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Alabama Aircraft Industries, Inc. Reports First Quarter 2009 Financial Results.

Publication: Business Wire
Publication Date: 20-MAY-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
BIRMINGHAM, Ala. -- Alabama Aircraft Industries, Inc. (Pink Sheets: AAII), a leading provider of aircraft maintenance and modification services to military customers, today announced the operating results of its first quarter ended March 31, 2009. Net income for the first quarter of 2009 was $0.6 million ($0.15 per share) compared to net income for the first quarter of 2008 of $0.8 million ($0.20 per share). Revenue from continuing operations for the first quarter of 2009 was $15.7 million versus revenue of $19.6 million in the first quarter of 2008, a decrease of 19.9%. Income from continuing operations for the first quarter of 2009 was $0.8 million compared to income from continuing operations of $1.3 million for the first quarter of 2008.

Ronald Aramini, Alabama Aircraft's President and Chief Executive Officer, stated, "We are pleased to report net income for the first quarter of 2009. Revenue decreased in the first quarter of 2009 versus the first quarter of 2008 due to the low volume of aircraft inductions during the second quarter of 2008. Since the second quarter of 2008, inductions of KC-135 aircraft have been consistent and inductions of P-3 and C-130 aircraft have increased strengthening the Company's backlog. We...

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