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Monday, December 5, 2005

Box Scores: Third Quarter Financial Results

Viva International [VIVI]) {Eastern Caribbean Airlines}
3rd Quarter Trend | Year-To-Date Trend Quarter Ending Sept. 30, 2005 Quarter Ending Sept. 30, 2004 Percent Change Year-To-Date 2005 Year-To-Date 2004 Percent Change
Operating Revenue
$76,127
$0
n/a
$97,923
$0
n/a
Cost of Sales
$162,827
$0
n/a
$270,610
$0
n/a
Gross Profit/Loss
($86,700)
$0
n/a
($172,687)
$0
n/a
UP | UP Administrative Expenses
$386,420
$256,546
50.6%
$1.3M
$834,612
55.8
DN | DN Net Income
($473,073)
($256,546)
(84.4%)
($1.9M)
($834,612)
(127.7%)
DN Net Income Per Share
(1 cents)
(1 cents)
no change
(4 cents)
(1 cents)
(300%)

Analysis: Although Viva International had planned on completing its purchase of RegionsAir by Nov. 15, the two firms have not closed the deal. Eastern Caribbean Airlines was purchased by Viva in the spring and it is its only source of revenue. In its third quarter report, Viva acknowledged that it needs to raise $10 million to $15 million in new financing. A portion of the new equity will be used to purchase RegionsAir. If Viva cannot raise the additional funds, it will not be able to complete the RegionsAir purchase or lease Saab aircraft from both RegionsAir and Eastern Caribbean as it has planned.

AirNet Systems [ANS]
3rd Quarter Trend | Year-To-Date Trend Quarter Ending Sept. 30, 2005 Quarter Ending Sept. 30, 2004 Percent Change Year-To-Date 2005 Year-To-Date 2004 Percent Change
UP | UP Bank Services Sales
$29.1M
$26.6M
9.4%
$85.2M
$78.6M
8.4%
UP | UP Express Sales
$13.5M
$12.8M
5.4%
$39.1M
$35.7M
9.5%
UP | UP Passenger Charter Sales
$5.2M
$4.2M
23.8%
$23M
$11.5M
100%
UP | UP Total Sales
$48M
$43.9M
9.3%
$147.8M
$126.5M
16.8%
DN | DN Impairment Charges
$16M
$42.9M
(62.7%)
$16M
$42.9M
(62.7%)
DN | DN Total Expenses
$59.6M
$88.9M
(32.9%)
$151.9M
$170.4M
(10.8%)
UP | UP Operating Income/Loss
($11.7M)
($45.7M)
74.40%
($4M)
($43.8M)
90.8%
UP | UP Net Income/Loss
($7.9M)
($30.1M)
73.7%
($4.3M)
($29.9M)
85.6%
UP | UP Net Income Per Share
(78 cents)
($2.99)
73.9%
(43 cents)
($2.98)
85.5%

Analysis: AirNet would have posted a $4.3 million operating profit in the third quarter if it did not take a $16 million impairment charge. In preparation for the sale of AirNet to a private equity company at a value less than the book value of the company, AirNet took the $16 million impairment charge to bring its asset valuation in line with the $4.55 a share sales offer. An independent third party examined the AirNet books to determine its value.

Bombardier [BBD]
3rd Quarter Trend | Year-To-Date Trend Quarter Ending Oct. 31, 2005 Quarter Ending Oct. 31, 2004 Percent Change Year-To-Date 2005 Year-To-Date 2004 Percent Change
DN | DN Regional Aircraft Sales
$538M
$707M
(23.9%)
$2B
$2.4B
(16.7%)
UP | UP Business Aircraft Sales
$728M
$462M
57.6%
$2B
$1.2B
66.7%
UP | UP Total Aerospace Sales
$1.7B
$1.6B
6.3%
$5.6B
$5.3B
5.7%
UP | UP Total Aerospace Costs
$1.5B
$1.3B
15.4%
$4.8B
$4.6B
4.3 %
DN | UP Aerospace EBIT
$28M
$43M
(34.9%)
$145M
$112M
29.5%
DN | DN Total Sales
$3.3B
$3.6B
(8.3%)
$10.8B
$10.9B
(0.9%)
DN | DN Total Cost of Sales
$2.8B
$3.1B
(9.7%)
$9.3B
$9.7B
(4.1%)
DN | UP Net Income/Loss
($9M)
$10M
(190.0)
$163M
($141M)
215.6%
DN | UP Net Income Per Share
(1 cents)
0 cents
n/a
8 cents
(9 cents)
188.9%
DN | DN CRJ200 Deliveries
3
22
(86.4%)
32
77
(58.4%)
DN | DN CRJ700 Deliveries
9
15
(40.%)
31
40
(22.5%)
DN | -- CRJ900 Deliveries
1
0
n/a
11
11
no change

Analysis: With sales of both its regional aircraft and trains off the pace of the 2004 third quarter, Bombardier posted a third quarter loss. In the most recent quarter, customers cancelled orders for 13 CRJ 200s and it has only 24 firm orders for the 50-seat RJ. In the same quarter, it delivered 48 business jets.

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Source: Company reports

 

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