Avcorp reports USD35m in Q1 2016 revenue

Avcorp Industries Inc. (TSX: AVP) has reported revenues totaling USD35,347,000 for the quarter ended March 31, 2016 as compared to USDS15,661,000 revenue for the same quarter in the previous year, the company said.

The December 18, 2015 acquisition of the US-based composite Aerostructures division of Hitco located in Gardena, CA has added USD18,933,000 to current quarter revenues.

Composite aircraft structure repair revenues out of Comtek, Avcorp´s Burlington, ON facility, continued with a strong performance, as 2016 revenues increased 94 percent over revenues in the previous year´s first quarter.

Avcorp´s Delta facility revenues generated by legacy production contracts have decreased by 11 percent during the current quarter relative the same quarter in the previous year.

During the quarter ended March 31, 2016, the Avcorp Group recorded a loss from operations of USD12,399,000 on USD35,347,000 revenue, as compared to a USD2,672,000 operating loss on USD15,661,000 revenue for the same quarter in the previous year.

Avcorp Group designs and builds major airframe structures for aircraft companies, including BAE Systems, Boeing, Bombardier, Fuji Heavy Industries and Lockheed Martin. The Avcorp Group has more than 50 years of experience, over 750 skilled employees and 636,000 square feet of facilities.