Aviation General Inc. Reports Results for the Second 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)--July 14, 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 quarter ended June June: see month. 30, 1999 of $3,055,110 and net income of $48,244, or $.01 per share, compared to revenues for the second quarter of 1998 of $2,633,898 and a net loss of $435,352, or $0.06 per share. For the six months ended June 30, 1999, revenues were $5,313,402 compared to $5,557,127 for the first six months of 1998. The net loss for the six month period was $331,321, or $.05 per share, compared to a net loss of $676,848, or $.09 per share for the six months of the prior fiscal year. The Company's revenues for the second quarter were derived from the sale of three new high performance Commander aircraft, the sale and brokerage of eight pre-owned high performance piston aircraft, the brokerage of one Boeing 727 aircraft, and 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 , service and parts business. During the past several years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time Company's annual revenues have increased and operating results have improved concurrent with ongoing investment in the Company's structure and product and service offerings. The Company now has the foundation and capabilities in place to generate significant increased growth in revenues and profitability. 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 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 Six Months Ended
------------------ ----------------
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
---------- ---------- ---------- ----------
Net sales $3,055,110 $2,633,898 $5,313,402 $5,557,127
Cost of sales $2,395,387 $2,408,078 $4,507,380 $5,003,636
Gross margin $ 659,723 $ 225,820 $ 806,022 $ 553,491
Operating expenses $ 648,650 $ 745,349 $1,217,660 $1,462,512
Operating income
(loss) $ 11,073 $ (519,529) $ (411,638) $ (909,021)
Other income $ 37,171 $ 84,177 $ 80,317 $ 232,173
Net income (loss) $ 48,244 $ (435,352) $ (331,321) $ (676,848)
Weighted average
common shares
outstanding, basic
and diluted 7,171,108 7,280,548 7,220,001 7,280,548
Net income (loss)
per share, basic
and diluted $ 0.01 $ (0.06) $ (0.05) $ (0.09)
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion