Advanced Aerodynamics announces first- quarter results.LONG BEACH, Calif.--(BUSINESS WIRE)--May 20, 1997--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 NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 ), a development-stage aircraft designer and manufacturer, Tuesday reported results for its first quarter ended March 31, 1997. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the announcement by AASI President and Chief Executive Officer Carl L. Chen, the company has begun the FAA Type Certification amendment process for its JETCRUZER 500 (TM) corporate aircraft, upon which it hopes to receive approval during the second or third quarter of 1998. Results for this year's first quarter reflected a net loss of $519,000, or a loss per share of $0.06, compared with a net loss of $341,000, or a loss per share of $0.10 in the same period last year. The increased loss reflects primarily the cost of increased personnel and the start of the certification amendment process. The company's balance sheet remains strong, with more than $24 million in cash, current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. of $25.7 million, current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. of $299,000, no 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. and shareholders equity of more than $27 million. Chen commented: "We have hired more than 45 engineers, manufacturing workers, sales and administrative personnel since the completion of our IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. late last year. We are also moving closer to the groundbreaking for what will become a state-of-the-art, 225,000- square-foot manufacturing and administration facility at Long Beach Airport. "In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , we are continuing to prepare for the upcoming tests required by the FAA in order to receive a Type Certification amendment for our JETCRUZER 500." AASI has obtained a Type Certification from the FAA with respect to its JETCRUZER 450 (TM), a single-engine Pratt & Whitney-powered propjet aircraft using a graphite graphite (grăf`īt), an allotropic form of carbon, known also as plumbago and black lead. It is dark gray or black, crystalline (often in the form of slippery scales), greasy, and soft, with a metallic luster. composite fuselage structure. The company has begun to modify this aircraft for commercial sale as the JETCRUZER 500 and anticipates that it will have a high cruise speed of 360 mph at approximately 30,000 feet above sea level as well as a range of approximately 1,600 miles. Advanced Aerodynamics & Structures is a development-stage company organized to design, develop and obtain 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 (FAA) certification, manufacture and market propjet and jet aircraft intended primarily for business use. -0- NOTE: The statements in this press release that relate to future plans, events or performance are 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 risks and uncertainties, including risks and uncertainties related to the company's ability to obtain regulatory approval for its aircraft, manufacturing risks, competitive factors, development of markets for the company's products and other risks and uncertainties identified in the company's SEC filings to which reference is made. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . The company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. -0-
ADVANCED AERODYNAMICS & STRUCTURES INC.
(A Development Stage Enterprise)
STATEMENTS OF OPERATIONS
(unaudited)
Period from
Jan. 26, 1990
Three Months Ended (inception) to
March 31, March 31,
1997 1996 1997
Other income $ 1,000 $ -- $ 711,000
Interest income 289,000 -- 459,000
289,000 -- 1,170,000
Costs and expenses:
Research and development
costs 326,000 -- 13,962,000
Preoperating costs -- -- 282,000
General and administrative
expenses 481,000 268,000 7,871,000
Loss on disposal of assets 2,000 -- 359,000
Interest expense -- 73,000 1,840,000
In-process research and
development acquired -- -- 761,000
809,000 341,000 25,075,000
Loss before extraordinary item (519,000) (341,000) 23,905,000
Extraordinary loss on
retirement of Bridge Notes -- -- (942,000)
Net loss $ (519,000) $ (341,000) $(24,847,000)
Net loss per share $ (0.06) $ (0.10) N/A
Weighted average number of
shares outstanding 8,900,000 3,400,000 N/A
CONTACT: Allen & Caron Inc., Irvine, Calif. Kent Broussard (investors), Owen Daley (media) 714/252-8440 |
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