Fourth Quarter Conference Call – Fiscal 2001
11 / 07 / 2001Highlights
Q4 - TotalAircraft – Q401Aircraft FY01Aircraft FY02Aircraft MarginsSpace Systems – Q401 & FY01Space FY02Space MarginsIndustrial Q401Industrial FY01 & FY02Industrial MarginsRecent Conference Calls
On the other hand, our commercial aircraft sales for the quarter of $46.7 million continue at a level that was typical of fiscal ’01 but considerably higher than we anticipate as the average for fiscal ’02. Commercial aircraft aftermarket revenues of $14.2 million were down about 11% in the quarter vs. last year’s very strong fourth quarter, but about level with our third quarter. Conversely, our OEM revenues to the Boeing Commercial Aircraft Company of $19.3 million increased 24% over last year and are considerably higher than we expect to average in fiscal ’02.
As I’ve said, our aircraft revenues for ‘01 came in at $340 million. The fourth quarter improvement in the military aftermarket brought our military sales in at $158.4 million, higher than we had previously forecasted. Our commercial airplane revenues of $181.5 million were very close to our forecast.
Our forecast for military aircraft for ’02 of $202 million anticipates a program start on the JSF, and a somewhat higher shipment level on the F-18. We expect that we’ll maintain the level of aftermarket activity in the military side of the business that we’ve already experienced in the fourth quarter. Our expectation for ’02 of $157 million in the commercial airplane business anticipates a decline in OEM revenues to Boeing as they step their production levels down to the predicted target of less than 400 aircraft per year. Our target for commercial aftermarket for ’02 is down 20% from fiscal ’01 in anticipation of the 20% capacity reduction the airlines have announced. If our commercial aftermarket revenues continue at the current level, we’ll exceed that target.
Aircraft margins for the quarter of 14% were a little bit higher than the same quarter of last year. Given the somewhat stronger performance in the previous quarters of this year, we finished the year with a 14.5% margin for aircraft. We’ve projected for ’02 a continuation of the current level of about 14%.
Sales in our Space segment of $26.7 million were up 7% from a year ago. This quarter brought the Space segment sales to $103 million for the year, a little bit higher than we’d been predicting. The increase is principally a result of a faster ramp-up in refurbishment activity for flight controls on the Space Shuttle orbiters. In most other respects, our revenues in this segment are pretty stable. Our satellite business has recovered nicely from a year ago. It’s up over $3 million from last year’s fourth quarter. On the other hand, our launch vehicle business is down almost the same amount as a result of lower-level activity on the Boeing Delta launch vehicle. Last year at this time, we were finishing a development contract that’s now complete. Our tactical missile revenues were up from one year ago because of increased sales on the AGM-142 fin control system.
Aircraft FY01
As I’ve said, our aircraft revenues for ‘01 came in at $340 million. The fourth quarter improvement in the military aftermarket brought our military sales in at $158.4 million, higher than we had previously forecasted. Our commercial airplane revenues of $181.5 million were very close to our forecast.
Aircraft FY02
Our forecast for military aircraft for ’02 of $202 million anticipates a program start on the JSF, and a somewhat higher shipment level on the F-18. We expect that we’ll maintain the level of aftermarket activity in the military side of the business that we’ve already experienced in the fourth quarter. Our expectation for ’02 of $157 million in the commercial airplane business anticipates a decline in OEM revenues to Boeing as they step their production levels down to the predicted target of less than 400 aircraft per year. Our target for commercial aftermarket for ’02 is down 20% from fiscal ’01 in anticipation of the 20% capacity reduction the airlines have announced. If our commercial aftermarket revenues continue at the current level, we’ll exceed that target.
Aircraft Margins
Aircraft margins for the quarter of 14% were a little bit higher than the same quarter of last year. Given the somewhat stronger performance in the previous quarters of this year, we finished the year with a 14.5% margin for aircraft. We’ve projected for ’02 a continuation of the current level of about 14%.
Space Systems – Q401 & FY01
Sales in our Space segment of $26.7 million were up 7% from a year ago. This quarter brought the Space segment sales to $103 million for the year, a little bit higher than we’d been predicting. The increase is principally a result of a faster ramp-up in refurbishment activity for flight controls on the Space Shuttle orbiters. In most other respects, our revenues in this segment are pretty stable. Our satellite business has recovered nicely from a year ago. It’s up over $3 million from last year’s fourth quarter. On the other hand, our launch vehicle business is down almost the same amount as a result of lower-level activity on the Boeing Delta launch vehicle. Last year at this time, we were finishing a development contract that’s now complete. Our tactical missile revenues were up from one year ago because of increased sales on the AGM-142 fin control system.
Space FY02
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