August 6, 2013
VANCOUVER: Avcorp Industries Inc. (TSX: AVP) (the “Company” or “Avcorp”) today announced its
financial results for the quarter ended June 30, 2013.
During the quarter ended June 30, 2013, the Company recorded income from operations of $393,000 on
$20,492,000 revenue, as compared to $411,000 operating income on $25,192,000 revenue for the same
quarter in the preceding year; and net income for the current quarter of $1,596,000 as compared to net
income of $13,000 for the quarter ended June 30, 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 programs.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was positive $3,066,000 for the
quarter ended June 30, 2013 compared to a positive EBITDA of $1,656,000 for the quarter ended June 30,
2012. The increase in EBITDA was primarily as a result of current quarter court‐awarded interest and
foreign exchange gain.
Cash flows from operating activities during the quarter ended June 30, 2013 utilized $4,347,000 of cash as
compared to utilizing $1,469,000 of cash during the quarter ended June 30, 2012. The increase in
operating cash utilization over the same quarter in the prior year is primarily attributable to recognition of
revenues which were funded in a previous period and increase in other receivables, offset by collection of
trade accounts receivable and a number of non‐cash expenses. The Company has a working capital
surplus of $31,492,000 as at June 30, 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 June 30, 2013 is $53,671,000 (December 31, 2012: $55,375,000).
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