TIMCO Aviation Services, Inc. Announces First Quarter 2005 Results
May 09 2005 - 5:33PM
PR Newswire (US)
TIMCO Aviation Services, Inc. Announces First Quarter 2005 Results
GREENSBORO, N.C., May 9 /PRNewswire-FirstCall/ -- TIMCO Aviation
Services, Inc. (OTC:TMAS) (BULLETIN BOARD: TMAS) today announced
its first quarter 2005 results of operations. Revenue for the
quarter ended March 31, 2005 was $90.7 million, an increase of $3.1
million over the 2004 fourth quarter and an improvement of $7.2
million over the first quarter of 2004. Net income for the quarter
was $1.2 million ($0.02 per basic and $0.00 per diluted share),
compared to $0.8 million ($0.02 per basic and $0.00 per diluted
share) for the previous quarter and $0.1 million ($0.00 per basic
and diluted share) for the first quarter of 2004. Roy T. Rimmer,
Jr., the Company's Chairman and Chief Executive Officer, stated:
"Our increased volume of business coupled with more efficient
operations is producing improved bottom line results. These
improved results, along with the recently completed tender offer
and the financing that we recently received from Monroe Capital,
have strengthened our balance sheet and will allow us to continue
the growth of our business." Gil West, the Company's President and
Chief Operating Officer, stated: "We continue to pursue
opportunities to expand our customer base as well as our service
and product offerings. While our current customers continue to look
to us for an ever increasing portion of their maintenance and
engineering needs, there is a tremendous amount of opportunity with
other operators who would benefit from TIMCO's quality, efficiency
and breadth of capabilities." TIMCO Aviation Services, Inc. is
among the world's largest providers of aviation maintenance, repair
and overhaul (MR&O) services for major commercial airlines,
regional air carriers, aircraft leasing companies, government and
military units and air cargo carriers. The Company currently
operates four MR&O businesses: Triad International Maintenance
Corporation (known as TIMCO), which, with its four active locations
(Greensboro, NC; Macon, GA; Lake City, FL and Goodyear, AZ), is one
of the largest independent providers of heavy aircraft maintenance
services in the world and also provides aircraft storage and line
maintenance services; Brice Manufacturing and Aircraft Interior
Design, which specialize in the manufacture and sale of new
aircraft seats and aftermarket parts and in the refurbishment of
aircraft interior components; TIMCO Engineered Systems, which
provides engineering services both to our MR&O operations and
our customers; and TIMCO Engine Center, which refurbishes JT8D
engines and performs on-wing repairs for both JT8D and CFM-56
series engines. Visit TIMCO online at http://www.timco.aero/ . This
press release contains forward-looking statements. Forward-looking
statements involve known and unknown risks and uncertainties, which
may cause the Company's actual results in future periods to differ
materially from forecasted results. A number of factors, including
those identified in the Company's Annual Report on Form 10-K for
the year ended December 31, 2004 and its Quarterly Report on Form
10-Q for the quarter ended March 31, 2005, could adversely affect
the Company's ability to obtain these results. Copies of the
Company's filings with the U.S. Securities and Exchange Commission
are available from the SEC or may be obtained upon request from the
Company. The Company does not undertake any obligation to update
the information contained herein, which speaks only as of this
date. TIMCO Aviation Services, Inc. ($ thousands, except per share
data) For the quarter ended March 31, December 31, March 31, 2005
2004 2004 Operating revenue $90,682 $87,632 $83,532 Gross Profit
9,418 8,866 6,293 Gross Profit Percentage 10.4% 10.1% 7.5% Income
(loss) from continuing operations (a) 1,151 409 (853) Income, net,
from discontinued operations (b) 55 373 971 Net income (c) $1,206
$782 118 Basic income per share $0.02 $0.02 $0.00 Diluted income
per share $0.00 $0.00 $0.00 The Company is providing the following
information to allow what the Company believes to be a meaningful
comparison of its period to period results. (a) Income from
continuing operations in the first quarter of 2005 included a
charge of $400 related to the Company's recently completed tender
offer for the early conversion of notes. Without this charge,
income from continuing operations for the first quarter of 2005
would have been $1,551. (b) Income, net from discontinued
operations reflects the gain on sale of assets, settlement of
obligations and proceeds from collection of fully reserved
receivables from discontinued operations. The Company's
manufacturing, redistribution and new parts operations were sold in
fiscal 2000 and the process of collection on the assets from these
discontinued operations is winding down. As a result, income from
discontinued operations is not expected to be significant in future
periods. Income, net from discontinued operations included a
benefit of $825 during the first quarter of 2004 from the sale of
our Miramar, FL facility. (c) Without the impact of the items noted
above, the first quarter of 2005 would have had net income of
$1,606 ($0.03 per basic and $0.01 per diluted share) and the first
quarter of 2004 would have had a net loss of $707 ($0.02 per basic
and diluted share). DATASOURCE: TIMCO Aviation Services, Inc.
CONTACT: Roy T. Rimmer, Jr., Chairman & Chief Executive
Officer, or Fritz Baumgartner, Vice President Finance, Chief
Accounting Officer, or Kevin Carter, Vice President Treasurer,
Financial Planning and Analysis, of TIMCO Aviation Services, Inc.,
+1-336-668-4410 Web site: http://www.timco.aero/
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