Aviation Group, Inc. Reports Fiscal 1998 Financial Results.DALLAS--(BUSINESS WIRE)--Oct. 14, 1998--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 announced results for the year ended June 30, 1998. For the year then ended, the Aviation Group reported revenues of $18,244,000 and a net loss of $1,337,000 or $.45 per primary and fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. The fiscal 1998 revenues represent an 88% increase in revenues from the 1997 year. For the year ended June 30, 1997, the Company generated revenues of $9,718,000. The net loss for the Company for the year ended June 30, 1998 was $1,337,000 versus a net loss of $476,000 for the year ended June 30, 1997. The fiscal 1998 amount includes $1,300,000 in charges relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc amortization of acquisition goodwill and nonrecurring realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. costs associated with nonessential non·es·sen·tial adj. Being a substance required for normal functioning but not needed in the diet because the body can synthesize it. locations and product lines and indirect costs Indirect costs are costs that are not directly accountable to a particular function or product; these are fixed costs. Indirect costs include taxes, administration, personnel and security costs. See also
Operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. increased by $8,526,000, or 88%, over the year ended June 30, 1997. This increase resulted primarily from the acquisition in August 1997 of Casper Air Service, Inc. and internal growth in the Company's paint and ground service activities. Aero Design, Inc., the aviation battery manufacturer acquired by Aviation Group in March 1998 contributed significantly to revenues and operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. as well. The reported results do not include the income of General Electrodynamics electrodynamics, study of phenomena associated with charged bodies in motion and varying electric and magnetic fields (see charge; electricity); since a moving charge produces a magnetic field, electrodynamics is concerned with effects such as magnetism, Corporation, which was acquired in August 1998, and will be included in future periods. "We are very proud of our revenue growth and the quality level of the services we provide to the aviation industry," commented Lee Sanders San´ders n. 1. An old name of sandalwood, now applied only to the red sandalwood. See under Sandalwood. , Aviation Group's chief executive officer. "Division operating profits are strong, and the aviation service marketplace is filled with compelling mid-size acquisition opportunities. We continue to pursue our goal of doubling the Company's size annually. At the same time, our fourth-quarter election to realign re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. our existing businesses and related costs incurred should insure Insure can mean:
Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the is maximized." The Company noted that uncertainties in the small-cap Small-cap A stock with a small capitalization, meaning a total equity value of less than $500 million. small-cap 1. Of or relating to the common stock of a relatively small firm having little equity and few shares of common stock stock market and the current price of its shares increases the need for management to structure acquisitions in a non-dilutive manner. "Our growth strategy is intertwined with the price of our shares," said Mr. Sanders. "Management constitutes over 40% ownership of the Company, and our goal is the same as all other shareholders; build long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. value." Aviation Group is a publicly traded holding company based in Dallas. Aviation Group operates world-class painting facilities through its Pride Aviation, Inc. subsidiary in New Iberia, Louisiana The city of New Iberia (French: La Nouvelle-Ibérie) is the parish seat of Iberia Parish, in the US state of Louisiana, 125 miles (201 km) west of New Orleans. [1] [2] and Portland, Oregon. Through its Tri-Star Airline Services division, Aviation Group provides airline ground services to a variety of passenger and freight airlines at Dallas-Fort Worth International Airport
Dallas-Fort Worth International Airport (IATA: DFW, ICAO: KDFW, FAA LID: DFW) is located between the cities of Dallas and Fort Worth,[3] . Its Fixed Base Operations and Airport Management division, through Casper Air Service, provides fuel, parts, and light maintenance services to general, corporate, and freight aircraft customers. The Company's Component Overhaul and Service Division manufactures replacement batteries, precision aviation scales and other component parts for general and commercial airplanes. -0-
Aviation Group, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations
In thousands, except earnings per share data
Year Year
ended ended
June 30, 1998 June 30, 1997
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Revenues $ 18,244 $ 9,718
Cost of revenues 14,618 7,410
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Gross Profit 3,626 2,308
General and administrative 4,659 2,048
Depreciation and amortization 694 413
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Income (loss) from operations (1,727) (153)
Interest expense (386) (377)
Interest income 116 2
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Income (loss) before taxes (1,997) (528)
Tax expense (benefit) (359) (52)
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Net income $ (1,638) $ (476)
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Net income per common share $ (0.54) $ (0.27)
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Weighted average common
Shares outstanding 3,059,632 1,759,707
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Aviation Group, Inc. and Subsidiaries
Condensed Balance Sheets
In thousands
ASSETS
Current Assets
Cash $ 509 $ 188
Accounts Receivable 2,020 796
Inventory 1,513 240
Deferred income tax 88 40
Prepaid expenses and other 329 710
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Total Current Assets 4,459 1,974
Property and equipment, net 3,713 2,320
Goodwill, net 3,135 752
Other 293 65
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Total Assets $ 11,600 $ 5,111
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Current maturities of long-term obligations 625 502
Short-term borrowings 855 256
Accounts payable 1,424 769
Accrued liabilities 1,023 483
Other current liabilities 140 44
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Total Current Liabilities 4,067 2,490
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Long-term debt, net of current maturities 723 1,211
Capitalized leases, net 181 66
Deferred income taxes -- 100
Other 15 15
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Total long-term liabilities 919 1,392
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Shareholders Equity 6,614 1,229
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Total Liabilities and Shareholders' Equity $ 11,600 $ 5,111
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Except for the historical information contained herein, this press release contains statements that may 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 dependence on one customer, changes in the airline travel industry, seasonality of the Company's painting business, risk of future losses from operations. Ability to make additional business acquisitions, 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 or changer Changer The name given to a clearing member that is willing to assume the opposite position of a futures contract within a larger alternative exchange, of which it also is a clearing member. after the date of this press release. |
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