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Avcorp reports CDN 42,225,000 in Q1 2019 revenue.

AIRLINE INDUSTRY INFORMATION-(C)1997-2019 M2 COMMUNICATIONS

Avcorp Industries Inc. (TSX: AVP) has reported income from operations totaling CDN 15,057,000 from CDN revenue of 42,225,000 in the first quarter 2019, as compared to CDN 4,606,000 operating losses from CDN 43,276,000 revenue for the previous quarter, the company said.

During the quarter ended March 31, 2019, cash flows from operating activities, excluding the impact of changes in non-cash working capital, provided CDN 12,998,000 of cash as compared with utilization of CDN 4,572,000 of cash during the quarter ended March 31, 2018.

As at March 31, 2019, the Company had CDN 2,405,000 cash on hand (December 31, 2018: CDN 2,051,000) and had utilized CDN 72,005,000 of its operating line of credit (December 31, 2018: CDN 85,840,000).

The Company has a working capital deficit of CDN 61,345,000 as at March 31, 2019 which has decreased from the December 31, 2018 CDN 71,503,000 deficit. Working capital surplus/deficit is defined as the difference between current assets and current liabilities. However, the Company's accounts receivable, contract assets, and inventories net of accounts payable, amount to a CDN 19,148,000 surplus as at March 31, 2019 (December 31, 2018: CDN 22,000,000 surplus). The Company's accumulated deficit as at March 31, 2019 is CDN 119,269,000 (December 31, 2018: CDN 132,878,000).

The Avcorp Group designs and builds major airframe structures for some of the world's leading aircraft companies, including BAE Systems, Boeing, Bombardier, Lockheed Martin and Subaru Corporation. Avcorp Composite Fabrication Inc. is wholly owned by Avcorp US Holdings Inc.

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Publication:Airline Industry Information
Article Type:Financial report
Date:May 16, 2019
Words:295
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