First Aviation Services, Inc. Annual Report: Year Ended December 31, 2011

March 16, 2012

First Aviation Services, Inc. (OTCPink: FAVS.PK) reported net sales for its year ended December 31, 2011 fell 12% to $113.1 million compared to net sales of $128.5 million for the year ended December 31, 2010.  The Company pointed out that while the marketplace is challenging for its Aerospace Products International subsidiary, the company is pleased with improvements at both its Aerospace Turbine Rotables, Inc. and Piedmont Propulsion Systems, LLC subsidiaries.

For 2011 the Company reported net income of $791 thousand, or $0.62 per share, versus a net loss of $1.2 million, or $(1.80) per share, for 2010.  Net income in 2011 benefited from higher gross profit margins due to a focus on higher margin business and lower interest expense.

As of December 31, 2011, the balance sheet reflected current assets of $52.1 million, total assets of $62.13 million, current liabilities of $36.07 million and total liabilities of $42.1 million.  During 2011, shareholders’ equity increased 23.6% to $20.02 million.

First Aviation Services, Inc. is a global provider of aviation products, supply chain management services, repair and overhaul and technology solutions to the aviation industry.

Source: First Aviation Services, Inc.


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