UNC, maker of aircraft parts, breaks even

April 29, 1995|By Timothy J. Mullaney | Timothy J. Mullaney,Sun Staff Writer

UNC Inc. said it broke even during the first quarter, as cost savings from last summer's sharp restructuring partially offset the continuing impact of much weaker demand for aircraft parts and other UNC products.

Annapolis-based UNC makes parts for a wide variety of commercial jetliners. It also remanufactures jet engine and aircraft components, refurbishes helicopters and provides aircraft maintenance and pilot training.

UNC said last June that it planned to cut about 300 of its 6,200 jobs, which are spread over 70 locations, as part of a restructuring that would save $15 million in annual operating expenses.

"The first quarter revenues and earnings, while lower than 1994, were in line with the expectations and are consistent with the forecast made by the company when its mid-year 1994 restructuring announcement was made," the company said. "A significant part of the decrease in revenues was due to operations that were eliminated as part of this restructuring program."

UNC's first-quarter revenue fell about $13 million, to $125.7 million. The company earned only $49,000, down from $2.5 million in the same three months of 1994. UNC's stock yesterday declined 12.5 cents, closing at $5.

"They were exactly as I expected," said Gary Reich, who follows UNC for Prudential Securities Inc. "They are right on track. Hopefully, they are getting better as we speak."

UNC Inc.

Annapolis ... ... ... ... ... Ticker ... ... ... ... ... Yesterday's

... ... ... ... .. .. ... ... Symbol ... ... ... ... ... Cls. ... Chg.

... ... ... ... .. .. ... ... UNC ... ... ... ... .. ... 5 .. ... -

Period ended

03/31/95 ... ... ... ... ... 1st qtr. ... ... ... Year ago ... ... Chg.

Revenue ... ... .. .. .. ... $125,703 ... ... ... $138,412 ... ... -9.2%

Net Income .. ... ... .. ... $49 ... ... .. .. .. $2,462 .. .. ... -98.0%

Primary EPS ... ... .. .. .. $0.00 ... ... ... .. $0.14 ... .. ... -100.0%

Figures in thousands (except per share data.)

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