Fields Aircraft Spares Holds Annual Meeting
Turnaround Well Under Way
SIMI VALLEY, Calif.--(BUSINESS WIRE)--Aug. 8, 1997--Fields Aircraft Spares Inc. (NASDAQ:FASI) held its annual shareholder meeting Thursday, Aug. 7, at the Radisson Hotel in Simi Valley.
At the meeting the stockholders of the company elected the five nominated board members, approved an increase in the number of authorized shares of common stock from 2 million to 5 million, approved an amendment to the Articles of Incorporation providing for staggered terms for directors, approved the company's 1997 Omnibus Stock Option Plan and ratified the selection of Moore Stephens Fraser & Torbet Inc. as auditors of the company.
Also at the meeting, Alan Fields, the company's president, provided a review of the historical position of the company, where the company is today and management's plans for the company going into the future.
Fields stated, ``When the current management team took control in 1992, the company was overloaded with $13 million in debt, sales had dwindled to less than $150,000 per month and the very existence of the company was in question.''
Addressing the company's position today, Fields continued: ``Considering the disastrous situation when we took over, our turnaround has been almost miraculous. Our stock is now trading on the NASDAQ stock exchange, sales are up significantly and we have returned to profitability.
``This dramatic turnaround is being driven, in part, by exploiting our target niche of providing aircraft inventory management services through our recently introduced after-market aircraft inventory management and supply program.''
Previously, the company announced that sales for the second quarter ended June 30, 1997, increased 148 percent to $2,941,000, compared with sales for the same quarter last year of $1,186,000. Net earnings for the quarter increased $200,000 over the 1996 quarter, resulting in a profit of $115,000, or 5 cents per share fully diluted, compared with a loss of $85,000, or 6 cents per share, in 1996.
Looking forward, Fields said: ``We are very excited about the future prospects of the company. Currently we are in negotiations with a number of major air carriers, and also with a select group of aircraft component manufacturers. Bringing these companies into our system should result in a substantial increase in sales.
``We are also in the planning stages for implementation of an overseas warehouse operation, which may include both Europe and Asia. Further, we are looking for potential acquisition opportunities whose products will fit into our distribution systems, and the company is working on additional financing to support its growth.''
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 filed by the company with the Securities and Exchange Commission and which 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
or
Coffin Communications Group, Sherman Oaks, Calif.
Michael S. Manahan, 818/789-0100 |
