Limco-Piedmont Report Results for the Three Months Ending March 31, 2009
15 Mayo 2009 - 5:40PM
PR Newswire (US)
TULSA, Okla., May 15 /PRNewswire-FirstCall/ -- Limco-Piedmont
(NASDAQ: LIMC) today announced that revenues for the three months
ended March 31, 2009 were $14.1 million, a decrease of $3.0 million
from $17.1 million for the same period last year. This decrease is
primarily attributable to a decline in the aerospace industry and
to operational issues incurred at our Tulsa facility. Revenues from
our two segments for the three months period ending March 31, 2009
were as follows: Three Months Ended March 31, 2009 2008 Revenues
Revenues (Revenues in thousands) Revenues: MRO services $11,484
$12,985 Parts services 2,637 4,135 Total revenues $14,121 $17,120
Our operating income decreased by $1.7 million to a loss position
of $262,000 for the three months ending March 31, 2009 from
$1,405,000 for the three months ended March 31, 2008. The decrease
is attributable primarily to lower sales volumes, the relatively
fixed nature of labor and other operating costs, as well as to
approximately $284,000 of relocation expenses consisting of accrued
severance, training costs, and building rental of the new facility.
We ended the quarter with $10.3 million in cash and cash
equivalents, and $22.3 million in short-term investments. Bob Koch
and Ehud Netivi, our Co-Chief Executive Officers, commented, "Our
revenues for the first quarter revealed a continued weakness in the
aerospace industry and the general economic conditions. Operational
issues at our Limco Airepair subsidiary also adversely effected the
quarter. We have seen some improvement in expense reduction, but
expect additional relocation costs as the move of our facility
progresses. At Piedmont, we are continuing to experience revenue
pressures in the APU and parts segment. Our propeller and landing
gear products improved slightly, but were not sufficient to offset
the softness in the APU and parts segments." Dr. Shmuel Fledel, our
Chairman of the Board, concluded by saying, "In-light of the
weakness in the markets, we have been experiencing a decrease in
our revenues and gross margins. We are taking aggressive expense
control measures, including the consolidation of our two US based
operating entities into one location, in order to improve the
results of operations in the future." About Linco-Piedmont Inc.
Limco-Piedmont Inc. provides maintenance, repair and overhaul, or
MRO, services and parts supply services to the aerospace industry.
Our FAA certified repair stations provide aircraft component MRO
services for airlines, air cargo carriers, maintenance service
centers and the military. We specialize in MRO services for
components of aircraft, such as heat transfer components, auxiliary
power units, or APUs, propellers, landing gear and pneumatic
ducting. In conjunction with our MRO services we are also an
original equipment manufacturer, or OEM, of heat transfer equipment
for airplane manufacturers and other selected related products. Our
parts services division offers inventory management and parts
services for commercial, regional and charter airlines and business
aircraft owners. Safe Harbor for Forward-Looking Statements This
press release contains forward-looking statements that are subject
to risks and uncertainties. Factors that could cause actual results
to differ materially from these forward-looking statements include,
but are not limited to, general business conditions in the airline
industry, changes in demand for our services and products, the
timing and amount of cancellation of orders, the price and
continuity of supply of component parts used in our operations, and
other risks detailed from time to time in Limco-Piedmont's filings
with the Securities Exchange Commission, including its Annual
Report on Form 10-K. These documents contain and identify other
important factors that could cause actual results to differ
materially from those contained in our projections or
forward-looking statements. Stockholders and other readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which they are made.
We undertake no obligation to update publicly or revise any
forward-looking statement. LIMCO-PIEDMONT INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands,
except per share data) March 31, December 31, 2009 2008 ASSETS
Current Assets: Cash and cash equivalents $10,311 $21,336
Marketable securities 22,309 11,300 Accounts receivable (net of
allowance for doubtful accounts of $97 and $79 at March 31, 2009
and December 31, 2008, respectively) 10,396 11,820 Inventories
19,645 18,978 Other accounts receivable and prepaid expenses 1,433
1,326 Total current assets 64,094 64,760 Property, plant and
equipment, net 5,919 6,023 Intangible assets, net 1,329 1,383
Goodwill 4,780 4,780 Total assets $76,122 $76,946 LIABILITIES AND
SHAREHOLDERS' EQUITY Current Liabilities: Accounts payables $4,677
$5,378 Parent company payables 2,925 2,341 Other accounts payable
and accrued expenses 1,023 1,764 Total current liabilities 8,625
9,483 Long-Term Liabilities: Deferred income taxes 836 835 Total
liabilities 9,461 10,318 Shareholders' Equity: Common stock, $0.01
par value; 25,000 shares authorized, 13,205 shares issued and
outstanding at March 31, 2009 and December 31, 2008 132 132
Additional paid-in capital 49,469 49,179 Retained earnings 17,266
17,462 Accumulated other comprehensive loss -206 -145 Total
shareholders' equity 66,661 66,628 Total liabilities and
shareholders' equity $76,122 $76,946 LIMCO-PIEDMONT INC. AND
SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share data) Three months ended
March 31, 2009 2008 Revenue MRO services $11,484 $12,985 Parts
services 2,637 4,135 Total revenue 14,121 17,120 Cost and operating
expenses MRO services 9,493 9,624 Parts services 2,040 3,306
Selling and marketing 571 666 General and administrative 1,941
2,010 Relocation expenses 284 - Amortization of intangibles 54 109
Operating income (loss) -262 1,405 Other income (expense) Interest
income 151 293 Other income (expense) - -118 151 175 Total other
income (expense) Income (loss) before taxes -111 1,580 Provision
for income taxes 85 577 Net income (loss) ($196) $1,003 Basic net
income (loss) per share ($0.01) $0.08 Diluted net income (loss) per
share ($0.01) $0.08 Basic shares outstanding 13,205 13,205 Diluted
shares outstanding 13,205 13,207 DATASOURCE: Limco-Piedmont
CONTACT: Mary Dowdy, +1-918-445-4331
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