TULSA, Okla., Nov. 7 /PRNewswire-FirstCall/ -- Limco-Piedmont Inc.
(NASDAQ:LIMC) today announced that revenues for the three months
ended September 30, 2008 were $18.8 million, an increase of $2.2
million from $16.6 million for that same period last year. This
increase is reflective of our continued growth in our MRO business
segment. Revenues for the nine months ended September 30, 2008 were
$53.6 million a decrease of $1.3 million from $54.9 million for the
same period last year. This decrease in sales revenues is a result
of the growth in our MRO revenues during the nine months ended
September 30, 2008, offset by the one-time Parts sale to Viva
Aerobus of $2.7 million during the nine months ended September 30,
2007. Revenues from our two principal lines of business for the
three and nine- month periods ended September 30, 2008 and 2007
were as follows: Three Months Ended September 30, 2008 2007 % of
Total % of Total Revenues Revenues Revenues Revenues (Revenues in
thousands) Revenues: MRO Services $14,054 74.6 % $12,831 77.1 %
Parts services 4,773 25.4 % 3,813 22.9 % Total revenues $18,827
100.0 % $16,644 100.0 % Nine Months Ended September 30, 2008 2007 %
of Total % of Total Revenues Revenues Revenues Revenues (Revenues
in thousands) Revenues: MRO Services $40,264 75 % $37,877 69.0 %
Parts services 13,360 25 % 17,022 31.0 % Total revenues $53,624
100.0 % $54,899 100.0 % Our operating income decreased by $500,000,
to $1.4 million for the three months ended September 30, 2008 from
$1.9 million for the three months ended September 30, 2007. Our
operating income decreased by $3.6 million, to $3.5 million for the
nine months ended September 30, 2008 from $7.1 million for the nine
months ended September 30, 2007. General and administrative
expenses increased by $357,000 to $1.9 million for the three months
ended September 30, 2008 from $1.6 million for the three months
ended September 30, 2007. The increase in general and
administrative expenses is primarily attributable to tax audit
expenses of $60,000 and merger and acquisition expenses of $313,000
offset by the lack of phantom stock expense during this period as
compared to last year. Non-cash compensation expense was $72,000
and included in general and administrative expenses during the
third quarter of 2008 compared to $170,000 in the third quarter of
2007. General and administrative expenses decreased by $127,000, to
$5.3 million for the nine months ended September 30, 2008 from $5.4
million for the nine months ended September 30, 2007. The decrease
in general and administrative expenses is primarily attributable to
a phantom stock expense for the Company's former CEO, that was
recorded during the nine months ended September 30, 2007 offset by
tax audit expenses of $60,000 and acquisition pursuit expenses of
$313,000 during the period ended September 30, 2008. Non-cash stock
based compensation expense of $202,000 was included in general and
administrative expenses compared to $170,000 in the first nine
months of 2007. Net income for the three month period ended
September 30, 2008 was $957,000, or $0.07 per basic and diluted
share compared with $1.4 million or $0.12 per basic and diluted
share in the period ended September 30, 2007. Net income for the
nine month period ended September 30, 2008 was $2.6 million, or
$0.19 per basic and diluted share compared with $4.4 million or
$0.46 per basic and diluted share in the period ended September 30,
2007. We ended the quarter with $9.5 million in cash and cash
equivalents and $21.1 million in short-term investments. Bob Koch
and Udi Netivi our Co-Chief Executive Officers, commented: "The
third quarter of 2008 saw encouraging revenue growth in our core
MRO businesses and parts business versus the third quarter of last
year and second quarter of this year. "At Piedmont, we were advised
by a key parts customer that its activity levels should be steady
through 2009. Margins in the parts business improved nicely in the
third quarter. Air Wisconsin activity is anticipated to ramp up in
the first quarter of 2009 and we continue to see growth in the rest
of our landing gear business. The FAA has certified the APU shop's
331 capabilities and the first two repaired units will ship in the
fourth quarter and another 331 is being overhauled for use as a
rotable. The 331 future looks strong for 2009. Our propeller MRO
business remains steady and we are pursuing new 2009 business with
a significant customer. "At LIMCO, sales for the third quarter were
up nicely from prior quarters. LIMCO also experienced very strong
OEM and Military bookings in the third quarter which offset
weakness that is developing in the Airline segment. We are taking
aggressive action to manage cost through the cycle and capitalize
on booked business." Dr. Shmuel Fledel, our Chairman of the Board,
concluded by saying, "We are looking positively towards the fourth
quarter of 2008 and towards 2009. Our business opportunities, along
with consistent expense control and improvement in operational
performance give us confidence in our ability to overcome the
weakness that is developing in the Airline industry. New products,
strong new business and improved operational performance have set
the stage for an improved fourth quarter and 2009." About Limco -
Piedmont Inc. Limco-Piedmont Inc. provides maintenance, repair and
overhaul, or MRO, services and parts supply services to the
aerospace industry. Limco- Piedmont's four Federal Aviation
Administration certified repair stations provide aircraft component
MRO services for airlines, air cargo carriers, maintenance service
centers and the military. Limco-Piedmont specializes in MRO
services for components of aircraft, such as heat transfer
components, auxiliary power units, propellers, landing gear and
pneumatic ducting. In conjunction with Limco-Piedmont's MRO
services, Limco-Piedmont is also an original equipment manufacturer
of heat transfer equipment for airplane manufacturers and other
related products. Limco-Piedmont's parts services division offers
inventory management and parts services for commercial, regional
and charter airlines and business aircraft owners. Safe Harbor for
Forward-Looking Statements This press release contains
forward-looking statements that are subject to risks and
uncertainties. Factors that could cause actual results to differ
materially from these forward-looking statements include, but are
not limited to, general business conditions in the airline
industry, changes in demand for our services and products, the
timing and amount or cancellation of orders, the price and
continuity of supply of component parts used in our operations, and
other risks detailed from time to time in Limco-Piedmont's filings
with the Securities Exchange Commission, including its Quarterly
Report on Form 10- Q. These documents contain and identify other
important factors that could cause actual results to differ
materially from those contained in our projections or
forward-looking statements. Stockholders and other readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which they are made.
We undertake no obligation to update publicly or revise any
forward-looking statement. - Tables Follow - LIMCO-PIEDMONT INC.
AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data) September 30, December 31,
2008 2007 ASSETS Current Assets: Cash and cash equivalents $9,459
$5,039 Short-term investments 21,110 28,806 Accounts receivable
(net of allowance for doubtful accounts of $170 and $140 at
September 30, 2008 and December 31, 2007, respectively) 12,275
9,328 Inventories 18,926 16,391 Other accounts receivable and
prepaid expenses 1,346 1,481 Total current assets 63,116 61,045
Property, plant and equipment, net 6,030 5,169 Intangible assets,
net 1,437 1,709 Goodwill 4,780 4,780 Total assets $75,363 $72,703
LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts
payables $4,994 $5,084 Parent company payables 1,468 1,762 Other
accounts payable and accrued expenses 2,287 1,568 Total current
liabilities 8,749 8,414 Long-Term Liabilities: Deferred income
taxes 415 404 Total liabilities 9,164 8,818 Shareholders' Equity:
Common stock, $0.01 par value; 25,000 shares authorized, 13,205
shares issued and outstanding at September 30, 2008 and December
31, 2007 132 132 Additional paid-in capital 49,206 49,004 Retained
earnings 17,314 14,749 Accumulated other comprehensive loss (453) -
Total shareholders' equity 66,199 63,885 Total liabilities and
shareholders' equity $75,363 $72,703 LIMCO-PIEDMONT INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in
thousands, except per share data) Three months ended Nine months
ended September 30, September 30, 2008 2007 2008 2007 Revenue MRO
services $14,054 $12,831 $40,264 $37,877 Parts services 4,773 3,813
13,360 17,022 Total revenue 18,827 16,644 53,624 54,899 Cost and
operating expenses MRO services 11,099 9,342 31,877 26,219 Parts
services 3,676 3,083 10,570 13,897 Selling and marketing 715 673
2,141 1,975 General and administrative 1,909 1,552 5,264 5,391
Amortization of intangibles 54 119 272 355 Operating income 1,374
1,875 3,500 7,062 Other income (expense) Interest income 298 271
756 542 Interest and other expense (40) (178) (101) (719) Total
other income (expense) 258 93 655 (177) Income before taxes 1,632
1,968 4,155 6,885 Provision for income taxes 675 538 1,590 2,480
Net income $957 $1,430 $2,565 $4,405 Basic net income per share
$0.07 $0.12 $0.19 $0.46 Diluted net income per share $0.07 $0.12
$0.19 $0.46 Basic shares outstanding 13,205 12,406 13,205 9,673
Diluted shares outstanding 13,205 12,437 13,205 9,678 DATASOURCE:
Limco-Piedmont Inc. CONTACT: Carla Covey, Chief Financial Officer,
Limco-Piedmont Inc., +1- 918-445-4300
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Limco -Piedmont Inc. (MM) (NASDAQ:LIMC)
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