SAVANNAH, Ga.--(BUSINESS WIRE)--March 4, 1998--Gulfstream Aerospace
Corporation (NYSE:GAC) today announced that the Gulfstream V, the world's first ultra-long
range business aircraft, set two new world speed records on a flight from New York to
Singapore. The Gulfstream V was in Singapore as part of the Asian Aerospace '98, the
leading aerospace marketing event in the Asia Pacific region. More than 675 business and
military aircraft companies from 67 countries participated in the event. On Friday, February
20, the Gulfstream V departed Lihue International Airport in Kauai, Hawaii at 8:50 a.m. local
time, carrying maximum fuel, seven passengers and four crew. The aircraft cruised up to a
speed of Mach .80 and altitudes up to 51,000 feet before landing with NBAA IFR
(Instrument Flight Rules) fuel reserves at Changi Airport in Singapore on February 21, at 5:12
p.m. local time, completing the 5,821 nautical mile flight in 14 hours, 22 minutes. Gulfstream V
s/n 502 has accumulated more than 1,200 flight hours and completed 518 landings. The
Gulfstream V has set 47 world and national records for speed, altitude, distance and
time-to-climb since entering service in January 1997. The nonstop flights from New York to
Kauai, Hawaii and Hawaii to Singapore were unprecedented for business aircraft. Gulfstream
V s/n 502 departed Teterboro Airport bound for Hawaii on Thursday, February 19, at 11:55
a.m. local time, carrying 41,000 pounds of fuel, seven passengers and a crew of four. The
aircraft cruised at a speed of Mach .86 and altitudes up to 45,000 feet. The Gulfstream V
completed the 4,436 nautical mile flight in 9 hours, 45 minutes. Gulfstream has participated in
every Asian Aerospace exhibition since the show began in 1981. There are 34 Gulfstream
aircraft in service in the Asia Pacific region and the company has authorized warranty repair
facilities in Singapore and Australia, as well as an authorized service center in Singapore.
Gulfstream also has field representatives and sales offices in Singapore and Hong Kong. "We
remain confident about our long-term growth opportunities in the Asia Pacific region," said
Bryan Moss, vice chairman, Gulfstream Aerospace Corporation. "The current economic
situation has not affected our business here. In fact, we've made important investments in
regional service and maintenance infrastructure to support the growing number of Gulfstream
operators here." "The revolutionary, ultra-long range Gulfstream V aircraft is well suited to
meet the aviation needs of business executives in Southeast Asia and the Pacific Rim,"
continued Moss. "The aircraft's 6,500 nautical mile range makes nonstop travel between
Singapore and cities as diverse as Honolulu and London a reality for the first time." Gulfstream
recently reported record revenues and earnings for the year ending December 31, 1997.
Revenues were $1.9 billion, up 79 percent from revenues of $1.06 billion in 1996. Net
income for 1997 was a record $243.0 million, including a one-time, non-cash income tax
benefit of $65 million from the release of Gulfstream's deferred tax valuation allowance,
compared to net income of $47 million in 1996. On a pro forma fully taxed basis, diluted
earnings per share of $1.68 in 1997 was more than four times the $0.37 in 1996. Based on
increasing aircraft production and improving margins, Gulfstream now expects 1998 diluted
earnings per share of approximately $2.85. The Company also expects diluted EPS to
increase 15 percent per year in 1999 and 2000. Founded in 1958, Gulfstream Aerospace
Corporation is the leading designer, developer, manufacturer and marketer of the world's
most technologically advanced intercontinental business jet aircraft. The Company has
produced more than 1,000 aircraft for customers around the world. Gulfstream offers a range
of aircraft products and services to meet the aviation needs of its customers, including the
Gulfstream IV-SP, the ultra-long range Gulfstream V, Gulfstream Shares, Gulfstream Financial
Services and Gulfstream Pre-Owned Aircraft Sales. The company employs approximately
5,800 people at five locations. This press release includes forward looking statements
including earnings targets for 1998 and beyond. These forward looking statements are subject
to risks and uncertainties. Actual results may differ materially from those projected in the
forward looking statements. Additional information concerning factors that could cause actual
results to materially differ from those in the forward looking statements is contained in Exhibit
99 to a Form 8-K that has been filed with the Securities and Exchange Commission.
CONTACT: Gulfstream Corporate Communications
Kelly Holland, 912/965-5261 |
