Aviation General Inc. Reports Results for the First Nine Months of Fiscal 1998.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)--Nov. 3, 1998--Aviation General Inc. (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 third quarter ended Sept. 30, 1998 of $3,675,194 compared to $2,970,196 for the quarter ended Sept. 30, 1997. The net loss for the quarter was $95,189, or $0.01 per share, compared to a net loss of $393,107, or $0.06 per share in the comparable period of fiscal 1997. For the nine months ended Sept. 30, 1998, revenues were $9,232,321 compared to $6,029,381 for the nine months of the prior fiscal year. The net loss from operations for the nine month period was $772,037, or $0.11 per share, compared to $1,742,926, or $0.25 per share for the nine months of the prior fiscal year. A total of 16 new and used aircraft were delivered during the third quarter of 1998, bringing the total for the first nine months to 36, compared to 12 in the third quarter of 1997 and a total of 27 for the nine month period of 1997. Aviation General Inc. 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 Co. and Strategic Jet Services Inc. Commander Aircraft Co. 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 BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. and 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 services for piston aircraft. Strategic Jet Services Inc. provides consulting, brokerage 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 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 ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. 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 8-K, as applicable. For more information contact: Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and R. Buren  is a municipality and a city in the eastern Netherlands and is strongly linked to the Dutch royal family. , vice president -
Finance and Chief Financial Officer, 405/440-2255. -0-
Aviation General Inc.
Consolidated Statements of Operations
(unaudited)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1998 1997 1998 1997
---------- ---------- ---------- ----------
Net sales - aircraft $3,276,189 $2,689,268 $8,316,882 $5,128,070
Net sales - service $ 399,005 $ 280,928 $ 915,439 $ 901,311
---------- ---------- ---------- ----------
Total net sales $3,675,194 $2,970,196 $9,232,321 $6,029,381
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Total cost of sales $3,086,237 $2,684,130 $8,089,873 $5,883,053
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Gross margin
(deficit) $ 588,957 $ 286,066 $1,142,448 $ 146,328
---------- ---------- ---------- ----------
OTHER OPERATING EXPENSES:
Product development and
engineering costs $ 68,577 $ 77,537 $ 221,987 $ 242,238
Selling, general
and administrative
expenses $ 718,806 $ 631,247 $2,027,908 $1,751,228
----------- ----------- ----------- ----------
Total other operating
expenses $ 787,383 $ 708,784 $2,249,895 $1,993,466
----------- ----------- ----------- ----------
Operating income
(loss) $ (198,426) $ (422,718) $(1,107,447) $(1,847,138)
---------- ---------- ----------- ----------
OTHER INCOME (EXPENSES):
Other income $ 102,575 $ 65,141 $ 342,223 $ 233,826
Interest expense $ 1,958 $ (33,124) $ (1,274) $ (127,208)
Other expense $ (1,296) $ (2,406) $ (5,539) $ (2,406)
---------- ---------- ---------- ----------
Total other income
(expenses) $ 103,237 $ 29,611 $ 335,410 $ 104,212
---------- ---------- ---------- ----------
Net loss $ (95,189) $ (393,107) $ (772,037) $(1,742,926)
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Weighted average
shares outstanding,
basic and diluted 7,280,548 6,920,548 7,280,548 6,897,920
========== ========= ========== ==========
Net loss per share,
basic and diluted $ (0.01) $ (0.06) $ (0.11) $ (0.25)
========== ========= ========== ==========
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