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Fields Aircraft Reports a Loss of $1 Million

September 01, 1998|Barbara Murphy

Fields Aircraft Spares Inc. in Simi Valley reported a loss of slightly more than $1 million or 27 cents per share for the second quarter ended July 3, including a one-time charge of $1.2 million.

The loss came on sales of $5.7 million, almost double the $2.9 million reported a year earlier. For the year-ago quarter, the company reported net income of $115,000 or 5 cents per share.

The nonrecurring charge is related to the consolidation of several subsidiary manufacturing, warehouse and administrative facilities into the company's new Simi Valley headquarters, and the addition of infrastructure needed to support anticipated future growth.

The headquarters, combined with the company's 80,000-square-foot Fillmore facility, gives Fields more than 200,000 square feet of manufacturing, warehousing and executive space. During the quarter, the company acquired Skylock Industries, a Monrovia-based manufacturer of aircraft replacement parts that had a facility in Simi Valley.

"This quarter has been committed to developing the infrastructure for the tremendous sales growth we have been experiencing," said Alan Fields, company president. "The increased capacity will allow us to not only benefit from the rapid growth of our business, but enable us to remain one step ahead of it."

Fields Aircraft Spares Inc., through its various subsidiaries, manufactures and distributes aircraft cabin interior products and is a redistributor for factory-new parts used by commercial aircraft manufacturers.

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