March 28, 2013
Avcorp announces 2012 annual financial results
Avcorp Industries reported its financial results for the year ended December 31, 2012 . During the year the Company recorded income from operations of $24,002,000 on $89,337,000 revenue, as compared to a $362,000 operating loss on $86,018,000 revenue for the preceding year; and net income for the current year of $20,641,000 as compared to a net loss of $2,452,000 for the year ended December 31, 2011. On November 16, 2012 , Avcorp received the determination of an appointed arbitration panel constituted to adjudicate outstanding issues relating to cost reimbursements and compensation payable to Avcorp in connection with the transition of Cessna Aircraft Company (“Cessna”) production work back to Cessna and other suppliers. A binding arbitration award was delivered to the Company on November 16, 2012 . The quantum of damages was assessed by an arbitration panel at $27,391,000 . The arbitration award, net of associated costs, amounted to $21,548,000 .