Aviation Group, Inc. Reports 3rd QTR Fiscal 2000 Results.Business Editors DALLAS--(BUSINESS WIRE)--May 31, 2000 Consolidated Balance Sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. Includes Global Travel Leisure, Inc. Shareholder Vote for travelbyus.com, ltd. Combination Planned Aviation Group, Inc. (Nasdaq:AVGP AVGP Armored Vehicle General Purpose AVGP Asociación Valenciana de Gestión Pública (Spanish: Valencian Association for Public Management; www.uv.es/avgp) ) today reported revenues and income for the three and nine months periods ended March 31, 2000. The Company's balance sheet at March 31, 2000 included the newly acquired operations of Global Travel Leisure, Inc. Operating results of Global will be included in Company financial statements beginning April 1, 2000. For the three months ended March 31, 2000 the Company reported revenues of $3,830,000, versus $3,586,000 for the same period ended March 31, 1999. Net income for the quarter ended March 31, 2000 was $(830,000) or $(.21) per share versus $(1,251,000) or $(.36) for the three months ended March 31, 1999. Net income for the March 31, 2000 quarter included losses from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $172,000, versus a loss from discontinued operations of $314,000 for the corresponding 1999 three month period. For the nine months ended March 31, 2000 the Company reported revenues of $9,359,000 versus $11,941,000 for the nine months ended March 31, 1999. The fiscal 1999 results include revenues from the Company's fixed base and ground handling operations. These divisions were sold during the quarter ended March 31, 2000 and accordingly revenues from these divisions are not included in operating results for the period ended March 31, 2000. Net loss for the nine months ended March 31, 2000 was $2,144,000 or $.58 per share, versus a loss of $1,302,000 or $.38 for the corresponding nine month period ended March 31, 1999. The increase is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to reductions in the Company's painting activities during the fiscal 2000 period. Such activities are expected to return to normal levels during the forth fiscal quarter, the Company reported. The fiscal 2000 operating results also include income from discontinued operations of $379,000 versus a loss from discontinued operations of $314,000 for the corresponding nine month period ended March 31, 1999. As previously announced, the Company has executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. the agreement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc its planned business combination with travelbyus.com, ltd., an Internet-based travel enterprise. "We have been working hard to complete all necessary paperwork required to hold the shareholder meeting necessary to approve our planned combination with travelbyus.com, ltd.," said Lee Sanders San´ders n. 1. An old name of sandalwood, now applied only to the red sandalwood. See under Sandalwood. , Aviation Group, Inc., Chairman. "We are excited about our opportunity to build a leading global Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the travel business, and look forward to completing the transaction and working with travelbyus.com management to integrate its operations fully into Aviation Group," said Sanders. This press release shall not constitute an offer to sell or the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy any securities nor shall there be any sale of any securities in any state or Canadian province Noun 1. Canadian province - Canada is divided into 12 provinces for administrative purposes province, state - the territory occupied by one of the constituent administrative districts of a nation; "his state is in the deep south" in which such offer, solicitation or sale would be unlawful Contrary to or unauthorized by law; illegal. When applied to promises, agreements, or contracts, the term denotes that such agreements have no legal effect. The law disapproves of such conduct because it is immoral or contrary to public policy. prior to registration or qualification under applicable securities laws. Prospective investors are urged to read, when filed with the Securities and Exchange Commission, the prospectus/joint proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. and registration statement that will be filed by the Company in connection with the transactions described in this press release. After filing, these documents will be available for free at the Securities and Exchange Commission's EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. Web site at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. and may be obtained for free from the Company upon request.
AVIATION GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(UNAUDITED)
March 31, June 30,
2000 1999
-------- --------
ASSETS
Current Assets
Cash and cash equivalents $ 1,758,000 $ 84,000
Restricted time deposit 3,259,000 538,000
Accounts receivable, net 2,701,000 2,200,000
Inventory 904,000 1,547,000
Prepaid expenses and other 631,000 170,000
Prepaid tour costs 1,990,000 --
Discontinued assets held for resale 471,000 --
----------- -----------
Total Current Assets 11,714,000 4,539,000
----------- -----------
Property and equipment, net 3,194,000 4,050,000
Product contracts & other
intangibles, net 7,523,000 --
----------- -----------
10,717,000 4,050,000
----------- -----------
Goodwill, net 49,975,000 4,144,000
Other 440,000 319,000
----------- -----------
Total Assets $72,846,000 $ 13,052,000
----------- -----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Current maturities of long-term
obligations $ 1,246,000 463,000
Current portion of capital lease
obligations 134,000 164,000
Revolving and other short-term
borrowings 1,713,000 2,316,000
Accounts payable 4,055,000 2,334,000
Accrued liabilities 8,365,000 1,335,000
----------- -----------
Total Current Liabilities 15,513,000 6,612,000
----------- -----------
Long-Term Liabilities
Long-term debt, net of current
maturities 3,202,000 880,000
Capitalized leases, net of current
maturities -- 439,000
----------- -----------
Total Long-Term Liabilities 3,202,000 1,319,000
----------- -----------
Total Liabilities 18,715,000 7,931,000
----------- -----------
Shareholders' Equity
Series A 9% cumulative convertible
Preferred Stock, $.01 par value
$10,000 liquidation preference,
1,650 share outstanding 2,000 --
Series B 12% cumulative Preferred
Stock, $10,000 liquidation preference,
2,100 shares outstanding 2,000 --
Common Stock, $.01 per value,
10,000,000 shares authorized,
4,698,801 and 3,573,929 shares issued
and outstanding 47,000 36,000
Additional paid-in capital 60,904,000 9,766,000
Retained earnings (deficit) (6,824,000) (4,681,000)
----------- -----------
Total Shareholders' Equity 54,131,000 5,121,000
----------- -----------
Total Liabilities and Shareholders'
Equity $ 72,846,000 $ 13,052,000
============ ============
AVIATION GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Nine Months Ended
March 31, December 31,
-------- -----------
2000 1999 2000 1999
---- ---- ---- ----
Revenue $3,830,000 $3,586,000 $9,359,000 $11,941,000
Cost of revenue 2,340,000 2,348,000 5,890,000 7,187,000
---------- --------- --------- ----------
Gross Profit 1,490,000 1,238,000 3,469,000 4,754,000
---------- --------- --------- ----------
General and
administrative
expenses 1,872,000 1,727,000 4,997,000 4,783,000
Depreciation and
amortization 166,000 196,000 505,000 541,000
---------- --------- --------- ----------
2,038,000 1,923,000 5,502,000 5,324,000
---------- --------- --------- ----------
Income (loss) from
operations (548,000) (685,000) (2,033,000) (570,000)
---------- --------- --------- ----------
Other income (expenses)
Other income
(expense) 2,000 -- 3,000 2,000
Interest expense,
net (112,000) (53,000) (493,000) (221,000)
---------- --------- --------- ----------
(110,000) (53,000) (490,000) (219,000)
---------- --------- --------- ----------
Loss from continuing
operations before
income taxes (658,000) (738,000) (2,523,000) (789,000)
Benefit for income
taxes -- 199,000 -- 199,000
---------- --------- --------- ----------
Loss from continuing
operations (658,000) (937,000) (2,523,000) (988,000)
Loss from
discontinued
operations (82,000) (314,000) (221,000) (314,000)
Gain (loss) on sale
of subsidiaries,
net (90,000) -- 600,000 --
---------- --------- --------- ----------
(172,000) (314,000) 379,000 (314,000)
---------- --------- --------- ----------
Net income (loss) $(830,000) $(1,251,000) $(2,144,000) $(1,302,000)
========== ========= ========= ==========
Earnings (loss) per common share
Income (loss)
before discontinued
operations $(0.17) $(0.27) $(0.68) $(0.29)
Income (loss) from
discontinued
operations (0.04) (0.09) 0.10 (0.09)
---------- --------- --------- ----------
Net income per
share (basic
and diluted) $(0.21) $(0.36) (0.58) $(0.38)
========== ========= ========= ==========
Weighted average
shares outstanding 3,948,801 3,524,062 3,698,886 3,409,469
========== ========= ========= ==========
Except for the historical information contained herein, this press release contains statements that constitute 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. , as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that may cause or contribute to such differences include, among other things, the Company's ability to close the proposed transaction disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). above, dependence on certain customers, changes in the airline travel industry, seasonality of the Company's painting business, risk of future losses from operations, the ability to sell or merge See mail merge and concatenate. all or a portion of Company's businesses, uninsured casualty losses, environmental regulation of airline stripping and painting operations and increased competition in the airline services industry. Other risks and uncertainties include changes in business conditions and the economy in general, changes in governmental regulations, unforeseen litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and other risk factors identified in the Company's SEC filings under "Risk Factors." The Company undertakes no obligation to update these forward-looking statements for 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. or changes after the date of this press release. |
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