Company Shows 19 Percent Growth Over Same Period In 2010

During the third quarter of 2011, Piper Aircraft reports that it continued to outpace the higher aircraft deliveries and improving revenue performance that the company achieved during the same period a year ago. Revenue from new aircraft sales through the end of the third quarter grew to $92.5 million, compared with $77.6 million during the same period in 2010, an increase of more than 19 percent.

During the third quarter, Piper delivered 34 aircraft and received $35.3 million in revenue. That compares with 32 aircraft and $28.1 million in revenue during the same period a year ago, up two deliveries and more than 25 percent in revenue, reflecting stronger Piper M-Class aircraft in the delivery mix. Quarter to quarter, deliveries of M-Class aircraft - Meridian, Mirage and Matrix business airplanes - were up, from 17 a year ago to 21 this year.
 
"Operational efficiencies, along with matching new aircraft deliveries to a solid understanding of the evolving market, continue to contribute to the company's performance, which exceeds industry trends for turboprop and piston aircraft," said Piper President and CEO Simon Caldecott. "Moreover, Piper's backlog is the strongest it has been in four years, with aircraft earmarked for retail customers well into next year all across the product lines. Piper's core business is strong. Our turboprop and piston aircraft lines are meeting or exceeding the company's internal financial and delivery targets."
 
Caldecott said the company delivered more international than domestic aircraft in the third quarter. He added that domestic deliveries generated more revenue, reflecting stronger sales of the company's flagship Meridian turboprop business aircraft to U.S. customers. He attributed much of the company's recent sales success to Piper's strong domestic and international dealer organizations.

"Piper's dealer organization, which spans the globe, is our underlying strength. Feedback from our dealers is essential to us in determining new aircraft product improvements going forward," Caldecott said. "We are steadfast in listening to our dealers and dedicating the resources required to continually improve our turboprop and piston business aircraft, along with our new training aircraft." Caldecott said Piper is stepping up the focus on product improvements through increased investments in existing lines.

FMI: www.piper.com