Fri, Mar 25, 2011
Confirms Discussions, Not Terms
Airbus parent EADS confirmed in a statement released to the
media Thursday that it is in talks that could lead to the purchase
of Vector Aerospace. In the statement, EADS said:
"In light of recent statements in the press, EADS confirms that
it has entered into an exclusivity agreement with Vector Aerospace
Corporation.
Any transaction is subject to the finalization of due diligence
and negotiations with respect to definitive transaction
documentation and other customary conditions. There is no assurance
that the negotiations will result in a binding offer being made for
the shares of Vector Aerospace Corporation.
EADS intends to make no further announcements or comments unless
the circumstances so warrant."
In a news release earlier this month, Vector Aerospace
reported consolidated revenue from operations of $142.5 million for
the fourth quarter of 2010, $4.8 million above the same period last
year. Earnings from operations before unusual items were $11.6
million for the fourth quarter of 2010, $1.6 million above the same
period last year. The increase is primarily a result of continued
higher gross margins and lower operating expenses. During the
fourth quarter of 2010, the Company recorded $1.1 million of
foreign exchange losses as compared to foreign exchange losses of
$0.3 million in the fourth quarter of 2009. Net earnings for the
fourth quarter of 2010 were $5.9 million ($0.13 per share) compared
to $6.2 million ($0.14 per share) for the same period last
year.
On its website, Vector Aerospace says it is an "independent
provider of maintenance, repair and overhaul (MRO) services for
fixed wing and rotary wing aircraft operators around the
globe."
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