CPI Aerostructures Announces Fourth Quarter and Full Year 2017 Financial Results

Mar 22, 2018

CPI Aerostructures Announces Fourth Quarter and Full Year 2017 Financial Results

– Company Reports 2017 Pre-Tax Income at Upper End of Range of Guidance, Operating
Cash Flow in Excess of Expectations; Defense Backlog at $301.3 Million –

– Separately Company Announces Acquisition of Aerospace Component and Assemblies Manufacturer Welding Metallurgy, Inc. –  

– Management to Host Conference Call at 8:30 a.m. ET Today –

EDGEWOOD, N.Y., March 22, 2018 (GLOBE NEWSWIRE) — CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American:CVU) today reported fourth-quarter and full-year 2017 financial results.

Full Year 2017 vs. Full Year 2016

  • Revenue was $81.3 million compared to $81.3 million;
  • Gross profit was $18.6 million compared to $4.3 million;
  • Gross margin was 22.9% compared to 5.3%;
  • Pre-tax income (loss) was $8.5 million compared to $(5.7) million;
  • Net income (loss) was $5.8 million compared to $(3.6) million;
  • Earnings (loss) per diluted share were $0.65 compared to $(0.42) per diluted share;
  • Cash provided by operations was $1.6 million compared to cash used in operations of $6.6 million; and
  • Total backlog at $388.7 million with multi-year defense contracts comprising 78%.

Fourth Quarter 2017 vs. Fourth Quarter 2016

  • Revenue of $23.8 million compared to $24.3 million;
  • Gross profit of $5.5 million compared to $5.9 million;
  • Pre-tax income of $2.8 million compared to $3.4 million;
  • Net income of $2.1 million compared to $2.1 million;
  • Earnings per diluted share of $0.23 compared to $0.24; and
  • Cash provided by operations was $1.8 million compared to $0.2 million.

“Fiscal 2017 was a turning point for CPI Aero during which we returned to annual profitability and positive operating cash flow while continuing to execute on our defense-market growth strategy. I am especially pleased to report pre-tax income at the upper range of our financial guidance and operating cash flow in excess of our expectations reflecting the benefits gained from an improved cost structure and leaner operations,” stated Douglas McCrosson, president and chief executive officer. “During the year, our strategic focus on the defense market gave us a year-end backlog of $301.3 million that includes awards for some of the most advanced military aircraft programs, notably the Lockheed Martin’s F-35 Lighting II, Sikorsky’s UH-60 Black Hawk, and UTC’s TacSAR reconnaissance system, as well as new awards or contract extensions on current platforms. Long-term defense budget trends should continue to drive top-line opportunities for defense primes and larger tier 1 suppliers, and we expect to continue to win our fair share based on our growing reputation in the military supply chain as a high quality, lower cost alternative to in-house assembly work.”

2018 Financial Guidance

CPI Aero issued full-year 2018 financial guidance assuming the Company closes the acquisition of WMI on May 1, 2018:

  • Revenue in the range of $92.0 million to $96.0 million as compared to $81.3 million in the fiscal 2017 full year ended December 31, 2017;
  • Pre-tax income in the range of $9.1 to $9.6 million as compared to $8.5 million in fiscal 2017;
  • Effective tax rate of 23% – 24%.

Commenting on the Company’s financial guidance for fiscal 2018, Mr. McCrosson stated, “Our financial guidance for fiscal 2018, which includes the addition of WMI for the last eight months of the year, excludes the contributions from new program awards that have been delayed as the Department of Defense continues to operate on a continuing resolution basis in addition to near-term uncertainty over the U.S. defense budget priorities. Having implemented operational improvements over the past three years, we are committed to increasing top-line growth by fully leveraging our improved cost structure and enhanced competitiveness. Rather than wait for budgetary resolutions, we are actively exploring inorganic growth, targeting opportunities that will give us more defense content and ensure we are on a growth trajectory. As an example, the announced acquisition of WMI today further aligns us to long-term defense industry trends with unique capabilities and complimentary programs and customers.

“In pursuit of organic growth, we recently added executive level leadership with extensive experience at a leading global defense company to head our business development and strategy across key growth segments, particularly in the areas of electronic warfare (EW), intelligence, surveillance and reconnaissance (ISR), and autonomous systems. With a multi-pronged strategy for growth in fiscal 2018 – our backlog, a strong bid pipeline of key growth segments and additional opportunities – we have the tools to ensure our long-term success,” concluded Mr. McCrosson.

Conference Call
Management will host a conference call today at 8:30 a.m. ET to discuss the company’s results as well as recent corporate developments. After opening remarks, there will be a question and answer period. Interested parties may participate in the call by dialing 844-378-6486 or 412-542-4181. Please call in 10 minutes before the conference call is scheduled to begin. The conference call will also be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the live call, please go to www.cpiaero.com, click on the Investor Relations section, then to the Event Calendar. If you are unable to listen live, the conference call will be archived and can be accessed for approximately 90 days.

About CPI Aero

CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance pod systems in both the commercial aerospace and national security markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services. CPI Aero is included in the Russell Microcap® Index.

The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI Aero’s SEC reports, including CPI Aero’s Form 10-K for the year ended December 31, 2016, and Form 10-Q for the three-month periods ended March 31, 2017, June 30, 2017, and September 30, 2017.

CPI Aero® is a registered trademark of CPI Aerostructures, Inc.

For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.

Vincent PalazzoloInvestor Relations Counsel:
Chief Financial OfficerLHA
CPI AeroJody Burfening/Sanjay M. Hurry 
(631) 586-5200(212) 838-3777

– Financial Tables to Follow –


Years ended December 31, 2017 2016
Revenue$81,283,148 $81,329,858 
Cost of sales 62,637,232  77,010,940 
Gross profit 18,645,916  4,318,918 
Selling, general and administrative expenses 8,449,594  8,614,190 
Income (loss) from operations 10,196,322  (4,295,272)
Other expense:  
Other expense (19,774)   (22,659)
Interest expense (1,698,914) (1,356,645)
Total other expense, net (1,718,688) (1,379,304)
Income (loss) before provision for (benefit from) income taxes 8,477,634  (5,674,576)
Provision for (benefit from) income taxes 2,710,000  (2,066,000)
Net income (loss)$5,767,634 ($3,608,576)
Income (loss) per common share – basic$0.65 ($0.42)
Income (loss) per common share – diluted  $0.65 ($0.42)
Shares used in computing earnings per common share:  
Basic 8,831,064  8,655,848 
Diluted 8,838,445  8,655,848 


 December 31,December 31,
  2017  2016 
Current Assets:  
Cash $1,430,877  $1,039,586 
Accounts receivable, net 5,379,821  8,514,613 
Costs and estimated earnings in excess of billings on uncompleted contracts 111,158,551  99,578,526 
Prepaid expenses and other current assets 2,413,187  2,155,481 
Total current assets 120,382,436  111,288,206 
Property and equipment, net 2,046,942  2,298,610 
Deferred income taxes 1,566,818  3,952,598 
Other assets 188,303  252,481 
Total Assets $124,184,499  $117,791,895 
Current Liabilities:      
Accounts payable $15,129,872  $14,027,457 
Accrued expenses 1,911,421  1,386,147 
Billings in excess of costs and estimated earnings on uncompleted contracts 74,657  115,337 
Current portion of long-term debt 2,009,000  1,341,924 
Contract loss 171,673  1,377,171 
Line of credit 22,838,685  22,438,685 
Income tax payable 109,327  6,000 
Total current liabilities 42,244,635  40,692,721 
Long-term debt, net of current portion 7,019,468  8,860,724 
Other liabilities 607,063  632,744 
Total Liabilities 49,871,166  50,186,189 
Shareholders’ Equity:      
Common stock – $.001 par value; authorized 50,000,000 shares, 8,864,319 and 8,739,836 shares, respectively, issued and outstanding 8,863  8,738 
Additional paid-in capital 53,770,618  52,824,950 
Retained earnings 20,548,652  14,781,018 
Accumulated other comprehensive loss (14,800) (9,000)
Total Shareholders’ Equity 74,313,333  67,605,706 
Total Liabilities and Shareholders’ Equity $124,184,499  $117,791,895 

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VistaJet Connects Customers and Their Passions With the Global British Polo Day Tour

Mar 21, 2018

VistaJet Connects Customers and Their Passions With the Global British Polo Day Tour

LONDON, March 21, 2018 (GLOBE NEWSWIRE) — VistaJet, the first and only global private aviation company, will be offering customers the opportunity to enrich their passion for polo as the company partners with British Polo Day for the 2018 worldwide tournament, following a successful inaugurate partnership last year.

The sport is a key interest for many of VistaJet’s customers, both as spectators and riders, and is in line with 39% of the world’s animal-loving Ultra High Net Worth population having a passion for horses*. VistaJet continuously develops and offers exceptional experiences for its customers inspired by their true passions, including art, sport and travel, across all cultures worldwide. Its global partnership with British Polo Day will offer customers an exclusive opportunity to enjoy one of their most cherished interests by watching some of the sport’s top players, including the world’s number one player Adolfo Cambiaso, in the most spectacular and iconic settings, such as the enchanting Umaid Bhawan Palace in Jodhpur.

“Our customers expect the most extraordinary experiences at the highest standards,” explains Ian Moore, Chief Commercial Officer at VistaJet. “Our customers’ passions become our passions and supporting them is a cornerstone of the VistaJet brand. In partnering on such opportunities with British Polo Day, we are able to continue to deliver second-to-none events to our community.”

Originating in ancient Persia, polo has been played for over 2,600 years with the modern game beginning in Northeastern India in 1859. From there, polo spread as widely as its enthusiasts across Europe, South America, Asia and Australia. On a trip to England, the publisher James Gordon Bennett Jr. experienced his first polo match, and upon returning to his native New York in 1876, the game soon spread across North America.

British Polo Day was founded around the idea of reviving the great amateur traditions that spread the modern game of polo. Founded in Dubai in 2009, building relationships around a global community through a series of distinct experiences in iconic destinations has defined British Polo Day since inception.

VistaJet will offer customers the opportunity to travel to all British Polo Day’s exclusive 2018 fixtures, starting in Abu Dhabi on 24th March and then onto Dubai, New York, Henley-upon-Thames near London and Beijing, before culminating in Jaipur and Jodphur, India in December.

The global nature of the tournament aligns seamlessly with the VistaJet brand and its global reach. With a fleet of over 70 super-mid and long range identically branded aircraft, VistaJet guarantees availability from as little as 24 hours notice to its Program members, no matter where in the world they are based.

* Wealth-X Institute UHNW Interests, Passions and Hobbies Study 2018

Jennifer Farquhar | T: +44 203 617 3077 | M: +44 7834 335505 |  jennifer.farquhar@vistajet.com

About VistaJet
VistaJet is the first and only global aviation company. On its fleet of over 70 silver and red business jets, VistaJet has flown corporations, governments and private clients to 187 countries, covering 96% of the world. Founded in 2004 by Thomas Flohr, the company pioneered an innovative business model where customers have access to an entire fleet whilst paying only for the hours they fly, free of the responsibilities and asset risks linked to aircraft ownership. VistaJet’s signature Program membership offers customers a bespoke subscription of flight hours on its fleet of mid and long-range jets, to fly them anytime, anywhere. Customers can also request Direct one-off flights through the industry’s first end-to-end booking app or a 24/7 global team.

More VistaJet information and news at vistajet.com

About British Polo Day
British Polo Day began in Dubai in 2009 with the aim of creating an invitation-only global platform to build relationships with some of the world’s most dynamic and most interesting individuals, by creating distinct experiences in iconic destinations. There have now been over 60 British Polo Days in 16 counties spread over 5 continents with a partner base that remains characterised by ‘best in class’ across the board and one that now represents over 2,000 years of heritage cumulatively and has raised over $2m for good causes.

More British Polo Day information and news at britishpoloday.com

Photos accompanying this announcement are available at




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VirTra Awarded $4.6 Million Training Simulators Contract by U.S. Department of State for International Partner

Mar 20, 2018

VirTra Awarded .6 Million Training Simulators Contract by U.S. Department of State for International Partner

TEMPE, Ariz., March 20, 2018 (GLOBE NEWSWIRE) — VirTra, Inc. (OTCQX:VTSI) (OTCQX:VTSID), a global provider of training simulators for the law enforcement, military, educational and commercial markets, today announced that it has received three delivery orders for law enforcement simulators under the previously announced indefinite delivery/indefinite quantity (IDIQ) contract by the United States Department of State (DOS). These orders are valued at approximately $4.6 million and will consist of 49 training simulators, related accessories and training. The IDIQ contract could result in up to $40 million in revenue for law enforcement training simulator equipment and services over the order period, which expires in April 2021.

“This is a historic day for VirTra as we have been entrusted to supply critical training simulators for Pakistan,” said Jason Mulcahy, general manager of VirTra. “We are honored to have been selected by the U.S. Department of State and look forward to the opportunity to supply world class training solutions with deliveries projected to occur in the second and third quarters of 2018.”

The simulators will be delivered to the U.S. Department of State and are expected to be donated to Pakistan in support of U.S. Foreign Assistance programs. The simulators are anticipated to be used in basic and advanced weapons training for developing proficiency in marksmanship, use of force judgment skills, close quarters shooting skills and other related skills which law enforcement personnel face in the execution of their duties.

With this contract, VirTra’s advanced simulators are now installed in 27 countries, plus the United States.

About VirTra 
VirTra is a global provider of training simulators for the law enforcement, military, educational and commercial markets. The Company’s patented technologies, software and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship and related training that mimics real world situations. VirTra’s mission is to save and improve lives worldwide through realistic and highly-effective virtual reality and simulator technology. Learn more about the company at www.VirTra.com.

Forward-looking Statements 
This news release includes certain information that may constitute forward-looking statements.  Forward-looking statements are typically identified by terminology such as “could,” “may,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “proposed,” “planned,” “potential” and similar expressions, or are those, which, by their nature, refer to future events.  All statements, other than statements of historical fact, included herein, including statements about VirTra’s beliefs and expectations, are forward-looking statements.  Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.  Although VirTra believes that such statements are reasonable, it can give no assurance that such forward-looking information will prove to be accurate. VirTra cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors.  Accordingly, due to the risks, uncertainties and assumptions inherent in forward-looking information, readers and prospective investors in the Company’s securities should not place undue reliance on forward-looking information.  All forward-looking information contained in this press release is given as of the date hereof, and is based upon the opinions and estimates of management and information available to management as at the date hereof and is subject to change.  The Company assumes no obligation to revise or update forward-looking information to reflect new circumstances, whether as a result of new information, future events or otherwise, except as required by law.

Media contact:
Susan Lehman
(510) 599-6555

Investor relations contact:
Brett Maas
(646) 536-7331

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Willis Lease Finance Corporation Reports 50% Growth in Annual Pre-Tax Profit to $36.0 Million

Mar 13, 2018

Willis Lease Finance Corporation Reports 50% Growth in Annual Pre-Tax Profit to .0 Million

NOVATO, Calif., March 13, 2018 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ:WLFC) today reported 50.4% growth in annual pre-tax income to $36.0 million, from $23.9 million in 2016, and recorded total revenues of $274.8 million. The Company’s 2017 pretax results were driven by solid revenue growth in the core leasing business and a significant increase in spare parts and equipment sales. Aggregate lease rent and maintenance reserve revenues of $210.6 million were driven by a 90% average utilization of a lease portfolio that grew 18.1% to $1.34 billion at year-end. Spare parts and equipment sales grew 189% on a year over year basis. Net income attributable to common shareholders grew 338% to $60.3 million for the year or to $9.69 of diluted weighted average earnings per common share. The positive tax effects of the Tax Cuts and Jobs Act of 2017 contributed $43.6 million to our 2017 after tax income.

“2017 was our most profitable year on a pre-tax basis since 2008, with record revenues,” said Charles F. Willis, Chairman and CEO. “Utilization of our lease portfolio remains high due in part to robust maintenance activity on engine types we support, including some older engine types many thought would have been retired long ago. Last year was also important for us from a capital perspective as we were successful in closing our WEST III asset backed securitization and a second round of preferred equity.”

“As we have said before, we believe our Platform differentiates us and our varied business areas delivered for our customers and, consequently, for us in 2017,” said Brian R. Hole, President. “In addition to our core leasing business, our trading, asset management and spare parts businesses performed well and continue to become more useful for our customers. We will continue to actively manage and grow our leasing portfolio and find new ways to create value for our growing customer base.”

2017 Highlights (at or for the periods ended December 31, 2017 as compared to December 31, 2016):

  • Total revenue grew 32.6% to $274.8 million in 2017, from $207.3 million in 2016. 
  • Average utilization for the year was 90%, in line with 2016 performance.
  • Lease rent and maintenance reserve revenues grew 8.7% and 40.5% respectively. The $23.1 million increase in maintenance reserve revenues for 2017 was partially offset by a $15.4 million increase in non-cash write-down of equipment expense.  
  • The equipment portfolio grew 18.1% to $1.343 billion, from $1.137 billion in 2016, net of asset sales and depreciation expense.
  • The Company purchased $345 million of equipment in 2017, compared to $149 million in 2016.  In the fourth quarter of 2017, the Company purchased one aircraft and fourteen engines for $169 million. 
  • Tangible book value per diluted weighted average common shares outstanding increased 42.4% to $41.63 at December 31, 2017, compared to $29.23 a year ago.
  • The Company maintained $399 million of undrawn revolver capacity at December 31, 2017.
  • The book value of lease assets, either owned directly or through our joint ventures, was $1.6 billion at the end of 2017. 
  • A total of 155,312 shares of common stock were repurchased in 2017 under the Company’s five-year repurchase plan for $3.5 million.
  • The Company issued 1,500,000 shares of 6.5% Series A-2 Preferred Stock, $0.01 par value per share at a purchase price of $20.00 per share in September 2017.
  • The Company closed a $336 million asset-backed securitization, Willis Engine Structured Trust III (WEST III) on August 4, 2017. The Notes are secured by a portfolio of 56 engines.

Balance Sheet
As of December 31, 2017, the Company had a total lease portfolio consisting of 225 engines and related equipment, 16 aircraft and 7 other leased parts and equipment with a net book value of $1.343 billion.  As of December 31, 2016, the Company had a total lease portfolio consisting of 208 engines and related equipment, 11 aircraft and 5 other leased parts and equipment, with a net book value of $1.137 billion.

Willis Lease Finance Corporation
Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 120 countries. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services supported by cutting edge technology through its subsidiary Willis Asset Management, as well as various end-of-life solutions for aircraft, engines and aviation materials provided through its subsidiary, Willis Aeronautical Services, Inc.

Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties.  Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees.  Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them.  Our actual results may differ materially from the results discussed in forward-looking statements.  Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as terrorist activity, changes in oil prices and other disruptions to the world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet the changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission.

Unaudited Consolidated Statements of Income             
(In thousands, except per share data)             
 Three Months Ended    Years Ended   
 December 31,  % December 31, %
  2017    2016  Change  2017   2016 Change
Lease rent revenue$35,324   $31,168  13.3% $130,369  $119,895 8.7%
Maintenance reserve revenue 15,977    11,529  38.6%  80,189   57,091 40.5%
Spare parts and equipment sales 10,150    7,318  38.7%  51,423   17,783 189.2%
Gain on sale of leased equipment 245    52  371.2%  4,929   3,482 41.6%
Other revenue 1,493    5,409  (72.4)%  7,930   9,023 (12.1)%
Total revenue 63,189    55,476  13.9%  274,840   207,274 32.6%
Depreciation and amortization expense 17,238    17,045  1.1%  66,023   66,280 (0.4)%
Cost of spare parts and equipment sales 11,302    5,508  105.2%  40,848   13,293 207.3%
Write-down of equipment 2,687    3,590  (25.2)%  24,930   9,514 162.0%
General and administrative 15,164    13,086  15.9%  55,737   47,780 16.7%
Technical expense 2,384    2,080  14.6%  9,729   6,993 39.1%
Net finance costs             
Interest expense 12,322    10,509  17.3%  48,720   41,144 18.4%
Loss on extinguishment of debt       0.0%     137 (100.0)%
Total net finance costs 12,322    10,509  17.3%  48,720   41,281 18.0%
Total expenses 61,097    51,818  17.9%  245,987   185,141 32.9%
Earnings from operations 2,092    3,658  (42.8)%  28,853   22,133 30.4%
Earnings from joint ventures 1,103    939  17.5%  7,158   1,813 294.8%
Income before income taxes 3,195    4,597  (30.5)%  36,011   23,946 50.4%
Income tax (benefit) expense (39,515)   1,890  (2190.7)%  (26,147)  9,877 (364.7)%
Net income 42,710    2,707  1477.8%  62,158   14,069 341.8%
Preferred stock dividends 825    281  193.6%  1,813   281 545.2%
Accretion of preferred stock issuance costs 21    8  162.5%  46   8 475.0%
Net income attributable to common shareholders$41,864   $2,418  1631.3% $60,299  $13,780 337.6%
Basic weighted average earnings per common share$6.87   $0.39    $9.93  $2.10  
Diluted weighted average earnings per common share$6.75   $0.39    $9.69  $2.05  
Basic weighted average common shares outstanding 6,090    6,149     6,074   6,570  
Diluted weighted average common shares outstanding 6,201    6,275     6,220   6,714  

(1)  The amounts herein include reclassifications of scrap inventory write-offs and lower of cost or market write-downs that were previously presented within Write-down of equipment to the Costs of spare parts and equipment sales expense line item. Both the three-month period and year ended December 31, 2017 were impacted by a $2.6 million reclassification related to the nine months ended September 30, 2017, reflected as an increase to Cost of spare parts and equipment sales and a decrease to Write-down of equipment. These reclassifications had no impact to the information presented in prior year financial statements.


Unaudited Consolidated Balance Sheets     
(In thousands, except per share data)     
 December 31, 2017  December 31, 2016 
Cash and cash equivalents$7,052  $10,076  
Restricted cash 40,272   22,298  
Equipment held for operating lease, less accumulated depreciation 1,342,571   1,136,603  
Maintenance rights 14,763   17,670  
Equipment held for sale 34,172   30,710  
Operating lease related receivables, net of allowances 18,848   16,484  
Spare parts inventory 16,379   25,443  
Investments 50,641   45,406  
Property, equipment & furnishings, less accumulated depreciation 26,074   16,802  
Intangible assets, net 1,727   2,182  
Other assets 50,932   14,213  
Total assets$1,603,431  $1,337,887  
Accounts payable and accrued expenses$22,072  $17,792  
Deferred income taxes 78,280   104,978  
Debt obligations 1,085,405   900,255  
Maintenance reserves 75,889   71,602  
Security deposits 25,302   21,417  
Unearned revenue 8,102   5,823  
Total liabilities 1,295,050   1,121,867  
Redeemable preferred stock ($0.01 par value)$49,471  $19,760  
Shareholders’ equity:     
Common stock ($0.01 par value) 64   64  
Paid-in capital in excess of par 2,319   2,512  
Retained earnings 256,301   194,729  
Accumulated other comprehensive income (loss), net of tax 226   (1,045) 
Total shareholders’ equity 258,910   196,260  
Total liabilities, redeemable preferred stock and shareholders’ equity$1,603,431  $1,337,887  
Scott B. Flaherty
Chief Financial Officer
(415) 408-4700

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U.S. Defense Electronics Market Projected to Grow, Driven by World Events and Politics

Mar 12, 2018

U.S. Defense Electronics Market Projected to Grow, Driven by World Events and Politics

NEWTOWN, Conn., March 12, 2018 (GLOBE NEWSWIRE) — While running for office, U.S. President Donald Trump promised to eliminate sequestration and increase defense spending, causing a surge in defense stocks a day after the election.  He also called for increased offensive and defensive cyber capabilities, and plans to launch a thorough review of U.S. cyber defenses to identify vulnerabilities.  Forecast International projects that the U.S. defense electronics market will be worth at least $140.386 billion over the timeframe 2018-2027.   


“The amazing breakthroughs in technology seem to be approaching the point of achieving a science fiction-like reality.  This rapid advancement could in part be due to tighter budgets that are producing wiser spending.  The U.S. Department of Defense seems to be investing more heavily in defense electronics with each passing year,” said Richard Sterk, Senior Analyst and editor of Forecast International’s yearly analysis “The Market for U.S. Defense Electronics.” 

Forecast International’s projections are the result of a review and analysis of 500+ leading defense electronics programs.  Based on the results of FI’s modeling, the top defense electronics companies in the U.S. market continue to draw from the upper echelons of corporate America. The top five are: Northrop Grumman, Lockheed Martin, Raytheon, Harris, and BAE Systems.  

“The U.S. defense electronics market continues showing signs of strength and growth,” says Sterk.  “The focus of the U.S. defense electronics industry is on enhancing, modernizing, and upgrading existing systems while at the same time developing new technologies, but such dual efforts remain hampered by tight budgets. Militaries are having a difficult enough time getting funding for required items, much less for pipedream acquisitions based on advanced concept development.” he added, “No one is willing to risk the limited money available to flesh out a new and unproven idea.  The U.S. DoD is becoming a smarter consumer and using its limited financial resources wisely.” 

Programs forecast to be market leaders over the coming decade include the APG-81 AESA radar for F-35 aircraft; the ICNIA (Integrated Communications, Navigation, Identification, Avionics) system that will integrate aircraft avionics for the F-22 and the F-35 Joint Strike Fighter; the APG-68 pulse-Doppler fire control radar for the F-16; the AAQ-33 Sniper Advanced Targeting Pod; the ALQ-210 situational awareness and threat warning system; the VUIT-2 video system; the SPY-6 Air and Missile Defense Radar (AMDR) to be installed aboard aircraft carriers and destroyers; the AQS-20 minehunting sonar and AQS-22 ALFS (Airborne Low Frequency Sonar) naval systems; the Navy Multi-band Terminal C4I system; the PRC-150 and PRC-152 combat radios; the Bowman radio; and the Warfighter Information Network-Tactical (WIN‑T). 

About Forecast International

Forecast International, Inc. is a leading provider of Market Intelligence and Consulting in the areas of aerospace, defense, power systems and military electronics. Based in Newtown, Conn., USA, the company specializes in long-range industry forecasts and market assessments used by strategic planners, marketing professionals, military organizations, and governments worldwide. Forecast International also maintains a high posture of situational awareness and geopolitical analysis.


A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/71334822-e86d-4d30-a58e-189ed0861970

CONTACT: Ray Peterson
Forecast International
203 426-0800

Source: Av News Feed

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Air Lease Corporation to Present at J.P. Morgan Aviation, Transportation and Industrials Conference

Mar 9, 2018

Air Lease Corporation to Present at J.P. Morgan Aviation, Transportation and Industrials Conference

LOS ANGELES, March 09, 2018 (GLOBE NEWSWIRE) — Air Lease Corporation (NYSE:AL) (“ALC”) announced today that Steven F. Udvar-Házy, Executive Chairman, John L. Plueger, Chief Executive Officer and President, and Gregory B. Willis, Executive Vice President and Chief Financial Officer, will be presenting at the J.P. Morgan Aviation, Transportation and Industrials Conference in New York City on Wednesday, March 14, 2018 at 11:00 a.m. Eastern Time. Presentation materials utilized will be posted in advance of the presentation time to the Investors section of ALC’s website at https://www.airleasecorp.com.

About Air Lease Corporation (NYSE: AL)

ALC is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world.  ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions.  For more information, visit ALC’s website at www.airleasecorp.com.


Mary Liz DePalma
Assistant Vice President, Investor Relations
Email: mdepalma@airleasecorp.com


Laura Woeste
Manager, Media and Investor Relations
Email: lwoeste@airleasecorp.com

Source: Av News Feed

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Points Named As One of Canada’s Top Workplaces for Women Four Years In A Row

Mar 8, 2018

Points Named As One of Canada’s Top Workplaces for Women Four Years In A Row

TORONTO, March 08, 2018 (GLOBE NEWSWIRE) — Points (TSX:PTS) (Nasdaq:PCOM), the global leader in powering loyalty commerce, today announced that it has again been recognized as one of the Best Workplaces for Women in Canada in 2018. This marks the fourth consecutive year that Points has been named a top employer for women. 

Points received this honour based on independent analysis of survey data received directly from Points employees by Great Place to Work®. The award identifies organizations that foster levels of workplace trust experience by their female workforce as well as their people programs that support women.

“We are so pleased to be recognized amongst our peers as one of the best workplaces in Canada for women, especially when this award is based on direct employee feedback,” said Inez Murdoch, Chief People Officer at Points. “We have very dedicated employees, both women and men, at Points who are committed to ensuring that we continue to improve and champion initiatives that encourage a culture of diversity, inclusion and equality.”

Points promotes the recruitment and career development of women, creating an environment of equal opportunity. Points offers competitive benefits like flexible work-hours, maternity and parental support, and encourages strong relationships for women across departments through company-sponsored events and lunches. Points is actively involved in the Pyladies community, an international mentorship group with a focus on helping more women become active participants and leaders in the Python open-source community.

“A diverse and inclusive workplace is our cultural fabric and is especially important to us, as we are in the technology industry where women are significantly underrepresented,” said Rob MacLean, CEO at Points. “Gender diversity is good business, it improves decision making and ensures that we can represent the markets that we serve.”

A complete list of the 2018 finalists can be found on the Great Place to Work’s website. For more information on the Great Place to Work – https://www.greatplacetowork.ca/en/best-workplaces/best-workplaces-for-women

About Points

Points, publicly traded as Points International Ltd. (TSX:PTS) (Nasdaq:PCOM), provides loyalty e-commerce and technology solutions to the world’s top brands to power innovative services that drive increased loyalty program revenue and member engagement. With a growing network of almost 60 global loyalty programs integrated into its unique Loyalty Commerce Platform, Points offers three core private or co-branded services: its Loyalty Currency Retailing service retails loyalty points and miles directly to consumers; its Platform Partners service offers any developer transactional access to dozens of loyalty programs and their hundreds of millions of members via a package of APIs; and its Points Travel service helps loyalty programs increase program revenue from hotel and car rental bookings, and provides more opportunities for members to earn and redeem loyalty rewards more quickly. Points is headquartered in Toronto with offices in San Francisco and London.

For more information, visit company.points.com, follow Points on Twitter (@PointsLoyalty) or read the Points blog. For Points’ financial information, visit investor.points.com.

About Great Place to Work®

Great Place to Work® (GPTW) is the global authority on high-trust, high-performance workplace cultures. Through proprietary assessment tools, advisory services, and certification programs, GPTW recognizes the world’s Best Workplaces in a series of national lists including those published by Fortune magazine (USA) and The Globe & Mail (Canada). Great Place to Work® provides the benchmarks, framework, and expertise needed to create, sustain, and recognize outstanding workplace cultures. www.greatplacetowork.ca and @GPTW_Canada


Catherine Lowe
Points Media Relations
+1 649-539-1310 (Canada)

Source: Av News Feed

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Spire Global and Airbus Partner to Deliver Global Aircraft Surveillance Data

Mar 8, 2018

Spire Global and Airbus Partner to Deliver Global Aircraft Surveillance Data

MADRID, Spain, March 08, 2018 (GLOBE NEWSWIRE) — Spire Global and Airbus Defence and Space have signed a Memorandum of Understanding. Under the MoU, Spire will contribute data from its network of Automatic Dependent Surveillance-Broadcast (ADS-B) enabled satellites to the Airbus Surveillance Digital Eco-System.

Airbus is looking to create a near real-time database of air traffic by building an ecosystem of suppliers with different kinds of data sets. Spire’s unique capability to offer space-based ADS-B data surveillance will allow Airbus to fulfill its ambition to “make more of the sky” by delivering real-time, global aircraft surveillance data to the broader aviation market.

“Airbus is a forward-thinking organization with a heavy focus on technology and innovation – especially when it comes to the implications that data has on business. For that reason, they are an ideal partner for Spire AirSafe,” said William Fernandez, Spire AirSafe Business Development Executive.

Spire’s global ADS-B service will begin to roll out later this year. The service is driven by the company’s multi-sensor satellite platform which serves multiple data types from a single satellite bus. Spire’s current satellite constellation contains 58 satellites and covers each point on Earth more than one hundred times per day.

About Spire

Spire is a data and analytics company that collects data for earth from space, to help business and governments address previously insurmountable problems affecting everyone on the planet. Its constantly improving constellation of LEO satellites uses listening sensors to listen to the planet in real-time, gaining access to rich and untapped data sources totally off-limits to camera-based technology and inaccessible from the ground. To learn more, visit: www.spire.com

Press Contact:
Nick Allain

Source: Av News Feed

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Mar 8, 2018


Mexico City, March 08, 2018 (GLOBE NEWSWIRE) — Mexico’s global airline wants that there is an Aeromexico for everyone. Therefore, the airline introduces its Branded Fares concept, designed to offer every customer a wider choice of products tailored to meet their travel needs.

Customers traveling within Mexico and to and from the United States and Canada will now enjoy the Basic, Classic, Flexible, AM Plus, Comfort, and Premier fare options, guaranteeing a well-rounded travel experience with more freedom and decision-making power.

If you have no preference for a specific seat, don’t need to change a flight itinerary, and carry only your essentials on-board without checking baggage, the Basic fare is the ideal plan for you, as you’ll enjoy can enjoy the in-flight service and experience offered by Mexico’s premium airline with a competitive price.

For those traveling with someone else or looking for top quality essentials there’s the Classic fare, that allows you to select both yours and your companion’s seat. With this fare you will also have the option of purchasing additional services and ancillaries for an enhanced flight experience, such as an upgrade to Clase Premier or a car rental.

Business trips also deserve special attention, so Aeromexico offers the Flexible fare for domestic flights, which allows you to better handle the unexpected. This fare gives you the flexibility of changing your flight time, date and destination at no additional cost, plus other benefits such as No Show with no extra fee*.

If you values your time and space above all else, AM Plus is ideal for you to get the most out of your trip. With this fare you will enjoy priority check-in, boarding and deplaning, as well as extra leg room, more space for your baggage and space to work on-board.

We all know that long-haul travel calls for special comfort, therefore Aeromexico offers you the Comfort fare for transborder flights between Mexico and the United States. With this fare you’ll have access to top-quality service, priority check-in, boarding and deplaning, more space for personal baggage and many other benefits.

If you want to enjoy the maximum flight experience and all the in-flight services Aeromexico has to offer, the Premier fare is for you, as it provides the most flexibility, exclusive snacks and beverages, priority check-in and boarding, full flatbed seats on selected routes, and change of date and itineraries free of charge, among many other benefits.

Thanks to this strategy and our new Branded Fares, customers will be able to enjoy the benefits of traveling with Mexico’s premium airline with competitive fares that add value to the cost-benefit ratio for customers, while allowing Aeromexico to maintain its position as the market’s airline of choice.

Aeromexico has an option for you, whatever your destination, needs, and budget.

*Visit www.aeromexico.com/my-fare for more information and details on each Branded Fare. 


About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. is a holding company whose subsidiaries provide commercial aviation services and promote passenger loyalty programs in Mexico. Aeromexico, Mexico’s global airline, offers more than 600 daily flights and operates its main hub out of Terminal 2 at the Mexico City International Airport. Its route network spans more than 90 cities on three continents: including 44 in Mexico, 23 in the United States, 15 in Latin America, four in Canada, four in Europe and three in Asia.

The Group’s operating fleet of more than 130 aircraft is comprised of Boeing 787 and 737 jet airliners, as well as next-generation Embraer 170 and 190 models. In 2012, the airline announced the most significant investment strategy in aviation history in Mexico, to purchase 100 Boeing aircraft including 90 B737 MAX jet airliners and ten B787-9 Dreamliners.

As a founding member of the SkyTeam alliance, which is celebrating its 17th anniversary, Aeromexico offers customers more than 1,000 destinations in 177 countries served by the 20 partner airlines rewarding passengers with benefits including access to 672 premium airport lounges around the world. Aeromexico also offers travel on its codeshare partner flights with Delta Air Lines, Alaska Airlines, Avianca, Copa Airlines, and WestJet. Aeromexico offers extensive connectivity in countries including the United States, Brazil, Canada, Colombia, and Peru. www.aeromexico.com www.skyteam.com



A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/997a8663-ab21-4cbd-82af-a11199966ca0

CONTACT: Barbrha Ibañez

Source: Av News Feed

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Spire’s First ADS-B Plane Tracking Satellites to Enter Service by the End of Q2

Mar 7, 2018

Spire’s First ADS-B Plane Tracking Satellites to Enter Service by the End of Q2

MADRID, Spain, March 07, 2018 (GLOBE NEWSWIRE) — Today at World ATM Congress 2018, Spire announced that its first Automatic Dependent Surveillance-Broadcast (ADS-B) enabled satellites are due to launch by the end of Q2. Like all LEMUR2 class satellites, these first ADS-B satellites will be multi-sensor, carrying additional weather (GPS-Radio Occultation) and maritime (Automatic Identification System) payloads. These new satellites are the first to enable Spire’s AirSafe aircraft tracking service. Testing for initial customers will follow shortly after launch of the satellites.

Spire is a next generation data and AI analytics company that identifies, tracks and predicts the movement of the world’s resources and weather systems, using its constantly improving global constellation of satellites, to help businesses and governments decide with increasing certainty, what to do next in their rapidly changing world. 

“In the wake of MH370, there has been a lot of emphasis placed on aircraft tracking but it hasn’t always been a quick or easy problem to solve for our industry. That will change fast as the initial data will rapidly seed product development for our earliest customers,” said William Fernandez, Spire AirSafe Business Development Executive. “These satellites will pave the way for tens more satellites like them and open up a new age in affordable aircraft tracking over remote regions.”

When it comes to our oceans, the arctic, and vast swaths of desert or jungle, we have operated almost entirely in the dark. Spire’s satellites, enabled for aircraft tracking, change that by shedding light on those inaccessible areas. ADS-B, a standard of aircraft tracking in aviation, is set to become mandatory as tracking mandates worldwide begin taking effect later this year and into 2020. Spire’s robust and reliable satellite constellation, which is made up of 58 weather and ship sensing satellites, carries more than four decades of cumulative time in orbit and is constantly refreshed with near-monthly launches.

About Spire
Spire is a data and analytics company that collects data for earth from space, to help business and governments address previously insurmountable problems affecting everyone on the planet. Its constantly improving constellation of LEO satellites uses listening sensors to listen to the planet in real-time, gaining access to rich and untapped data sources totally off-limits to camera based technology and inaccessible from the ground. To learn more, visit: www.spire.com


Nick Allain

Source: Av News Feed

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