Avcorp reports CAD41m in Q3 2016 revenue

Avcorp Industries Inc. (TSX: AVP) has reported CAD41 million in third quarter 2016 revenue, compared to USD21.5 million in the third quarter 2015, an increase of 89.6 percent, the company said.

The company said it was awarded multiple production contracts from Boeing, consisting of complex metal bond and multi-material structural assemblies, and secured a USD5 million loan facility for use as working capital purposes.

The company signed a memorandum of understanding with the University of British Columbia to explore the creation of a learning factory for advanced composites.

Signed a long-term production contract with the Aerospace Company of Fuji Heavy Industries Ltd., a tier-one supplier to major original equipment manufacturers of commercial and defence aircraft around the world. Avcorp announced a restructuring at the Gardena facility, which will result in significant annual cost savings for the company, net of anticipated severance costs of approximately CAD260,000.

Avcorp Group designs and builds major airframe structures for aircraft companies, including BAE Systems, Boeing, Bombardier, Fuji Heavy Industries and Lockheed Martin. Avcorp Group offers integrated composite and metallic aircraft structures to aircraft manufacturers.