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Monday, March 28, 2005

Box Scores: 2004 Financial Results

AirNet Systems [ANS]
4th Quarter Trend | 12-Month Trend 4th Quarter Dec. 31, 2004 4th Quarter Dec. 31, 2003 Percent Change 12 Months Dec. 31, 2004 12 Months Dec. 31, 2003 Percent Change
UP | UP Bank Revenue
$27.4M
$25.3M
8.3%
$106.1M
$103.3M
2.7%
UP | UP Express Revenue
$13.3M
$10M
33%
$49M
$39.9M
22.8%
UP | UP Charter Revenue
$6.9M
$2M
245%
$18.4M
$7.5M
145.3%
UP | UP Total Net Revenue
$48.4M
$37.5M
29%
$174.9M
$149.2M
17.2%
UP | UP Total Expenses
$45.1M
$35.9M
25.6%
$215.5M
$142.9M
50.8%
DN | DN Net Income
($4.1M)
$712,000
(675.8%)
($34.1M)
$2.7M
(1,362.9%)
DN | DN Net Income Per Share
(41 cents)
7 cents
(41.4%)
($3.39)
28 cents
(1,310.7%)

Analysis: On an operational basis, AirNet earned $3.2 million in the fourth quarter. A $5.7 million charge to offset tax obligations produced the fourth quarter net loss of $4.1 million. AirNet continues to grow its diversification divisions so it is not so reliant on ferrying bank checks. Its passenger charter unit, Jetride, added six aircraft during 2004 to bring the fleet total to 15, with nine owned by AirNet. The bulk of the Jetride sales comes from fractional ownership companies. The $34.1 million net loss for the year is a result of the third quarter impairment charge of $47 million.

Embraer [ERJ]
4th Quarter Trend | 12-Month Trend 4th Quarter Dec. 31, 2004 4th Quarter Dec. 31, 2003 Percent Change 12 Months Dec. 31, 2004 12 Months Dec. 31, 2003 Percent Change
UP | UP Commercial Sales
$627.2M
$417.8M
50.1%
$2.5B
$1.5BM
66.6%
DN | UP Defense Sales
$88.7M
$98M
(9.4%)
$365.8M
$262.4M
39.4%
UP | UP Corporate Sales
$151.2M
$57.5M
162.9%
$245.7M
$175.4M
40%
UP | UP Total Sales
$953.5M
$649M
46.9%
$3.4B
$2.1B
61.9%
UP | UP Cost of Sales
$595M
$410.3M
45%
$2.2B
$1.3B
69.2%
UP | UP Net Income
$82.9M
$67.8M
22.2%
$380.2M
$136M
179.5%
UP | UP Net Income Per Share
47.3 cents
38.7 cents
22.2%
$2.17
78 cents
178.2%

Analysis: Spurred by the delivery of 46 Embraer 170s, Embraer set new records for the 35-year-old company. Last year the company delivered 148 airplanes compared to 101 in 2003. In the fourth quarter alone, Embraer delivered 42 planes, including 10 Embraer 170s. For the year, sales were up 62 percent, which in turn generated a 179 percent increase in net earnings. At year's end, Embraer had a firm order backlog of 400 aircraft valued at $10.1 billion.

Sources: Company reports

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