Aviation General, Incorporated Reports Record Results for 2000.Business Editors/Hi-Tech Writers BETHANY Bethany, in the Bible Bethany (bĕth`ənē). 1 Village, at the southeastern foot of the Mount of Olives, the modern El Aziriye, 2 mi (3.2 km) E of Jerusalem. In the Gospels, it is the home of Lazarus, Martha, and Mary. , Okla.--(BUSINESS WIRE)--Feb. 21, 2001 Aviation General, Incorporated (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AVGE AVGE Advanced Video Guidance Sensor ) announced revenues for the year ended December December: see month. 31, 2000 of $16,831,036 compared to $13,667,245 for 1999. Net income for the year was $450,033 or $.07 per share, compared to a net loss of $384,818 or $.05 per share in 1999. For the three months ending December 31, 2000, revenues were $3,827,576,compared to $5,373,704 for the three months ending December 31, 1999. Net income for the fourth quarter of 2000 was $46,448 versus $112,107 for the fourth quarter of 1999. Wirt D. Walker, III, Chairman/CEO stated: "Year 2000 financial results were the best in the company's history and represent the fifth consecutive year of improvement. We expect continued year to year growth in revenue and profitability from all aspects of our company's business: manufacture and sale of new Commander single engine, high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" aircraft, sale and brokerage of pre-owned piston and jet aircraft, refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur , parts, and service and support business. Aviation General, Incorporated is a premiere aviation company with a unique business model." Aviation General, Incorporated is a publicly traded holding company with two wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Commander Aircraft Company and Strategic Jet Services, Inc. Commander Aircraft Company (www.commanderair.com) manufactures, markets and provides support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services for its line of single engine, high performance Commander aircraft, and consulting, brokerage and refurbishment services for all types of piston aircraft. Strategic Jet Services, Inc. (www.strategicjet.com) provides consulting, sales, brokerage, acquisition, and refurbishment services for jet aircraft. The statements in this press release that relate to future plans, 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. that involve risks and uncertainties. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof or to reflect the occurrence of unanticipated events. Readers are encouraged to refer to the risk disclosures described in the Company's reports on Forms 10-K, 10-Q and 8K, as applicable.
AVIATION GENERAL, INCORPORATED
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended For the Year Ended
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Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2000 1999 2000 1999
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Net sales $3,827,576 $5,373,704 $16,831,036 $13,667,245
Cost of sales 2,751,279 4,355,285 12,877,539 11,376,666
------------ ------------ ------------ ------------
Gross margin 1,076,297 1,018,419 3,953,497 2,290,579
Other operating
expenses 964,932 909,565 3,461,950 2,773,232
------------ ------------ ------------ ------------
Operating
income (loss) 111,365 108,854 491,547 (482,653)
Other income
(expense) (64,917) 3,253 (41,514) 97,835
------------ ------------ ------------ ------------
Net income
(loss) $46,448 $112,107 $450,033 ($384,818)
============ ============ ============ ============
Weighted
average
shares
outstanding,
basic 6,279,547 7,043,186 6,370,520 7,136,549
Net income
(loss) per
share, basic $0.01 $0.02 $0.07 ($0.05)
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