First Aviation Announces Record Revenues.Business Editors 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 6, 2000 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 the aerospace industry worldwide, today announced its eleventh In music or music theory an eleventh is the note eleven scale degrees from the root of a chord and also the interval between the root and the eleventh. Since there are only seven degrees in a diatonic scale the eleventh degree is the same as the subdominant and the interval consecutive quarter of sales growth in excess of 25%. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased 39.4%, to $22.1 million for the quarter ended January January: see month. 31, 2000 compared to $15.8 million for the fourth quarter of the prior fiscal year. For the year ended January 31, 2000 net sales totaled $81.2 million, an increase of 36.2% over the $59.7 million reported for the year ended January 31, 1999. The Company also announced net income for the fourth quarter of $1.29 per share and $1.72 per share for the year ended January 31, 2000, including the gain from the sale of the Company's NAC See network access control. subsidiary, compared to losses of $0.16 and $0.19 for the fourth quarter and year ended January 31, 1999, respectively. Net income from continuing operations continuing operations 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 for the fourth quarter ended January 31, 2000 was $1.0 million, or $0.11 per share, compared to a net loss of $0.7 million, or $0.07 per share, reported in the fourth quarter of the prior year. Net income from continuing operations for the year ended January 31, 2000 was $0.02 per share compared to a loss of $0.11 per share for the year ended January 31, 1999. Mr. 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 CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of First Aviation Services, noted that, "The Company grew at a rate of 36.2% in a very competitive market. Our results for the quarter were impacted by 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. investments we are making, including e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. and international expansion. Our balance sheet is strong, and we are exploring opportunities to invest the proceeds from the sale of NAC. We are off to a strong start in fiscal year 2001." On November November: see month. 1, 1999 the Company consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. the sale of its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , National Airmotive Corporation, to Rolls Royce Rolls Royce the millionaire’s vehicle. [Trademarks: Brewer Dictionary, 928] See : Luxury North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. for $73.0 million, subject to adjustment. The results of the operations of NAC and the net gain on the sale each have been condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. and reported separately in the results of operations. In the fourth quarter, the Company realized a net gain on the sale of NAC of $10.2 million, after taxes and transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). , or $1.18 per share. First Aviation, located in Westport, CT is a worldwide leader in providing services to aircraft operators of some of the most widely used military, commercial and general aviation aircraft. Its operations include Aerospace Products International, a leader in the supply of aerospace products and services worldwide. In addition to the product lines it distributes, 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. offers overhaul and repair services for brakes and starter/generators and provides custom-built cus·tom-built adj. Built according to the specifications of the buyer. custom-built or -made Adjective made according to the specifications of an individual customer Noun hose assemblies. With locations in the U.S., Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and now Asia, plus global partners throughout the world, API continues to be the fastest growing supplier of aviation products and inventory management solutions in the industry. The Company will host a conference call to discuss fourth quarter earnings 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 7th at 10:30am ET. Interested parties should call 1 (888) 273-9885 before 10:15 am ET on April 7th. More information about First Aviation can be found on the World Wide Web at http://www.firstaviation.com. 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 various risks and uncertainties, including the Company's ability to obtain parts from its suppliers on a timely basis, and other items that are beyond the Company's control and may cause results to differ from management expectations.
First Aviation Services Inc.
Consolidated Condensed Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three months ended Year ended
January 31, January 31,
2000 1999 2000 1999
-----------------------------------------------
Net sales $ 22,067 $ 15,828 $ 81,243 $ 59,666
Cost of sales 17,031 12,479 65,015 47,874
-------- -------- -------- --------
Gross profit 5,036 3,349 16,228 11,792
Selling, general
and administrative
expenses 4,221 2,732 14,258 10,263
-------- -------- -------- --------
Operating income
before corporate
expenses and
non-recurring
charge 815 617 1,970 1,529
Corporate expenses 49 838 1,652 2,105
Non-recurring charge - 800 410 800
-------- -------- -------- --------
Operating income (loss)
from continuing
operations 766 (1,021) (92) (1,376)
Interest income 715 - 723 -
Interest expense
and other (165) (113) (654) (310)
-------- -------- -------- --------
Income (loss) before
(provision)/benefit
for income taxes 1,316 (1,134) (23) (1,686)
(Provision)/benefit
for income taxes (346) 454 190 675
-------- -------- -------- --------
Net income (loss) from
continuing operations 970 (680) 167 (1,011)
Income from discontinued
operation, net of
provision/(benefit)
for income taxes of $0,
($143), $1,037 and ($25),
for the three months
ended January 31, 2000
and 1999, and year ended
January 31, 2000
and 1999,
respectively - (795) 5,170 (703)
Gain on sale of
subsidiary, net of
provision for
income taxes
of $5,829 10,193 - 10,193 -
-------- -------- -------- --------
Net income (loss) $ 11,163 $ (1,475) $ 15,530 $ (1,714)
======== ======== ======== ========
First Aviation Services Inc.
Consolidated Condensed Statements of Operations (continued)
(unaudited)
Three months ended Year ended
January 31, January 31,
2000 1999 2000 1999
-----------------------------------------------
Basic net income
(loss) per common
share:
Basic net income
(loss) from
continuing
operations per
common share $ 0.11 $ (0.07) $ 0.02 $ (0.11)
Basic net income
(loss) from
discontinued
operation per
common share - (0.09) 0.58 (0.08)
Basic net income
from gain on sale
of subsidiary 1.18 - 1.14 -
------- ------- ------- -------
Basic net income
(loss) per
common share $ 1.29 $ (0.16) $ 1.74 $ (0.19)
======= ======== ======= =======
Shares used in
computation of
basic net income
(loss) per
common share 8,613,444 8,991,017 8,908,756 8,972,953
========= ========= ========= =========
Net income (loss)
per share -
assuming dilution:
Net income (loss)
from continuing
operations per
common share -
assuming dilution $ 0.11 $ (0.07) $ 0.02 $ (0.11)
Net income (loss)
from discontinued
operation per
common share -
assuming dilution - (0.09) 0.57 (0.08)
Net income from gain
on sale of subsidiary -
assuming dilution 1.18 - 1.13 -
------- ------- ------- -------
Net income (loss)
per common share -
assuming dilution $ 1.29 $ (0.16) $ 1.72 $ (0.19)
======= ======== ======= =======
Shares used in
computation of net
income (loss)
per common share -
assuming dilution 8,638,201 8,991,017 9,005,677 8,972,953
========= ========= ========= =========
First Aviation Services Inc.
Consolidated Condensed Balance Sheets
(in thousands)
January 31, January 31,
2000 1999
---- ----
(unaudited) (a)
Assets
Current assets:
Cash and cash equivalents $ 50,104 $ 149
Trade receivables, net 13,810 9,559
Inventories 14,142 12,201
Deferred income taxes, prepaid expenses,
other receivables and other 2,572 4,146
Net assets of subsidiary held for sale - 48,256
----------- -----------
Total current assets 80,628 74,311
Plant and equipment, net 3,980 3,168
Goodwill, net 1,784 1,840
----------- -----------
Total assets $ 86,392 $ 79,319
=========== ===========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 8,264 $ 4,274
Other accrued liabilities 7,908 1,541
Accrued litigation costs - 2,840
Income taxes payable 4,738 2,083
Short term debt 7,900 22,745
----------- -----------
Total current liabilities 28,810 33,483
Deferred income taxes 2,120 -
Minority interest 1,041 1,041
Obligations under capital leases 278 414
----------- -----------
Total liabilities 32,249 34,938
Stockholders' equity:
Common stock 91 90
Additional paid-in capital 38,615 38,515
Retained earnings 21,306 5,776
Treasury stock (5,869) -
----------- -----------
Total equity 54,143 44,381
----------- -----------
$ 86,392 $ 79,319
=========== ===========
(a) Balances were derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from the audited balance sheet as of January 31, 1999. |
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