ASE Announces First Quarter 2003 Results.Business Editors ST. PAUL St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , Minn.--(BUSINESS WIRE)--May 5, 2003 Aero Systems Engineering, Inc. (Nasdaq:AERS AERS Adverse Event Reporting System (database of drug adverse reactions) AERS Association of Educators in Radiological Sciences AERS Army Educational Requirements System AERS Acute Equine Respiratory Syndrome AERS Access/Egress Roadway System ), a worldwide leader in wind tunnel wind tunnel, apparatus for studying the interaction between a solid body and an airstream. A wind tunnel simulates the conditions of an aircraft in flight by causing a high-speed stream of air to flow past a model of the aircraft (or part of an aircraft) being tested. and jet engine testing facilities engineering The term "facilities engineering" evolved from "plant engineering" in the early 1990s as U.S. workplaces became more complex. Practitioners preferred this term because it more accurately reflected the multidisciplinary demands for specialized conditions in a wider variety of indoor , announced today the results for the First Quarter 2003. Results for the period were: -0-
(Results in 000's except per share amounts) 3 Months
Ended 3/31
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2003 2002
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Revenues $9,427 $8,927
Earnings Before Taxes 518 293
Net Income 323 193
Net Income Per Share .07 .04
Weighted Average
Common Shares Outstanding 4,402 4,402
The revenue increase was mostly attributable to the increase in the orders in process. The improvement in net income in the first quarter 2003 as compared to the prior year was due to the increased level of orders during the last six months and due to lower interest expense resulting from lower debt levels. Backlog of orders as of March 31, 2003 was $26.5 million as compared with $21.3 million as of December 31, 2002. The total orders received during the first quarter were $14.6 million. Mr. Charles Loux, President and Chief Executive Officer, commented, "We are very pleased with the continued strong financial performance for the first quarter of this year and also the strong order intake experienced during the quarter. The level of the present backlog and the jobs included in this backlog provide us with significant momentum as we proceed into the balance of this year." Comments regarding the ability of the Company to achieve revenues in the future and other forward-looking statements involve risks and uncertainties, including but not limited to general economic conditions, the condition of the aerospace industry, signing of future contracts, competitive factors and other risks detailed from time to time in the Company's reports to the SEC, including the report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year end December 31, 2002. Actual results may vary materially from those anticipated. About Aero Systems Engineering Aero Systems Engineering, Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. ) is a highly skilled and experienced engineering company, which designs and supplies aerospace test facilities. ASE is a leader in design and construction of engine test cells and wind tunnels for testing aerospace vehicles and propulsion systems. ASE is ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 certified. ASE, headquartered in St. Paul, Minnesota, is 51% owned by Minnesota ASE, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Aero Systems Engineering, Inc. common stock is listed on The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (SM) under the symbol: AERS. Company Contacts For further information, contact Steven R. Hedberg, Secretary and Treasurer of Aero Systems Engineering, Inc., tel 651-220-1222. |
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