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Monday, November 15, 2004

Supply Side

  • Landsflug, an Iceland-based carrier, purchased a Dornier 228-202K from Air Wales. Landsflug is a new airline that purchased the domestic schedule and charter flights of Islandsflug. Its fleet consists of two Dornier 228s and one Piper Chieftain. With the sale, Air Wales now operates only ATR 42s. ISIS Aviation Services brokered the deal.
  • Euroair has leased three 64-seat ATPs from BAe Systems Regional Aircraft. The first aircraft was delivered to the Greek carrier in early November. The other two planes will be delivered over the next few months. Euroair will use the first ATP on charter routes within Greece. With the new aircraft, Euroair intends to begin scheduled service within Greece.
  • Rockwell Collins [COL], a manufacturer of aircraft avionics, earned $301 million, or $1.67 per share, during its fiscal year which closed on Sept. 30. A year ago, the company earned $258 million, or $1.43 per share. In fiscal 2004, Rockwell Collins had $2.93 billion in sales compared to $2.54 billion in fiscal 2003. Its commercial systems unit, which services the aviation industry, had a fourth quarter profit of $59 million and a fiscal year profit of $200 million.
  • AeroCentury Corp. [ACY], an independent aircraft leasing company, reported a third quarter loss of $557,240, or 36 cents per share, on revenue of $2.4 million. A year ago in the same period, AeroCentury earned $50,000, or three cents per share, on revenue of $2 million.
  • CAE [CAE], a provider of flight simulators and integrated training services, earned $11.7 million, or five cents per share, in the second quarter, which ended Sept. 30, on revenue of $196.7 million. A year ago, the company earned $12.6 million on total sales of $178.4 million. On Nov. 1, CAE agreed to sell its Marine Controls business to L-3 Communications [LLL] for $274.5 million. The deal will permit the company to focus on its core simulation and training business.
  • ExpressJet [XJT] has expanded its service contract with Rolls-Royce. The new contract valued at $120 million broadens coverage to include replacement parts on the AE3007 engine, which is on the 274 Embraer [ERJ] planes flown by ExpressJet. The contract runs through 2015.
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