Avcorp Announces First Quarter 1996 Results.RICHMOND Richmond, cities, United States Richmond. 1 City (1990 pop. 87,425), Contra Costa co., W Calif., on San Pablo Bay, an inlet of San Francisco Bay; inc. 1905. , B.C.--(BUSINESS WIRE)--Feb. 12, 1996--AVCORP INDUSTRIES (ME:AVP AVP arginine vasopressin. ) AVCORP Industries Inc. of Montreal Of Montreal is an American indie pop band formed in Athens, Georgia, fronted by Kevin Barnes. It was among the second wave of groups to emerge from The Elephant 6 Recording Company. announced today its First Quarter 1996. Results for the three months ended December 31, 1995 are as follows: -0-
Three Months ended
December 31
1995 1994
_____________________
Sales $ 8,750 $ 6,423
Cost of sales and expenses (8,580) (6,382)
Interest (32) (83)
_______ _______
Operating earnings 138 (42)
Non-recurring items 0 1,748
_______ _______
Net Earnings (Loss) $ 138 $ 1,706
_______ _______
Net Earnings per
Basic $ 0.02 $ 0.27
Fully Diluted $ 0.02 $ 0.23
Sales for the three months to December 31, 1995 increased 36 percent over the same period last year and increased 12 percent over the previous quarter. These increases continue to be the result of production rate increases on existing contracts, contracts won in fiscal 1995 now coming on stream, and new contracts won in the period. The Company's operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. for the three months to December 31, 1995 improved $180,000, compared to the same period last year. Operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before will continue to lag the increase in sales as new contracts come on line, one-time costs are expensed as incurred and until production rates are reached on those new contracts. Profits were adversely affected in the recent strike at The Boeing Company in Seattle. Included in the prior year's results was a settlement of a prior year's contract termination Defense procurement: the cessation or cancellation, in whole or in part, of work under a prime contract or a subcontract thereunder for the convenience of, or at the option of, the government, or due to failure of the contractor to perform in accordance with the terms of the contract (default). that resulted in a non-recurring net recovery of $1,748,000. The Company's growth plans require a further infusion of cash. The Company is therefore expected to complete the previously announced issuance of 1,250,000 common share units, for $3,000,000 in a private placement, during the second quarter. AVCORP Industries Inc. is a Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. aerospace industry manufacturer. The Company is a single-source supplier for design, fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. and assembly of metal, composite and plastic components and is made up of four divisions: Aerostructures, Composites, Metal Products and Engineering. CONTACT: C.E. Butterfield 604/278-9821 604/278-9618 (fax) |
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