WESTPORT, CT, August 12, 2013 - First Aviation Services, Inc. (OTCPink: FAVS) today reported results for continued operations for the quarter ended June 30, 2013 and the prior year as restated for the previously announced sale of the majority interest in Aerospace Products International, Inc. (API) which closed March 18, 2013.
Sales from continuing operations for the first quarter increased 21% to $6.8 million compared with $5.6 million in the prior year. Operating income from continuing operations was a profit of $750 thousand versus a loss of $4 thousand in the prior year’s same period. Net income per share from continuing operations was $.42 for the second quarter compared with a loss of $.17 per share in the same period prior year.
Aaron Hollander, Chairman and CEO, said, “The second quarter represents the first full quarter without the consolidation of the API operations. We are very pleased with the quarter results and the performance of both Aerospace Turbine Rotables, Inc. and Piedmont Propulsion Systems, LLC. With our improved balance sheet we are reviewing a number of significant organic opportunities as well as acquisitions in the MRO space.”
First Aviation Services, Inc. (FAvS), located in Westport, Connecticut, is a leading provider of repair and overhaul, rotables management and related engineering services to the aviation industry worldwide. FAvS’ principal operating subsidiaries are Aerospace Turbine Rotables, Inc. (AeTR) in Wichita, Kansas, and Piedmont Propulsion Systems, LLC (PPS) in Winston-Salem, North Carolina. FAvS also owns a minority interest in Aerospace Products International Inc., based in Memphis, Tennessee. More information about FAvS and its subsidiaries may be found on the company’s website, http://www.firstaviation.com/. Please see our forward looking statements at www.firstaviation.com/forward.
Contact:
Larissa Strautman
Corporate Secretary
First Aviation Services, Inc.
(203) 291-7714
SOURCE First Aviation Services, Inc.