Vector Aerospace Corporation

Vector Aerospace Corporation

March 10, 2011 11:40 ET

Vector Aerospace Completes 2010 With Record Results

TORONTO, ONTARIO--(Marketwire - March 10, 2011) - Vector Aerospace Corporation (Vector) (TSX:RNO) today announces its results for the three and twelve months ended December 31, 2010.

Operations (in millions of Canadian dollars): Fourth Quarter Twelve Months
2010 2009 2010 2009
  Revenue from continuing operations $ 142.5  $ 137.7 $ 544.6 $ 566.3
  Earnings from Operations before unusual items $ 11.6  $ 10.0 $ 51.9 $ 48.0
  Net earnings $ 5.9 $ 6.2 $ 33.1 $ 31.1
Per Share:        
  Weighted average number of common shares outstanding (millions)*        
    Basic 46.1 43.9 46.1 39.3
    Diluted 47.0 44.4 46.7 39.7
  Earnings from Operations before unusual items        
    Basic $ 0.25 $ 0.23 $ 1.13 $ 1.22
    Diluted $ 0.25 $ 0.23 $ 1.11 $ 1.21
  Net earnings        
    Basic $ 0.13 $ 0.14 $ 0.72 $ 0.7
    Diluted $ 0.13 $ 0.14 $ 0.71 $ 0.78
* 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, 2010 are available on the Company's website, and on SEDAR,

The Company generated consolidated revenue from operations of $142.5 million for the fourth quarter of 2010, $4.8 million above the same period last year. Earnings from operations before unusual items were $11.6 million for the fourth quarter of 2010, $1.6 million above the same period last year. The increase is primarily a result of continued higher gross margins and lower operating expenses. During the fourth quarter of 2010, the Company recorded $1.1 million of foreign exchange losses as compared to foreign exchange losses of $0.3 million in the fourth quarter of 2009. Net earnings for the fourth quarter of 2010 were $5.9 million ($0.13 per share) compared to $6.2 million ($0.14 per share) for the same period last year. 

In commenting on the quarter's results, President and CEO Declan O'Shea stated: "Fiscal 2010 was another record year for the Company. I am pleased that our Company has again reported consistently strong operating results in all of our business segments and we anticipate continued improvements for 2011."

Analyst Conference Call

Vector Aerospace Corporation will hold a fourth quarter 2010 conference call at 1:30 p.m. EST on Thursday, March 10, 2011. The conference call will review Vector's results for the three and twelve months ended December 31, 2010. 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 1-877-974-0448. The international dial-in number is (416) 644-3417. The conference identification number is 4420816#.

A replay service will be available two hours following the conference call until midnight on March 17, 2011. To access this recording, dial 1-877-289-8525 (toll free) or 416-640-1917 and enter pass code 4420816#.

Vector Aerospace Corporation is an independent provider of aviation repair and overhaul services. Through facilities in Canada, 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. 

Vector also provides information technology solutions to an international customer base. Principal operations include Vector Aerospace Engine Services Atlantic Inc., Vector Aerospace Engine Services UK Limited, Vector Aerospace Helicopter Services Inc., Vector Aerospace International Limited and Pathix ASP. 

The Company has approximately 2,500 employees.

Specific Note Regarding Forward-Looking Statements

This news release may contain certain information that constitutes forward looking information within the meaning of applicable securities laws. These statements are based on Vector's current expectations, estimates, forecasts and projections related to the operating environment, economies and markets in which Vector operates; its financial condition and its general business. By their very nature, forward-looking statements are based on certain factors and assumptions and are subject to important risks and uncertainties. The forward-looking statements herein may differ materially from actual results or events. While Vector considers the assumptions on which these statements are made to be reasonable, based on information currently available to it, they may prove to be incorrect and readers are cautioned, therefore, not to place undue reliance on these statements as a number of important factors could cause actual results to differ materially from those expressed in such forward-looking statements.

These factors include, without limitation, global and local political factors, general economic, market and business conditions, fluctuations in the cost of borrowing, Vector's ability to receive timely regulatory approvals, competitive actions of other companies, including increased competition from original equipment manufacturers with their own in-house service providers, the occurrence of unexpected events such as fires, equipment failures and other similar events affecting Vector or other parties whose operations or assets directly or indirectly affect Vector and future demand for Vector's services. Readers should also refer to Vector's continuous disclosure materials filed with Canadian Securities Regulatory Authorities for additional information with respect to certain of these risk factors. A discussion of risk factors is contained in Vector's 2009 Annual Report and in all management's discussion and analysis of financial condition and results of operations filed since the 2009 Annual Report which are available on Vector's website and on SEDAR. Any forward looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. Unless otherwise required under applicable laws, we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 

Contact Information

  • Vector Aerospace Corporation
    Declan O'Shea
    President & CEO
    Toronto, Ontario
    (416) 640-2115
    Vector Aerospace Corporation
    Randal L. Levine
    Senior Vice-President and Chief Financial Officer
    Toronto, Ontario
    (416) 640-2120