August 3, 2010
By Alton K. Marsh
Second quarter net sales for Hawker Beechcraft were $639.3 million, a decrease of $177 million compared to the second quarter of 2009 because of lower business and general aviation aircraft deliveries.
The company delivered 54 business and general aviation aircraft compared to 78 during the same period in 2009. Included in the second quarter 2009 results was a significant number of King Air aircraft delivered under the U.S. government’s Project Liberty program. Project Liberty deliveries concluded in late 2009. Partially offsetting the decline in the business and general aviation segment was continued higher volume in the trainer aircraft segment.
The second quarter shows an operating loss of $20.7 million, compared to an operating income of $39.4 million during the comparable period in 2009. The decrease over the prior year was because of the reduced delivery volume in the business and general aviation segment offset partially by the increased volume in the trainer aircraft segment. Despite the operating loss, the company’s cash flow generated by operations was $70.8 million during the three months that ended June 27, compared to $29.5 million in the same quarter of 2009.
The order backlog was $2.4 billion on June 27, compared to $3.1 billion on March 28. The lower backlog reflects a cancellation from NetJets, which reduced backlog by approximately $400 million. Because of this cancellation, the company no longer has any backlog with NetJets. None of the canceled orders was scheduled for delivery in 2010 and only one was scheduled to deliver in 2011.
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