ASE Announces Second Quarter 2002 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)--Aug. 8, 2002 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 Second Quarter 2002. Results for the period were:
(Results in 000's except per share amounts)
3 Months 6 Months
Ended 6/30 Ended 6/30
---------------- -----------------
2002 2001 2002 2001
---- ---- ---- ----
Revenues $10,973 $6,093 $19,900 $11,832
Earnings (Loss) Before Taxes 795 (96) 1,088 (379)
Net Income (Loss) 525 (96) 718 (379)
Net Income (Loss) Per Share .12 (.02) .16 (.09)
Weighted Average
Common Shares Outstanding 4402 4402 4402 4402
The strong revenue increase experienced by the Company was mostly attributable to the increase in orders in process, resumption of normal activities on the Singapore wind tunnel project since receipt of the export license in early September 2001 and success in new initiatives. The improvement in net income in the second quarter was mostly due to increased revenues. Also, interest expense was reduced as a result of lower interest rates and lower debt levels. Improved operating results and improved cash flows allowed the Company to reduce notes payable by $1,700,000 and increase its cash position to $1,735,000 as of June 30, 2002. Mr. Charles Loux, President and Chief Executive Officer, commented, "We are very pleased with the strong financial performance for the first half of this year and the improved level of order intake experienced during the last three quarters. The level of the present backlog and the jobs included in this backlog continue to 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 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. 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, 2001. 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 Marketsm under the symbol: AERS. |
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