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Breeze-Eastern Corp. (BZC) Posts Record 2011 Full-year, Q4 Results

Breeze-Eastern Corp., a designer and manufacturer of high-performance lifting and pulling devices for military and civilian aircraft, today reported its fiscal 2011 full-year and fourth-quarter financial results, posting figures significantly better than 2010.

Full-year fiscal 2011 revenues were $78.2 million, a company record compared to $69.0 million reported for fiscal 2010.

The company reported net income of $5.0 million, or $0.53 per diluted share, compared to a net loss of $6.0 million, or $(0.64) per diluted share, reported for fiscal 2010.

Net debt was shaved $9.6 million lower than the previous year to $5.1 million while bookings great to $79.2 million compared to $68.2 million in fiscal 2010.

For the fourth quarter of 2010, the company reported revenues at a record $26.9million compared to $18.1 million for the comparable quarter of last year.

Net income was $2.8 million, or $0.30 per diluted share, versus a loss of $8.9 million, or $(0.95) per diluted share reported in the fourth quarter of 2010.

Mike Harlan, Breeze-Eastern CEO and president, said the quarterly results reflect higher bookings battling against relocation and other expenses.

“Our fiscal 2011 and fourth-quarter sales set new company records. We are proud of this accomplishment and the extra effort by many of our employees to achieve these records. Our bookings were much higher than last year, benefiting from higher spare parts orders from the U.S. Government. Our overall profitability was clearly better than the prior year, but was impacted by our relocation and other factors and still has room for improvement. I regard our fiscal 2011 income statement results as a good step toward the level of performance we expect to deliver,” Harlan stated in the press release.

Harlan said the company’s strong balance sheet and cash flow are a result of increased working capital turnover, which it used to reduce debt and fund new development and relocation.

The company anticipates continued solid performance throughout the upcoming year as it lines up deliveries, new products and improvements.

“Looking ahead to fiscal 2012, first quarter shipments are doing well and we are on-track to make significant milestone deliveries for the C-27J, CH-53K, and A400M programs this summer. We will continue to invest in new product development, IT improvements, and improved customer responsiveness during fiscal 2012, and still improve our net profitability,” Harlan stated.

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