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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/