TULSA, Okla., Aug. 14 /PRNewswire-FirstCall/ -- Limco-Piedmont Inc.
(NASDAQ:LIMC) today announced that revenues for the three months
ended June 30, 2008 were $17.7 million, a decrease of $365,000 from
$18.0 million for that same period last year. Revenues for the six
months ended June 30, 2008 were $34.8 million a decrease of $3.5
million from $38.3 million for the same period last year. Parts
service revenues were favorably impacted during the six month
period ended June 30, 2007 by a one-time sale to Viva Aerobus of
$2.7 million. Revenues from our two principal lines of business for
the three and six- month periods June 30, 2008 and 2007 were as
follows: Three Months Ended June 30, Six Months Ended June 30, 2008
2007 2008 2007 % of % of % of % of Total Total Total Total Reve-
Reve- Reve- Reve- Reve- Reve- Reve- Reve- nues nues nues nues nues
nues nues nues (Revenues in thousands) Revenues: MRO $13,225 74.8%
$12,606 69.90% $26,210 75.30% $25,046 65.50% Serv- ices Parts 4,452
25.20% 5,436 30.10% 8,587 24.70% 13,209 34.50% serv- ices Total
$17,677 100.00% $18,042 100.00% $34,797 100.00% $38,255 100.00%
reve- nues Our operating income decreased by $2.1 million, to
$722,000 for the three months ended June 30, 2008 from $2.8 million
for the three months ended June 30, 2007. Our operating income
decreased by $3.1 million, to $2.1 million for the six months ended
June 30, 2008 from $5.2 million for the six months ended June 30,
2007. Sales revenues from parts were favorably impacted during the
six month period ended June 30, 2007 by a one-time sale to Viva
Aerobus of $2.7 million. General and administrative expenses
decreased as a result of decreased professional fees and the
absence of a phantom stock expense for the company's CEO, that was
recorded during the three and six months ended June 30, 2007.
Non-cash compensation expense was favorably impacted by
approximately $71,000 resulting from the cancellation of options
for terminated employees for the three and six months ended June
30, 2008 and included in general and administrative expenses during
the second quarter of 2008. Net income for the three month period
ended June 30, 2008 was $608,000, or $0.05 per basic and diluted
share compared with $1.6 million or $0.17 per basic and diluted
share in the period ended June 30, 2007. Net income for the six
month period ended June 30, 2008 was $1.6 million, or $0.12 per
basic and diluted share compared with $3.0 million or $0.33 per
basic and diluted share in the period ended June 30, 2007. We ended
the quarter with $8.8 million in cash and cash equivalents and
$21.6 million in short-term investments. Shaul Menachem, Chief
Executive Officer, commented: "The second quarter of 2008 saw
encouraging revenue growth in our core MRO businesses that was
offset by the decline associated with volatility in our parts
logistics business. At LIMCO, we continued to improve our
operational performance and booked significant new backlog. At
Piedmont, we booked the first revenue on new Landing Gear business
closed in Q1 and completed the scheduled certification milestones
for developing new capability for our APU product line. The new
leadership brought on in Q1 has focused on operational excellence
leading to significant improvement in turn times and on-time
delivery. We also made important improvements in key processes that
will continue to improve service and financial performance. Mr.
Menachem concluded by saying, "Overall we are encouraged by Q2
results and the stage has been set for improved performance going
forward. We secured important new business and improved our ability
to profitably deliver the balance of 2008 business. The booked
business and growth opportunities we see for 2009 and beyond are
also encouraging. We are excited by the prospects for growth and
are prepared to deliver." About Limco-Piedmont Inc. Limco-Piedmont
Inc. provides maintenance, repair and overhaul, or MRO, services
and parts supply services to the aerospace industry.
Limco-Piedmont's four Federal Aviation Administration certified
repair stations provide aircraft component MRO services for
airlines, air cargo carriers, maintenance service centers and the
military. Limco-Piedmont specializes in MRO services for components
of aircraft, such as heat transfer components, auxiliary power
units, propellers, landing gear and pneumatic ducting. In
conjunction with Limco-Piedmont's MRO services, Limco-Piedmont is
also an original equipment manufacturer of heat transfer equipment
for airplane manufacturers and other related products.
Limco-Piedmont's parts services division offers inventory
management and parts services for commercial, regional and charter
airlines and business aircraft owners. Safe Harbor for
Forward-Looking Statements This press release contains
forward-looking statements that are subject to risks and
uncertainties. Factors that could cause actual results to differ
materially from these forward-looking statements include, but are
not limited to, general business conditions in the airline
industry, changes in demand for our services and products, the
timing and amount or cancellation of orders, the price and
continuity of supply of component parts used in our operations, and
other risks detailed from time to time in Limco-Piedmont's filings
with the Securities Exchange Commission, including its Quarterly
Report on Form 10-Q. These documents contain and identify other
important factors that could cause actual results to differ
materially from those contained in our projections or
forward-looking statements. Stockholders and other readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which they are made.
We undertake no obligation to update publicly or revise any
forward-looking statement. - Tables Follow - LIMCO-PIEDMONT INC.
AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data) June 30, Dec. 31, 2008 2007
ASSETS Current Assets: Cash and cash equivalents $8,841 $5,039
Short-term investments 21,632 28,806 Accounts receivable (net of
allowance for doubtful accounts of $127 and $140 at June 30, 2008
and December 31, 2007, respectively) 10,350 9,328 Inventories
20,492 16,391 Other accounts receivable and prepaid expenses 952
1,481 Total current assets 62,267 61,045 Property, plant and
equipment, net 5,771 5,169 Intangible assets, net 1,492 1,709
Goodwill 4,780 4,780 Total assets $74,310 $72,703 LIABILITIES AND
SHAREHOLDERS' EQUITY Current Liabilities: Accounts payables $5,026
$5,084 Cash in excess of bank balances 744 --- Parent company
payables 1,952 1,762 Other accounts payable and accrued expenses
781 1,568 Total current liabilities 8,503 8,414 Long-Term
Liabilities: Deferred income taxes 404 404 Total liabilities 8,907
8,818 Shareholders' Equity: Common stock, $0.01 par value; 25,000
shares authorized, 13,205 and 13,205 shares issued and outstanding
at June 30, 2008 and December 31, 2007, respectively 132 132
Additional paid-in capital 49,134 49,004 Retained earnings 16,357
14,749 Accumulated other comprehensive income (loss) (220) ---
Total shareholders' equity 65,403 63,885 Total liabilities and
shareholders' equity $74,310 $72,703 LIMCO-PIEDMONT INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in
thousands, except per share data) Three months ended Six months
ended June 30, June 30, 2008 2007 2008 2007 Revenue MRO services
13,225 $12,606 $26,210 $25,046 Parts services 4,452 5,436 8,587
13,209 Total revenue 17,677 18,042 34,797 38,255 Cost and operating
expenses MRO services 11,154 8,519 20,778 16,877 Parts services
3,588 3,790 6,894 10,814 Selling and marketing 660 662 1,426 1,302
General and administrative 1,444 2,132 3,354 3,839 Amortization of
intangibles 109 118 218 236 Operating income 722 2,821 2,127 5,187
Other income (expense) Interest income 224 217 396 271 Interest
expense ---- (384) ---- (541) Total other income (expense) 224
(167) 396 (270) Income before taxes 946 2,654 2,523 4,917 Provision
for income taxes 338 1,089 915 1,942 Net income $608 $1,565 $1,608
$2,975 Basic and diluted net income per share $.05 $0.17 $.12 $0.33
Basic and diluted shares outstanding 13,205 9,000 13,205 9,000
DATASOURCE: Limco-Piedmont Inc. CONTACT: Shaul Menachem, Chief
Executive Officer of Limco-Piedmont Inc., +1-918-445-4300
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