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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 its operating results for the second quarter and six months ended June 30, 2009. Net income for the second quarter of 2009 was $0.8 million, or $0.19 per share, compared to a net loss for the second quarter of 2008 of $2.4 million, or $0.59 per share. Revenue from continuing operations for the second quarter of 2009 was $17.3 million versus revenue of $12.5 million in the first quarter of 2008, an increase of 38.0%. Income from continuing operations for the second quarter of 2009 was $0.8 million compared to a loss from continuing operations of $1.1 million for the second quarter of 2008.
Net income for the first six months of 2009 was $1.4 million, or $0.35 per share, compared to a net loss for the first six months of 2008 of $1.6 million, or $0.39 per share. Revenue from continuing operations for the six months ended June 30, 2009 was $32.9 million, compared to revenue from continuing operations of $32.1 million for the six months ended June 30, 2008, an increase of 2.5%. Income from continuing operations for the first six months of 2009 was $1.6 million compared with income from continuing operations of $0.3 million for the first six months of 2008.
Ronald Aramini, Alabama Aircraft's President and Chief Executive Officer, stated, "We are very pleased to report net income for the second quarter and first six months of 2009. We continue to see advancement in our efforts to improve productivity and control costs. Revenue for the second quarter of 2009 versus the second quarter of 2008 increased significantly due to the higher volume of aircraft inducted into our Birmingham facility during the last twelve months. Our emphasis for future growth continues to be on P-3 and C-130 aircraft. Several new C-130 programs are currently being competed and we expect additional C-130 programs to be competed in the near...
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