Vought reports net income of $46.3 million for 2007

Vought Aircraft Industries, reported financial results for its fourth quarter and year ending Dec. 31, 2007. Revenue for the three months ended Dec. 31, 2007 was $394.9 million, a decrease of $22.7 million or 5%, compared with revenue of $417.6 million for the same period last year. Increased commercial and business jet revenue resulting from increased deliveries and price adjustments was offset by decreased military revenue due to nonrecurring items recorded in 2006. Net Income for the fourth quarter of 2007 was $3.1 million, compared to a net loss of $6.3 million for the same period last year.

Revenue for the year ended Dec. 31, 2007 was $1,625.5 million, an increase of $74.6 million or 5%, compared with revenue of $1,550.9 million for the same period last year. Excluding $99.0 million of customer settlements recorded in the second quarter of 2006, revenue increased $173.6 million or 12%. Net income for the year ended Dec. 31, 2007 was $46.3 million, compared to a net loss of $36.7 million for the same period last year. The $83.0 million improvement was primarily due to higher revenue and improved program margins resulting from cost reduction efforts, operational improvements, price increases and higher delivery rates.

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