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December 2021
Exhibit 99.1
AAR REPORTS FOURTH QUARTER & FISCAL YEAR 2021 RESULTS
· | Fourth quarter sales of $438 million, up 5% over the prior year |
· | Fourth quarter GAAP diluted earnings per share from continuing operations of $0.41 compared to a loss per share of $0.43 in Q4 FY2020 |
· | Fourth quarter adjusted diluted earnings per share from continuing operations of $0.47 up 81% from $0.26 in Q4 FY2020 |
· | Fourth quarter cash flow from operating activities from continuing operations of $24 million |
WOOD DALE, ILLINOIS (July 20, 2021) — AAR CORP. (NYSE: AIR) today reported fourth quarter Fiscal Year 2021 consolidated sales of $437.6 million and income from continuing operations of $14.7 million, or $0.41 per diluted share. For the fourth quarter of the prior year, the Company reported sales of $416.5 million and loss from continuing operations of $15.0 million, or a loss of $0.43 per diluted share. Our adjusted diluted earnings per share from continuing operations in the fourth quarter of Fiscal Year 2021 were $0.47 compared to $0.26 in the fourth quarter of the prior year. Current quarter results included net after-tax adjustments of $2.0 million, or $0.06 per share, primarily related to customer credit and facility consolidation charges partially offset by government subsidies.
Consolidated fourth quarter sales increased 5% from the prior year quarter. Our consolidated sales to commercial customers increased 3% from the prior year quarter primarily due to the recovery in the commercial market from the impact of COVID-19. Our consolidated sales to government customers increased 7% as a result of continued strong performance across our global government contracts.
Sales to government and defense customers were 48% of consolidated sales compared to 47% in the prior year’s quarter reflecting the growth in our government business as well as the continued impact of COVID-19 on commercial volumes.
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Aar Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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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 margin on sales to government and defense customers decreased to 16.7% from 17.2% as the gross profit margin on our recent contract awards is lower than our existing government and defense activity.
In light of declines in commercial airline volumes and commercial program contract terminations, we evaluated future cash flows related to certain rotable assets supporting long-term programs and recognized asset impairment charges of $5.8 million and $1.9 million in fiscal 2021 and 2020, respectively.
Contract modifications that are for goods or services that are not distinct from the existing contract, due to the significant integration with the original goods or services provided, are accounted for as if they were part of that existing contract with the effect of the contract modification recognized as an adjustment to revenue on a cumulative catch-up basis.
The gross profit margin on sales to commercial customers increased to 17.2% from 11.7% in the prior year with the increased margin largely attributable to the net benefit from the government workforce subsidies.
We also evaluate the sensitivity...Read more
Interest Expense Interest expense decreased...Read more
Gross profit margin increased to...Read more
If the contract has more...Read more
The decrease in sales to...Read more
These forward-looking statements are based...Read more
This underfunded position is driven...Read more
In fiscal 2021, we recognized...Read more
Reductions in demand for certain...Read more
As we continued to successfully...Read more
This ASU requires a change...Read more
We maintain a Purchase Agreement...Read more
Gross profit on sales to...Read more
The fiscal 2021 loss was...Read more
In our Expeditionary Services segment,...Read more
All of these actions have...Read more
Gross profit in this segment...Read more
A performance obligation reflects the...Read more
Our continuing ability to borrow...Read more
To mitigate the impact of...Read more
Key assumptions involved include future...Read more
The assumptions we used to...Read more
We believe long-term commercial aftermarket...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
As of May 31, 2021,...Read more
The price of such services...Read more
The increase from the prior...Read more
Borrowings outstanding under the Revolving...Read more
When considering these adjustments on...Read more
This population of bonds was...Read more
We also implemented actions to...Read more
Income Taxes Our fiscal 2021...Read more
Borrowings outstanding under the Revolving...Read more
These changes are primarily adjustments...Read more
The Expeditionary Services segment consists...Read more
We establish the long-term asset...Read more
Sales and gross profit for...Read more
In fiscal 2021, we recognized...Read more
As of May 31, 2021,...Read more
Gross profit in the Expeditionary...Read more
Over the long-term, we expect...Read more
We recognize revenue when we...Read more
The term of the Purchase...Read more
These adjustments primarily relate to...Read more
The total of these instruments...Read more
The majority of our sales...Read more
The Credit Agreement provided a...Read more
During fiscal 2021, we also...Read more
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Ticker: AIR
CIK: 1750
Form Type: 10-K Annual Report
Accession Number: 0001104659-21-094125
Submitted to the SEC: Tue Jul 20 2021 9:46:22 PM EST
Accepted by the SEC: Wed Jul 21 2021
Period: Monday, May 31, 2021
Industry: Aircraft And Parts