Vector Aerospace revenue down 2.6%, profits mixed in 4Q2009

Vector Aerospace revenue down 2.6% - financial highlights:

• Three months ended 31-Dec-2009:
  • Total revenue: USD132.4 million, -2.6% year-on-year;
    • Commercial & other: USD76.3 million, +7.9%;
      • Engines: USD64.4 million, +13.0%;
      • Airframes: USD7.4 million, stable;
      • Components: USD4.4 million, -29.2%;
  • Operating profit: USD9.6 million, -0.6%;
  • Net profit: USD6.0 million, +8.8%;
• 12 months ended 31-Dec-2009:
  • Total revenue: USD544.5 million, +13.4%;
    • Commercial & other: USD293.8 million, +13.0%;
      • Engines: USD253.2 million, +15.1%;
      • Airframes: USD25.0 million, +33.3%;
      • Components: USD15.7 million, -26.6%;
  • Operating profit: USD46.2 million, +8.8%. [more]

*Based on the conversion rate at USD1 = CAD1.04

Vector Aerospace: "The Company will continue to focus its efforts on improving productivity to enhance profitability in each business segments. Additionally, the Company will look to expand its customer reach by partnering with OEMs as an integrated solution provider. The Company expects that the global economic slowdown will continue to negatively impact certain areas of its commercial business as discussed below. The Company anticipates that new revenues will be generated in the short term from geographic expansion of its customer base and the pursuit of military opportunities. Overall, the Company anticipates that revenues and operating earnings for 2010 will improve over those of 2009 based on increased revenues related to military opportunities and increased market share in certain products," Company statement. Source: Vector Aerospace, 11-Mar-2010.