First Aviation reports improvement in income
May 19, 2010, 04:19 pm
A company that provides services to the general aviation industry and other airline businesses reported improved net income during the first quarter.
First Aviation Services said net income increased from $421,000 to $607,000 during the first three months of 2010. Sales rose 19.3 percent to $30.8 million and were driven by the acquisition of Piedmont Propulsion Systems LLC and Aerospace Turbine Rotables Inc.
Aaron P. Hollander, chairman and chief executive officer for First Aviation, said the company showed solid results despite difficulties faced in the economy and said the company would focus on military and international markets in the future.
"While we see signs of recovery in general aviation, particularly in the corporate and charter segments, we expect it will be some time for the market to fully recover," Hollander said.
A recent report from the General Aviation Manufacturers Association showed that orders for aircraft were down 15 percent during the first quarter of 2010, though the decline was less than was seen between 2008 and 2009. Furthermore, members of the group said they have seen the industry find some stabilization.
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