Alpine Air Express Reports 25% Third Quarter Revenue Growth.Business Editors PROVO Provo, city, United States Provo (prō`vō), city (1990 pop. 86,835), seat of Utah co., N central Utah, on the Provo River near Utah Lake; inc. 1851. , Utah--(BUSINESS WIRE)--Aug. 28, 2001 Alpine Air Express Alpine Air Express is an American airline based in Provo, Utah, USA. It operates scheduled air cargo services on over 15 routes throughout Utah, North Dakota, South Dakota, Montana, Washington and Hawaii. Its main base is Provo Municipal Airport. , Inc., (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ALPE) the third largest regional air cargo air cargo: see aviation. transport and logistics services provider in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , today reported financial results for its third fiscal quarter and nine months ended July July: see month. 31, 2001. Revenue for the third quarter of fiscal 2001 increased 25.4% to $4,853,076, compared to revenue of $3,871,293 in the third quarter of fiscal 2000. Net income for the third quarter of 2001 increased to $617,206, or $0.06 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to a net loss of $162,503, or $0.01 per diluted share, in the prior year's third quarter. On Aug. 22, 2001, the Company announced that shares of its common stock initiated trading on the Over-The-Counter Bulletin Board (OTCBB) under the symbol "ALPE." The OTCBB is a regulated quotation QUOTATION, practice. The allegation of some authority or case, or passage of some law, in support of a position which it is desired to establish. 2. Quotations when properly made, assist the reader, but when misplaced, they are inconvenient. service that provides access to more than 3,600 securities and includes more than 330 participating Market Makers. Alpine ALPINE Antihypertensive Treatment and Lipid Profile in a North of Sweden Efficacy Evaluation (drug trial) ALPINE Advanced Logistics Program Integration and Engineering currently has 11 million shares outstanding. Eugene Eugene, city (1990 pop. 112,669), seat of Lane co., W Oregon, on the Willamette River; inc. 1862. A processing and shipping center in a farming area, the "Emerald City" has lumbering, food-processing, and microchip and other electronics industries. Mallette, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Alpine Air Express, commented: "We are very pleased with our strong financial performance. Despite the current economic weakness, we increased revenue and profits both sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen and on a year-over-year basis. In addition, we continue to expand our air fleet with the continued implementation of our Beech beech, common name for the Fagaceae, a family of trees and shrubs mainly of temperate and subtropical regions in the Northern Hemisphere. The principal genera—Castanea (chestnut and chinquapin), Fagus (beech), and Quercus 1900/C aircraft conversion program. Alpine currently has five cargo-configured, high capacity Beech aircraft in service, and one in the final stages of reconfiguration in our state-of-the-art maintenance facility. We plan to add another nine. Increased air cargo capacity is a key component of our strategy to expand our regional presence and capture additional market share." Subsequent to the end of its third fiscal quarter, Alpine was notified of some route adjustments by the United States Postal Service postal service, arrangements made by a government for the transmission of letters, packages, and periodicals, and for related services. Early courier systems for government use were organized in the Persian Empire under Cyrus, in the Roman Empire, and in medieval (USPS (1) (Uninterruptible Switching Power Supply) A power supply for a computer that contains its own battery and uninterruptible power supply (UPS) circuitry. See power supply and UPS. ) as part of its partnership with FedEx Corporation. The USPS discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: two of Alpine's full-time full-time adj. Employed for or involving a standard number of hours of working time: a full-time administrative assistant. full routes and one part-time part-time adj. For or during less than the customary or standard time: a part-time job. part route Aug. 24, while awarding Alpine one additional route. Eugene Mallette continued: "Based on our current outlook, we believe the net effect of the USPS route adjustment will impact our earnings by no more than 3.5% in fiscal 2002. We are highly confident that we will be able to grow our business with both the USPS and other customers and are working aggressively to identify opportunities that will replace this business. Alpine continues to earn a strong reputation with the USPS and our service record there remains within the top 10% in on-time performance. We continue to explore new demand-driven routes and potential new customers and are confident in our ability to achieve continued growth in 2002. "With our growing fleet of cargo aircraft A cargo aircraft is an airplane designed and used for the carriage of goods, rather than passengers. This role demands a number of features that makes a cargo aircraft instantly identifiable; a "fat" looking fuselage, a high-wing to allow the cargo area to sit near the ground, a , expanding capacity and cost saving proprietary engine maintenance program, Alpine is well positioned to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the increasing demand for air cargo services in the rapidly growing secondary Western U.S. markets. Our solid financials, including a strong cash position and no debt, provide us with a competitive advantage over less capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. competitors. As part of our strategic goal to exceed the standard growth pattern of our industry, we will continue to seek opportunities to enter new air cargo markets and expand our presence as the leading provider of air cargo and logistics within the high growth regions we currently service. We are confident that we will be able to grow earnings in fiscal 2002 by more than 20% over fiscal 2001," concluded Mallette. Bill Distefano, Alpine's president, added: "The Alpine team has dedicated years of effort to develop the efficiencies, the commitment to perfection Adv. 1. to perfection - in every detail; "the new house suited them to a T" just right, to a T, to the letter and the reputation for quality service that has come to personify per·son·i·fy tr.v. per·son·i·fied, per·son·i·fy·ing, per·son·i·fies 1. To think of or represent (an inanimate object or abstraction) as having personality or the qualities, thoughts, or movements of a living being: Alpine. That individual commitment through the rank and file is reflected in the third quarter numbers and will be the key ingredient in Alpine's successful expansion." Revenue in the nine months ended July 31, 2001 increased to $13,936,468, compared to revenue of $12,662,788 in the comparable period of 2000. Net income for the nine months was $1,768,862, or $0.16 per diluted share, compared to net income of $2,057,687, or $0.19 per diluted share, in the first nine months of 2000. Founded in 1975, Alpine Air Express operates 23 aircraft to provide competitively priced scheduled air cargo flights throughout the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . The Company has an established client base that includes various contract operations for the United States Postal Service, freight forwarders An individual who, as a regular business, assembles and combines small shipments into one lot and takes the responsibility for the transportation of such property from the place of receipt to the place of destination. , and other cargo and logistics firms. Alpine provides superior "on time" performance and reliability, together with the flexibility to adapt quickly to the growing frequency and capacity requirements of its clients. This press 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. concerning Alpine Air Express, Inc., which are subject to a number of known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from those described or implied in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in the Company's filings with the SEC, including its most recent Form 10-Q Form 10-Q See 10-Q. and Form 10K.
ALPINE AIR EXPRESS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Three Months Nine Months Nine Months
Ended July Ended July Ended July Ended July
31, 2001 31, 2000 31, 2001 31, 2000
-----------------------------------------------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Operating Revenues:
Operations $ 4,232,332 $ 3,580,224 $12,212,696 $11,434,874
Public
services 620,744 291,069 1,723,772 1,227,914
----------- ----------- ----------- -----------
Total
operating
revenues 4,853,076 3,871,293 13,936,468 12,662,788
Direct Costs:
Operations 3,117,337 2,286,326 9,194,360 6,126,111
Public services 515,346 272,941 1,339,614 1,114,580
----------- ----------- ----------- -----------
Total direct
costs 3,632,683 2,559,267 10,533,974 7,240,691
----------- ----------- ----------- -----------
Gross Profit 1,220,393 1,312,026 3,402,494 5,422,097
Operating Expenses:
General and
administrative 283,827 133,201 910,073 649,969
Depreciation 9,600 9,243 25,800 25,270
----------- ----------- ----------- -----------
Total operating
expenses 293,427 142,444 935,873 675,239
----------- ----------- ----------- -----------
Operating Income 926,966 1,169,582 2,466,621 4,746,858
Other Income (Expense):
Interest expense -- -- -- (3,059)
Other income
(expense), net 109,415 33,476 437,370 133,641
Nonrecurring
consulting
expense -- (1,430,250) -- (1,430,250)
Nonrecurring
organizational
expenses -- (76,568) -- (76,568)
----------- ----------- ----------- -----------
Total other
income
(expense) 109,415 (1,473,342) 437,370 (1,376,236)
----------- ----------- ----------- -----------
Income (Loss)
Before Income
Taxes 1,036,381 (303,760) 2,903,991 3,370,622
Income Tax Expense (Benefit):
Current income
tax expense 421,466 (131,657) 1,133,105 1,371,931
Deferred income
tax (benefit)
expense (2,291) (9,600) 2,024 (58,996)
----------- ----------- ----------- -----------
Total income
tax expense
(benefit) 419,175 (141,257) 1,135,129 1,312,935
----------- ----------- ----------- -----------
Net Income
(Loss) $ 617,206 $ (162,503) $ 1,768,862 $ 2,057,687
=========== =========== =========== ===========
Earnings (Loss)
Per Share --
Basic and Fully
Diluted $ 0.06 $ (0.01) $ 0.16 $ 0.19
=========== =========== =========== ===========
Weighted Average
Shares
Outstanding 11,000,000 10,947,500 11,000,000 10,912,500
=========== =========== =========== ===========
ALPINE AIR EXPRESS, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
July 31, October 31,
2001 2000
-------------------------
(Unaudited) (Audited)
ASSETS
Current Assets:
Cash and cash equivalents $ 395,991 $ 1,651,104
Marketable securities 2,629,298 3,030,000
Accounts receivable 1,468,432 1,155,118
Prepaid expense 431,193 1,094,285
Inventories 1,205,274 971,139
Current portion of deferred tax asset 92,577 81,091
----------- -----------
Total current assets 6,222,765 7,982,737
Property, Plant and Equipment -- net 195,358 170,761
Construction in Progress 1,251,022 39,944
Loan to Officer 389,650 1,038,986
Loan to Related Party 2,580,706 --
Restricted Cash -- 285,000
----------- -----------
Total assets $10,639,501 $ 9,517,428
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 117,961 $ 290,294
Accounts payable -- related party 473,535 484,542
Accrued expenses 230,140 579,798
Refundable deposits 3,519 20,659
Current income tax payable 241,746 82,500
Current portion of deferred income taxes 3,051 3,051
----------- -----------
Total current liabilities 1,069,952 1,460,844
Deferred Income Taxes 27,816 124,954
----------- -----------
Total liabilities 1,097,768 1,585,798
Stockholders' Equity:
Preferred stock, $.001 par value,
1,000,000 shares authorized, no shares
issued or outstanding -- --
Common stock, $.001 par value, 20,000,000
shares authorized, 11,000,000 shares
issued and outstanding 11,000 11,000
Additional paid in capital 1,590,078 1,590,078
Cumulative other comprehensive income 45,460 204,219
Retained earnings 7,895,195 6,126,333
----------- -----------
Total stockholders' equity 9,541,733 7,931,630
----------- -----------
Total liabilities and stockholders'
equity $10,639,501 $ 9,517,428
=========== ===========
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