First Aviation Services Announces Special Cash Dividend of $1.00 Per Share.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)--Jan. 6, 2003 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 ) today announced that it will pay a cash dividend of $1.00 per share. The dividend is payable on January 30, 2003 to stockholders of record on January 17, 2003. Commenting on the announcement, Mr. Aaron P. Hollander, Chairman of the Board of Directors of First Aviation, said "This is a chance to give something back to our shareholders, some of whom have been with us since First Aviation went public in 1997. With $4.78 per share in cash as of the end of the third quarter, we have one of the strongest balance sheets in the industry, and will continue to do so with over $27 million of cash after the payment of the dividend. In addition, over the first three quarters of our current fiscal year we generated approximately $5 million of cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses . We are pleased to provide this return to our investors while at the same time maintaining a strong financial position for the future." About First Aviation 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 aerospace products and 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. "), 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. . In addition to the product lines it distributes, API offers overhaul and repair services for brakes and starter/generators, and builds custom hose assemblies. API also is a leading provider of supply chain management and customized third party logistics services and technology solutions, including inventory management services, to the aerospace industry worldwide. With locations in the U.S., Canada and Asia Pacific, plus partners throughout the world, API continues to be one of the premier suppliers of aviation products, supply chain management services and technology solutions in the industry. More information about First Aviation can be found on the World Wide Web at http://www.firstaviation.com and, http://www.apiparts.com. |
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