 
Cover
Letter to Shareholders Statement of
Earnings |
| CONSOLIDATED STATEMENT OF EARNINGS |
| (In thousands, except per share data) |
Three Months Ended
|
|
|
|
|
10 / 03 / 99
|
|
9 / 27 / 98
|
|
|
|
|
|
REVENUE |
|
|
|
|
|
|
Net sales |
$ |
164,509 |
$ |
148,539 |
|
|
Other income, net |
|
4,828 |
|
419 |
|
|
|
|
|
|
|
|
169,337 |
|
148,958 |
|
COST AND EXPENSES: |
|
|
|
|
|
|
Cost of goods sold |
|
121,362 |
|
113,867 |
|
|
Selling, general & administrative |
|
31,828 |
|
28,174 |
|
|
Amortization of goodwill |
|
3,096 |
|
1,278 |
|
|
Restructuring |
|
3,017 |
|
— |
|
|
|
|
|
|
|
|
159,303 |
|
143,319 |
|
|
|
|
|
|
|
|
Operating Income |
|
10,034 |
|
5,639 |
|
|
|
|
|
|
|
|
Net interest expense |
|
(11,474) |
|
(6,853) |
|
Investment income |
|
880 |
|
1,861 |
|
Nonrecurring income |
|
28,003 |
|
— |
|
|
|
|
|
Earnings from continuing operations before taxes |
|
27,443 |
|
647 |
|
Income tax provision |
|
(9,132) |
|
(291) |
|
Equity in earnings (loss) of affiliates, net |
|
(201) |
|
1,037 |
|
Minority interest, net |
|
— |
|
(203) |
|
|
|
|
|
Net Earnings |
$ |
18,110 |
$ |
1,190 |
|
|
|
|
|
NET EARNINGS PER SHARE: |
|
|
|
|
|
|
Basic |
|
$ 0.73 |
|
$ 0.05 |
|
|
|
|
|
|
Diluted |
|
$ 0.72 |
|
$ 0.05 |
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
Basic |
|
24,862 |
|
22,401 |
|
|
|
|
|
|
Diluted |
|
25,026 |
|
23,001 |
|
|
|
|
|
|
|
|
|
|
|
|
THE FAIRCHILD CORPORATION |
|
|
|
|
|
SEGMENT RESULTS |
|
|
|
|
|
(In thousands) |
Three Months Ended
|
|
|
|
|
10 / 03 / 99
|
|
9 / 27 / 98
|
|
|
|
|
|
Sales by Segment: |
|
|
|
|
|
|
Aerospace Fasteners |
$ |
134,420 |
$ |
96,558 |
|
|
Aerospace Distribution |
|
29,350 |
|
50,528 |
|
|
Corporate and Other |
|
739 |
|
1,453 |
|
|
|
|
|
Total Sales |
$ |
164,509 |
$ |
148,539 |
|
|
|
|
|
Operating Results by Segment: |
|
|
|
|
|
|
Aerospace Fasteners (a) |
$ |
8,875 |
$ |
7,830 |
|
|
Aerospace Distribution |
|
2,257 |
|
1,718 |
|
|
Corporate and Other |
|
(1,098) |
|
(3,909) |
|
|
|
|
|
Operating Income |
$ |
10,034 |
$ |
5,639 |
|
|
|
|
|
|
|
|
|
|
|
|
(a) - Includes restructuring charges of $3.0 million in the quarter ended October 3, 1999. |
|
