Thu, Dec 10, 2009
Wouters Projects Return To Profitability In 2010
Cirrus Design hopes to work with city leaders in Grand Forks,
ND in an effort to re-structure a lease on its facility there.
According to City Administrator Rick Duquette, the company
currently owes $845,000 in back rent.
Cirrus had employed over 300 people in Grand Forks as recently a
2007, but the economic downturn has forced the company, like so
many others, into deep cuts in personnel. There are currently about
75 Cirrus employees in Grand Forks.
"The Grand Forks Herald" reports that at a meeting Monday night,
Cirrus President and CEO Brent Wouters showed a slide during a
presentation that projects a return to profitability for Cirrus in
2010. Wouters said the company has survived the worst of the
recession, and that industry analysts expect airplane sales to
bottom out in the next few months. His projections show the company
could sell at least 300, and as many as 435 airplanes in 2010.
Wouters said that would be enough to bring the company back into
the black.
Wouters told the city that selling 500 airplanes could produce
record profits for Cirrus, although employment levels might never
return to previous levels. New efficiencies, he said, mean it takes
fewer people to do the same work as just a few years ago. The city,
which according to the paper took the unusual step of buying stock
in the company back in 1991, deferred the negotiation of Cirrus'
repayment of back rent to the Growth Fund Committee.
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