Mercury to Become Subject to the Indicator 'LF' on Its AMEX Trading Symbol
May 26 2005 - 6:46PM
PR Newswire (US)
Mercury to Become Subject to the Indicator 'LF' on Its AMEX Trading
Symbol LOS ANGELES, May 26 /PRNewswire-FirstCall/ -- Mercury Air
Group, Inc. (AMEX:MAX) today announced that on or before May 31,
2005, an indicator "LF" may be disseminated as an extension of
Mercury's trading symbol. The Company received the anticipated
notice from the American Stock Exchange that as a result of not
timely filing the Form 10-Q for the third fiscal quarter ended
March 31, 2005, it is not in compliance with AMEX's listing
requirements. In order to continue trading, the Company must submit
a plan by June 8, 2005, advising the American Stock Exchange of
action it has taken, or will take, that would bring the Company
into compliance with all applicable continued listing standards by
July 11, 2005. If the plan is accepted, the Company will remain
listed during the plan period, during which time it will be subject
to periodic review to determine whether it is making progress
consistent with the plan. The Company anticipates filing its Form
10-Q by May 31, 2005, which is before the date required for
submission of a plan, and in such event the symbol "LF" will be
removed from or not appended to the Company's trading symbol.
Preliminary Financial Results: For the third quarter ended March
31, 2005, the Company reported a net loss of $1.87 million, or
$0.062 per basic diluted share. For the third quarter of fiscal
year 2004, the Company reported a loss of $1.82 million or $0.63
per basic and diluted share, which included a net loss from
discontinued operations of $651 thousand or $0.22 per basic and
diluted share. Revenue from continuing operations for the third
quarter of fiscal year 2005 was $158.26 million, compared to
$103.78 million for the same period last year, an increase of
$54.48 million, or 52.5%. The increase in revenue from continuing
operations is primarily due to the higher aviation fuel prices
driven by higher worldwide petroleum product prices. The Company's
gross margin from continuing operations for the third quarter of
fiscal year 2005 was $4.12 million, an increase of 50.7%, compared
to $2.73 million in the third quarter of fiscal year 2004. For the
nine month period ended March 31, 2005, the Company reported a net
loss of $2.00 million, or $0.70 per basic and fully diluted share,
as compared to a net loss of $3.64 million, or $1.18 per basic and
fully diluted share for the comparable period in fiscal year 2004.
The fiscal year 2004 loss includes the after-tax settlement expense
of $1.80 million associated with the J O Hambro Settlement and an
accrual for debt premiums on the Senior Subordinated Note of $702
thousand, net of taxes. Revenue of $437.28 million for the first
nine months of fiscal year 2005 was up $162.29 million, or 59%,
compared to $274.99 million in the first nine months of fiscal year
2004. Gross margin of $13.57 million was up $3.50 million, or
34.7%, compared to $10.07 million in the same prior year period.
The potential adjustments from the previously announced review of
the accounting of its Long Beach FBO operations, if any, are not
anticipated to exceed $180 thousand, net of tax, or $0.06 per
share. About Mercury Air Group Los Angeles-based Mercury Air Group
(AMEX:MAX) provides aviation petroleum products, air cargo services
and transportation, and support services for international and
domestic commercial airlines, general and government aircraft and
specialized contract services for the United States government.
Mercury Air Group operates three business segments worldwide:
MercFuel, Inc., Maytag Aircraft Corporation and Mercury Air Cargo,
Inc. For more information, please visit
http://www.mercuryairgroup.com/. Certain statements contained in
this news release which are not historical facts are
forward-looking statements as that item is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from estimated results. Such
risks and uncertainties are detailed in the Company's filings with
the Securities and Exchange Commission. The Company intends these
forward-looking statements to speak only as of the time of the news
release and does not undertake to update or revise them, as more
information becomes available. Contact: Kent Rosenthal (310)
827-2737 DATASOURCE: Mercury Air Group, Inc. CONTACT: Kent
Rosenthal of Mercury Air Group, Inc., +1-310-827-2737 Web site:
http://www.mercuryairgroup.com/
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