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Fields Aircraft Spares Shows 95% Sales Increase

July 21, 1998|BARBARA MURPHY

Fields Aircraft Spares in Simi Valley announced that preliminary results for the second quarter ended July 3 showed sales of approximately $5.7 million, up more than 95% over the $2.9 million the company reported a year earlier.

"We are on target to complete integration of our acquired subsidiaries, occupy our new headquarters and continue building toward meaningful profitability," said company President Alan Fields.

Fields expects to incur a one-time charge to earnings of $750,000 to $1.25 million in the quarter. This charge is related to the consolidation of several subsidiary manufacturing, warehouse and administrative facilities into the company's new headquarters in Simi Valley and the addition of infrastructure needed to support anticipated future growth.

The Simi Valley headquarters, combined with the company's 80,000-square-foot Fillmore facility, will give Fields more than 200,000 square feet of manufacturing, warehousing and executive space.

"As a result of our successful strategy of growth through internal operations as well as acquisitions, we are comfortable in achieving our target of 100% increase in revenues to approximately $25 million in fiscal 1998," Fields said. "This will mark the second consecutive year of doubling of revenues."

Fields Aircraft Spares, through subsidiaries Fields Aircraft Spares, Fields Aero Management, Flight-ways Manufacturing and Skylock Industries, manufactures and distributes aircraft cabin interior replacement products and is a redistributor of factory new parts used by commercial aircraft manufacturers.

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