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ExelTech Aerospace full year loss $1.8M; revenue up nine per cent to $54.4M

July 3, 2008, Montreal - ExelTech Aerospace Inc. has reported a 12-month net loss of $1.8 million, down from a prior-year profit of $1.3 million.


July 3, 2008
By Carey Fredericks

July 3, 2008, Montreal – ExelTech Aerospace Inc. has reported a
12-month net loss of $1.8 million, down from a prior-year profit of
$1.3 million, as the commercial aircraft maintenance and repair
company endured a "challenging year.''

Revenue was $54.4 million in the year ended March 31, up nine per
cent from $49.8 million in the previous year, ExelTech said
Thursday.

But operating profit sagged to $500,000, compared with $4.8 million.

"Our results reflect the impact of the rapid increase in the
strength of the Canadian dollar, which has a big impact on our
margins because we sell our services in U.S. dollars, but incur most
of our costs here in Canada,'' commented chairman and CEO Derek
Nice.

This month ExelTech moves into a new $19-million heavy
maintenance facility at Montreal's Pierre Elliott Trudeau
International Airport, "a cornerstone of the company's business
plan, offering greater efficiencies, economies of scale and
increased capacity.''

During the financial year, ExelTech provided overhauls and
overnight maintenance to 62 customers from 12 countries, and signed
$67 million of new long-term contracts.