Upcoming Jet Marks A "New Chapter" In Company's "Turn-Around Story"

At a time when General Aviation’s overall piston-aircraft deliveries are down, Piper Aircraft underscored its comparative string of successes by announcing Tuesday at NBAA 2008 its piston aircraft deliveries are up 24 percent for the 3rd Quarter of 2008.

The company also announced overall deliveries for the first nine months of 2008 are up 18 percent over the same period last year, and that its upline PA-46 models are registering record deliveries.

"In the last three years, Piper has moved forward on virtually every front -- from new product introductions to strong sales, from strategic alliances to breaking into an entirely new segment with our all-new PiperJet," said Piper President & CEO James K. Bass. "We are a modern-day, American success story: a company that relies on American workers to provide the next generation aircraft for the world."

Piper’s current piston increases are driven by the unparalleled -- and, for some, unexpected -- success of its cabin-class Piper Matrix, a decontented model off the Malibu Mirage platform. It appears Piper correctly predicted the market for an the unpressurized, six-seat aircraft... as to date, the model has accounted for close to half of the company's 195 aircraft deliveries in the first nine months of 2008.

That number compares favorably against the 166 aircraft Piper delivered over the same period in 2007. Of that total, 76 were from deliveries of the Piper Matrix. The Vero Beach, FL-based planemaker also reports sales of its entire PA-46 model line (Meridian, Mirage and Matrix) are at record levels.

"We have orders for 101 Matrix models this year," Bass said. "The Piper Matrix fills a niche in the market that hasn't been truly addressed until now. To date, our entire first year of production is sold out and market demand continues to be very strong. At the same time, deliveries of our flagship turboprop, the Piper Meridian, continue unabated, with 33 aircraft for the first nine of this year and an expected 53 deliveries in total for 2008. These deliveries have continued at the same strong levels as those in 2007."

In all, Piper recorded $150.5 million in billings in the first nine months of 2008, compared with $125 million in billings for the same period in 2007. It also puts the company on a favorable footing as it prepares to bring its first-ever turbofan-powered aircraft to market.

" With first flight of the PiperJet, Piper Aircraft marked the beginning of a new era by literally taking flight into a whole new realm of large-cabin luxury, performance, capability and single-engine efficiencies," said Bass. "The PiperJet speaks to our future -- one that is built on a strong and lasting heritage and reputation for innovation and excellence."

Bass termed Piper's achievements during the past three years as an index of the company's success, and key to its rejuvenation since a hurricane nearly leveled the company in 2004.

"We are... a new company fueled by a venerable heritage," he said. "We know where we've been and what milestones we have accomplished. And we know where we're going. We truly are the inheritors of a great legacy, and we are inspired by the knowledge that our best days are ahead of us."

FMI: www.piper.com