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Magellan Aerospace reports fourth quarter profit

March 30, 2010, Toronto – Magellan Aerospace Corp. said Friday it earned $2 million in its latest quarter, down from $7.4 million a year ago.


March 30, 2010
By Melissa Damota

March 30, 2010, Toronto – Magellan Aerospace Corp. (TSX:MAL) said Friday it
earned $2 million in its latest quarter, down from $7.4 million a
year ago.

The maker of aircraft parts said the profit amounted to five
cents per diluted share for the quarter ended Dec. 31 compared with
a profit of 39 cents per diluted share a year earlier.

Revenue totalled $165.8 million, down from $180.1 million.

Magellan also said Friday it has signed a deal to amended its
credit agreement with its existing lenders and completed a
subordinated loan financing announced at the end of last year.

Shares in the company, which reported its results after the close
of markets, were up 24 cents at $2.09 on the Toronto Stock Exchange.