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Aar Corp (AIR) SEC Filing 10-K Annual report for the fiscal year ending Sunday, May 31, 2020

Aar Corp

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CIK: 1750 Ticker: AIR

Exhibit 99.1

 

For immediate release

 

AAR REPORTS FOURTH QUARTER & FISCAL YEAR 2020 RESULTS

 

·Fourth quarter sales of $416.5 million, down 26% from $562.7 million in Q4 FY2019 reflecting the impact of COVID-19

 

·Full year sales of $2.07 billion, up 1% from $2.05 billion in FY2019

 

·Fourth quarter GAAP and adjusted diluted earnings (loss) per share from continuing operations of $(0.43) and $0.26, respectively

 

·Executed multiple actions to align costs with demand and position the company for the future

 

WOOD DALE, ILLINOIS (July 21, 2020) — AAR CORP. (NYSE: AIR) today reported fourth quarter Fiscal Year 2020 consolidated sales of $416.5 million and a loss from continuing operations of $15.0 million, or $0.43 per diluted share. Fourth quarter results included pretax charges of $27.9 million related to restructuring actions and exiting underperforming product lines and contracts. For the fourth quarter of the prior year, the Company reported sales of $562.7 million and income from continuing operations of $26.6 million, or $0.76 per diluted share. Our adjusted diluted earnings per share from continuing operations were $0.26 in the current quarter compared to $0.68 in the fourth quarter of the prior year.

 

Consolidated fourth quarter sales decreased 26% from the prior year period due to the impact of COVID-19 and the unprecedented grounding of the world’s commercial fleet. Sales were also impacted by $7.5 million from restructuring actions related to our exit from certain commercial programs. Sales to government and defense customers in the Aviation Services segment continued to grow and were up 8% over the prior year quarter. Sales to government and defense customers represented 47% of our consolidated sales in the current quarter compared to 35% in the prior year quarter.

 

In response to the historic reduction in passenger travel resulting from COVID-19, we executed numerous cost reduction actions to better align our expenses with revenue. We also took several additional actions to improve our operating efficiencies with a goal towards improving our margins for the long term. These actions include facility consolidation, exit of unprofitable product lines as well as exiting or restructuring underperforming commercial programs contracts. These actions resulted in predominantly non-cash impairment and other charges of $27.9 million.

 

The following information was filed by Aar Corp (AIR) on Tuesday, July 21, 2020 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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Inside Aar Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Consolidated Statements Of Income
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Acquisition
Acquisition (Details)
Acquisition (Tables)
Business Segment Information
Business Segment Information (Tables)
Business Segment Information - Customers Percentage Of Sales (Details)
Business Segment Information - Geographic Data (Details)
Business Segment Information - Major Customer Markets (Details)
Business Segment Information - Reconciles Of Segment Gross Profit To Income (Details)
Business Segment Information - Sales By Product And Services (Details)
Business Segment Information - Segment Reporting (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Discontinued Operations
Discontinued Operations (Details)
Discontinued Operations (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Details)
Employee Benefit Plans (Tables)
Employee Benefit Plans - Future Benefit Payments And Defined Contribution Plan (Details)
Employee Benefit Plans - Reconciliation Of Level 3 Pension Assets (Details)
Employee Benefit Plans - Reconciliation Of Pension Assets (Details)
Equity
Equity (Details)
Equity (Tables)
Equity - Additional Information (Details)
Equity - Restricted Stock (Details)
Financing Arrangements
Financing Arrangements (Details)
Financing Arrangements (Tables)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Leases
Leases (Details)
Leases (Tables)
Leases - Facilities And Equipment (Details)
Leases - Maturities (Details)
Leases - Supplemental Cash Flow Information (Details)
Legal Proceedings
Other Non-Current Assets
Other Non-Current Assets (Details)
Other Non-Current Assets (Tables)
Other Non-Current Assets - Investments In Joint Ventures (Details)
Sale Of Composites Business
Sale Of Composites Business (Details)
Sale Of Receivables
Sale Of Receivables (Details)
Selected Quarterly Data (Unaudited)
Selected Quarterly Data (Unaudited) (Details)
Selected Quarterly Data (Unaudited) (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Allowance For Doubtful Accounts (Details)
Summary Of Significant Accounting Policies - Contract Assets And Liabilities And Remaining Performance Obligations (Details)
Summary Of Significant Accounting Policies - Financial Instruments (Details)
Summary Of Significant Accounting Policies - Goodwill (Details)
Summary Of Significant Accounting Policies - Intangibles (Details)
Summary Of Significant Accounting Policies - Inventories (Details)
Summary Of Significant Accounting Policies - Property, Plant And Equipment And Investments (Details)
Summary Of Significant Accounting Policies - Restructuring And Other Exit Costs, Supplemental Information On Cash Flows (Details)
Summary Of Significant Accounting Policies - Revenue Recognition (Details)
Summary Of Significant Accounting Policies - Rotable Assets And Equipment Under Leases (Details)
Summary Of Significant Accounting Policies - Treasury Stock (Details)
Ticker: AIR
CIK: 1750
Form Type: 10-K Annual Report
Accession Number: 0001104659-20-085310
Submitted to the SEC: Tue Jul 21 2020 5:19:15 PM EST
Accepted by the SEC: Tue Jul 21 2020
Period: Sunday, May 31, 2020
Industry: Aircraft And Parts

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