YLF, a real value stock that is way under followed. I own
at roughly the current price ($7).
They just announced earnings (see below) and looking at the
performance it is dirt cheap. Then again don't all small caps.
It's worth a look. Any thoughts from anyone?
----------------------------------------------------
Wednesday August 19, 11:01 am Eastern Time
Company Press Release
International Airline Support Group Reports Record Fourth
Quarter and Year End Results
ATLANTA--(BUSINESS WIRE)--Aug. 19, 1998--International Airline Support Group Inc.
(''IASG'') (AMEX:YLF - news) Wednesday announced results for
the fourth quarter and year ended May 31, 1998.
Total revenues for the fourth quarter rose 53.8% to $9,874,000
from $6,418,000 in the prior year's fourth quarter. Fiscal
1998 fourth quarter net earnings were $2,055,000 versus net
earnings of $881,000 in the fiscal 1997 fourth quarter, an
increase of 133%. For the year ended May 31, 1998, revenues
increased 31.7% to $27,963,000 from fiscal 1997 revenues of
$21,232,000. The company's fiscal 1998 net earnings were a
record $5,563,000, compared to net earnings for fiscal 1997,
prior to the extraordinary loss on the restructuring, of
$2,259,000, an increase of 146%. Net earnings for fiscal
1997, after an extraordinary loss of $531,000 relating to
the restructuring, were $1,728,000.
Commenting, Alexius Dyer III, president and CEO, stated:
''We are extremely pleased with both the top and bottom line
growth that IASG experienced in fiscal 1998. More importantly,
we met several internal goals that should help us sustain
this growth. We added new management who were instrumental
in several aircraft transactions, expansion into the A300
product line, increasing out commuter parts business and
growing our customer base. Financially, IASG dramatically
strengthened its balance sheet. Stockholder equity more than
doubled from $4.7 million in fiscal 1997 to $10.8 million in
fiscal 1998. The company's debt to equity ratio fell below 1
to 1 as we were able to lower outstanding debt from
$13.7 million in fiscal 1997 to $9.6 million in fiscal 1998.''
Dyer concluded: ''The excellent work accomplished in
fiscal 1998 has created a foundation that positions us to
take advantage of the opportunistic challenges that we
foresee in the aviation marketplace. We continue to explore
suitable acquisitions, sizable leasing transactions, and
other means to increase shareholder value.''
Other International Airline Support Group information,
including the 10-K and other press releases, is available
through the company's homepage: iasgroup.com.
International Airline Support Group Inc. is a worldwide
supplier of aircraft spare parts to the aviation
redistribution market and a lessor and trader of jet
aircraft and engines. The company's 670 worldwide customers
include major commercial passenger airlines, air cargo
operators, FAA certified maintenance and repair facilities,
overhaul facilities and other redistributors. The company's
areas of specialization include avionics, rotables (valves,
hydraulics, pumps) and airframe and engine components.
The company specializes in certain aircraft models, most
notably McDonnell Douglas MD-80 and DC-9 aircraft, and
Airbus A300 aircraft.
This news release contains 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. Those statements reflect the intent,
belief or current expectations of the company and members of
the management team. Prospective investors are cautioned that
any such forward-looking statements are not guarantees of
future performance and involve risk and uncertainties and
that actual results may differ materially from those
contemplated by such forward-looking statements reflecting
changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time.
INTERNATIONAL AIRLINE SUPPORT GROUP INC.
Consolidated Statements of Operations
(audited)
Three Months Ended Year Ended
May 31, May 31,
1998 1997 1998 1997
Revenues
Net sales $9,345,505 $5,582,512 $25,647,782 $20,123,196
Lease revenues 528,379 535,702 2,314,830 1,108,702
Total revenues 9,873,884 6,418,214 27,962,612 21,231,898
Total operating
costs 8,665,346 5,211,651 23,186,085 17,422,851
Income from
operations 1,208,538 1,206,563 4,776,527 3,809,047
Interest expense 296,152 420,829 1,647,770 1,610,590
Interest and other
income (22,109) 7,267 286,018 (60,632)
Earnings before
income taxes and
extraordinary loss 934,494 778,467 2,842,739 2,259,089
Provision for income
taxes (1,120,341) (102,632) (2,819,933) --
Earnings before
extraordinary
loss 2,054,835 881,099 5,662,672 2,259,089
Extraordinary loss on
debt restructuring -- -- -- 530,596
Net earnings $2,054,835 $ 881,099 $ 5,662,672 $ 1,728,493
Net earnings per common
share equivalent:
Basic $0.80 $0.37 $2.29 $1.05
Diluted $0.71 $0.36 $2.03 $0.96
Contact:
International Airline Support Group Inc., Atlanta
George Murnane III, CFO
or
James Isaacson, Vice President - Finance
770/455-7575 |
