First Aviation Announces Record Fourth Quarter Revenue and Earnings of $0.10 Per Share Before Non-Recurring Charges.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)--April 29, 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 record revenues of $42.6 million, for the fourth quarter of the fiscal year ended January January: see month. 31, 1999. Revenues increased by $2.8 million or 7% as compared to the fourth quarter of the prior fiscal year and represented the third consecutive quarterly increase in revenues. For the quarter ended January 31, 1999, earnings before non-recurring charges were $0.9 million or $0.10 per share. During the fourth quarter the Company recorded a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge of $3.1 million for the costs incurred in connection with 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. by a former director and manager against the Company and certain directors. The Company prevailed in a jury verdict on March 11, 1999. The Company also recorded a charge of $0.3 million for the expenses associated with a terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: acquisition. As a result of the charge, the after tax loss for the quarter was $1.5 million or $0.16 per share. Revenues for the year were $153.7 million as compared to $153.6 million during the prior fiscal year. For the year ended January 31, 1999, the Company reported earnings before non-recurring charges of $2.6 million or $0.29 per share. During the year, the Company recorded non-recurring pre-tax charges of $2.8 million in the first quarter in connection with the reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. of operations at NAC See network access control. , and $3.4 million as described above. As a result of these charges the net loss for the year ended January 31, 1999 was $1.7 million or $0.19 per share. Michael Culver Michael Culver (born June 16, 1938 in Hampstead, London) is an English actor, best known to television viewers for his role as Major Erwin Brandt in the 1970s BBC drama Secret Army. He also played the strict Prior Robert ("Brother Prior") in the television series Cadfael. , President and Chief Executive Officer, noted that "Growth at 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. was in excess of 25%. The increase in margins and gross profits is being driven by the increase in revenues at API and the results of the streamlining efforts made at NAC in the early part of the year, all of which reduced unit costs. Gross Profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. at NAC have increased from 13.2% to 16.2%." First Aviation is a worldwide leader in providing services to aircraft operators of some of the most widely used military, commercial and general aviation aircraft 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 , and Aircraft Parts International, the fastest growing supplier of aircraft parts and services to the general aviation and commercial airline markets 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. . 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 for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. 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 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 quarter and year end on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , April 30, 1999 at 11:00 AM EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . Interested parties should call 1 (800) 260-0719 before 10:45 AM EDT on April 30. -0-
First Aviation Services Inc.
Consolidated Condensed Statements of Operations
(in thousands, except per share amounts)
Three Months Fiscal Year
Ended January 31, Ended January 31,
1999 1998 1999 1998
---- ---- ---- ----
Net sales $ 42,548 $ 39,677 $ 153,740 $ 153,642
Cost of sales 34,202 34,575 126,456 130,433
---------- ---------- ---------- ----------
Gross profit 8,346 5,102 27,284 23,209
Selling, general
and administrative
expenses 6,528 3,624 21,662 14,827
Non-recurring
charges 3,400 6,178
---------- ---------- ---------- ----------
Income/(loss) from
operations (1,582) 1,478 (556) 8,382
Net interest
expense and other 489 413 1,857 1,523
---------- ---------- ---------- ----------
Income/(loss)
before provision
for income taxes
and extraordinary
item (2,071) 1,065 (2,413) 6,859
Provision (benefit)
for income taxes (596) 31 (699) 1,500
---------- ---------- ---------- ----------
Income/(loss) before
extraordinary item (1,475) 1,034 (1,714) 5,359
Extraordinary item:
Loss on early
extinguishment
of debt (net of
income tax
benefit) - - - 108
---------- ---------- ---------- ----------
Net income/(loss) (1,475) 1,034 (1,714) 5,251
Preferred stock
dividends - - - 11
---------- ---------- ---------- ----------
Net income/(loss)
applicable to
common stockholders $ (1,475) $ 1,034 $ (1,714) $ 5,240
========== ========== ========== ==========
Basic net income/
(loss) per common
share:
Net income/(loss)
available to common
stockholders before
extraordinary item $ (0.16) $ 0.12 $ (0.19) $ 0.63
Extraordinary item - - - (0.01)
---------- ---------- ---------- ----------
Basic net income/(loss)
per share available to
common stockholders $ (0.16) $ 0.12 $ (0.19) $ 0.62
========== ========== ========== ==========
Shares used in
computation of net
income (loss)
applicable to common
stock 8,991,014 8,920,500 8,972,953 8,432,234
========== ========== ========== ==========
Net income/(loss) per
share - assuming
dilution:
Net income/(loss)
available to common
stockholders before
extraordinary item $ (0.16) $ 0.11 $ (0.19) $ 0.61
Extraordinary item - - - (0.01)
---------- ---------- ---------- ----------
Net income/(loss) per
share available to
common stockholders -
assuming dilution $ (0.16) $ 0.11 $ (0.19) $ 0.60
========== ========== ========== ==========
Shares used in
computation of net
income/(loss)
applicable to common
stock - assuming
dilution 8,991,014 9,070,300 8,972,953 8,698,400
========== ========== ========== ==========
First Aviation Services Inc.
Consolidated Condensed Balance Sheets
(in thousands)
January 31, January 31,
1999 1998
---- ----
Assets
Current assets:
Cash and cash equivalents $ 149 $ 237
Accounts receivable, net 28,056 27,841
Inventories 51,757 43,311
Deferred income taxes, prepaid
expenses and other 2,638 4,005
Prepaid expenses and other 1,851
---------- ----------
Total current assets 84,451 75,394
Plant and equipment, net 10,729 5,027
Goodwill, net and other assets 1,909 2,102
---------- ----------
$ 97,089 $ 82,523
========== ==========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 17,873 $ 14,106
Accrued compensation and other
accrued liabilities 5,712 4,777
Accrued legal fees 2,840
Income taxes payable 2,083 2,776
Short term credit line 8,850 -
---------- ----------
Total current liabilities 37,358 21,659
Revolving line of credit and capital
lease obligations 14,309 13,866
Minority interest 1,041 1,041
---------- ----------
Total liabilities 52,708 36,566
Stockholders' equity:
Common stock 90 89
Additional paid-in capital 38,515 38,378
Retained earnings 5,776 7,490
---------- ----------
Total equity 44,381 45,957
---------- ----------
$ 97,089 $ 82,523
========== ==========
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