Business
Magellan Aerospace Corporation announces the award of two contracts and the financial results for the period ended September 30, 2009
Magellan Aerospace Corporation announces the award of two contracts and the financial results for...
About this update from Magellan Aerospace Corporation
[{"type":"text","content":"\n\n\n\nNov. 12, 2009 (Canada NewsWire Group) -- TORONTO, Nov. 12 /CNW/ -- Magellan Aerospace Corporation (\"Magellan\" of the \"Corporation\") released its financial results for the third quarter of 2009. All amounts are expressed in Canadian Dollars unless otherwise indicated. The results are summarized as follows:-------------------------------------------------------------------------(Expressed inthousands, Three-months ended Nine-months endedexcept per September 30 September 30share -----------------------------------------------------------amounts) 2009 2008 Change 2009 2008 Change-------------------------------------------------------------------------Revenues $164,165 $173,088 (5.2)% $520,776 $506,291 2.9%-------------------------------------------------------------------------Gross Profit $ 21,388 $ 22,568 (5.3)% $ 63,212 $ 57,713 9.5%-------------------------------------------------------------------------Net Income $ 10,756 $ 2,655 305.1% $ 24,028 $ 5,489 337.7%-------------------------------------------------------------------------Net Incomeper share- Diluted $ 0.20 $ 0.12 66.7% $ 0.59 $ 0.24 145.8%---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------This news release contains certain forward-looking statements thatreflect the current views and/or expectations of the Corporation withrespect to its performance, business and future events. Such statementsare subject to a number of risks, uncertainties and assumptions, whichmay cause actual results to be materially different from those expressedor implied. The Corporation assumes no future obligation to update theseforward-looking statements.The Corporation has included certain measures in this news release,including EBITDA, the terms for which are not defined under Canadiangenerally accepted accounting principles. The Corporation defines EBITDAas earnings before interest, taxes, depreciation and amortization andnon-cash charges. The Corporation has included these measures, includingEBITDA, because it believes this information is used by certain investorsto assess financial performance and EBITDA is a useful supplementalmeasure as it provides an indication of the results generated by theCorporation's princ...