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Breeze-Eastern Reports Record Fiscal 2012 First Quarter Sales

Stocks in this article: BZC

Breeze-Eastern Corporation (NYSE Amex: BZC) today reported its Fiscal 2012 First Quarter financial results.

  • Net sales: $18.2 million, a new record for First Quarter sales - up 10% over $16.5 million for the Fiscal 2011 First Quarter.
  • Net income: $0.6 million, or $0.06 per diluted share, equal to the Fiscal 2011 First Quarter.Adjusted EBITDA, as described under “Non-GAAP Financial Measures” in this press release: $1.6 million, versus $2.0 million in the Fiscal 2011 First Quarter.
  • Current debt: zero
  • Long-term debt (total): $10.7 million, $0.8 million lower than three months ago, and $6.6 million lower than a year ago.Cash: $10.5 million, versus $2.4 million a year ago.
  • Bookings: $13.6 million, versus $19.7 million in Fiscal 2011 First Quarter. The book-to-bill ratio for the Fiscal 2012 First Quarter was 0.7.

Mike Harlan, President and Chief Executive Officer, said, "We are pleased to have started our Fiscal year with record First Quarter sales and continued strong cash flow. We continued to accelerate debt principal pre-payments during the quarter, and, after subtracting cash, our net debt was down to $0.2 million."


Mr. Harlan continued, “We are getting to the final stages for several major development programs; we completed final qualification testing for the C-27J Cargo Winch last quarter and will be providing initial qualified products for the CH-53K, AW-159, and A400M later this Fiscal year. Bookings in the First Quarter were less than expected due to a variety of delays, but we still expect to get more orders than shipments by the end of our Fiscal year. We expect our Fiscal Second Quarter sales to be stronger than the Fiscal 2011 Second Quarter and stronger than our Fiscal 2012 First Quarter. Our projected cash flow is still very strong."

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