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Wed, Dec 16, 2009

NetJets Cancels 90 Percent Of HBC Order

Deliveries Were Not Scheduled Until 2011

The fractional jet company NetJets has cancelled 90 percent of its outstanding order with Hawker Beechcraft, HBC announced Tuesday. The move will have the effect of lowering HBC's backlog of orders for aircraft to about $3.5 billion.

HBC made the announcement in releasing its quarterly earnings and projections.

The Wichita Eagle reports that HBC said NetJets was not going to be a significant source of revenue in 2010, as all of the deliveries were not scheduled to begin until 2011. Over the course of the year, NetJets has cancelled orders for 12 aircraft with HBC, and deferred all deliveries to late 2010 at the earliest.

HBC expects to report an operation loss of up to $15 million for the 4th quarter of 2009, and an overall annual loss of $725-$740 million. The company said NetJets does not historically account for more than 10 percent of its annual revenue.



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