Reports Over $4.5 Million in Revenues for First Six Months of 2003

As ANN reported a couple weeks ago, Mooney is looking stronger than in many years past. Although they're not talking profits, revenues are coming up to plan, and in some areas, exceeding it.

Nelson Happy (right), President of Mooney Aerospace Group, formally announced Thursday that the company has recorded over $4.5 million in revenue for the first six months of 2003 ending June 30, 2003.

Eight planes were delivered in that period and additional revenue from parts and service amounted to approximately $1.35 million of the $4.5 million total.

"Mooney was able to meet the objectives laid out in its business plan during the first half of the year, and we are now operating the production process more efficiently," commented Mr. Happy.

"During the six month period we were able to successfully complete manufacturing of most of the airplanes that were work in process when we restarted the factory in 2002. Completing and delivering eight aircraft in the first half of 2003 is clearly an accomplishment our team at Mooney is quite proud of," he concluded.

The outlook:

In additional news, the company has received orders for 13 more planes amounting to over $5.4 million in sales. The majority of these planes are expected to be delivered soon -- in the third quarter of 2003.

Recently the company has been generating approximately $50,000 per week in parts and service business and expects this revenue stream to continue in support of the over 8,000 Mooney planes in operation.

The company currently projects approximately 30 planes will be sold in 2003 the first year of full operation for the company. Annual revenues are expected to approach the $15 million dollar mark.

Looking forward, Mr. Happy commented on Mooney prospects for the remainder of 2003: "Production capacity for the factory operations is in excess of 30 planes under the current conditions. With our current backlog of 13 planes we expect to meet the approximately 30 planes in sales for 2003, resulting in sales of up to $15 million including parts and service revenue projections. Sales will be somewhat influenced by the availability of the new accelerated depreciation rules. I expect that any inventory we can build in the last quarter will be snapped up by tax-savvy pilots.

"The Mooney team will also be working on our new international projects, especially our affiliation with BAE Systems of Britain, Koskol Group in Russia, and Venture Industries in Detroit along with our core business. The first project in this arena will be the Toxo high-performance two place all-composite aircraft," (above) concluded Mr. Happy.

FMI: www.mooney.com