Avcorp reports CDN 41,070,000 in Q3 2018 income from revenue

Avcorp Industries Inc. (TSX: AVP) has reported income from operations totaled CDN 41,0070,000 for the quarter ending September 30, 2018, compared to CDN 44,862,000 revenue, as compared to CDN 6,644,000 operating losses from CDN 36,267,000 revenue for the same quarter in the previous year, the company said.

Third quarter 2018 operating loss was reduced by CDN 4,100,000, in comparison to the same quarter in 2017.

During the quarter ended September 30, 2018, cash flows from operating activities, excluding the impact of changes in non-cash working capital, utilized CDN 3,490,000 of cash as compared with utilization of CDN 8,114,000 of cash during the quarter ended September 30, 2017.

Changes in non-cash working capital during the current quarter utilized CDN 3,693,000 as compared to the same quarter previous year during which non-cash working capital utilized CDN 4,238,000.

As at September 30, 2018, the Company had CDN 2,923,000 cash on hand (December 31, 2017: CDN 5,212,000) and had utilized CDN 81,454,000 of its operating line of credit (December 31, 2017: CDN 61,283,000). The Company has a working capital deficit of CDN 58,480,000 as at September 30, 2018 which has decreased from the December 31, 2017 CDN 63,038,000 deficit.

The Avcorp Group designs and builds major airframe structures for some of the world´s leading aircraft companies, including BAE Systems, Boeing, Bombardier, Lockheed Martin and Subaru Corporation.