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Cirrus Aircraft posts strong third quarter

"These shipments and billings numbers show some improvement over the sharper decline experienced in first half of 2011," said Pete Bunce, GAMA's president and CEO. "However, considering the fragility of the economies in the traditional markets of North America and Europe, this is not the time for new, undue government burdens to be imposed on general aviation … Policymakers should be focused on initiatives that encourage investment in our industry and grow jobs."

In contrast to overall industry trends, Cirrus Aircraft manufactured more airplanes than the same quarter a year ago and achieved several historic milestones. Todd Simmons, Executive Vice President, Sales and Marketing at Cirrus Aircraft noted, "The third quarter was unique for Cirrus in several ways. First, we actually completed 68 new aircraft versus 61 in the same quarter a year ago. Though only 48 deliveries are reflected in the GAMA report, an additional 20 aircraft were completed in Duluth, Minnesota and are currently in transit to the Civil Aviation Flight University of China (CAFUC) in Luoyang, China.

Simmons continued, "The third quarter also marked the delivery of the tenth and final Limited Commemorative Edition SR22T. To recognize the anniversary of the first SR22 delivery in 2001 of what has become the best-selling four-place airplane in the world, we developed an exclusive Cirrus with never before seen special features including new applications of carbon fiber, one-of-a kind interior and a striking asymmetric paint scheme. And to cap the quarter off, at this year's AOPA Summit in September we delivered the 5000th SR-Series airplane (pictured above). Five thousand aircraft in just over a decade is an astounding accomplishment in aviation and rightfully a source of great pride for Cirrus employees, customers and partners."

Simmons concluded, "There is one more key point that is illustrated in the data, and that's the consistency and stability shown by Cirrus in the single engine piston market since the onset of the downturn. Cirrus stands out in maintaining stable production and unit deliveries quarter after quarter, and this inspires confidence in current and new owners alike. We can attribute our stability to both efficiency in manufacturing and to what we believe are the highest quality general aviation aircraft ever produced. It all add ups to our goal of having a direct and personal relationship with each and every Cirrus customer."

GAMA DATA THIRD QUARTER 2011 HIGHLIGHTS AND NOTABLE ITEMS

• 68 aircraft completed versus 61 aircraft delivered in Q3 2010
• Year-to-date Cirrus Aircraft market share is 37% for single engine piston, tricycle gear, certified aircraft  versus 32% for next closest competitor
• Strengthening margins with a 20% increase in average revenue per aircraft versus Q3 2010
• Cirrus continues to dominate the high performance four-seat market place with over 77% market share
• Deliveries of T-53s (SR20) to the United States Air Force Academy continue

LOOKING AHEAD

Simmons noted reasons for both optimism and caution as the industry looks ahead. "There has never been a better time to buy an airplane as our piston aircraft product portfolio is best-in-class. An SR20, SR22 or SR22T is a smart investment, especially when you add in the most generous tax incentives ever for U.S. customers. Savvy small business owners are taking advantage of this unique and compelling opportunity to own a new Cirrus."

"We are also optimistic about growth in institutional sales, which was underscored by the CAFUC completions and USAFA deliveries this quarter. Fleet and charter operators as well as flight schools are expressing confidence in Cirrus aircraft as their primary training platforms."

"At the same time, we are still facing the challenge of a stubbornly slow recovery in the traditional North American and European general aviation markets, and currency fluctuations and economic uncertainty remain present in so many countries around the world.

The Cirrus Vision SF50 personal jet remains the primary new aircraft research and development project with the program making steady progress in both flight testing and detailed design. Exciting program announcements are just ahead.