Aviation Distributors, Inc. Announces First Quarter, 1998 Results.LAKE FOREST, Calif.--(BUSINESS WIRE)--May 18, 1998--Aviation Distributors, Inc. (ADI) announced today its results from operations for the first quarter ended March 31, 1998. Revenues for the quarter were $8,870,292, a decrease of 6.7% when compared with revenues of $9,463,222 for the prior year period. The net loss posted for the first quarter was $888,317 or ($0.28) per basic and 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, as compared to net income of $326,490, or $0.15 per basic and diluted share, posted for the prior year period. The decrease in revenue was partially due to downtime The time during which a computer is not functioning due to hardware, operating system or application program failure. related to the company's relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. to newly leased facilities and largely due to reduced access to credit while the company's financial reports were being audited and re-prepared. The net loss included (i. approximately $509,000 in non-recurring legal, accounting and other professional expenses related to settling class-action litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. brought against the company last Oct., and auditing, restating and preparing financial reports for 1996 and 1997; and (ii. approximately $240,000 in extraordinary expenses for appraisal costs, loan fees, and late penalties related to obtaining new financing to support the company's growth. Revenues for the quarter were derived from sales of distributed services, company-owned inventory, consignment sales consignment sale auction sales of consignments of breeding cattle which are excess to the owner's requirements. and marketing fees. Large transactions contributed approximately $1.3 million, or 15% of total revenues. Gross profit, as a percentage of total revenues, increased to 22.3% for the quarter from 18.8% for the prior year period. The increase is the direct result of substantially higher margins realized on the sale of engines and engine components. Sales, general, and administrative expenses, as a percentage of total revenues, increased to 20.2% for the quarter from 12.5% in the prior year period due to higher personnel costs, relocation and new facility rent expenses, and additional costs associated with maintaining current financing arrangements. Net interest expense increased significantly due to increased short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. borrowings. Aviation Distributors is one of the world's 10 largest aircraft part redistributors and inventory management service providers to major commercial airlines worldwide with agents in the US, UK, Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , India India, officially Republic of India, republic (2005 est pop. 1,080,264,000), 1,261,810 sq mi (3,268,090 sq km), S Asia. The second most populous country in the world, it is also sometimes called Bharat, its ancient name. India's land frontier (c. , Jordan Jordan, country, Asia Jordan, officially Hashemite Kingdom of Jordan, kingdom (2005 est. pop. 5,760,000), 35,637 sq mi (92,300 sq km), SW Asia. It borders on Israel and the West Bank in the west, on Syria in the north, on Iraq in the northeast, and on Saudi , Indonesia Indonesia (ĭn'dənē`zhə), officially Republic of Indonesia, republic (2005 est. pop. 241,974,000), c.735,000 sq mi (1,903,650 sq km), SE Asia, in the Malay Archipelago. and Chile with its headquarters in Irvine, Calif. Statements in this news release that relate to future plans, financial results or projections, 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. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. The company's actual results and financial position could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including but not limited to, the price and availability of aircraft parts and other materials, successful execution of the company's expansion plans, impact of competition, the availability of additional financing and other risks and uncertainties described fully in the company's Form 10-KSB filed with the Securities and Exchange Commission. Copies of the 10-KSB are available from Aviation Distributors' Investor Relations Investor relations The process by which the corporation communicates with its investors. department. -0-
AVIATION DISTRIBUTORS, INC.
SELECTED FINANCIAL INFORMATION
OPERATIONS DATA:
For the Three Months ended
(Unaudited) (Unaudited)
March 31, March 31,
1998 1997
Total net sales $ 8,870,292 $ 9,463,222
Cost of sales 6,891,389 7,686,922
Gross profit 1,978,903 1,776,300
Sales, general & administrative 1,792,372 1,184,056
Non-recurring expenses 508,885 -
Income (loss) from operations (322,354) 592,244
Interest income (expense), net (565,963) (162,754)
Income (loss) before taxes (888,317) 429,490
Provision for income taxes - 103,000
Net income (loss) $ (888,317) $ 326,490
Net income (loss) per basic
and diluted share $ (0.28) $ 0.15
Weighted average common
shares outstanding 3,165,000 2,185,000
BALANCE SHEET DATA:
(Unaudited) (Audited)
March 31, December 31,
1998 1997
Cash and equivalents $ 7,219 $ 80,218
Restricted cash 1,078,405 1,103,444
Accounts receivable, net 7,803,339 7,875,366
Notes receivable, current portion 2,232,529 2,189,890
Inventories, net 10,556,604 9,384,573
Current assets 23,196,534 21,880,709
Total Assets $24,964,591 $24,024,484
Accounts payable $ 2,540,204 $ 2,882,044
Lines of credit 11,095,893 9,289,188
Long-term debt, current portion 4,383,593 3,133,352
Current liabilities 20,647,568 17,078,745
Long-term debt, net 815,525 2,582,826
Shareholders equity 2,886,922 3,775,239
Total liabilities and
shareholder equity $24,964,591 $24,024,484
CONTACT: Aviation Distributors, Inc. Kenneth Lipinski, 949/586-7558 or Coffin Communications Group Steven Johnson There are several well-known people called Steven Johnson.
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion