EXHIBIT 99.1

 

 

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NEWS RELEASE

FOR IMMEDIATE RELEASE

  

Contact:

  

John R. Lee

Senior Vice President

Chief Financial Officer

(205) 510-4051

 

PEMCO AVIATION GROUP REPORTS A DELAY IN FILING FORM 10-K DUE

TO CHANGE IN LEASE ACCOUNTING

 

BIRMINGHAM, AL. (March 31, 2005) –

Pemco Aviation Group, Inc. (NASDAQ: PAGI), a leading provider of aircraft maintenance and modification services, today announced that the Company’s Annual Report on Form 10-K for the period ended December 31, 2004 could not be filed with the Securities and Exchange Commission (“SEC”) on a timely basis for the reasons described below.

 

In light of the recent clarification on lease accounting set forth in a February 7, 2005 letter from the Office of the Chief Accountant of the SEC to the American Institute of Certified Public Accountants and after discussions with the Company’s current independent registered public accounting firm, Grant Thornton LLP, and predecessor independent registered public accounting firm, Ernst & Young LLP, the Company reviewed its accounting for all leasehold improvements. The Company discovered that from 1989 through 2001 the Company assigned estimated useful lives of leasehold improvements that exceeded the remaining terms of the applicable leases, which is inconsistent with the views expressed by the SEC in its February 7, 2005 letter.

 

Management is working diligently to finalize the effect of the corrections to the Company’s accounting for leasehold improvements. The Company expects that the changes in the amortization of leasehold improvements will not be material to the Company’s results of operations in 2004, 2003 and 2002 but will have a material cumulative effect on the Company’s balance sheets. On a preliminary basis, the restatement for years ended December 31, 2003 and 2002 is expected to result in an increase in accumulated depreciation and amortization of approximately $1.24 million, an increase in deferred income tax asset of approximately $0.47 million and a decrease in retained earnings of approximately $0.77 million at December 31, 2003 and 2002. The unaudited information described herein may differ materially from the Company’s financial statements that are finally issued following the completion by the Company’s current and former independent registered public accounting firms of their audit of the Company’s results.

 

Due to the time and effort involved in determining the effect of the corrections on the Company’s financial statements and to allow time to complete auditing procedures on the correction of prior financial statements, the Company is unable to timely file its Annual Report on Form 10-K for the year ended December 31, 2004 without unreasonable effort or expense. The Company expects to file its Annual Report on Form 10-K for the year ended December 31, 2004 by April 15, 2005.

 

-END-


The following information was filed by Alabama Aircraft Industries, Inc (AAIIQ) on Friday, April 1, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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