Hawker Beechcraft Posts Disquieting First Quarter 2009 Results | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Airborne Unlimited-
Monday

Airborne-Unmanned w/AUVSI-
Tuesday

Airborne Unlimited-
Wednesday

AMA Drone Report-
Thursday

Airborne Unlimited-
Friday

Airborne On ANN

Airborne 11.20.17

Airborne-Unmanned 11.14.17

Airborne 11.15.17

AMA Drone Report 11.16.17

Airborne 11.17.17

Airborne-YouTube

Airborne 11.20.17

Airborne-Unmanned 11.14.17

Airborne 11.15.17

AMA Drone Report 11.16.17

Airborne 11.17.17

Thu, Apr 16, 2009

Hawker Beechcraft Posts Disquieting First Quarter 2009 Results

Lower Sales, Higher Losses... But Net Income Rises On Repurchased Debt Securities

And the hits just keep on coming. Hawker Beechcraft reported Thursday lower net sales and an increased operating loss for the three months ending March 29, 2009, compared to the same period in 2008, as a result of fewer commercial aircraft deliveries and charges associated with work force reductions and used aircraft valuations.

HBC's net income was higher during the first quarter of 2009 compared to the first quarter of 2008... as a result of gains realized on a previously-disclosed repurchase of the company's debt securities.

Net sales for the three months ending March 29, 2009, were $537.6 million, a decrease of $38.9 million compared to the same period in 2008. Business and general aviation aircraft deliveries were impacted by the deterioration in the overall economy and totaled 57 for the quarter, compared to 72 for the first quarter of 2008.

Hawker Beech delivered 15 business jet, 29 turboprop and 13 piston aircraft during the three months ending March 29, 2009.

Operating loss for the three months ending March 29, 2009, was $41.2 million, compared to a loss of $1.5 million for the same period in 2008, and was impacted by the reduced business and general aircraft deliveries, as well as a $13.6 million charge to reflect the estimated severance costs related to the work force reductions announced during the quarter. During the first quarter of 2009, the Company also recorded a $25.3 million charge to reduce the carrying value of used aircraft inventory to reflect current market values. The first quarter of 2008 was impacted by an $18.4 million charge related to early production Hawker 4000 units.  

Despite the increased operating loss, HBC recorded net Q1 2009 after-tax income of $66.9 million, compared to a net after-tax loss of $31.3 million for the same period in 2008. During the first quarter of 2009, the Company recorded a $177.0 net gain on the repurchase, at a significant discount, of $222.0 million of its debt securities.   

As of March 29, 2009, the company had $72.3 million in cash and cash equivalents and its revolving credit facility was undrawn. "The Company believes that its cash on hand, anticipated cash from operations and available liquidity under its revolving credit facility will be sufficient to meet its cash requirements for the next 12 months," Hawker Beechcraft noted.

FMI: www.hawkerbeechcraft.com

Advertisement

More News

Mooney International Delivers First Production Ovation Ultra

Legendary Manufacturer Continues To Reach Major Milestones In The Industry With a pair of signatures, a nice round of applause, and the handing over of a shiny new set of keys, Moo>[...]

FAA Approves Drone To Restore Puerto Rico Cell Service

AT&T Flying COW Authorized For The Mission The FAA quickly approved the first unmanned aircraft operation of its kind to help restore cellular service in Puerto Rico in the wak>[...]

Boeing, Avolon Finalize Deal For 75 737 MAX Airplanes

Agreement Includes Firm Orders For 55 MAX 8s, 20 MAX 10s And Options For 20 MAX 8s Boeing and international leasing company Avolon have finalized an order for 75 737 MAX airplanes.>[...]

ALPA Commends DOT 'Forces To Flyers' Initiative

Seen As Way To Increase Piloting Opportunities For Veterans ALPA has welcomed the announcement of the "Forces to Flyers" program aimed at increasing career opportunities for vetera>[...]

NASA Launches NOAA Weather Satellite Aboard United Launch Alliance Rocket

Spacecraft Will Lead To Improve Forecasts, NOAA Says NASA has successfully launched for the National Oceanic and Atmospheric Administration (NOAA) the first in a series of four hig>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2017 Web Development & Design by Pauli Systems, LC