AAR (NYSE:AIR) reported second quarter fiscal year 2011 consolidated sales of $447.1 million and net income of $16.8 million, or $0.42 per diluted share. For the second quarter of the prior fiscal year, the Company reported sales of $328.7 million and net income of $13.3 million, or diluted earnings per share of $0.34.
Sales to government and defense customers increased 46% over last year and were principally driven by sales at the Company's airlift services business, which was acquired in the fourth quarter of fiscal 2010, and growth at the Company's defense logistics business. Sales to commercial customers increased 27% versus the second quarter of fiscal 2010, reflecting an improving commercial airline environment.
Included in the results for the second quarter are $6.5 million in sales and a $2.0 million pre-tax loss ($0.03 per diluted share) at the Company's Amsterdam component repair facility. Subsequent to the close of the second quarter, the Company concluded that it will exit its Amsterdam component repair facility and is currently evaluating a number of strategic alternatives associated with the business unit, including the sale of the unit. The Company expects to report this business as a discontinued operation beginning with the third quarter of fiscal 2011.
AAR is a leading provider of products and value-added services to the worldwide aerospace and government/defense industry. With facilities and sales locations around the world, AAR uses its close-to-the-customer business model to serve aviation and government/defense customers through four operating segments: Aviation Supply Chain; Government and Defense Services; Maintenance, Repair and Overhaul; and Structures and Systems.
AAR — named one of the "Most Trustworthy Companies" for 2010 by Forbes magazine.
GreenHouse Holdings, Inc. (OTCQB:GRHU), a San Diego, California-based integrated energy solutions provider and developer of eco-friendly infrastructure, announced the results of operations for the third quarter of Fiscal Year 2010 and is providing a shareholder update.
Management is pleased with our operational and financial growth," stated Chris Ursitti, CEO of GreenHouse Holdings. "Life Protection Inc. and the pending acquisition of Control Engineering, Inc. will provide the company with a strong foundation of growth while positioning us as a market leader within the energy efficiency and load reduction arena. In addition to expanding operations within the residential, commercial and governmental markets, we also anticipate expansion from our industrial clients as we deploy our Automated Demand Response products. We are confident that these developments will rapidly increase earnings, expand margins and allow us to achieve our ultimate goal of increased shareholder value."
Revenues for the three months ended September 30, 2010 were approximately $1,724,000 compared to approximately $1,671,000 for the three months ended September 30, 2009, an increase of approximately $53,000 or 3%. This increase was due to increased sales of our energy efficient products and services to residential customers as a result of our expansion of our sales and marketing infrastructure.
Revenues for the nine months ended September 30, 2010 were approximately $4,428,000 compared to approximately $3,486,000 for the nine months ended September 30, 2009, an increase of approximately $942,000 or 27%. This increase was due to increased sales of our energy efficient products and services to residential customers as a result of our expansion of our sales and marketing infrastructure.
Mr. Ursitti continued, "Throughout the fiscal year, GreenHouse worked to diversify our clientele, and forged strong industry relationships with well recognized global corporations. We believe these accomplishments were vital steps in positioning the company for both near term growth and long term sustainability. Going forward, we remain committed expanding clean, cost saving energy solutions operations both domestically and internationally while also expanding market presence within our emerging governmental services division."
GreenHouse provides systems that are financially sound and sustainable to residential, commercial, and industrial and government markets around the globe. GreenHouse provides energy-efficiency products, energy management systems, eco-friendly infrastructure, scalable waste-to-fuel bio-fuel and closed loop systems, as well as other proprietary technologies and products that are utilized to provide a greener and safer future for millions of people.
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