --
Warrants to purchase common stock:
Public warrants 473,000
Class A warrants 11,290,000
Class B warrants 4,632,000
Additional paid-in capital 35,652,000
Deficit accumulated during the development stage (35,522,000)
Total stockholders' equity 16,526,000
Total liabilities and stockholders' equity $26,783,000
CONTACT: Advanced Aerodynamics & Structures Inc., Long Beach David M. Turner, 562/938-8618 or Pondel Parsons Parsons, city (1990 pop. 11,924), Labette co., SE Kans.; inc. 1871. It is a shipping point for dairy products, grain, and livestock. Manufactures include ammunition, wire and paper products, plastics, and appliances. & Wilkinson, Los Angeles Michael Pollock Admiral of the Fleet Sir Michael Patrick Pollock, GCB, LVO, DSC (19 October 1916 – 27 September 2006) was a British officer in the Royal Navy who rose to become First Sea Lord from 1971 to 1974. or Roger Pondel, 310/207-9300 |
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