First Aviation Announces Record Sales and a Doubling of Operating Profit.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)--June 7, 2001 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 record revenues for the first quarter of $25.6 million and record gross profit for the quarter of $5.2 million. 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 14.5% for the quarter ended April 30, 2001 from $22.3 million for the first quarter of the prior year. Gross profit for the quarter increased 9.4% from $4.8 million reported in the prior year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , before corporate expenses, more than doubled to $0.5 million from $0.2 million in the prior year. 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 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 "During the quarter we continued to see growth in nearly all our product lines. We have been working hard to improve our bottom line through a combination of growth in sales and vigilance VIGILANCE. Proper attention in proper time. 2. The law requires a man who has a claim to enforce it in proper time, while the adverse party has it in his power to defend himself; and if by his neglect to do so, he cannot afterwards establish such claim, the of general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. . We are starting to see the positive effects of our efforts." Net income for the quarter was $0.01 per share, as compared to a loss of $0.01 for the prior year quarter. Mr. Culver added, "Our balance sheet remains strong, with approximately $30 million of cash, or $4.13 of cash per share. Our working capital increased during the quarter. The slight reduction in cash was the result of increased net working capital. With our cash position, and a manageable debt level, we remain in a good position to make opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik) 1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances. 2. acquisitions, invest in new service offerings, and increase our international presence through expansion." The Company announced that it had renewed its $20.0 million credit facility for two years, on substantially the same terms and conditions as the expiring ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. facility. The credit facility with Hudson Hudson, towns, United States Hudson. 1 Industrial town (1990 pop. 17,233), Middlesex co., E central Mass., on the Assabet River, in an apple-growing region; settled c.1699, inc. 1866. United Bank provides the Company with long term financing for API's operations and strategic initiatives. The Company also announced that it had settled any and all current and future claims relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the sale of its former 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 North America Rolls-Royce North America is a subsidiary of Rolls-Royce plc involved principally in the manufacture of gas turbine engines and other propulsion systems. The most significant part of Rolls-Royce North America is Rolls-Royce Corporation , Inc. for a nominal amount. First Aviation, located in Westport, Connecticut Westport is a coastal town in Fairfield County, Connecticut, in the United States. The 2004 population estimate was 26,644. The town is as affluent as other expensive Fairfield County towns, boasting a per capita income of more than $70,000. is a worldwide leader in providing services to aircraft operators of some of the most widely used commercial and general aviation aircraft. Its operations include Aerospace Products International Inc. ("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. "). API, based 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. , is a leader in the supply of aerospace products and services worldwide. In addition to the product lines it distributes, API offers supply chain management services and overhaul and repair services for brakes and starter/generators and builds custom 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 Asia Pacific, plus 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 first 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 , June 8, 2001 at 1:00 pm EST EST electroshock therapy. EST abbr. electroshock therapy . Interested parties should call 1 (800) 865-4435 before 12:45 pm EST on June 8, 2001. A replay will be available for 48 hours. Please call 877-519-4471 PIN is 2649285. More information about First Aviation can be found on the World Wide Web at http://www.firstaviation.com and, http://www.apiparts.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. Information included in this release may contain forward-looking statements within the meaning of 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. Forward-looking statements are not statements of historical facts, but rather reflect the Company's current expectations concerning future events and results. Such forward-looking statements, including those concerning the Company's expectations, involve known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control, that may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. In evaluating such statements, as well as the future prospects of the Company, specific consideration should be given to various factors, including the Company's ability to obtain parts from its principal suppliers on a timely basis, market and economic conditions, the effects of fuel costs on the Company's customers, aircraft operators and freight carriers utilized by the Company, 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, and other items that are beyond the Company's control and may cause actual results to differ from management's expectations.
First Aviation Services Inc.
Consolidated Condensed Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months
Ended April 30,
--------------------------------
2001 2000
---- ----
Net sales $ 25,571 $ 22,335
Cost of sales 20,362 17,575
Gross profit 5,209 4,760
Selling, general and administrative
expenses 4,735 4,531
Operating income before corporate
expenses 474 229
Corporate expenses 580 747
Operating loss from continuing
operations (106) (518)
Net interest income and other 213 530
Minority interest in subsidiary (10) (10)
Income before income taxes 97 2
(Provision) benefit for income taxes (10) 11
Net income from continuing operations 87 13
Net loss from discontinued operations,
net of benefit for income taxes of $-
and $66, respectively. - (129)
Net income (loss) $ 87 $ (116)
First Aviation Services Inc.
Consolidated Condensed Statements of Operations (continued)
(in thousands, except per share amounts)
(unaudited)
Three Months
Ended April 30,
-----------------------------
2001 2000
---- ----
Basic net income (loss) per common
share:
Net income (loss) from continuing
operations $ 0.01 $ -
Net income (loss) from discontinued
operations - (0.01)
Basic net income (loss) per common share $ 0.01 $ (0.01)
Shares used in computation of basic net
income (loss) per common share =========== ============
7,186,454 7,987,897
Net income (loss) per common share -
assuming dilution:
Net income (loss) from continuing
operations $ 0.01 $ -
Net income (loss) from discontinued
operations - (0.01)
Net income (loss) per common share -
assuming dilution $ 0.01 $ (0.01)
Shares used in computation of basic net
income (loss) per common share -
assuming dilution =========== ============
7,191,651 8,169,357
First Aviation Services Inc.
Consolidated Condensed Balance Sheets
(in thousands)
April 30, January 31,
2001 2001
---- ----
(unaudited) (a)
Assets
Current assets:
Cash and cash equivalents $ 29,533 $ 31,855
Trade receivables, net 16,580 15,860
Inventories 20,471 21,803
Deferred and refundable income taxes,
prepaid expenses and other 4,826 4,849
----------- -------------
Total current assets 71,410 74,367
Plant and equipment, net 4,533 4,638
Goodwill, net 1,692 1,709
----------- -------------
Total assets $ 77,635 $ 80,714
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 10,844 $ 13,496
Accrued liabilities 3,848 4,321
Income taxes payable 2,120 2,120
Revolving line of credit and
current portion of obligations under
capital leases 250 11,757
----------- -------------
Total current liabilities 17,062 31,694
Revolving line of credit 11,500 -
Minority interest 1,041 1,041
Obligations under capital leases 89 147
----------- -------------
Total liabilities 29,692 32,882
Stockholders' equity:
Common stock 91 91
Additional paid-in capital 38,625 38,625
Retained earnings 19,563 19,476
Treasury stock (10,336) (10,360)
------------ --------------
Total stockholders' equity 47,943 47,832
Total liabilities and stockholders'
equity $ 77,635 $ 80,714
(a) Balances were derived from the audited balance sheet as of January
31, 2001.
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion