November 13, 2014
VANCOUVER: Avcorp Industries Inc. (TSX: AVP) (the “Company” or “Avcorp”) today announced its
financial results for the quarter ended September 30, 2014.
Revenue for the quarter ended September 30, 2014 was $14,675,000 as compared to $19,767,000 for the
quarter ended September 30, 2013. Current quarter revenues have decreased relative to same quarter in
the previous year primarily as a result of a decrease in quantities delivered for two defence programs and
one commercial business jet program, in part offset by strong current quarter aircraft component repairs
During the quarter ended September 30, 2014, the Company recorded a loss from operations of
$2,321,000 on $14,675,000 revenue, as compared to $211,000 operating loss on $19,767,000 revenue for
the same quarter in the preceding year; and a net loss for the current quarter of $2,229,000 as compared
to net loss of $1,139,000 for the quarter ended September 30, 2013.
Cash flows from operating activities during the quarter ended September 30, 2014 utilized $1,152,000 of
cash as compared to providing $25,595,000 of cash during the quarter ended September 30, 2013. The
primary use of cash from operations during the current quarter is due to operating losses reflecting
temporary reduced customer demand. During the nine months ended September 30, 2014 the Company
utilized $3,276,000 cash from operating activities as compared to providing $21,403,000 cash for the
same period in 2013. The primary causes of operating cash movement during the nine month period
ended September 30, 2014 and 2013 were the same circumstances as existed during the three month
periods noted above, however, collection of an Other Receivable during the third quarter 2013 provided
cash during 2013. As at September 30, 2014 the Company had $1,180,000 cash on hand (December 31,
The Company has a working capital surplus of $8,797,000 as at September 30, 2014 as compared to a
$14,213,000 surplus on December 31, 2013. The Company’s accumulated deficit as at September 30,
2014 is $61,783,000 (December 31, 2013: $57,723,000).
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 388 skilled employees and 340,000 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
Burlington location also offers composite repairs for commercial aircraft. Avcorp is a Canadian public
company traded on the Toronto Stock Exchange (TSX:AVP).
Sandi DiPrimo, Investor Relations Contact | 604-587-4938