Aviation Distributors Inc. Reports Results for First Quarter, 2000.Business Editors LAKE FOREST, Calif.--(BUSINESS WIRE)--May 16, 2000 Aviation Distributors Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ADIN Adin (ā`dĭn), in the Bible, family that returned from Exile. ) reported today its results from operations for the three month periods ended March 31, 2000, and March 31, 1999. Revenues for the three months ended March 31, 2000, were $8,274,028, an increase of 7.3 percent, as compared to revenues of $7,711,111 for the same period a year ago. Net income for the quarter was $63,549, or $0.02 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, compared to a net loss of ($148,966), or ($0.05) per basic and diluted share, recorded for the prior year period. Commenting on the announcement, William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack D. King, president and chief executive officer of the company, remarked, "The results of our most recent quarter demonstrate the success of our turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. . Our quarterly revenues grew both sequentially and when compared with the first quarter of last year. Additionally, we were able to achieve a significant increase in our gross margin from 21.7 percent to 24.9 percent and our selling, general and administrative expenses as a percentage of net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight declined approximately 100 basis points. Income from operations of $623,511 for the three months ended March 31, 2000, was 250 percent of the income from operations of $243,008 for the comparable three months ended March 31, 1999." 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 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. , United Kingdom, throughout Europe Europe (y r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , 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, AsiaJordan, 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 and Chile with its headquarters in Lake Forest, 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 most recent 10-KSB are available from Aviation Distributors' Investor Relations Investor relations The process by which the corporation communicates with its investors. department.
AVIATION DISTRIBUTORS INC.
BALANCE SHEET
March 31, December 31,
2000 1999
------------ ------------
Accounts receivable, net 8,804,066 7,548,474
Inventories 8,375,166 9,008,560
Other current assets 229,637 231,293
------------ ------------
Total current assets 17,408,869 16,788,327
Property and equipment, net 553,064 549,167
Debt issue costs 1,984,610 --
Other assets 540,202 540,202
------------ ------------
Total assets $ 20,486,745 $ 17,877,696
============ ============
Accounts payable 2,730,929 2,844,360
Lines of credit 16,555,757 15,677,982
Long-term debt, current portion 592,158 965,388
Other current liabilities 403,286 616,825
------------ ------------
Total current liabilities 20,282,130 20,104,555
Other liabilities 2,966,656 1,098,731
Shareholders' equity (deficit) (2,762,041) (3,325,590)
------------ ------------
Total liabilities & shareholders'
equity $ 20,486,745 $ 17,877,696
============ ============
AVIATION DISTRIBUTORS INC.
STATEMENTS OF OPERATIONS
Three months ended
March 31,
2000 1999
Net sales $ 8,274,028 $ 7,711,111
Cost of sales 6,216,996 6,040,650
Gross profit 2,057,032 1,670,461
Selling, general & administrative 1,427,821 1,409,710
Non recurring expenses 5,700 17,743
Income (loss) from operations 623,511 243,008
Interest income (expense), net (559,962) (393,061)
Other income (expense) -- 1,087
Income (loss) before
provision for income taxes 63,549 (148,966)
Provision for (benefit from)
income taxes -- --
Net income $ 63,549 $ (148,966)
Basic and diluted net income
(loss) per share: $ 0.02 $ (0.05)
Weighted average number of
shares outstanding 3,344,500 3,179,000
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