SOURCE: First Aviation Services Inc.
WESTPORT, CT--(Marketwired - May 16, 2014) - First Aviation Services Inc. (OTC Pink: FAVS) (PINKSHEETS: FAVS) today reported the results for continued operations for the quarter ended March 31, 2014.
Sales for the first quarter were $5.9 million compared with $6.1 million in the prior year. Operating income showed improvement at $633 thousand and 11% of sales versus a loss of $143 thousand in the prior year period. Income available to common stockholders was $312 thousand versus the prior year's $2.9 million which included income from discontinued operations of $3.4 million. Net income per share of continuing operations was $0.32 versus $(0.44) in the prior year period.
The Company also announced in a separate release a reverse stock split to be effective May 30, 2014.
First Aviation Services Inc. (FAvS), located in Westport, Connecticut, is a leading provider of repair and overhaul, rotables management and related engineering services to the aviation industry worldwide. FAvS' principal operating subsidiaries are Aerospace Turbine Rotables, Inc. (AeTR) in Wichita, Kansas, and Piedmont Propulsion Systems, LLC (PPS) in Winston-Salem, North Carolina. FAvS also owns a minority interest in Aerospace Products International, Inc., based in Memphis, Tennessee. More information about FAvS and its subsidiaries may be found on the company's website, www.firstaviation.com. Please see our forward looking statements at www.firstaviation.com/forward.