Those guys at Continental Capital, the financial PR AVGP hired, are going to MAKE THE PLAY just like they did for ATEC and LFST recently.
You can just see the enthusiasm in the latest AVGP press release-
this baby is ENERGIZED. The MM Duke sold all their shares at the end
of March so theres been about 6 weeks of accumulating for todays UPTICK. More upticks to follow- THE EARNINGS REPORT SHOWS THIS IS A REAL WINNER- I decided to load the boat on AVGP on the Continental
Capital news AND the AVGP warrants(AVGPW) yesterday and am already way UP!
Wednesday May 13, 3:11 pm Eastern Time
Company Press Release
SOURCE: Aviation Group, Inc.
Aviation Group, Inc. Reports 3rd QTR Fiscal 1998 Profit;
Record Revenues & Growth
DALLAS, May 13 /PRNewswire/ -- Aviation Group, Inc. (Nasdaq: AVGP - news) today
announced that its achieved record revenues for the March 31, 1998 fiscal quarter of $4,928,000,
versus $2,437,000 for the same three-month period ended March 31, 1997. ''This is the second
consecutive quarter in which operating revenues have reached record levels, and prospects for
future quarters look bright,'' said Lee Sanders, CEO. EBITDA and net income were $250,000
($.08 per share) and $2,000 ($.00 per share), respectively, for the three months ended March 31,
1998. For the same three-month period ended March 31, 1997, the Company reported EBITDA
and net loss of $35,000 ($.02 per share) and $107,000 (-$.06 per share), respectively.
''Our EBITDA per share grew by over 300% when compared to the same three- month period last
year, and we achieved profitability for the second consecutive quarter. We have reached an
important company milestone. Our existing operations fully cover our investment in corporate
overhead and infrastructure. Profits from future acquisitions and continued internal growth should
now flow basically unimpaired to the bottom line, '' Sanders added.
For the nine-months ended March 31, 1998 the Company reported revenues, EBITDA, and net
loss of $14,150,000, ($46,000), and ($557,000) or ($.18) per share, respectively. During the same
nine-month period ended March 31, 1997, the Company reported revenues, EBITDA, and net loss
of $6,664,000, ($53,000), and ($333,000) or ($.18) per share, respectively.
''Internal growth was very strong again in the third quarter, even without the impact of operating
results from our battery acquisition,'' said Mr. Sanders. Aero Design, Inc., a Tennessee-based
aviation battery manufacturing and repair company, was acquired by Aviation Group in late-March,
1998, and its earnings had negligible current-period impact. ''Continued internal growth, combined
with the addition of Aero Design to our component overhaul operating division, should combine to
drive future sales and operating profits to even higher levels. Future acquisitions are expected later
during this calendar year, as well,'' said Mr. Sanders.
The Company, a growth-by-acquisition aviation service business, is presently pursuing certain target
companies for purchase which could have a material effect on its size and financial results, and
desires to close one or more transactions during the remaining months of the calendar year. ''We
are on track internally to more than double our revenue base for fiscal 1998. Our existing divisions
continue to perform well, and our investment in administrative support personnel and systems is
complete. This strong base enables us to pursue with vigor additional aviation service businesses that
will complement our existing operations, and strengthen our position in the marketplace'' said Mr.
Sanders.
AVIATION GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Nine Months Ended
March 31, March 31,
1998 1997 1998 1997
Revenue $ 4,928,000 $ 2,437,000 $14,150,000 $ 6,664,000
Cost of Revenue 3,542,000 2,299,000 10,785,000 5,295,000
Gross Profit 1,386,000 138,000 3,365,000 1,369,000
General and
Administrative 1,136,000 103,000 3,411,000 1,422,000
Earnings before Interest,
Taxes, Depreciation
and Amortization 250,000 35,000 (46,000) (53,000)
Depreciation and
Amortization 201,000 100,000 531,000 291,000
Income (Loss)
From Operations 49,000 (65,000) (577,000) (344,000)
Interest and Other Expense 33,000 87,000 208,000 153,000
Income (Loss) Before
for Income Taxes 16,000 (152,000) (785,000) (497,000)
Provision (Benefit) for
Income Taxes 14,000 (45,000) (228,000) (164,000)
Net Income (Loss) $ 2,000 $ (107,000) $ (557,000) $ (333,000)
Earnings (loss)
per common share
Basic $ 0.00 $ (0.06) $ (0.18) $ (0.18)
Diluted $ 0.00 $ (0.06) $ (0.18) $ (0.18)
Weighted average common
shares outstanding
Basic 3,191,265 1,812,859 3,014,757 1,812,859
Diluted 3,191,265 1,812,859 3,058,261 1,812,859 |
