Aviation General Inc. Reports Results for the First Quarter of Fiscal 1999.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)--May 12, 1999-- 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 first quarter ended March 31, 1999 of $2,258,292 compared to $2,923,229 for the quarter ended March 31, 1998. The net loss for the quarter was $379,565, or $0.05 per share, compared to a net loss of $241,496, or $0.03 per share in the comparable period of fiscal 1998. Sales of new aircraft were weak during the first quarter, however, revenues continued to grow from the Company's consulting, sales and 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 business in the pre-owned aircraft market. Sales of new aircraft have begun to increase and the company expects second quarter results will be significantly better. The Company expects to be profitable during 1999. Aviation General Inc. is a publicly traded holding company with two wholly-owned subsidiaries, Commander Aircraft Company and Strategic Jet Services Inc. Commander Aircraft Company 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 through its Aviation Services division. 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 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 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 8K, as applicable. -0-
AVIATION GENERAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
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March 31, 1999 March 31, 1998
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Net sales $2,258,292 $2,923,229
Cost of sales $2,111,993 $2,595,558
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Gross margin (deficit) $146,299 $327,671
Other operating expenses $569,010 $717,163
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Operating income (loss) ($422,711) ($389,492)
Other income (expense) 43,146 $147,996
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Net loss ($379,565) ($241,496)
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Weighted average shares
outstanding 7,269,437 7,280,548
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Net loss per share ($0.05) ($0.03)
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