Alpine Air Express Reports Second Quarter and First Half Fiscal 2002 Results.Business Editors PROVO, Utah--(BUSINESS WIRE)--June 12, 2002 Alpine Air Express, Inc. (OTCBB: ALPE), a leading provider of regional air cargo transport and logistics services, today reported financial results for its fiscal second quarter and six months ended April 30, 2002. Revenue in the second quarter of fiscal 2002 totaled $2,976,884, compared to $4,566,563 in the second quarter of fiscal 2001. Net income for the second quarter was $119,937, or $0.01 per diluted share, compared to net income of $573,085, or $0.05 per diluted share, in the prior year's second quarter. Net income for the second quarter of 2002 includes the negative impact of a one-time charge of $112,800 related to a legal settlement which was paid during the three months ended April 30, 2002. Eugene Mallette, CEO of Alpine Air Express, commented: "Despite a challenging operating environment, we continue to successfully execute our strategic growth and operational initiatives to expand our regional coverage and build our base of business. We have experienced increased volumes in our Utah base operations and our new South Dakota route acquired late last year. In addition, we recently initiated new regularly scheduled air cargo service in Texas with two new routes, which we expect to contribute significant additional revenue. We continue to aggressively pursue additional business opportunities and are well prepared to serve longer, higher capacity routes with our option to lease additional, high capacity aircraft. "At the same time, we have generated significant improvement in our operating efficiencies during the quarter, resulting in a nearly 18% reduction in our direct costs from the previous quarter. Alpine continues to maintain solid financials, including a strong cash position and no debt, and we are well positioned to leverage our capabilities and fully capitalize on the significant opportunities within the air cargo market. We are confident and enthusiastic about our prospects for future growth." For the six months ended April 30, 2002, revenue totaled $5,903,489, compared to $9,083,392 for the same fiscal period in 2001. Net income for the first half of fiscal 2002, including the one-time charge, was $271,184, or $0.02 per diluted share, compared to net income of $1,151,657, or $0.10 per diluted share, for the comparable period in fiscal 2001. Founded in 1975, Alpine Air Express operates 24 aircraft to provide competitively priced scheduled air cargo flights throughout the Western United States. The Company has an established client base that includes various contract operations for the United States Postal Service, freight forwarders, 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 may contain forward-looking statements concerning Alpine Air Express, Inc., 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 any 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 and Form 10K.
ALPINE AIR EXPRESS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
April 30, April 30, April 30, April 30,
2002 2001 2002 2001
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
------------------------------------------------
Operating Revenues:
Operations 2,594,926 3,978,936 5,424,118 7,980,364
Public services 381,958 587,627 479,371 1,103,028
--------- --------- --------- ---------
Total operating
revenues 2,976,884 4,566,563 5,903,489 9,083,392
Direct Costs:
Operations 2,133,287 3,010,197 4,914,599 6,077,023
Public services 214,145 434,916 287,693 824,268
--------- --------- --------- ---------
Total direct costs 2,347,432 3,445,113 5,202,292 6,901,291
--------- --------- --------- ---------
Gross Profit 629,452 1,121,450 701,197 2,182,101
Operating Expenses:
General and
administrative 276,180 187,166 686,015 626,245
Depreciation 44,614 11,600 77,041 16,200
--------- --------- --------- ---------
Total operating
expenses 320,794 198,766 763,056 642,445
--------- --------- --------- ---------
Operating Income (Loss) 308,658 922,684 (61,859) 1,539,656
Other Income (Expense):
Legal settlement (112,800) 0 (112,800) 0
Other income
(expense), net 107,738 52,734 181,034 327,956
--------- --------- --------- ---------
Total other
income (expense) (5,062) 52,734 68,234 327,956
--------- --------- --------- ---------
Income Before
Income Taxes 303,596 975,418 6,375 1,867,612
Income Tax Expense:
Current income
tax expense 7,665 364,795 7,665 711,640
Deferred income tax
expense (benefit) 175,994 37,538 (36,674) 4,315
--------- --------- --------- ---------
Total income tax
expense 183,659 402,333 (29,009) 715,955
--------- --------- --------- ---------
Income Before Cum.
Effect of/Chg in
Acc. Prin. 119,937 573,085 35,384 1,151,657
Cumulative effect on
prior years (October 31,
2001) of capitalizing
lease deposits 0 0 235,800 0
--------- --------- --------- ---------
Net Income 119,937 573,085 271,184 1,151,657
========= ========= ========= =========
Earnings Per Share - Basic
Income (loss) before
cumulative effect of a
change in accounting
principle 0.01 0.05 0.00 0.10
Cum. effect of
capitalizing lease
deposits 0.00 0.00 0.02 0.00
--------- --------- --------- ---------
Net income 0.01 0.05 0.02 0.10
========= ========= ========= =========
Earnings Per Share -
Fully Diluted
Income before cum.
effect of a change in
acct. principle 0.01 0.05 0.00 0.10
Cum. effect of
capitalizing lease
deposits 0.00 0.00 0.02 0.00
--------- --------- --------- ---------
Net income 0.01 0.05 0.02 0.10
========= ========= ========= =========
Pro Forma Amounts Assuming
Lease Deposits had been
Capitalized Retroactively:
Net Income 119,937 573,085 271,184 1,151,657
Earnings Per Share -
Basic 0.01 0.05 0.02 0.10
Earnings Per Share -
Fully Diluted 0.01 0.05 0.02 0.10
Weighted Average Shares Outstanding:
Basic 11,000,000 10,895,000 11,000,000 11,000,000
Fully Diluted 11,209,203 10,895,000 11,209,132 11,000,000
ALPINE AIR EXPRESS, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
April 30, October 31,
2002 2001
-----------------------------
(Unaudited) (Audited)
ASSETS
Current Assets:
Cash and cash equivalents 630,434 526,396
Marketable securities 2,319,781 1,922,747
Accounts receivable 868,375 1,108,896
Income taxes receivable 237,125 384,325
Prepaid expense 1,069,266 390,109
Inventories 753,329 1,113,927
Deferred tax asset 60,746 78,652
---------- ----------
Total current assets 5,939,056 5,525,052
Property, Plant and Equipment - net 1,885,264 1,517,306
Loan to Officer 0 393,719
Loan to Related Party 2,709,276 2,622,870
---------- ----------
Total assets 10,533,596 10,058,947
========== ==========
LIABILITIES AND STOCKHOLDERS EQUITY
Current Liabilities:
Accounts payable 190,928 158,847
Accounts payable - related party 304,043 0
Accrued expenses 152,827 215,744
Refundable deposits 5,500 75,643
Current portion of deferred
tax liability 5,846 3,778
---------- ----------
Total current liabilities 659,144 454,012
Deferred Income Taxes 13,702 13,611
---------- ----------
Total liabilities 672,846 467,623
Stockholders Equity:
Preferred stock, $.001 par value,
1,000,000 shares authorized, no
shares issued or outstanding 0 0
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 20,487 22,245
Retained earnings 8,239,185 7,968,001
---------- ----------
Total stockholders equity 9,860,750 9,591,324
---------- ----------
Total liabilities and
stockholders equity 10,533,596 10,058,947
========== ==========
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion