UNC's improved earnings credited to restructuring

July 29, 1995|By Ted Shelsby | Ted Shelsby,Sun Staff Writer

Savings from a corporate restructuring implemented in June last year was credited with a sharp turnaround of earnings at UNC Inc., the Annapolis-based aircraft service company said yesterday.

Net income for the three months ended June 30 was $959,000, or 5 cents a share. This compares with a loss of $54.6 million, or $3.12 a share, a year earlier.

Operating income showed an even more significant reversal. In the most recent quarter the company posted an operating profit of $6.4 million. That compared with a second-quarter loss from continuing operations of $63.7 million in the same period last year.

"The benefits of our June 1994 restructuring program are now showing significant results with gross profits improving 10.4 percent," Dan. A. Colussy, chairman and chief executive said in a statement.

Looking ahead, he added: "As the second half of 1995 unfolds, we expect continuing favorable comparisons with last year's results."

New reports of the record consolidated profits of U.S. airlines during the second quarter were well received at UNC's headquarters. "As they go, we go," said Robin Riggs, a spokeswoman for the company's industrial relations department.

UNC makes and remanufactures jet engine and aircraft parts. It also overhauls aircraft accessories and engines, and industrial gas turbine engines; and provides pilot training contract services.

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

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

.. .. .. .. .. .. .. .. .. .. .UNC .. .. .. .6 1/2 .. .. .. ...+ 3/4

Period ended

6/30/95 .. .. .. .. .. .. ...2nd qtr. .. ..Year ago .. .Chg.

Revenue .. .. .. .. .. .. ...$131,342 .. ..$122,326 ...+7.4%

Net Income .. .. .. .. .. .. .. .$959 .. ..($54,634)

Primary EPS .. .. .. .. .. .. ..$0.05 .. .. .($3.12) .. ...%

.. .. .. .. .. .. .. .. .. ..12 mos. .. ...Year ago .. .Chg.

Revenue .. .. . .. .. .. .. .$257,045 .. ..$260,738 .. -1.4%

Net Income .. .. ... .. .. .. .$1,008 .. .($52,172)

Primary EPS .. .. .. .. .. .. .$$0.05 .. ...($2.99)

Figures in thousands (except per share data.)

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