Woodward acquires MPC Products Corporation

Woodward and MPC Products Corporation have entered into a definitive stock purchase agreement under which Woodward would acquire MPC in a transaction valued at approximately $383 million. MPC, a privately-held company headquartered in Skokie, Ill., operated under the leadership of Joseph Roberti and Vincent Roberti for more than 45 years. MPC is an industry leader in the manufacture of high-performance electromechanical motion control systems primarily for aerospace applications. MPC’s net sales were $195 million for its fiscal year ended December 31, 2007. The company would become a wholly-owned subsidiary of Woodward. The addition of MPC is expected to be accretive Read more

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Mesa Air Group reports third quarter 2008 revenues and earnings

Mesa Air Group reported third quarter after tax income of $1.8 million from continuing operations on operating revenues of $353.9 million. Total operating revenues for the third quarter of 2008 increased $13.5 million, or 4.0% from the same quarter in 2007. The net income of $1.8 million compares to a net gain from continuing operations of $4.4 million for the same period of fiscal 2007. Pro forma net loss for the quarter was $2.5 million or $0.09 per diluted share.

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US Airways Group announces exercise of over-allotment option

US Airways Group reported that the underwriter of its public offering of 19,000,000 shares of common stock has exercised in full the over-allotment option granted to it by the Company. As a result, the Company will sell an additional 2,850,000 shares of its common stock at the offering price of $8.50 per share. Including the exercise of the over-allotment option, the net proceeds from the offering, after deducting underwriting discounts and commissions, are expected to be approximately $179 million. As previously announced, the Company plans to use the net proceeds for general corporate purposes. Completion of the offering is subject Read more

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Vought reports second quarter 2008 financial results

Vought Aircraft Industries reported financial results for its second quarter ended June 29. Revenue for the three months ended June 29, 2008 was $480.7 million, an increase of $53.1 million or 12%, compared with revenue of $427.6 million for the same period last year. Growth was driven by increases in all categories

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TAM posts second quarter profit

TAM S.A. reported its second quarter results for 2008 (2Q08). Operational and financial data, except where otherwise indicated, are presented based on amounts consolidated in Reais (R$) and prepared in accordance with accounting principles generally accepted in Brazil (BR GAAP). TAM reported EBIT and EBITDAR margins of 2.7% and 12% respectively, net income of R$ 50.2 million, a positive margin of 2%. Total cash and cash equivalents equalled R$ 2,009 million.

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Willis Lease Finance net income grows 46% in 2Q08

Willis Lease Finance Corporation reported the ongoing growth of its engine portfolio, high utilization and strong market demand for leased engines contributed to 20% year-over-year revenue growth in the second quarter of 2008. Willis Lease net income available to common stockholders increased 56% to $5.6 million in the second quarter of 2008, compared to $3.6 million in the like quarter a year ago. In the first half of 2008, net income available to common stockholders grew 38% to $10.0 million from $7.2 million in the like period of 2007.

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SpiceJet signs agreements for $100 million

SpiceJet Limited and WL Ross & Co., a global private equity investor, announced the execution of definitive documents for a funding transaction with WL Ross and others. The completion of the transaction will make up to US$100 million available to SpiceJet. This is higher than the US$80 million proposed earlier and has been made possible partly through the participation of Istithmar World Capital and SpiceJet Director, Mr. Ajay Singh. The infusion of capital will take place in two successive tranches. Completion of the funding of the first tranche is subject to certain conditions precedent, which are expected to be fulfilled Read more

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Aircastle releases second quarter 2008 results

Aircastle Limited reported second quarter total revenues of $145.4 million and net income of $35.3 million. Income from continuing operations for the second quarter was also $35.3 million. During the second quarter, Aircastle acquired two aircraft with an aggregate purchase price of $157.1 million, completing the purchase obligations under the GAIF contract. In addition, Aircastle took delivery of a 747-400 converted freighter from Israel Aerospace Industries, which immediately went on long-term lease. Aircastle sold three Boeing 737-500 aircraft during the second quarter and also completed the sale of a Boeing 757-200 during July that had previously been subject to a Read more

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ACE Aviation reports 2nd quarter net income of $830 million

ACE Aviation Holdings reported net income of $830 million for the second quarter of 2008. This included pre-tax gains of $908 million from the sale of Aeroplan and Jazz units in the quarter. ACE recorded an operating loss of $2 million for the quarter. Air Canada reported operating income of $7 million, a decrease of $81 million from the second quarter 2007, on a comparative basis. EBITDAR for ACE amounted to $238 million. Air Canada reported EBITDAR of $249 million for the quarter, a decrease of $50 million over second quarter 2007.

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AerCap Holdings reports second quarter results

AerCap Holdings N.V. announced the results of its operations for the second quarter ended June 30, 2008. Second quarter 2008 net income was $68.6 million, compared with $34.2 million for the same period in 2007. Sales revenue for the second quarter 2008 was $180.7 million, compared to $84.3 million for the same period in 2007, and was generated from the sale of ten aircraft, two engines and the sale of parts inventory. Committed purchases of aviation assets delivered or scheduled for delivery in 2008 are $1.3 billion, of which $933 million closed in the first half year of 2008. AerCap Read more

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