Please wait while we load the requested 10-K report or click the link below:
https://last10k.com/sec-filings/report/1750/000110465920085310/air-20200531x10k.htm
December 2022
December 2022
October 2022
September 2022
September 2022
July 2022
July 2022
March 2022
March 2022
December 2021
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.
Please wait while we load the requested 10-K report or click the link below:
https://last10k.com/sec-filings/report/1750/000110465920085310/air-20200531x10k.htm
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Aar Corp.
Aar Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
Rating
Learn More![]()
In some cases, our contract with the customer is considered one performance obligation as it includes factors such as whether the good or service being provided is significantly integrated with other promises in the contract, whether the service provided significantly modifies or customizes another good or service or whether the good or service is highly interdependent or interrelated.
Gross profit in the Expeditionary Services segment decreased $14.3 million or 88.3% from the prior year and gross profit margin decreased to 1.8% from 12.3% both primarily as a result of restructuring actions and lower sales volumes.
The gross profit margin on sales to commercial customers was 11.7% compared to 14.6% in the prior year with the decreased margin largely attributable to contract termination, restructuring, and impairment charges discussed above.
Sales had increased $166.4 million or 11.2% over the prior year period primarily due to an increase in sales of $175.5 million or 12.5% in our Aviation Services segment reflecting the growth from new contract awards and successful execution across our Aviation Services activities.
Gross profit margin on sales to government and defense customers decreased to 17.2% from 20.4% as the gross profit margin on our recent contract awards is lower than our existing government and defense activity.
Contract modifications that are for...Read more
We also evaluate the sensitivity...Read more
New Accounting Pronouncements Adopted In...Read more
Sales and gross profit for...Read more
Fiscal 2020 began with strategic...Read more
Sales to government and defense...Read more
If the contract has more...Read more
Our projected benefit obligation exceeds...Read more
These forward-looking statements are based...Read more
In fiscal 2020, we recognized...Read more
Reductions in demand for certain...Read more
This award demonstrates the power...Read more
As we continued to successfully...Read more
This ASU requires a change...Read more
On February 23, 2018, we...Read more
Gross profit on sales to...Read more
The reduced loss of $56.2...Read more
A performance obligation reflects the...Read more
Our continuing ability to borrow...Read more
Key assumptions involved include future...Read more
The assumptions we used to...Read more
Over the long-term, we expect...Read more
The difference between this expected...Read more
We provide customized inventory supply...Read more
Contract assets consist of unbilled...Read more
Variable consideration that can be...Read more
Gross profit in this segment...Read more
The effective income tax rate...Read more
As of May 31, 2020,...Read more
The price of such services...Read more
For this change, we recognized...Read more
For this change, we recognized...Read more
Borrowings outstanding under the Revolving...Read more
Selling, General and Administrative Expenses...Read more
When considering these adjustments on...Read more
This population of bonds was...Read more
Income Taxes Our fiscal 2020...Read more
In fiscal 2019, we recognized...Read more
These changes are primarily adjustments...Read more
The Expeditionary Services segment consists...Read more
We establish the long-term asset...Read more
The provision included impairment of...Read more
We believe long-term commercial aftermarket...Read more
The decrease of $79.6 million...Read more
Under ASC 606, the contract...Read more
As of May 31, 2020,...Read more
We recognize revenue when we...Read more
The term of the Purchase...Read more
We experienced an increase in...Read more
In response to the impact...Read more
These adjustments primarily relate to...Read more
The total of these instruments...Read more
The majority of our sales...Read more
Our momentum from a successful...Read more
The Credit Agreement provided a...Read more
Second, we have contracts under...Read more
This package permits us to...Read more
We continually evaluate various financing...Read more
In connection with certain sales...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Aar Corp provided additional information to their SEC Filing as exhibits
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