Piper first-quarter billings up 40 percent
Piper Aircraft reports billings of $26.16 million during the first quarter of 2011, a 40-percent gain over the first quarter of 2010. While Piper sold only two of its flagship Meridians in the first quarter of 2010, it delivered seven in the most recent quarter. The Meridian costs $2.07 million.
“Strenuous efforts to rationalize cost structure against the delivery pace, coupled with excellent individual and team performances as we continue to broaden our international reach, contributed to maintaining the company’s momentum so far in 2011,” said Piper President and CEO Geoffrey Berger.
Total new aircraft deliveries declined from 30 in the first quarter of 2010 to 26 last quarter, but the decline was offset by revenue from higher-priced models. A company press release said all targets were met. As a private company, Piper does not report total revenues and expenses.
The 26 aircraft delivered included four Warriors, four Seneca V aircraft, eight Mirage aircraft, three Matrix aircraft, and seven Meridians.
May 9, 2011