First Quarter Results:
I would like your comments on the comparison to 4th Quarter 1997,
which shows revenues of $90,745,000 and eps at $0.15.
MAGELLAN AEROSPACE ANNOUNCES FINANCIAL RESULTS
TORONTO, May 14 /CNW/ - Magellan Aerospace Corporation (the
''Corporation'') (MAL) today released financial results for the quarter ending
March 31, 1998.
The financial results are summarized as follows;
Three Months Ended
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(thousands, except March 31, March 31, Percentage
per share figures) 1998 1997 Change
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Revenue $ 87,331 $ 48,510 80.1%
Operating Income $ 6,254 $ 2,056 204.2%
Income for the Period $ 6,126 $ 2,003 205.8%
Income per Share $ 0.11 $ 0.05 120.0%
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- Gross margin improved to 17.5% of revenue in the three months ending
March 31, 1998 compared to 13.6% of revenue for the corresponding
three-month period in fiscal 1997.
- Revenue increased to $87.3 million in the quarter ended March 31,
1998, an 80.0% increase from the comparative period in 1997 due to the
continued growth of each of our operating divisions and the inclusion
of results from Bristol Aerospace Limited (''Bristol'') for the 1998
quarter end. Bristol was acquired July 14, 1997.
- On March 23, 1998 the Corporation announced that its subsidiary Orenda
Recip Inc. was awarded a Type Certification from Transport Canada for
its Orenda OE600 reciprocating aeroengine. On May 8, 1998 the United
States Federal Aviation Administration (FAA) granted its Type
Certificate for this engine.
- On May l3, 1998 the Corporation completed the acquisition of Chicopee
Manufacturing Limited (''Chicopee'') of Kitchener, Ontario. Chicopee
has annual sales in excess of $45.0 million and operating results will
be included in the Corporation's financial statements beginning in the
second quarter of fiscal 1998.
Magellan Aerospace Corporation, whose shares (MAL) are traded on The
Toronto Stock Exchange, manufactures, repairs and overhauls products for the
international aerospace industry through eleven subsidiaries and divisions:
Bristol Aerospace Limited of Winnipeg and Rockwood, Manitoba and Medicine Hat,
Alberta; Chicopee Manufacturing Limited of Kitchener, Ontario; Fleet
Industries Ltd. of Fort Erie, Ontario; Orenda Aerospace Corporation of
Mississauga, Ontario; Orenda Recip Inc. of Truro, Nova Scotia; A-R
Technologies of Richmond, British Columbia; Aeronca, Inc. of Middletown, Ohio;
Middleton Aerospace Corporation of Middleton, Massachusetts; and Langley
Aerospace of San Diego, California. |
