Fields Aircraft Spares Reports Second-Quarter 1997 Sales Up 142 Percent
SIMI VALLEY, Calif.--(BUSINESS WIRE)--July 10, 1997--Fields Aircraft Spares Inc. (Nasdaq:FASI) Thursday announced that preliminary second-quarter sales reached record levels of $2.9 million, an increase of 142 percent over second-quarter 1996 sales of $1.2 million.
In a cover letter accompanying the proxy statement for Fields' upcoming Aug. 7, 1997, annual shareholder meeting, it was further announced that preliminary sales for the first six months of the year had reached $5.0 million, the largest six-month sales level in the company's corporate history.
This was up 92 percent over first-six-month 1996 sales of $2.6 million and is even more impressive when compared with $5.7 million in sales for the entire year of 1996.
According to Lawrence Troyna, the company's chief financial officer: ``We had projected that the company would return to profitability in the third quarter. We are now extremely pleased to be able to report that the return to profitability has been accelerated, and that although the first six months of 1996 will still show a loss, the company was profitable in the second quarter.''
Alan Fields, the company's president, commented, ``With additional distributorship agreements pending and with sales discussions ongoing with a number of major airlines, we are optimistic that the growth rate the company is experiencing will continue through the balance of 1997.''
Fields Aircraft Spares Inc., through its wholly owned subsidiaries Fields Aircraft Spares Incorporated and Fields Aero Management Inc., is a leading distributor of aircraft-cabin interior replacement products and is a broker for a wide variety of factory new parts applicable to various commercial-aircraft models and manufacturers.
Additional information about Fields, including access to copies of its periodic filings with the Securities and Exchange Commission, is available on the company's Web site: fieldsair.com
Statements in this news release that relate to future plans, financial results or projections, events or performance are forward- looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to differ materially. Actual results may differ from such forward- looking statements as a result of a number of factors, including but not limited to competitive factors and pricing pressures, ability to obtain necessary capital or financing, the price and availability of aircraft parts and other materials, successful execution of the company's expansion plans, failure to maintain existing customer or vendor relationships, shifts in market demand, general economic conditions and other risks and uncertainties discussed in periodic reports that are filed by the company with the Securities and Exchange Commission and that the company urges investors to consider. Copies of filed reports may be requested from the company or obtained from the company's Web site.
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Contact:
Fields Aircraft Spares Inc., Simi Valley
Alan Fields, 805/583-0080 |
