AAR Reports First Quarter Fiscal Year 2017 Results
"Our Aviation Services segment delivered strong results once again as sales in the first quarter grew 6% from last year to
Storch continued, "We are very pleased with the award from the
Gross profit increased over the prior year in both segments. In the Aviation Services segment, there was an increase in gross profit of
Selling, general and administrative expenses as a percentage of sales were 11.1% for the first quarter, compared to 10.3% last year. This increase was driven by investments in new business development. Net interest expense from continuing operations for the quarter was
During the first quarter, the Company paid cash dividends of
Conference Call Information
AAR will hold its quarterly conference call at
About AAR
AAR is a global aftermarket solutions company that employs more than 4,500 people in over 20 countries. Based in
This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on beliefs of Company management, as well as assumptions and estimates based on information currently available to the Company, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, including those factors discussed under Item 1A, entitled "Risk Factors", included in the Company's Form 10-K for the fiscal year ended
AAR CORP. and Subsidiaries |
|||
Consolidated Statements of Income (In millions except per share data - unaudited) |
Three Months Ended August 31, |
||
2016 |
2015 |
||
Sales |
$404.8 |
$386.7 |
|
Cost and expenses: |
|||
Cost of sales |
343.3 |
332.8 |
|
Selling, general and administrative |
44.8 |
40.0 |
|
Loss from aircraft joint ventures |
- |
(0.3) |
|
Operating income |
16.7 |
13.6 |
|
Loss on extinguishment of debt |
- |
(0.3) |
|
Interest expense, net |
(1.3) |
(1.9) |
|
Income from continuing operations before income taxes |
15.4 |
11.4 |
|
Income tax expense |
5.5 |
4.0 |
|
Income from continuing operations |
9.9 |
7.4 |
|
Income (Loss) from discontinued operations |
(0.4) |
15.5 |
|
Net income |
$9.5 |
$22.9 |
|
Earnings per share – Basic |
|||
Earnings from continuing operations |
$0.29 |
$0.21 |
|
Earnings (Loss) from discontinued operations |
(0.01) |
0.44 |
|
Earnings per share – Basic |
$0.28 |
$0.65 |
|
Earnings per share – Diluted |
|||
Earnings from continuing operations |
$0.29 |
$0.21 |
|
Earnings (Loss) from discontinued operations |
(0.01) |
0.44 |
|
Earnings per share – Diluted |
$0.28 |
$0.65 |
|
Share Data: |
|||
Weighted average shares outstanding – Basic |
33.9 |
34.7 |
|
Weighted average shares outstanding – Diluted |
34.1 |
35.1 |
|
AAR CORP. and Subsidiaries |
|||
Consolidated Balance Sheet Highlights (In millions except per share data) |
August 31, |
May 31, 2016 |
|
(Unaudited) |
|||
Cash and cash equivalents |
$7.9 |
$31.2 |
|
Current assets |
849.4 |
881.7 |
|
Current liabilities (excluding debt accounts) |
307.4 |
329.4 |
|
Net property, plant and equipment |
231.4 |
238.1 |
|
Total assets |
1,427.0 |
1,456.0 |
|
Total debt |
151.6 |
150.1 |
|
Stockholders' equity |
858.5 |
865.8 |
|
Book value per share |
$25.10 |
$25.10 |
|
Shares outstanding |
34.2 |
34.5 |
|
Sales By Business Segment (In millions - unaudited) |
Three Months Ended August 31, |
||
2016 |
2015 |
||
Aviation Services |
$334.6 |
$315.8 |
|
Expeditionary Services |
70.2 |
70.9 |
|
$404.8 |
$386.7 |
||
Gross Profit by Business Segment (In millions- unaudited) |
Three Months Ended August 31, |
||
2016 |
2015 |
||
Aviation Services |
$53.4 |
$49.9 |
|
Expeditionary Services |
8.1 |
4.0 |
|
$61.5 |
$53.9 |
||
Note: Pursuant to SEC Regulation G, the Company has included the following reconciliation of financial measure reported on a non-GAAP basis to compare financial measures reported on the basis of Generally Accepted Accounting Principles ("GAAP").
Net Debt (In millions- unaudited) |
August 31, |
August 31, |
|
Total debt |
$151.6 |
$179.5 |
|
Less: Cash and cash equivalents |
(7.9) |
(28.7) |
|
Net debt |
$143.7 |
$150.8 |
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SOURCE
Jason Secore, Vice President, Treasurer | (630) 227-2075 | jason.secore@aarcorp.com