The Fairchild Corporation announced net earnings of $900,000, or $0.04 per share, for its first quarter ended December 31, 2004, up from a net loss of $2.2 million, or $0.09 per share, for the first quarter ended December 31, 2003.
The Fairchild Corporation, McLean, Va., is a distributor in the aerospace industry; owns and operates a shopping center in Farmingdale, New York; and runs a Sports and Leisure segment doing business as Fairchild Sports.
Fairchild's net earnings for the three months ended Dec. 31, 2004, included gains of $12.5 million on the disposal of discontinued operations. Earnings for the three-month period ended December 31, 2003, included $5.9 million of additional proceeds earned from the sale of its fastener business.
Fairchild Sports posted revenues of about $43.11 million and losses of about $5.52 million for the three months of the first quarter 2005. This compares to revenues of approximately $25.2 million and losses of approximately $3.3 million for two months of the 2003 first quarter.
Located in Tustin, Calif., Fairchild Sports is a designer and distributor of motorcycle protective apparel, boots and helmets, under several labels, including First Gear and Hein Gericke. The company designs and produces protective apparel under private labels for third parties, including Harley-Davidson, and operates PoloExpress retail outlets in Europe.
Fairchild's overall revenues for the quarter ended December 31, 2004 increased by $25.0 million, or 56.5%, due largely to a 42% increase in revenues from the company's aerospace business.
The company's loss from all continuing operations for the quarter ended December 31, 2004 was $12.6 million or $0.50 per share, compared to a loss from continuing operations of $6.6 million, or $0.26 per share, for the quarter ended December 31, 2003.
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