Sun, Feb 20, 2011
Down From 302 Aircraft Delivered In The Previous Fiscal
Year
Delivery figures released Thursday by Bombardier Aerospace
indicate the company delivered 244 aircraft for the fiscal year
ending January 31, 2011, compared to 302 aircraft deliveries in the
previous fiscal year 2009/10 (year ending January 31, 2010). It
received 201 aircraft orders, net of cancellations, compared to 11
orders, net of cancellations, for the previous fiscal year. The
fourth quarter was especially strong for business aircraft, with 74
net aircraft orders.
In fiscal year 2010/11, Bombardier delivered 143 business jets,
compared to 176 for the same period last fiscal year. For the same
time period, Bombardier delivered 97 commercial aircraft, compared
to 121 for the previous fiscal year. These delivery results are
essentially in line with the previously announced guidance to
deliver approximately 15 per cent less business aircraft and 20 per
cent fewer commercial aircraft in fiscal year 2010/11, compared to
the previous fiscal year.
"With a comprehensive portfolio of products, we believe our
fundamentals are strong in the long term for both the business and
commercial aircraft markets," said Guy C. Hachey, President and
Chief Operating Officer, Bombardier Aerospace. "The aviation
industry is cyclical by nature and Bombardier's long history of
success is attributable to our ability to face each challenge
head-on, focus on the things we can control and put our plans into
action," continued Mr. Hachey. "Over the past years, we have taken
significant steps to strengthen our operations and continue to
invest in our future programs. By meeting the challenges of today
and setting our sights on the future, we believe we are creating a
loyal customer base for our products and services, and will emerge
from this difficult environment a stronger and more efficient
company."
Going forward under IFRS, Bombardier Aerospace says its revenue
recognition policy will be aligned for all its aircraft programs
and revenues will be recognized only upon delivery of the completed
aircraft to the customer. This change in reporting impacts
Bombardier's medium and large families of business aircraft
(Challenger and Global). Currently, under the Canadian Generally
Accepted Accounting Principles (GAAP), Bombardier recognizes
deliveries of these business aircraft programs partially at "green"
(i.e. before exterior painting and installation of interiors and
optional avionics) and partially at delivery of the completed
aircraft. Under the new IFRS rules, revenues will be recognized
only when the completed aircraft is delivered to the customer.
In the next 11 months:
- Business aircraft deliveries for the calendar year 2011 are
expected to be approximately 150 units.
- Commercial aircraft deliveries for the calendar year 2011 are
expected to be approximately 90 units.
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