Avcorp Industries reported its financial results for the quarter ended June 30th, 2014. Revenue for the quarter ended June 30th, 2014 was $21,134,000 as compared to $20,492,000 for the quarter ended June 2013. Current quarter revenues have increased relative to the same quarter in the previous year primarily as a result of an increase in quantities delivered for one defence program, strong aircraft component repairs revenue, as well as an increase in composite aircraft floor board sales and in‑house developed composite parts sales.
Comtek Advanced Structures (“Comtek”), a wholly owned subsidiary of Avcorp, generated a 131% increase in aircraft component repairs revenue primarily as a result of targeted customer campaigns. Comtek’s sales of composite parts to airline operators increased as investments made in developing aftermarket replacement parts have commenced to generate revenues. During the quarter the Company recorded a loss from operations of $472,000 on $21,134,000 revenue, as compared to $393,000 operating income on $20,492,000 revenue for the same quarter in the preceding year; and a net loss for the current quarter of $589,000 as compared to net income of $1,596,000 for the quarter ended June 30th, 2013. 2013 second quarter earnings benefited from a $1,129,000 one-time other operating income as well as a $1,494,000 foreign exchange gain. Cash flows from operating activities during the quarter ended June 30, 2014 provided $180,000 of cash as compared to utilizing $2,776,000 of cash during the quarter ended June 30, 2013.
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[email protected]
Mailing Address
AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
Canada