breeze-eastern-logoBreeze-Eastern Corporation (NYSE MKT: BZC)

 

 

The story is laid out well in it’s press release from July 31:

Breeze-Eastern Corporation (NYSE MKT: BZC) today reported its fiscal 2014 first quarter financial results.

  • Net sales:  $19.6 million versus $14.4 million for fiscal 2013 first quarter.
  • “No Further Remediation” letter received for one site reduced our environmental obligation, producing a $1.2 million benefit that lowered selling, general, & administrative expenses and increased net income and Adjusted EBITDA (as described under “Non-GAAP Financial Measures” in this press release).
  • Net income/(loss): net income of $1.4 million, or $0.14 per diluted share, versus a net loss of $(0.8) million, or $(0.09) per diluted share, for the same period last year.  Excluding the non-recurring benefit of the environmental reserve reduction, net income would have been $0.6 million, or $0.07 per diluted share.
  • Adjusted EBITDA:  positive $2.6 million, versus a negative $(0.9) million in the first three months of fiscal 2013.  Excluding the non-recurring benefit of the environmental reserve reduction, Adjusted EBITDA would have been $1.4 million.
  • Bookings:  $16.0 million, versus $14.8 million in the fiscal 2013 first quarter. The book-to-bill ratio for the fiscal 2014 first quarter was 0.8 and was 1.0 in the fiscal 2013 first quarter.
  • Debt:  Continues to be zero.

That’s a real turn around!

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