B/E Aerospace Comments On Recent Airline Industry Developments, Outlook.Business Editors WELLINGTON, Fla.--(BUSINESS WIRE)--Aug. 13, 2002 B/E Aerospace, Inc. (Nasdaq:BEAV BEAV Binary Editor and Viewer ) today commented on recent airline industry developments and the outlook for B/E's financial results. Following inquiries from shareholders regarding US Airways' filing for bankruptcy protection and other recent developments, B/E stated that accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying associated with US Airways total less than $400,000. The airline represents less than 0.3 percent of B/E Aerospace's backlog. B/E also commented on its exposure to two other U.S. airlines which are currently experiencing financial difficulties. Together, these two airlines represent less than 2 percent of B/E's accounts receivable, and less than 1 percent of total backlog. Commenting on B/E's outlook, Mr. Robert J. Khoury, President and Chief Executive Officer of B/E, stated: "We continue to expect strong earnings growth in the second half of this fiscal year, driven by expanding margins from our facility and workforce consolidations, lean manufacturing Lean manufacturing is the production of goods using less of everything compared to mass production: less human effort, less manufacturing space, less investment in tools, and less engineering time to develop a new product. and continuous improvement initiatives." This news release contains forward-looking statements 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. Such forward-looking statements involve risks and uncertainties, and B/E's actual experience may differ materially from that anticipated in such statements. Factors that might cause such a difference include those discussed in B/E's filings with the Securities and Exchange Commission, including but not limited to its most recent 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. , Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Form 10-Q Form 10-Q See 10-Q. . For more information, see the section entitled "Forward-Looking Statements" contained in B/E's Form 10-K and in other filings. B/E Aerospace, Inc. is the world's leading manufacturer of aircraft cabin interior products, and a leading aftermarket distributor of aircraft component parts. With a global organization selling directly to the world's airlines, B/E designs, develops and manufactures a broad product line for both commercial aircraft and business jets and provides cabin interior design, reconfiguration and conversion services. Products for the existing aircraft fleet -- the aftermarket -- provide almost two-thirds of sales. For more information, visit B/E's website at http://www.beaerospace.com. |
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