Wed, Feb 12, 2003
2003 Shaping Up to Be Record-Setter
Ballistic Recovery Systems, Inc. (the "Thank-You"
people) reported sharply higher gross revenues for the first
quarter of fiscal year 2003: $1,519,229, versus $785,244 in the
year-ago period. The 93.5% increase comes from continued strong
sales to certified aircraft producers, but also a 79% increase in
the company's uncertified or sport aircraft line.
Net income
before taxes was up 156%, to $148,057, from $57,833 in the
year-earlier period. Gross margin also increased to 37.4% from
35.5% in the first quarter of 2003 compared to the first quarter of
2002. Net earnings calculate to $0.01 per share and 5.2% of sales.
Research and Development increased as a share of gross revenues, to
8.3% from 5.4% in the comparable 2002 period.
CEO Mark Thomas said, "The first quarter has commonly been BRS's
slowest but that has changed now the company benefits from
continuing vigorous sales to the company's main customer, Cirrus
Design." The Duluth airplane manufacturer has become the industry's
number two producer, following only market leader, Cessna Aircraft.
Cirrus has now delivered 698 aircraft, all of which are equipped
with a BRS parachute system.
BRS also reported that it won FAA certification
for a parachute system, the BRS-172, for the Cessna 172 Skyhawk
model, the most popular airplane ever sold. The company has started
certification work on a parachute system for Cessna's 182 Skylane,
another very successful model which represents another sizable
market for the company's emergency parachutes.
During calendar 2002, BRS documented saving 10 more aircraft
occupants involved with in-flight emergencies, including the first
ever in a certified aircraft (an incident in Dallas Texas in
October of 2002). The new "saves" brings the company's total to 156
lives spared since the first life-saving deployment in 1983.
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