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."