Fields Aircraft Spares in Simi Valley said its sales for the first quarter ended April 3 increased 168% to $5.59 million, compared with $2.08 million for the quarter ended March 31, 1997.
Net earnings for the quarter increased to $110,000 or 6 cents per share, from a loss of $654,000 or 29 cents per share in 1997.
The increase in revenues included $1.94 million in sales of Fields historical product lines, and $1.56 million as a result of the inclusion of sales of Flightways Manufacturing, a subsidiary acquired in January.
"This was our fourth consecutive quarter of year-to-year sales gains in excess of 100%," president and chief executive officer Alan Fields said. "Our strategy of becoming a fully integrated distributor and manufacturer of aircraft cabin interior parts . . . has been paying off dramatically."
Fields also announced that it has completed the acquisition of Skylock Industries, a Monrovia-based designer and manufacturer of hardware and retaining devices for aircraft cabin interiors.
All of Skylock's outstanding capital stock was purchased for $750,000 in cash and 60,000 shares of stock. Eighty percent of the purchase price was paid at closing and the remaining 20% is based on performance. In addition, Fields retired approximately $100,000 of Skylock debt.