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Gold/Mining/Energy : Magellan Aerospace Corp (MAL) New Listing -- Ignore unavailable to you. Want to Upgrade?

To: MADSKILLS who wrote (448)	11/23/1998 10:38:00 AM
From: Ian A.	Read Replies (1) \| Respond to of 633

Madskills Nice pop in price to low 9's on strong earnings and growth. Attention Business/Financial Editors: Magellan Aerospace Corporation TORONTO, Nov. 23 /CNW/ - Magellan Aerospace Corporation (the ''Corporation'') (MAL) today released results for the quarter and nine months ended September 30, 1998. The financial results are summarized as follows: << Three Months Ended Nine Months Ended September 30 September 30 ------------------------------------------------------ thousands, except per share amounts 1998 1997 PERCENTAGE 1998 1997 PERCENTAGE CHANGE CHANGE ------------------------------------------------------------------------- Revenue $ 104,417 $ 65,625 59.1% $ 292,436 $ 165,531 76.7% Net Income $ 8,344 $ 3,882 114.9% $ 21,568 $ 8,011 169.2% Net Income Per Share $ 0.14 $ 0.07 100% $ 0.37 $ 0.17 117.6% ------------------------------------------------------------------------- >> operating results The Corporation's revenue increased to $104.4 million in the three months ended September 30, 1998 as compared to $65.6 million for the same period of 1997. Revenue for the nine months ended September 30, 1998 was $292.4 million compared to $165.5 million for the same period of the fiscal 1997 year. Net income for the three months ended September 30, 1998 was $8.3 million or $0.14 per share--a significant improvement from the 1997 third quarter net income of $3.9 million or $0.07 per share. For the first nine months of fiscal 1998 the Corporation had net income of $21.6 million or $0.37 per share compared to $8.0 million or $0.17 per share in the nine months ended September 30, 1997. new business During the third quarter of 1998, the Corporation continued to add new programs to its already diverse revenue base. A strong and growing backlog of orders exists for aeroengine and aerostructure components as well as for repair and overhaul and proprietary products. This backlog covers a wide range of aircraft in the commercial, defence and general aviation markets. The Corporation continues to win substantial new business in the market due in part to the recognized technical and manufacturing expertise that the Corporation has assembled in its various operating units. During the past month, the Corporation announced new program awards from The Boeing Co. which totalled $60 million. On October 19, 1998, a contract for $36 million related to products for the B737 Next Generation (NG) and B747-400 Series aircraft was announced. These products included metal bonded structures and machined aluminum and titanium components. On November 5, 1998, the Corporation announced the receipt of a contract with a potential value of $24 million for the supply of metal bonded structures for the Boeing 747-400 Series aircraft. In addition to these major new program wins, the Corporation continues to receive awards for numerous other programs and renewal contracts for existing business at each of its operating units. During the first nine months of the year, the Corporation received new orders which totalled $335.4 million. During the balance of the year, the Corporation expects to add additional new programs. Magellan Aerospace Corporation, whose shares (MAL) are traded on The Toronto Stock Exchange, manufactures, repairs and overhauls products for the international aerospace industry through twelve 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; Langley Aerospace of San Diego, California; and Ambel Precision Manufacturing Corporation of Bethel, Connecticut. %SEDAR: 00002367E