Wesco Aircraft Holdings, Inc. (NYSE: WAIR), a leading provider of comprehensive supply chain management services to the global aerospace industry, today announced results for its fiscal third quarter ended June 30, 2011.
- Revenue was $180.0 million, a company record, up 5.2% compared to $171.1 million in the third quarter of 2010
- Adjusted EBITDA was $43.9 million, compared to $45.9 million in the third quarter of 2010
- Adjusted Diluted EPS was $0.23, compared to $0.26 in the third quarter of 2010
- Completed an initial public offering of 21.0 million shares of common stock on August 2, 2011
Fiscal 2011 3rd Quarter Results
Revenue for the third fiscal quarter was $180.0 million, an increase of 5.2% compared to $171.1 million in the prior year period. Wesco continued to experience strong international growth during the quarter. Ad hoc, JIT and LTA sales as a percentage of net sales represented 40%, 28% and 32%, respectively, compared to 35%, 32% and 33%, respectively, for the same period last year.Adjusted EBITDA for the third quarter was $43.9 million as compared to $45.9 million in the third quarter of 2010. The change was primarily due to a decline in the gross profit percentage caused by changes in the sales mix. Net income for the third quarter of 2011 was $14.0 million, or Diluted Earnings Per Share (EPS) of $0.15. This compared to $21.5 million, or $0.24 per share in the prior year period. This decline was primarily driven by the recording of a loss on the extinguishment of debt in the amount of $7.1 million in conjunction with the April 2011 debt refinancing, and $2.5 million of fees related to Wesco’s initial public offering. Adjusted Net Income was $21.1 million, or $0.23 per share, compared to $23.6 million, or $0.26 per share in the prior year period, driven by the decline in the gross profit percentage.