The conference call phone numbers were incorrect in the original release.

The corrected release reads:

BREEZE-EASTERN REPORTS FISCAL 2011 FIRST QUARTER RESULTS

Breeze-Eastern Corporation (NYSE Amex: BZC) today reported its Fiscal 2011 first quarter financial results as follows.
  • Net sales: $16.5 million, up 24% over $13.4 million for the Fiscal 2010 First Quarter.
  • Operating income: $1.3 million, up 42% compared with $0.9 million for the Fiscal 2010 First Quarter.
  • Net income: $0.6 million, or $0.06 per diluted share, up 65% over $0.4 million, or $0.04 per diluted share, in the Fiscal 2010 First Quarter.
  • Adjusted EBITDA, as described under “Non-GAAP Financial Measures” in this press release: $2.0 million, versus $1.4 million in the Fiscal 2010 First Quarter.
  • Net Inventory: $16.9 million, vs. $24.3 million at the end of the Fiscal 2010 First Quarter and $17.4 million at the end of March, 2010.
  • Long-term debt (total): $17.3 million, $0.8 million lower than three months ago, and $3.3 million lower than a year ago.
  • Bookings: $19.7 million, up $4.1 million (26%) vs. $15.6 million in Fiscal 2010 First Quarter. Book-to-bill ratio for the Fiscal 2011 First Quarter: 1.2
  • Backlog: $133.3 million, about even with the backlog as of June 28, 2009.

Mike Harlan, President and Chief Executive Officer, said, "We are glad to have started our Fiscal 2011 with a strong First Quarter, with increased bookings, sales, and income and lower inventory and debt vs. the same quarter a year ago. I am particularly pleased that we have done this while also successfully finishing our relocation to Whippany, New Jersey; our customer audits have all been satisfactory and our plant startup is completed and we are back to full operations."

Outlook

Mr. Harlan continued, “While we have continued to see pending orders deferred due to our customers' funding challenges, we have been glad to receive other orders which we have been working on for a year or more. For example, we have received orders totaling over $6 million from the U.S. Coast Guard since the end of March; we are proud to play an important role in helping them provide essential search and rescue services We expect our Second Quarter to be stronger than the Fiscal 2010 Second Quarter and stronger than our Fiscal 2011 First Quarter.”

The Company will conduct a conference call at 11:00 AM EDT on Monday, August 9, 2010 with the following numbers:

In the U.S. (866) 804-6926

Outside the U.S. (857) 350-1672

Participant Passcode # 43076781

Breeze-Eastern Corporation ( http://www.breeze-eastern.com) is the world’s leading designer and manufacturer of high performance lifting and pulling devices for military and civilian aircraft, including rescue hoists, winches and cargo hooks, and weapons-lifting systems. The Company, which employs approximately 170 people at its facilities in Whippany, New Jersey, reported sales of $69.0 million for the Fiscal year ended March 31, 2010.

Non–GAAP Financial Measures

In addition to disclosing financial results that are determined in accordance with Generally Accepted Accounting Principles (“GAAP”), the Company also discloses Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, other income/expense, loss on debt extinguishment, and relocation expense). The Company presents Adjusted EBITDA because it considers it an important supplemental measure of performance. Measures similar to Adjusted EBITDA are widely used by the Company and by others in the Company's industry to evaluate performance and valuation. The Company believes Adjusted EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structure (affecting relative interest expense), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense). The Company also presents Adjusted EBITDA because it believes it is frequently used by investors and other interested parties as a basis for evaluating performance.

Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP. Some of the limitations of Adjusted EBITDA are that (i) it does not reflect the Company's cash expenditures for capital assets, (ii) it does not reflect the significant interest expense or cash requirements necessary to service interest or principal payments on the Company's debt, and (iii) it does not reflect changes in, or cash requirements for, the Company's working capital. Furthermore, other companies in the aerospace and defense industry may calculate these measures differently than the manner presented above. Accordingly, the Company focuses primarily on its GAAP results and uses Adjusted EBITDA only supplementally. A reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure, for the three months ended June 30, 2010 is shown in the tables below.

INFORMATION ABOUT FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding our future operating performance, financial results, events, trends and plans. All statements in this news release other than statements of historical facts are forward-looking statements. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as “anticipates,” “believes,” “could,” “expects,” “intends,” “may,” “should” and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within the forward-looking statements. Such factors include, but are not limited to competition from other companies; changes in applicable laws, rules, and regulations affecting the Company in the locations in which it conducts its business; interest rate trends; a decrease in the United States government defense spending, changes in spending allocation or the termination, postponement, or failure to fund one or more significant contracts by the United States government or other customers; determination by us to dispose of or acquire additional assets; general industry and economic conditions; events impacting the U.S. and world financial markets and economies; and those specific risks disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2010, and other filings with the Securities and Exchange Commission. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information or future events.
 

BREEZE-EASTERN CORPORATION

STATEMENTS OF CONSOLIDATED OPERATIONS

(In Thousands of Dollars Except Share Data)
 

Three Months Ended

6/30/10
 

6/28/09
 
Net sales $ 16,540 $ 13,362
Cost of sales   10,407     8,128
Gross profit 6,133 5,234
 
Selling, general, and administrative expenses 4,629 4,184
Relocation expense   211     138
Operating income 1,293 912
 
Interest expense 214 234
Other expense-net   64     61
Income before income taxes 1,015 617
 
Provision for income taxes   426   259
Net income $ 589   $ 358
 
Basic earnings per share: $ 0.06 $ 0.04
Diluted earnings per share: $ 0.06 $ 0.04
 
 
Weighted average basic shares 9,397,000 9,365,000
Weighted average diluted shares 9,412,000 9,382,000
   

BALANCE SHEET INFORMATION

(In Thousands of Dollars Except Share Data)
 

6/30/10

3/31/10
 
Current assets $ 41,191 $ 39,851
Fixed assets – net 9,277 9,575
Other assets   26,058     26,682
Total assets $ 76,526   $ 76,108
 

Current portion of long-term debt

  and short term borrowings
$ 3,286 $ 3,286
Other current liabilities   12,134     11,377
Total current liabilities 15,420 14,663
Long-term debt 13,964 14,786
Other non-current liabilities 18,583 18,839
Stockholders' equity   28,559     27,820
Total liabilities and stockholders' equity $ 76,526   $ 76,108
 

Reconciliation of Reported Income to Adjusted EBITDA

(In Thousands of Dollars Except Share Data)
 
Three Months Ended

6/30/10
 

6/28/09
 
Net sales $ 16,540 $ 13,362
Cost of sales   10,407     8,128
Gross profit 6,133 5,234
 
Selling, general and administrative expenses 4,629 4,184
Relocation expense   211     138
Operating income 1,293 912
 
Add back: Depreciation and amortization 470 359
Relocation expense   211     138
Adjusted EBITDA $ 1,974   $ 1,409

 
Net income $ 589 $ 358
Provision for income taxes 426 259
Depreciation and amortization 470 359
Relocation expense 211 138
Interest expense 214 234
Other expense-net   64     61
Adjusted EBITDA $ 1,974   $ 1,409

Copyright Business Wire 2010

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