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Magellan Aerospace announces financial results

June 3, 2011, Toronto - Magellan Aerospace Corporation released its financial results for the first quarter of 2011.

June 3, 2011

Carey Fredericks

All amounts are expressed in Canadian Dollars unless otherwise indicated. The results are summarized as follows:

			Three month period ended March 31
Expressed in thousands of dollars, except per share amounts	2011	2010	Change %
Revenues	170,487	177,617	(4.0)%
Gross Profit	23,759	21,205	12.0 %
Net Income	7,222	3,787	90.7%
Net Income per share – Diluted	0.14	0.017	100.0%