Earnings, sales rise for UNC Inc. Firm cites gains in component services

October 27, 1995|By Ted Shelsby | Ted Shelsby,SUN STAFF

UNC Inc., the Annapolis-based aviation service company, reported a third-quarter profit of $839,000, up 2,697 percent from its net income in the like part of last year when the company took a large one-time restructuring charge.

More reflective of its performance over the past three months, UNC posted operating income of $6.4 million for the three months ended Sept. 30, up from $5.2 million in the third quarter of 1994.

Sales rose 5.9 percent in the quarter to total $137.4 million.

The company attributed the rise in third-quarter sales and earnings to revenue improvements in its component services and industrial engine overhaul operations and continuing cost-reduction efforts.

"The third-quarter results continue the trend in 1995 of positive sales and earnings comparisons with 1994," Dan A. Colussy, chairman and chief executive officer, said in a prepared statement.

"We expect our markets to remain under pressure into next year and plan to continue our cost reduction initiatives to further improve operations."

UNC also announced the completion of the sale of its former Naval Products facility in Uncasville, Conn., for $28.4 million and an agreement to gain access to to $25 million in new equity.

Mr. Colussy said the sale and the arrangement of financing "will allow UNC to fund growth opportunities which would further strengthen our revenue and earnings base in 1996 and beyond."

UNC & Co. Inc.

ETicker .. .. Yesterday'sSymbol .. .. Cls. .. Chg.UNC . ... .. 5 1/2 . .. - 1/2

Period ended

Sept. 30 .. .. .. 3rd qtr. .. .. Year ago .. .. Chg.

Revenue ... .. . $137,437 ... .. $129,721 .. .. +5.9%

Net Income .. ... .. $839 ... .. .. . $30 .. .. +2,697%

Primary EPS . ... . $0.05 ... .. .. $0.00 .. .. --

.. .. .. .. .. .. 6 mos. . .. .. Year ago .. .. Chg.

Revenue ... .. $394,482 .. .. .. $390,459 .. . +1.0%

Net Income ... . $1,847 .. .. . ($52,142) .. .. . --

Primary EPS .. .. $0.10 .. .. ... ($2.99) .. .. . --

Figures in thousands (except per share data).

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.