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

Monday

Tuesday

Wednesday

Thursday

Friday

Airborne On ANN

Airborne 05.23.16

Airborne 05.24.16

Airborne 05.25.16

Airborne 05.26.16

Airborne 05.27.16

Airborne Hi-Def On YouTube

Airborne 05.23.16

Airborne 05.24.16

Airborne 05.25.16

Airborne 05.26.16

Airborne 05.27.16

AEA2016 LIVE Aero-TV: 04/27-0830ET, 04/28-1400ET, 04/29-1100ET

Sun 'n Fun 2016 Innovation Preview on Vimeo!

Sun 'n Fun 2016 Innovation Preview on YouTube!

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

Airborne 05.27.16: More MH370 Debris, Airport 4 Sale, Hurricane Hunters

Also: PWC PW307D, Icon Scandal, Memorial Day, IASO, Nat'l Warplane Museum, Gogo Cloud, Orbital ATK, Honor Flight Austin The Australia's Minister for Infrastructure and Transport, D>[...]

Airborne 05.26.16: Icon Flaming Out, Airbus Heli-Patent, UAV Registry

Also: TSA Dust-Up, Honor Flight, The API -- What’s This ALL About?, EASA Cert's G650ER, First E190-E2, DiCaprio BizJet, WingX Pro7, BASE Jump Tragedy Late Wednesday, Icon fin>[...]

ANN's Daily Aero-Linx (05.28.16)

Open or Close an Airport or Runway Before opening or closing an airport or runway, airport sponsors should find out the necessary steps and contact their nearest FAA District or Re>[...]

ANN's Daily Aero-Term (05.28.16): Runway Entrance Lights (REL)

An array of red lights which include the first light at the hold line followed by a series of evenly spaced lights to the runway edge aligned with the taxiway centerline.>[...]

Aero-News: Quote Of The Day (05.28.16)

“This is an important outreach mission to educate the public, especially the children who will take the preparedness message back to their families.” Source: Col. Frank>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2016 Web Development & Design by Pauli Systems, LC