Profitable Second Quarter Reported by First Aviation
(firmenpresse) - WESTPORT, CT -- (Marketwire) -- 08/08/11 -- First Aviation Services Inc. (OTC PINK: FAVS) (PINKSHEETS: FAVS) today released reviewed financial statements for the second quarter ended June 30, 2011. Profit for the quarter was $531 thousand or $.03 per share on sales of $28.5 million while year to date net income of $719 thousand was achieved on sales of $57.7 million or $.04 per share.
Aaron Hollander, Chairman and CEO, said: "We have made substantial progress in the quarter. Strategically we have been very successful in integrating the marketing efforts of First Aviation's three principal subsidiaries to provide unique, value added offerings which increase the company's profitability and competitive position. Our balance sheet also improved significantly during the quarter with $5 million of cash at June end while simultaneously bank debt has been reduced by $3.4 million. We are concentrating on further improvements in working capital as well as operating margins going forward. While many of the segments we serve have been hit hard by the current economic environment, the diversity of our geographic reach and service offerings have helped us be well positioned to take advantage of industry trends."
First Aviation Services Inc., ("FAvS") located in Westport, Connecticut, through its principal operating subsidiaries Aerospace Products International, Inc. ("API"), based in Memphis, TN, Aerospace Turbine Rotables, Inc. ("AeTR") in Wichita, KS, and Piedmont Propulsion Systems, LLC ("PPS") in Winston-Salem, NC is a leading provider of services to the aviation industry worldwide. With locations in the U.S., Canada, Asia Pacific and China plus partners throughout the world, FAvS is a leading provider of aviation products, supply chain management services, repair and overhaul and technology solutions to the industry.
More information about FAvS and its subsidiaries may be found on the company's website, . Please see our forward-looking statements at .
Contact:
James G. Howell II
Chief Financial Officer
First Aviation Services Inc.
(901) 259-4502
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Datum: 08.08.2011 - 11:25 Uhr
Sprache: Deutsch
News-ID 1028508
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