November 10, 2011
VANCOUVER: Avcorp (AVP on the Toronto Stock Exchange) today announced its financial results for the quarter
ended September 30, 2011.
During the quarter ended September 30, 2011, the Company recorded net income of $39,000 on $20,383,000
revenue, as compared to a net loss of $185,000 on $21,808,000 revenue for the same quarter preceding year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was positive $1,455,000 for the quarter
ended September 30, 2011 compared to an EBITDA of positive $1,129,000 for the quarter ended September 30, 2010.
Cash flows from operating activities, before consideration of changes in non‐cash working capital provided $843,000
of cash for the quarter ended September 30, 2011 compared to providing $203,000 of cash for the same quarter last
year. The primary factor underlying the increase in cash provided by operating activities during 2011 was positive
production gross margins.
Non‐cash operating assets and liabilities utilized $1,723,000 of cash during the current quarter primarily as a result of
the growth in accounts receivable and inventory related to new business; compared to utilizing $2,536,000 of cash
during the same quarter in 2010 which occurred as a result of increased accounts receivable stemming from
resurgent customer demand.
Avcorp designs and builds major airframe structures for some of the world’s leading aircraft companies, including
Boeing, Bombardier, and Cessna. With more than 50 years of experience, over 500 skilled employees and 354,000
square feet of facilities, Avcorp offers integrated composite and metallic aircraft structures to aircraft manufacturers,
a distinct advantage in the pursuit of contracts for new aircraft designs, which require lower‐cost, light‐weight, strong,
reliable structures. Avcorp is a Canadian public company traded on the Toronto Stock Exchange (TSX:AVP).
Sandi DiPrimo, Investor Relations Contact | 604-587-4938