|
|
|
1st Aviation Reports Q1 Income
|
Business New Haven
6/24/2002
By: BNH
|
WESTPORT - First Aviation Services Inc. (NASDAQ: FAVS), a provider of services to the aerospace industry, has announced first quarter net sales of $25 million and income before a cumulative effect of accounting change of one cent per share.
For the first quarter ended April 30, gross profit increased 7.9 percent, or $5.6 million, from $5.2 million reported in the prior year on 2.2 percent lower net sales. Operating income before corporate expenses increased approximately 39.2 percent to $0.7 million from $0.5 million in the preceding year. Operating income for the quarter increased $.2 million, to $0.1 million for the same period of the prior year. Income before taxes increased 32 percent compared to the year before.
For both years for the quarter, income before cumulative effect of an accounting change was $0.1 million, or one cent per share. After the cumulative effect of an accounting change, the company incurred a net loss of 37 cents per share for the quarter ended April 30, compared to net income of one cent per share for the previous year.
First Aviation Services, together with its subsidiaries in Canada and the Philippines, is a leading supplier of aircraft parts and components to the aviation industry worldwide. It is also a provider of inventory management services to the aerospace industry.
|
Go FirstGo PreviousGo
NextGo LastGo
to Index
|
|
