AMR announces Put Option notification for 4.25% Senior Convertible Notes

AMR Corporation is notifying holders of the $225,490,000 outstanding principal amount of its 4.25% Senior Convertible Notes due 2023 that they have an option, pursuant to the terms of the Notes, to require AMR to purchase, on Sept. 23, 2008, all or a portion of such holders’ Notes (the “Put Option”) at a price equal to $1,000 per $1,000 principal amount of the Notes, plus any accrued and unpaid interest to Sept. 23, 2008. As Sept. 23, 2008 is an interest payment date for the Notes, interest accrued up to the purchase date will be paid to record holders as Read more

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Qantas reports record profit for the year ended 30 June 2008

Qantas announced a record profit before tax of $1,408 million for the full year ended 30 June 2008, a 46% increase on the prior year results. The Board declared a final fully franked ordinary dividend of 17% per share, taking the full year ordinary dividend to 35% per share, which represents a dividend payout of approximately 70%.

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Israel Aerospace Industries reports $19 million second quarter net income

Israel Aerospace Industries (IAI) announced a 2008 second quarter income of $19 million, (after a $ 12 million provision for employee-related expenses and recording of accounting losses, in consequence of the strengthening of the NIS vis-a-vis the USD, in an amount of approx. $ 36 million), as compared with $ 14 million for the second quarter of 2007, an increase of 36%. Company sales for the second quarter of 2008 reached $891 million compared with $790 million, a 13% increased from the 2007 second quarter. IAI’s back log of orders totaled approximately $7.8 billion as of June 30, 2008, representing Read more

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General Dynamics to acquire Jet Aviation for $2.25 billion

General Dynamics and Dreamliner Lux S.a.r.l., a company controlled by the Permira Funds, have entered into a definitive agreement for General Dynamics to acquire Zurich, Switzerland-based Jet Aviation for CHF 2.45 billion (approximately $2.25 billion) in cash. The proposed acquisition, which has been approved by the boards of directors of both companies, would be immediately accretive to General Dynamics’ earnings. The transaction is subject to normal regulatory approvals, and is expected to close by the end of 2008. Jet Aviation, with its worldwide headquarters in Zurich, was founded in Switzerland in 1967 and is one of the world’s leading business-aviation Read more

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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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