TULSA, Okla., May 15 /PRNewswire-FirstCall/ -- Limco-Piedmont Inc.
(NASDAQ:LIMC) today announced that revenues for the three months
ended March 31, 2008 were $17.1 million, a decrease of $3.1 from
$20.2 million for that same period last year. This decrease is
offset by a one-time purchase by Viva Aerobus of $2.7 million in
parts during the first three months of 2007. Revenues from our two
principal lines of business for the three-month periods March 31,
2008 and 2007 were as follows: Three months ended March 31, 2008
2007 % of % of Total Total Revenues Revenues Revenues Revenues (in
thousands) Revenues: MRO Services $12,985 75.8% $12,440 61.5% Parts
services 4,135 24.2% 7,774 38.5% Total revenues $17,120 100.0%
$20,214 100.0% Our operating income decreased by $960,000, to $1.4
million for the three months ended March 31, 2008 from $2.4 million
for the three months ended March 31, 2007. The decrease is
attributable primarily to an increase in general and administrative
expenses and lower sales revenues from parts due to a one-time sale
during the first quarter of 2007. The operating income of our MRO
services segment decreased by $946,000, to $2.3 million for the
three months ended March 31, 2008 from $3.2 million for the three
months ended March 31, 2007. The decrease is attributable primarily
to increased revenues offset by higher cost of sales. The operating
income of our parts services segment increased by approximately
$24,000, to $459,000 for the three months ended March 31, 2008 from
$ 435,000 for the three months ended March 31, 2007 as a result of
higher margin sales. General and administrative expenses increased
as a result of legal, audit and Sarbanes-Oxley costs associated
with our first 10K filing. We do not expect these to continue at
this rate into the second quarter. Also included in general and
administrative was $201,000 of non-cash compensation related to our
incentive stock plan. Net income for the period ended March 31,
2008 was $1.0 million, or $0.08 per basic share and $0.08 per
diluted share compared with $1.4 million or $0.16 per basic and
diluted share in the period ended March 31, 2007. We ended the
quarter with $8.4 million in cash and cash equivalents and $22.9
million in short-term investments. In early 2008, our board decided
to change our investment policy and we sold approximately 90% of
our short-term investments, consisting of auction rate tax-exempt
securities, in the first two months of this year. The proceeds were
reinvested in high-grade corporate debt, governmental debt
instruments and money market funds and subsequent to the end of the
quarter we sold a remaining $450,000 and we expect to complete an
orderly sale of our remaining portfolio of auction rate tax-exempt
securities in the near term. Shaul Menachem, Chief Executive
Officer, commented: "The first quarter of 2008 saw a return to
revenue levels more in line with our historical performance and a
strengthening of our baseline business for the future. At LIMCO, we
recovered nicely from the production interruptions we experienced
in Q4 2007 and significantly improved our performance to customer
expectations. At Piedmont we secured important new business for our
Landing Gear business and made excellent progress on developing new
capability for our APU product line. During the first quarter of
2008, we also improved our organizational capability by adding
highly experienced executives in key positions. Our gross margins
were in line with plans and improved over the 4th quarter of 2007.
Net income, however was held down by one time G&A expenses
related to our first annual filings as a public company and
Sarbanes-Oxley compliance. These expenses will moderate in
subsequent quarters. We experienced increases in inventory related
to new programs, expanding capabilities and the need to improve
service levels. Mr. Menachem concluded by saying, "We are looking
forward to growing the business organically and through
acquisitions. Our operational capability has improved to support
the growth opportunities and we are excited about the rest of 2008
and beyond." 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. LIMCO-PIEDMONT INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands,
except per share data) March 31, December 31, 2008 2007 ASSETS
(Audited) Current Assets: Cash and cash equivalents $8,360 $5,039
Short-term investments 22,886 28,806 Accounts receivable (net of
allowance for doubtful accounts of $102 and $140 at March 31, 2008
and December 31, 2007, respectively) 11,016 9,328 Other accounts
receivable and prepaid expenses 828 1,481 Inventories 19,850 16,391
Total current assets 62,940 61,045 Property, plant and equipment,
net 5,654 5,169 Intangible assets, net 1,600 1,709 Goodwill 4,780
4,780 Total assets $74,974 $72,703 LIABILITIES AND SHAREHOLDERS'
EQUITY Current Liabilities: Accounts payables $5,264 $5,084 Cash in
excess of bank balances 893 --- Parent company payables 2,009 1,762
Other accounts payable and accrued expenses 1,434 1,568 Total
current liabilities 9,600 8,414 Long-Term Liabilities: Deferred
income taxes 404 404 Total long-term liabilities 404 404 Total
liabilities 10,004 8,818 Commitments and contingencies
Shareholders' Equity: Common stock, $0.01 par value; 25,000 shares
authorized, 13,205 and 13,205 shares issued and outstanding at
March 31, 2008 and December 31, 2007, respectively 132 132
Additional paid-in capital 49,205 49,004 Retained earnings 15,752
14,749 Accumulated other comprehensive loss, net of tax (119) ---
Total shareholders' equity 64,970 63,885 Total liabilities and
shareholders' equity $74,974 $72,703 LIMCO-PIEDMONT INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in
thousands, except per share data) Three months ended March 31, 2008
2007 Revenue MRO services $12,985 $12,440 Parts services 4,135
7,774 Total revenue 17,120 20,214 Cost and operating expenses MRO
services 9,624 8,358 Parts services 3,306 7,025 Selling and
marketing 666 640 General and administrative 2010 1,707
Amortization of intangibles 109 118 Operating income 1,405 2,366
Other income (expense) Interest income 293 54 Interest and
financing expense (118) (155) Total other income (expense) 175
(101) Income before taxes 1,580 2,265 Provision for income taxes
577 855 Net income $1,003 $1,410 Net income per share: Basic $0.08
$0.16 Diluted $0.08 $0.16 Weighted average number of common shares
outstanding: Basic 13,205 9,000 Diluted 13,207 9,000 DATASOURCE:
Limco-Piedmont Inc. CONTACT: Shaul Menachem, Chief Executive
Officer of Limco-Piedmont Inc., +1-918-445-4300
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