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Gold/Mining/Energy : Magellan Aerospace Corp (MAL) New Listing
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To: Anthony Wong who wrote (305)2/4/1998 11:17:00 PM
From: Anthony Wong  Read Replies (1) of 633
 
To all, DJ article on earnings of the Cdn aerospace industry (excerpt of Part 2 of article):

Both CAE and Magellan Aerospace Corp. (T.MAL) are looking to benefit from the recent C$790 million Canadian federal government contract for 15 Cormorant search and rescue helicopters.

A British-Italian consortium will receive the bulk of the contract work, which will result in the replacement of Canada's aging fleet of Labrador helicopters.

Magellan and CAE are members of the winning helicopter consortium. They are expected to perform a relatively small portion of work on the contract, though the dollar amount isn't yet known. However, analysts believe these companies have a better chance of securing a portion of the more lucrative marine helicopter deal the Canadian government is looking to award later.

Analyst Glynn Williams of Newcrest Capital Inc. expects Magellan to report net of 25 Canadian cents to 30 Canadian cents for the year ended Dec. 31, compared with a small operating loss in 1996. Due to a large gain, Magellan reported net of 48 Canadian cents a share in 1996.

The 1996 results don't reflect Magellan's acquisition of Bristol Aerospace Ltd. which closed last July.
(MORE) DOW JONES NEWS 02-02-98
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