Fields Aircraft Spares Reports Doubled Revenue

Fields Aircraft Spares in Simi Valley said 1998 revenues almost doubled to $23.9 million.

Company officials attributed the increase to internal growth as well as the inclusion of revenues from Flightways Manufacturing and Skylock Industries, two subsidiaries acquired last year.

Also in 1998, Fields had a one-time charge of $1.2 million for expenses related to the acquisition of a new facility, relocation costs and expansion of the newly acquired manufacturing subsidiaries.

This one-time charge, combined with other acquisition expenses, resulted in a net loss for the company of $1.95 million or 82 cents per common share and 51 cents per diluted share for the year, compared with a loss of $147,000 or 8 cents per common share and 6 cents per diluted share for fiscal 1997.

Fields also had one-time costs of $80,000 for fiscal 1998 attributable to preparing for potential Y2K problems. Management expects to take an additional charge of $170,000 related to Y2K this year.

President and CEO Alan Fields said the airlines are flying a record number of passengers.

“This bodes well for our company over the long run,” he said. “However, the high capacity utilization of aircraft has resulted in a number of customers rescheduling deliveries in the short term, impacting us negatively.”

Fields Aircraft Spares, through Fields Aircraft Spares, Fields Aero Management, Flightways and Skylock, makes replacement products for aircraft cabin interiors.