Exhibit 99.1

 

NEWS

For immediate release

 

Contact:

Richard J. Poulton

 

Vice President, Chief Financial Officer

 

(630) 227-2075

 

E-mail address: rpoulton@aarcorp.com

 

 

AAR REPORTS FOURTH QUARTER AND FISCAL 2009 RESULTS

 

 

 

·      Fourth quarter diluted earnings per share of $0.49 compared to $0.52 last year

·      Fourth quarter cash flow from operations of $72 million

·      Record annual sales of $1,424 million and diluted earnings per share from continuing operations of $1.92

·      $77 million reduction in net debt outstanding during fiscal 2009

 

WOOD DALE, ILLINOIS (July 14, 2009) — AAR (NYSE: AIR) today reported fiscal year 2009 fourth quarter consolidated sales of $371.7 million and income from continuing operations of $20.5 million, or $0.49 diluted earnings per share.  Sales decreased 5% from $391.7 million reported in the fourth quarter of last year, and diluted earnings per share from continuing operations decreased 6%. Fourth quarter results include a $10.1 million impairment charge related to inventory acquired before September 11, 2001 and a $1.4 million loss on the sale of marketable securities.  Results for the fourth quarter of fiscal year 2009 also include a $10.0 million gain on the early extinguishment of debt.

 

Fourth quarter sales to defense customers increased 7% over the prior year and represented 44% of total sales.  The increase in sales to defense customers was principally attributable to higher shipments of mobility systems products and growth at the Company’s defense logistics business. Sales to commercial customers declined 13% due to lower demand for the Company’s products and services as a result of pressure from lower passenger and freight traffic combined with airline inventory de-stocking.

 

For the Company’s fiscal year 2009, sales were $1,424.0 million, an increase of 3% over the prior year and income from continuing operations increased 6% to $80.6 million, or $1.92 per diluted share.

 

 “In the midst of a deep global recession and disrupted credit markets, AAR achieved record annual sales, earnings and operating cash flow and significantly reduced its debt obligations, while making strategic investments in the Company’s growth prospects,” said David P. Storch, Chairman

 

One AAR Place · 1100 N. Wood Dale Road · Wood Dale, Illinois 60191 USA · 1-630-227-2000 Fax 1-630-227-2101

 


The following information was filed by Aar Corp (AIR) on Wednesday, July 15, 2009 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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