Avcorp Industries Inc. (TSX: AVP) has reported a first quarter operating loss reduction of CDN 4,011,000, compared to the same quarter in 2017, the company said.
Other financial 2018 highlights include;
-a loan agreement to expand the current agreement with a Canadian Chartered Bank, supported by a major and material customer, to access an additional USD$10 million operating line of credit.
-cash flows from operating activities, excluding the impact of changes in nonâcash working capital, utilized CDN 4,572,000 of cash as compared with utilization of CDN 9,703,000 of cash during the quarter ended March 31, 2017
-CDN 2,313,000 cash on hand (December 31, 2017: CDN 5,212,000) and the utilization of CDN 74,558,000 in operating line of credit (December 31, 2017: CDN 61,283,000).
Avcorp is a member of Canada´s Digital Technology Supercluster (“CDTS”). The Avcorp Group designs and builds major airframe structures for some of the world´s leading aircraft companies.