Vector announces record profit
May 20, 2009 – Toronto – Vector
Aerospace Corp., an aircraft repair services company, reports record
net profits of $9.2 million for the latest quarter.
May 20, 2009 – TORONTO _ Vector
Aerospace Corp. (TSX: RNO), an aircraft repair services company,
reports record net profits of $9.2 million for the latest quarter, more
than double its earnings last year as revenues soared
The company said Tuesday it earned 24 cents a share for the first
quarter ended March 31. That compared with earnings of $3.9 million or
10 cents a share last year.
Quarterly revenues jumped to $140.7 million from $84.5 million,
reflecting internal growth and the acquisition of Helicopter
Services-U.K., a British company acquired on April 1, 2008.
Vector's president and CEO Declan O'Shea said the company generated strong results despite the global recession.
''Each of the operating segments has shown healthy growth and better
earnings over the same period in 2008,'' O'Shea said in a release.
''Engine Services-Atlantic commenced work on the Jazz contract in the
quarter. Jazz operates the largest fleet of PW100
engines in the world. The contract was the largest ever signed by
Vector. Activity levels at Helicopter Services-North America continued
to be strong, especially in the structures area. Helicopter Services-UK
continues to benefit from improved margins.''
Looking ahead, Vector said it expects improved earnings in 2009 over last year.
"We continue to challenge our operations to perform financially despite the current global economic state,'' O'Shea said.
Vector Aerospace has aviation repair and overhaul services in Canada,
the United States, the United Kingdom and Africa. The company provides
services to commercial and military customers for various types of gas
turbine engines, components and helicopter airframes.
In Tuesday trading on the TSX, Vector shares rose 20 cents to $4.40, a gain of more than 4.7 per cent.