Vector Aerospace reports Q4 and full year FY2009 results

Vector Aerospace reports Q4 and full year FY2009 results

12-Mar-2010 Source: Vector Aerospace

Vector Aerospace Corporation (Vector) (TSX: RNO) today announces its results for the three and twelve months ended December 31, 2009.

    <<
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Operations (in millions of            Fourth Quarter       Twelve Months
     Canadian dollars):
                                          2009      2008      2009      2008
    -------------------------------------------------------------------------

      Revenue                          $ 137.7   $ 141.4   $ 566.3   $ 499.2
    -------------------------------------------------------------------------
      Net earnings before interest,
       income taxes, foreign exchange
       gains/(losses) and unusual
       items                           $  10.3   $  10.9   $  52.6   $  37.4
    -------------------------------------------------------------------------
      Net earnings                     $   6.2   $   5.6   $  31.1   $  24.4
    -------------------------------------------------------------------------

    Per Share:
      Weighted average number of
       common shares outstanding
       (millions)*
        Basic                             43.9      37.7      39.3      37.6
        Diluted                           44.4      37.9      39.7      37.9
    -------------------------------------------------------------------------
      Net earnings before interest,
       income taxes, foreign exchange
       gains/(losses) and unusual
       items
        Basic                          $  0.23   $  0.29   $  1.34   $  0.99
        Diluted                        $  0.23   $  0.29   $  1.33   $  0.99
    -------------------------------------------------------------------------
      Net earnings
        Basic                          $  0.14   $  0.15   $  0.79   $  0.65
        Diluted                        $  0.14   $  0.15   $  0.78   $  0.64
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    * 8.165 million common shares were issued publically during the fourth
      quarter 2009
    >>

The interim consolidated financial statements and MD&A for the three months and twelve months ended December 31, 2009 are available on the Company’s website, www.vectoraerospace.com and on SEDAR, www.sedar.com.

The Company generated consolidated revenue from operations of $137.7 million for the fourth quarter of 2009, $3.7 million below the same period last year. Earnings from operations, before interest, income tax, foreign exchange gains/(losses) and unusual items were $10.3 million for the fourth quarter of 2009, $0.6 million below the same period last year. Increased earnings in the airframe segment were offset by decreased earnings in the engines and components segments. During the fourth quarter of 2009 and 2008, the Company recorded $0.3 million of foreign exchange losses. Net earnings for the fourth quarter of 2009 were $6.2 million ($0.14 per share) compared to $5.6 million ($0.15 per share) for the same period last year. The Company issued 8.165 million common shares for net proceeds of $48.7 millionduring the quarter. Basic earnings per share would have been $0.19 for the fourth quarter if the public offering and the unusual item were excluded.

In commenting on the quarter’s results, President and CEO Declan O’Shea stated: “Fiscal 2009 was another record year. I am pleased that our Company continues to report consistently strong operating results with all of our business segments performing as expected. Our proven performance combined with the public funds raised strongly positions us to aggressively pursue growth opportunities.”

The Company has been notified that the IMP Group has withdrawn its 2009 partial insider bid for Vector. The IMP Group has also reaffirmed its support for management and their growth initiatives for the Company.

Analyst Conference Call

Vector Aerospace Corporation will hold a fourth quarter 2009 conference call at 3:00 p.m. EST on Thursday, March 11, 2010. The conference call will review Vector’s results for the three and twelve months ended December 31, 2009. The scheduled speakers for the Company on the conference call are: Declan O’Shea, President and Chief Executive Officer and Randal Levine, Senior Vice President and Chief Financial Officer.

Interested parties can access the conference call in North America by dialing 1-877-974-0445. The international dial-in number is (416) 644-3415. The conference identification number is 4257423#.

A replay service will be available two hours following the conference call until midnight on March 18, 2010. To access this recording, dial 1-877-289-8525 (toll free) or 416-640-1917 and enter pass code 4257423#.

Vector Aerospace Corporation is an independent provider of aviation repair and overhaul services. Through facilities inCanada, the United States, the United Kingdom and Africa, Vector provides services to commercial and military customers for various types of gas turbine engines, components and helicopter airframes. Principal operations include Vector Engine Services Atlantic Inc., Vector Aerospace Engine Services UK Limited, Vector Aerospace Helicopter Services Inc., Vector Aerospace International Limited and Pathix ASP.

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