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Monday, August 29, 2005

Box Scores: June Financial Results

Great Lakes Aviation [GLUX] {United Airlines, Frontier Airlines}
Second Quarter Trend | Year-To-Date Trend
Quarter Ending June 30, 2005
Quarter Ending June 30, 2004
Percent Change
Year-To-Date 2005
Year-To-Date 2004
Percent Change
DN | DN Public Service Revenue
$5.3M
$6M
(12%)
$9.7M
$11.2M
(13.8%)
DN | DN Total Revenue
$12.7M
$13.2M
(6%)
$34.5M
$37.6M
(8.1%)
DN | DN Expenses
$17.7M
$18.7M
(5.3%)
$35.2M
$38M
(7.3%)
DN | UP Operating Profit/Loss
$656,000
$837,000
(21.6%)
($710,000)
($410,000)
73.2%
DN | DN Net Profit/Loss
$66,000
$2.4M
(97.3%)
($1.8M)
$2.8M)
(163.6%)
UP | UP RASM
26.4 cents
24.7 cents
6.8%
25.5 cents
22.8 cents
11.8%
UP | UP CASM
25.5 cents
23.7 cents
7.5%
26 cents
23 cents
13%
DN | DN July RPM (miles)
10.1M
12.9M
(22%)
66.5M
77.9M
(14.7%)
DN | DN July ASM (miles)
25M
29.3M
(14.9%)
160.7M
194.5M
(17.4%)
DN | UP July Load Factor
40.5%
44.2%
(3.7 points)
41.4%
40.1%
1.3 points
DN | DN July Enplanements
38,442
47,141
(18.5%)
249,270
280,265
(11.1%)

Analysis: In the second quarter, Great Lakes added service to five communities while dropping two. At the end of June, Great Lakes had 27 Essential Air Service contracts. It used a grant from Wyoming to provide more service to three Wyoming communities. It used funds from Arizona and the federal government to start or improve service to five Arizona communities. The company has agreed to return five Beech 1900s to Raytheon and it has returned two so far.

AirNet Systems [ANS]
Second Quarter Trend | Year-To-Date Trend Quarter Ending June 30, 2005 Quarter Ending June 30, 2004 Percent Change Year-To-Date 2005 Year-To-Date 2004 Percent Change
UP | UP Bank Services
$28.8M
$26.2M
10%
$56.1M
$52M
8%
UP | UP Express Service
$12.4M
$12M
3%
$25.5M
$22.8M
12%
UP | UP Passenger Charters
$8.4M
$3.6M
133%
$17.8M
$7.2M
147%
UP | UP Total Revenue
$49.8M
$42.1M
18%
$99.7M
$82.6M
21%
UP | UP Total Expenses
$46M
$41.9M
10%
$92.1M
$81.4M
13%
UP | UP Operating Income
$3.8M
$208,000
1,727%
$7.6M
$1.1M
591%
UP | UP Net Income
$2M
($113,000)
1,870%
$3.5M
$203,000
1,624%
UP | UP Net Income Per Share
20 cents
(1 cents)
2,100%
35 cents
2 cents
75%

Analysis: Revenue from AirNet's budding passenger charter unit, JetRide, provided the margin for a profitable quarter. However, AirNet paid out more than $1.5 million in rent to aircraft owners for the use of their jets for JetRide flights. While the volume of transported canceled checks dropped 3 percent in the quarter, the bank services unit generated a 10 percent revenue growth with $1.7 million in additional fuel surcharges. The company continues to examine proposals to sell for both its delivery business and its passenger charter operators. In July, AirNet appointed two dissident shareholders to its board - these shareholders had opposed further growth of the passenger unit - to assist the board in evaluating the proposals that could split the company.

Embraer [ERJ]
Second Quarter Trend | Year-To-Date Trend Quarter Ending June 30, 2005 Quarter Ending June 30, 2004 Percent Change Year-To-Date 2005 Year-To-Date 2004 Percent Change
DN | DN Airline Sales
$537.8M
$748.6M
(28%)
$1.11B
$1.19B
(6.7% )
UP | DN Defense Sales
$116.3M
$65.8M
77%
$195.1M
$196.5M
(0.7%)
UP | UP Business Jet Sales
$59.7M
$55.5M
8%
$92.8M
$55.5M
67.2%
DN | UP Net Sales
$812.4M
$924.3M
(12%)
$1.57B
$1.55B
1%
DN | UP Cost of Sales
$557.1M
$622.9M
(11%)
$1.05B
$1.04B
1%
DN | DN Operating Income
$98.5M
$122.5M
(20%)
$223.3M
$275.5M
(19%)
UP | DN Net Income
$82.9M
$80.2M
3%
$179.1M
$184.5M
(3%)
UP | DN Net Income Per Share
10.76 cents
10.43 cents
3%
23.24 cents
23.84 cents
(3%)
DN | DN ERJ 145 Deliveries
15
25
(40%)
29
55
(47%)
DN | DN Embraer 170 Deliveries
10
15
(33%)
22
25
(12%)

Analysis: While aircraft sales were down in the second quarter at Embraer, profits were up slightly as it delivered a more profitable product mix. Embraer delivered fewer planes in the first half of 2005 as it anticipates delivering more planes in the third quarter. It has already delivered its first Embraer 175s and will soon deliver the first Embraer 190s. The company's order backlog now stands at $10.9 billion -up $1 billion in the quarter. The company has spent another $30.4 million in the second quarter on product development research for the Embraer 170/190 family.

Bombardier [BBD]
Second Quarter Trend | Year-To-Date Trend
Quarter Ending July 31, 2005
Quarter Ending July 31,, 2004
Percent Change
Year-To-Date 2005
Year-To-Date 2004
Percent Change
DN | DN Regional Aircraft Sales
$755M
$959M
(21.3%)
$1.5B
$1.7B
(11.8%)
UP | UP Business Aircraft Sales
$717M
$456M
57.2%
$1.3B
$791M
64.3%
?? Total Aerospace Sales
$1.95B
$1.95B
0%
$3.8B
$3.7B
2.7%
DN | UP Total Aerospace Costs
$1.6B
$1.7B
(5.9%)
$3.5B
$3.2B
9.4%
UP | UP Aerospace EBIT
$65M
$42M
54.8%
$117M
$69M
69.6%
DN | UP Total Sales
$3.6B
$3.8B
(5.3%)
$7.4B
$7.3B
1.4%
DN | DN Total Cost of Sales
$3.1B
$3.3B
(6.1%)
$6.4B
$6.5B
(1.5%)
UP | UP EBT
$59M
$42M
40.5%
$107M
($94M)
213.8%
UP | UP Net Income
$117M
$23M
408.7%
$172M
($151M)
213.9%
UP | UP Net Income Per Share
6 cents
1 cents
500%
9 cents
(9 cents)
200%
DN | DN CRJ200 Deliveries
12
26
(53.8%)
29
55
(47.3%)
DN | DN CRJ700 Deliveries
9
14
(35.7%)
22
25
(12%)
UP | UP CRJ705 Deliveries
9
0
100%
9
0
100%
DN | DN CRJ900 Deliveries
3
5
(40%)
10
11
(9.1%)
-- | -- Q200 Deliveries
1
1
0%
1
1
0%
DN | DN Q300 Deliveries
1
2
(50%)
1
3
(66.7%)
-- | UP Q400 Deliveries
4
4
0%
7
4
75%

Analysis: As the number of orders for 50-seat RJs continues to decline, Bombardier will scale back its production of the CRJ 200 to 18 next year compared to 54 this year. Bombardier still expects to deliver 329 aircraft this year, but the mix is changing. The company delivered 41 business jets in the second quarter compared to 33 regional jets and six turboprops. The growth in business jet sales has resulted in fewer Aerospace division layoffs that had been anticipated last October. Over the course of the year, the company will layoff 1,135 workers instead of the anticipated 2,000. The order book now stands at $10.2 billion. Bombardier has invested about $23 million in the feasibility for the proposed CSeries aircraft. A launch decision on the 130-seat aircraft is expected in the fall.

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