May 9, 2013
VANCOUVER: Avcorp Industries Inc. (TSX: AVP) (the “Company” or “Avcorp”) today announced its
financial results for the quarter ended March 31, 2013.
During the quarter ended March 31, 2013, the Company recorded income from operations of $440,000
on $19,946,000 revenue, as compared to $860,000 operating income on $25,006,000 revenue for the
same quarter in the preceding year; and net income for the current quarter of $108,000 as compared to
net income of $151,000 for the quarter ended March 31, 2012.
Current quarter revenues have decreased from the same quarter in the preceding year primarily as a
result of the wind‐down of Cessna Aircraft Company (Cessna) programs.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was positive $1,241,000 for the
quarter ended March 31, 2013 compared to a positive EBITDA of $1,951,000 for the quarter ended March
31, 2012. The decline in EBITDA was primarily as a result of reduced revenues.
Cash flows from operating activities during the quarter ended March 31, 2013 utilized $1,416,000 of cash
as compared to utilizing $267,000 of cash during the quarter ended March 31, 2012. The Company has a
working capital surplus of $30,902,000 as at March 31, 2013 which has decreased from the December 31,
2012 $34,819,000 surplus, as a result of an increase in bank indebtedness and accounts payable. The
Company’s accumulated deficit as at March 31, 2013 is $55,267,000 (December 31, 2012: $55,375,000).
On May 9, 2013, the Company completed a private placement, which was approved by the Toronto Stock
Exchange on April 18, 2013, of 25,489,807 common shares at $0.049 per share for gross proceeds of
approximately $1,249,000. The subscriber in the private placement was Panta Canada B.V. (“Panta”), the
principal of which is a director of the Company. Following completion of the private placement, Panta
owns approximately 57.9% of the outstanding common shares of Avcorp.
Avcorp designs and builds major airframe structures for some of the world’s leading aircraft companies,
including BAE Systems, Boeing, and Bombardier. With more than 50 years of experience, over 400 skilled
employees and 354,000 square feet of facilities in Delta BC and Burlington ON, 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. Our
Comtek subsidiary also offers composite repairs for commercial aircraft out of their Burlington location.
Avcorp is a Canadian public company traded on the Toronto Stock Exchange (TSX:AVP).
Sandi DiPrimo, Investor Relations Contact | 604-587-4938