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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.

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%

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