Profitable Year Reported by First Aviation
(firmenpresse) - WESTPORT, CT -- (Marketwire) -- 03/09/12 -- First Aviation Services Inc. (PINKSHEETS: FAVS) today reported net income for the year ended December 31, 2011 of $791,000 or $.62 per share versus the prior year's loss of $1.2 million. Income from operations increased 55% over 2010. Gross margin improved to 21.6% from 19.5% in 2010 on lower sales volume.
The Company improved its balance sheet substantially with bank borrowings declining $5.9 million, payables declining $2.6 million and stockholders' equity increasing by $3.8 million. Book value per share as of December 31, 2011 was $20.85.
Aaron Hollander, Chairman and CEO, said, "We made significant progress during the year in focusing on higher margin business primarily in maintenance, repair and overhaul (MRO) and supply chain management. We are especially pleased with the progress our Aerospace Turbine Rotables, Inc. and Piedmont Propulsion Systems, LLC subsidiaries have made in growing their businesses and adding new product lines. Aerospace Products International, despite a challenging marketplace has continued to develop best in class technology in its third party logistics programs. We will continue to deploy our resources in segments that will provide superior long term returns."
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: 09.03.2012 - 10:00 Uhr
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News-ID 1091418
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