Fields Aircraft Announces Record Revenues for Q2 1998
Six-Month Revenues Jump 124 Percent to $11.4 Million; Period Includes Nonrecurring Charge of $1.2 Million to Expand Operations
SIMI VALLEY, Calif.--(BUSINESS WIRE)--Aug. 20, 1998-- Fields Aircraft Spares Inc. (Nasdaq:FASI - news) Thursday announced results for the second quarter of its 1998 fiscal year, ended July 3, 1998.
For the quarter, the company reported sales of $5,794,000 and a net loss of $1,051,000, or 27 cents per share, including a one-time nonrecurring charge of $1.2 million. For the prior-year quarter, the company reported sales of $2,941,000 and net income of $115,000, or 5 cents per share.
For the six months ended July 3, 1998, the company reported sales of $11,390,000, and a net loss of $945,000, or 22 cents per share. For the prior-year six months, the company reported sales of $5,030,000 and a net loss of $539,000, or 24 cents per share.
The previously announced nonrecurring $1.2 million charge is related to the consolidation of several subsidiary manufacturing, warehouse and administrative facilities into the company's new world headquarters in Simi Valley, and the addition of the infrastructure needed to support anticipated future growth.
The new 122,000-square-foot Simi Valley world headquarters, combined with the company's 80,000-square-foot Fillmore facility, provides Fields with more than 200,000 square feet of combined manufacturing, warehousing and executive space. During the quarter, the company completed the acquisition of Skylock Industries, a manufacturer of aircraft replacement parts.
''This quarter has been committed to developing the infrastructure for the tremendous sales growth we have been experiencing. The increased capacity will allow us to not only benefit from the rapid growth of our business, but enable us to remain one step ahead of it,'' commented Alan Fields, president of Fields Aircraft Spares Inc.
''Additionally, the two accomplishments we have received strong investor response over, are our new facilities and the recent margin eligibility of our company's common stock on Nasdaq.''
Commenting on the results, Lawrence Troyna, chief financial officer of Fields, said: ''Second-quarter results are consistent with internal projections and include the expenses associated with the recent relocation of our corporate headquarters.
''Going forward, our primary objective is to drive revenue growth through both organic, internal means, as well as through selected acquisitions. We remain on target to achieve a 100 percent increase in revenues to approximately $25 million in fiscal 1998.''
About Fields Aircraft Spares
Fields Aircraft Spares Inc., through its wholly owned subsidiaries Fields Aircraft Spares Incorporated, Fields Aero Management Inc., Flightways Manufacturing Inc. and Skylock Industries, is a manufacturer and a leading distributor of aircraft cabin interior replacement products and is a redistributor for a wide variety of factory-new parts applicable to the majority of commercial aircraft models and manufacturers.
Additional information about Fields, including access to copies of its periodic filings with the Securities and Exchange Commission, is available on the company's Web site at fieldsair.com.
Statements in this news release that relate to future plans, financial results or projections, events or performance are 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. Such statements are subject to risks and uncertainties that could cause actual results to differ materially. Actual results may differ from such forward-looking statements as a result of a number of factors, including but not limited to competitive factors and pricing pressures, ability to obtain necessary capital or financing, the price and availability of aircraft parts and other materials, successful execution of the company's expansion plans, including the ability to complete contemplated acquisitions and to successfully combine the businesses, the ability to maintain existing customer or vendor relationships, shifts in market demand, general economic conditions and other risks and uncertainties discussed in periodic reports filed by the company with the Securities and Exchange Commission and which the company urges investors to consider. Copies of filed reports may be requested from the company or obtained from the company's Web site.
Fields Aircraft Spares Inc.
Consolidated Statements Of Operations
(Unaudited)
(In thousands, except earnings per share data)
Three Months Ended Six Months Ended
July 3, June 30, July 3, June 30,
1998 1997 1998 1997
Sales $ 5,794 $ 2,941 $11,390 $ 5,030
Cost of sales 3,790 1,753 7,565 2,988
Gross profit 2,004 1,188 3,825 2,042
Operating expenses 1,383 793 2,618 1,637
Income from Operations 621 395 1,207 405
Other expense 1,672 278 2,145 942
Income (loss) before
provision for income taxes (1,051) 117 (938) (537)
Provision for income taxes 4 2 7 2
Net income (loss) $(1,055) $ 115 $ (945) $ (539)
Net income (loss) per share,
basic $ (0.32) $ 0.05 $(0.29) $(0.24)
Net income (loss) per share,
fully diluted $ (0.27) $ 0.05 $(0.22) $(0.24) |
