First Aviation Announces A 32% Increase In Revenues And Improved Earnings.WESTPORT Westport, residential town (1990 pop. 24,407), Fairfield co., SW Conn., on Long Island Sound at the mouth of the Saugatuck River; settled 1645–50, inc. 1835. It serves as a popular residence for New York City commuters. Westport has a summer theater. , Conn.--(BUSINESS WIRE)--June 3, 1999-- First Aviation Services, 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 : FAVS FAVS Fabbrica Armi Valle Susa FAVS Fighter Attack Visual System ), a leading provider of services to aircraft operators worldwide, today announced net income for the first quarter ended April 30, 1999 of $1.3 million, or $0.15 per share. The first quarter net income compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to the $1.75 million loss, or $0.20 per share, reported after restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and other one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charges for the first quarter ended April 30, 1998 and to the net loss of $1.5 million reported for the fourth quarter of the prior fiscal year. Compared to the first quarter of the prior fiscal year, revenues increased by $11.5 million or 32.2% to $46.1 million as compared to $34.6 million. The $8.3 million of gross profit reported by the Company for the quarter ended April 30, 1999 represents an increase of $2.9 million or 53.7% as compared to the $5.4 million reported for the quarter ended April 30, 1998. For the first quarter of fiscal 2000, the company reported net income of $1.3 million, an increase of $3.1 million from the $1.75 million loss reported for the first quarter of the prior fiscal year and an improvement of $ 1.1 million as compared to the net income for the first quarter of the prior fiscal year, adjusted for the effect of the non-recurring charges. Revenues for the quarter increased $3.6 million, or 8.5%, to $46.1 million, compared to $42.5 million for the fourth quarter of the prior fiscal year. Income from operations for the quarter was $2.0 million as compared to the loss of $1.6 million, reported for the fourth quarter of fiscal 1999. Mr. Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. C. Culver cul·ver n. A dove or pigeon. [Middle English, from Old English culufre, from Vulgar Latin *columbra, from Latin columbula, diminutive of columba, dove.] , President of First Aviation Services, stated that "First Aviation continues to experience good improvement in operations at both subsidiaries. Both NAC See network access control. and API (Application Programming Interface) A language and message format used by an application program to communicate with the operating system or some other control program such as a database management system (DBMS) or communications protocol. grew in excess of 30% as compared to the same quarter of last year. Sales have improved as a result of good management practices and systems, the marketing investments of the past year and improved market conditions. Cash flow generated from operations was positive and backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. was steady". Aaron Aaron (âr`ən), in the Bible, the brother of Moses and his spokesman in Egypt, and the first high priest of the Hebrews. He is presented as the instrument of God in performing many signs, such as the turning of his rod into a serpent and . P. Hollander, Chairman of the Board noted "Our strategy is to continue to develop the technology and infrastructure necessary to move into higher value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. service offerings while at the same time maintaining profitability. Recent results indicate that we are accomplishing our objectives." First Aviation is a worldwide leader in providing services to aircraft operators of some of the most widely used military, commercial and general aviation engines as well as to operators of industrial engines. Its operations include National Airmotive Corporation located in Oakland Oakland, city (1990 pop. 372,242), seat of Alameda co., W Calif., on the eastern side of San Francisco Bay; inc. 1852. Together with San Francisco and San Jose, the city comprises the fourth largest metropolitan area in the United States. and Long Beach, California Long Beach is a city located in southern Los Angeles County, California, USA, on the Pacific coast. It borders Orange County on its southeast edge. It is about 20 miles (30 km) south of downtown Los Angeles. , as well as Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , which specializes in the repair and overhaul of gas 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. engines, and Aircraft Parts International, the fastest growing supplier of aircraft parts and services to the general aviation and commercial airline market in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , headquartered in Memphis, Tennessee For the ancient Egyptian capital, see . Memphis is a city in the southwest corner of Tennessee, and the county seat of Shelby County. Memphis rises above the Mississippi River on the 4th Chickasaw Bluff just below the mouth of the Wolf River. . First Aviation Services continues to pursue growth opportunities through acquisition and product line expansion. 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. The Company from time to time may discuss forward-looking information. Except for the historical information contained in this release, all forward looking information are estimates of the Company's management and are subject to the various risks and uncertainties including the Company's ability to obtain parts from its principal supplier on a timely basis, the ability to consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. suitable acquisitions, the ability to expand its remanufacturing capabilities and other items that are beyond the Company's control and may cause results to differ from management expectations. The Company will host a conference call to discuss the first quarter on Friday, June 4, 1999 at 11:00 AM (Eastern). Interested parties should call 1 (800) 230-1766 before 10:45 AM (Eastern) on June 4. -0-
First Aviation Services Inc.
Consolidated Condensed Statements of Operations
(in thousands, except per share amounts)
Three Months
Ended April 30,
1999 1998
---- ----
Net sales $ 46,052 $ 34,624
Cost of sales 37,782 29,214
---------- ----------
Gross profit 8,270 5,410
Selling, general and
administrative expenses 6,276 4,748
Non-recurring charges -- 2,778
---------- ----------
Income/(loss) from operations 1,994 (2,116)
Net interest expense and other 520 384
---------- ----------
Income/(loss) before provision for
income taxes 1,474 (2,500)
Provision (benefit) for income taxes 147 (750)
---------- ----------
Net income/(loss) available to
common stockholders $ 1,327 $ (1,750)
========== ==========
Basic net income/(loss) per
common share:
Basic net income/(loss) per
common share $ 0.15 $ (0.20)
========== ==========
Shares used in computation of net
income/(loss) available to common
stockholders 9,001,906 8,939,171
========== ==========
Net income/(loss) per share
- assuming dilution:
Net income/(loss) per common share
- assuming dilution $ 0.15 $ N/A
========== ==========
Shares used in computation of net
income/(loss) available to common
stockholders - assuming dilution 9,111,626 N/A
========== ==========
First Aviation Services Inc.
Consolidated Condensed Balance Sheets
(in thousands)
April 30, January 31,
1999 1999
---- ----
Assets
Current assets:
Cash and cash equivalents $ 310 $ 149
Accounts receivable, net 28,609 28,056
Inventories 50,575 51,757
Deferred income taxes, prepaid
expenses and other 2,491 2,638
Prepaid expenses and other 1,947 1,851
--------- ---------
Total current assets 83,932 84,451
Plant and equipment, net 12,217 10,729
Goodwill, net and other assets 1,882 1,909
--------- ---------
$ 98,031 $ 97,089
========= =========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 17,270 $ 17,873
Accrued compensation and other
accrued liabilities 5,778 5,712
Accrued litigation costs 2,461 2,840
Income taxes payable 1,949 2,083
Short term credit line 7,500 8,850
--------- ---------
Total current liabilities 34,958 37,358
Revolving line of credit and
capital lease obligations 16,324 14,309
Minority interest 1,041 1,041
--------- ---------
Total liabilities 52,323 52,708
Stockholders' equity:
Common stock 90 90
Additional paid-in capital 38,515 38,515
Retained earnings 7,103 5,776
--------- ---------
Total equity 45,708 44,381
--------- ---------
$ 98,031 $ 97,089
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