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.