First Aviation to Explore Ways of Increasing Shareholder Value Including Potential Sale of National Airmotive Corporation Subsidiary.WESTPORT, Conn.--(BUSINESS WIRE)--April 29, 1999-- The Board of Directors of First Aviation Services Inc. announced today it is exploring ways of enhancing shareholder value including the potential sale of the Company's subsidiary, National Airmotive Corporation, a leader in gas turbine repair and overhaul for aerospace and industrial markets. NAC See network access control. , headquartered in Oakland, California “Oakland” redirects here. For other uses, see Oakland (disambiguation). Oakland (IPA: /ˈoʊklənd/), founded in 1852, is the eighth-largest city in the U.S. , registered record sales and profits in the most recent quarter and is poised for continued growth in the current fiscal year. Management expects NAC to have sales of approximately $110 million and 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 depreciation of $10.0 million in the current fiscal year. 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 FAvS said that "NAC is one of the truly outstanding engine overhaul companies in the world. Management has done an excellent job of improving profitability, expanding its business base and providing the highest level of quality to its customers. In light of the continued consolidation in the engine overhaul industry, the board has determined that it should explore ways of realizing value for shareholders and consider alternatives that are in the best strategic interest of NAC, and API individually." FAvS other subsidiary, Aircraft Parts International Inc., is the fastest growing major distributor of aircraft parts in North America experiencing compounded growth of 25% per year for four straight years. Capital investment in technology will continue to be required to fund its growth in high 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. services such as third party logistics and inventory management. Aaron Hollander, Chairman of the Board of FAvS, said "the board believes that FAvS stock does not reflect the underlying value of its two subsidiaries. We will explore logical alternatives that create value." 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 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, and Aircraft Parts International Inc., the fastest growing supplier of aircraft parts and services to the general aviation and commercial airline markets in the United States, headquartered in Memphis, Tennessee. Forward-Looking Statement 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 that are beyond the Company's control and may cause results to differ from management expectations. |
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