Q3 Results OutAeroMechanical Services Ltd. (TSX.V:AMA) Announces Positive Third Quarter Activity, Financial Results and Live Webcast
CALGARY, Alberta, Nov 16, 2010 (BUSINESS WIRE) --
AeroMechanical Services Ltd. (TSX VENTURE: AMA) today released its results for the third quarter of 2010, ending September 30. The Q3 2010 Financial Statements and the Management Discussion & Analysis have been filed on SEDAR and can be accessed at www.sedar.com or on AMA's website at www.amscanada.com.
The Company achieved several key milestones since the last report that are the result of years of focus on key strategic objectives. The most significant achievement, after the quarter end, was signing an order from an Original Equipment Manufacturer (OEM), Hawker Beechcraft Corporation (HBC) (October 20, 2010). This relationship is positive for the Company on a number of levels as it provides the market with assurance of OEM interest for the equipment and data produced, relieves the cost and delay of the retrofit process for customers, and builds the base of recurring revenue-producing installations.
In October AMA received recognition from an international body, the Oceanic Position Tracking Improvement Monitoring Initiative (OPTIMI), who cited AMA's FLYHTStream(TM) as a promising proven technology (October 19, 2010).
Also during the quarter, the Company deployed FLYHTStream on several aircraft operating in China and the Civil Aviation Authority of China (CAAC) is considering its effectiveness for their commercial fleet.
On the accounting front, AMA has completed the work and is prepared for the required change from Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS) for year-end. The company is proud to be ahead of schedule in this task, as it will make the switch at year-end much easier for both the company and auditors.
A summary of the financial information for the quarter is as follows (full results are available on SEDAR): GAAP revenues for Q3 2010 were $1,081,929 compared to $1,521,894 in the same quarter last year. Net loss for Q3 2010 was $2,596,646 or
.03 per share versus $717,268 or
.01 per share for Q3 2009. $1,450,667 of that loss reflects investment in next generation products. If research and development (R&D) is removed from the calculation of net loss then the result is a Q3 2010 loss of $1,135,458 versus a loss of $706,747 for Q3 2009. A portion of the increased loss is the result of additional staff deployed on the next generation product development, which is not recorded as part of R&D.
Notice of Webcast
AMA will be presenting the Q3 2010 results via webcast and live conference call beginning at 2:30 p.m. MT (4:30 p.m. ET) on Wednesday, November 17, 2010. The webcast can be accessed at https://amscanada.com/investors/videos/2010_q3_video. To access the conference call within Canada & the USA toll Free Dial In: 1-800-319-4610, outside of Canada & USA call: 1-604-638-5340. (Callers should dial in 5 to 10 minutes prior to the scheduled start time and ask to join the AeroMechanical Services call.) A copy of the broadcast will be available on the AMA website after the webcast on November 17. Management will accept questions over phone lines and email regarding the Q3 results. Questions can be directed in advance or during the presentation to info@amscanada.com and live by dialing the number above and pressing *1 on a touch-tone phone. Note: the video link will not be up until the day of the webcast, minimum requirements for viewing the webcast are a Mac or Windows based computer with multimedia capabilities including speakers and Quicktime or Flash player.
About AeroMechanical Services Ltd. www.amscanada.com
AeroMechanical Services Ltd. provides, under the brand name FLYHT, proprietary technological solutions and services designed to reduce costs and improve efficiencies in the airline industry. The company has successfully patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, afirs UpTime, allows airlines to monitor and manage aircraft operations anywhere, anytime, in real-time.
afirs, UpTime, FLYHT, FLYHTStream and aeroQ are Trade Marks of AeroMechanical Services Ltd.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: AeroMechanical Services Ltd.
AeroMechanical Services Ltd Thomas R. French, CGA VP Finance and CFO 403-291-7427 tfrench@amscanada.com www.amscanada.com or The Howard Group Inc. Bob Beaty Toll Free: 1-888-221-0915 Info@howardgroupinc.com www.howardgroupinc.com
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