$.37/share earnings, beats $.35/share expected !!!
Here is the report:
B/E Aerospace Reports Fiscal 1999 First Quarter Results:
Record Revenues and Earnings From Operations Exceed
Expectations; Company Confirms Outlook for Strong
Second Half
Business Wire - June 17, 1998 16:16
WELLINGTON, Fla.--(BUSINESS WIRE)--June 17, 1998--B/E Aerospace, Inc. (Nasdaq-NMS:
BEAV) today announced record revenues and operating earnings for its fiscal 1999 first quarter
ended May 30, 1998. Net sales for the fiscal 1999 first three months were an all-time record for any
quarter in the Company's history reaching $139,991,000, up 23 percent versus fiscal 1998 first quarter
sales of $113,846,000. First quarter gross profit of $51,880,000 (37.1% of sales) was up 26 percent
from the fiscal 1998 first quarter level of $41,063,000 (36.1% of sales). The Company reported record
operating earnings before acquisition-related charges of $18,468,000 (13.2% of sales) in the current
period, an increase of 29 percent over the prior year. As previously reported in B/E's recently filed
Form 10-K for fiscal 1998, the Company recorded a nonrecurring charge of $98,253,000 in the current
period for the acquisition of in-process research and development and acquisition-related expenses
associated with AMP and PBASCO. As a result of these charges, the Company reported a net loss of
$(89,383,000), or $(3.87) per share for the quarter. Earnings and earnings per share (diluted) before
the special charge for the period were $8,870,000 and 37 cents, an increase of 28 percent and 23
percent, respectively, over the prior year's results of $6,943,000 and 30 cents per share (diluted).
B/E Vice Chairman and Chief Executive Officer Robert J. Khoury stated, "Our first quarter results
for fiscal 1999 continue to reflect the ongoing strength of our operations over the past two years. We
have, in fact, now exceeded consensus Wall Street earnings expectations for nine consecutive
quarters."
"Approximately two-thirds of the Company's revenues are derived from refurbishment, retrofit, spares
and service revenues. We anticipate that these aftermarket revenues as a percentage of total
revenues will continue to increase over the next several years as airlines complete the retrofits of the
cabin interiors in their fleets. The growth in our revenues and backlog over the past three years has
been driven by the aftermarket, and we expect that with our growing installed base and the health of
our airline customers this backlog growth will result in continued revenue gains. In addition, the
combined strength of the aftermarket, the composition of our backlog and related expected follow-on
orders, as well as the expected contributions from our acquisitions are all positives which lead us to
remain confident in our outlook for a strong second half for the Company."
/Piotr
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