Tue, Nov 08, 2011
Company Shows 19 Percent Growth Over Same Period In 2010
During the third quarter of 2011, Piper Aircraft reports that it
continued to outpace the higher aircraft deliveries and improving
revenue performance that the company achieved during the same
period a year ago. Revenue from new aircraft sales through the end
of the third quarter grew to $92.5 million, compared with $77.6
million during the same period in 2010, an increase of more than 19
percent.
During the third quarter, Piper
delivered 34 aircraft and received $35.3 million in revenue. That
compares with 32 aircraft and $28.1 million in revenue during the
same period a year ago, up two deliveries and more than 25 percent
in revenue, reflecting stronger Piper M-Class aircraft in the
delivery mix. Quarter to quarter, deliveries of M-Class aircraft -
Meridian, Mirage and Matrix business airplanes - were up, from 17 a
year ago to 21 this year.
"Operational efficiencies, along with matching new aircraft
deliveries to a solid understanding of the evolving market,
continue to contribute to the company's performance, which exceeds
industry trends for turboprop and piston aircraft," said Piper
President and CEO Simon Caldecott. "Moreover, Piper's backlog is
the strongest it has been in four years, with aircraft earmarked
for retail customers well into next year all across the product
lines. Piper's core business is strong. Our turboprop and piston
aircraft lines are meeting or exceeding the company's internal
financial and delivery targets."
Caldecott said the company delivered more international than
domestic aircraft in the third quarter. He added that domestic
deliveries generated more revenue, reflecting stronger sales of the
company's flagship Meridian turboprop business aircraft to U.S.
customers. He attributed much of the company's recent sales success
to Piper's strong domestic and international dealer
organizations.
"Piper's dealer organization, which
spans the globe, is our underlying strength. Feedback from our
dealers is essential to us in determining new aircraft product
improvements going forward," Caldecott said. "We are steadfast in
listening to our dealers and dedicating the resources required to
continually improve our turboprop and piston business aircraft,
along with our new training aircraft." Caldecott said Piper is
stepping up the focus on product improvements through increased
investments in existing lines.
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