Third Quarter EPS of $.46 Reported by First Aviation
(firmenpresse) - WESTPORT, CT -- (Marketwire) -- 11/07/11 -- First Aviation Services Inc. (PINKSHEETS: FAVSD) today released reviewed financial statements for the third quarter ended September 30, 2011.
Income from operations for the quarter increased by 300% over the prior year period to $916 thousand on 11.2% lower sales. Net income for the quarter was $509 thousand with earnings per share of $.46 versus a net loss of $369 thousand or earnings per share of ($.54) in the prior year quarter. Year to date net income of $1.2 million with earnings per share of $1.23 compared positively to $704 thousand or $.67 per share in the prior year nine months. Gross margin year to date was 21.2% which compares favorably to the prior year of 18.4%. Earnings per share stated above reflect the 1 for 20 reverse stock split that was effective October 24, 2011.
For the first nine months the Company reduced bank borrowings by $4.9 million and increased stockholders' equity by $4.1 million. Book value per share as of September 30, 2011 is $21.28.
Aaron Hollander, Chairman and CEO, said: "The Company continues to benefit from our initiatives to focus on higher margin maintenance, repair and overhaul (MRO) and supply chain management programs. The market continues to be challenging, especially domestically, though we are seeing increased confidence in the longer term outlook, particularly in the international corporate market and flight schools."
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: 07.11.2011 - 06:00 Uhr
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News-ID 1053854
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