Vector Aerospace Corporation (Vector) (TSX: RNO) today announces strong results for the quarter ended September 30, 2008.
Vector reported strong quarterly earnings despite the global economic downturn. The Company generated consolidated revenue from operations of $135.1 million for the third quarter of 2008, $51.1 million above the same period last year. Earnings from operations, before interest, tax, and unusual items, were $8.7 million for the third quarter of 2008, an increase $2.2 million as compared to the same period last year.
The increase in earnings in the third quarter of 2008 was primarily a result of increased revenues related to the fixed wing operations and the inclusion of earnings for the quarter related to Helicopter Services-UK (the DARA acquisition). Net earnings for the third quarter of 2008 were $6.6 million ($0.17 per share) compared to $3.5 million ($0.09 per share) for the same period last year.
In commenting on the quarter's results, President and CEO Declan O'Shea stated: "We continue to be pleased with our strong operating results in 2008 and for the third quarter. Both Engine Services-Atlantic and Engine Services-UK continued their trend of high activity levels. As a result of increased activity on the PW100 line and on the RSAF contract these divisions produced strong operating results."
"The third quarter results for our U.K. helicopter operations were, as expected, similar to the previous quarter. The balance of 2008 for our U.K. helicopter operations will be a period of integration and implementation of profitability improvement measures which should positively impact earnings beginning in 2009. The last half of 2008 is anticipated to produce results similar to the first half of the year." -- www.cnxmarketlink.com
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