Commander Aircraft Co. Reports Results for the First Nine Months of Fiscal 1997.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)--Nov. 3, 1997--Commander Aircraft Co. (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 : CMDR Cmdr Commander ) announced sales for the third quarter ended Sept. 30, 1997 of $2,970,196 compared to sales of $2,131,648 for the quarter ended Sept. 30, 1996. The net loss for the quarter was $393,107, or 6 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to a net loss of $698,280, or 10 cents per share in the comparable period of fiscal 1996. For the nine months ended Sept. 30, 1997 the company reported sales of $6,029,381 compared to $6,449,382 for the comparable period of 1996. The net loss for the first nine months of 1997 totaled $1,742,926, or 25 cents per share, compared to a loss of $2,592,379, or 39 cents per share for the first nine months of 1996. Wirt D. Walker, III, chairman, stated "We expect further improvement in revenues and operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: . The $3.6 million equity investment in Commander by the majority shareholders announced Oct. 15, 1997 gives the company a stronger, debt-free balance sheet. The company intends to expand its growing aviation services division and pursue acquisitions." Commander Aircraft Co. 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, aircraft: the Commander 114B, the Commander 114TC turbo TURBO A clinical trial–The Ultrasound Removal of Blood Clots in Vein Grafts charged, and the Commander 114AT all-purpose all-pur·pose adj. Having many purposes or uses: an all-purpose thread. all-purpose Adjective useful for many purposes Adj. 1. trainer. The company also provides aircraft consulting and brokerage services for single engine, twin engine, turbine turbine, rotary engine that uses a continuous stream of fluid (gas or liquid) to turn a shaft that can drive machinery. A water, or hydraulic, turbine is used to drive electric generators in hydroelectric power stations. and jet general aviation aircraft. Commander Aircraft Co. is one of only a few manufacturers in the world that produces single engine, high performance aircraft certified See certification. by the Federal Aviation Administration Federal Aviation Administration (FAA), component of the U.S. Department of Transportation that sets standards for the air-worthiness of all civilian aircraft, inspects and licenses them, and regulates civilian and military air traffic through its air traffic control . -0-
Commander Aircraft Co.
Statement of Operations
(unaudited)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1997 1996 1997 1996
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Net sales - aircraft $2,689,268 $1,848,520 $5,128,070 $5,625,766
Net sales - service $ 280,928 $ 283,128 $ 901,311 $ 823,616
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Total net sales $2,970,196 $2,131,648 $6,029,381 $6,449,382
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Total cost of sales $2,684,130 $1,877,272 $5,883,053 $6,119,405
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Gross margin
(deficit) $ 286,066 $ 254,376 $ 146,328 $ 329,977
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Other Operating Expenses:
Product development and
engineering costs $ 77,537 $ 88,394 $ 242,238 $ 269,338
Selling, general and
administrative
expenses $ 631,247 $ 860,455 $1,751,228 $2,705,894
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Total other operating
expenses $ 708,784 $ 948,849 $1,993,466 $2,975,232
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Operating income
(loss) ($422,718) ($694,473) ($1,847,138) ($2,645,255)
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Other Income (expenses):
Other income $ 65,141 $ 93,026 $ 233,826 $ 315,337
Interest expense ($33,124) ($80,088) ($127,208) ($235,569)
Other expense ($ 2,406) ($16,745) ($ 2,406) ($26,892)
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Total other income
(expenses) $ 29,611 $ (3,807) $ 104,212 $ 52,876
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Net loss ($393,107) ($698,280) ($1,742,926) ($2,592,379)
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Weighted average
shares outstanding 6,920,548 6,720,548 6,897,920 6,720,548
Net loss per share ($0.06) ($0.10) ($0.25) ($0.39)
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CONTACT: Commander Aircraft Co., Bethany Stephen R. Buren, VP - Finance & CFO See Chief Financial Officer. , 405/495-8080 |
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