The
Aviation & Maritime News Centerpiece ~~~~~ Aviation & Marine USA Aerospace Home Page ~~~~~ |
ILIPS Group International 36th Year 1972 ~ 2008 "The Gift of Truth Excels All Other Gifts..." ~ Buddha |
Stretched... Air Canada's newest fleet addition, the Boeing 777-300ER. Photo: Air Canada |
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Aviation & Marine USA Latest News As Of April 28, 2008 ~~~~~~~~~~ |
Nimrod First Flight of the British Aerospace Systems (BAE) Nimrod PA02. Successor to current in-service Nimrod MR2. Maritime patrol aircraft for anti- submarine, anti-ship, search and rescue, intelligence gathering, with growth potential for land attack. Copyright © 2008 BAE Systems. All rights reserved |
| British Aerospace
Systems Nimrod Gallery Coming Soon... |
| Editor's
Note Most Interviews contained herein are Corporate "In House" production designed to get information out to the Public via Press Release. The majority of the quotes presented in Press Release articles in this ILIPS Group Publication are Corporate, In House. We are concentrating heavily on Press Releases as we expand outward into the World community to acquire the News ourselves. We will usually identify when quotations or interviews are conducted and reported directly by ILIPS Group personnel. Otherwise, anticipate that the interview was provided courtesy of Public Relations or Media Personnel from Corporate or other sources outside of ILIPS Group International, including other Mainstream and Alternative News Services who have released the materials into Public Domain. ~ Ed. |
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Air Racing Extravaganza |
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Air Racing News 2008 |
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Humor in Aerospace |
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NBAA 2007Headline News |
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News Alerts 2008 |
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The Mustang Collection |
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The Vestibule |
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The DC-3 Page |
| Aviation
& Marine Home Page 1 (You Are Here) News for the Week of April 27th thru May 4th, 2008 Click Here For: Home Page 2 April 27th ~ 28th, 2008 |
| Aviation
& Marine Week of April 27th ~ May 4th, 2008 (Overflow) or Click on Links Below for Applicable Week |
| Week of April 5th ~ 12th, 2008 | Week of April 13th ~ 19th, 2008 | Week of April 20th ~ 26th, 2008 | Week of April 27th ~ May 4th, 2008 |
| Week of May 4th ~ May 10th, 2008 | Week of May 11th ~ May 17th, 2008 | Week of May 18th ~ May 24th, 2008 | Week of May 25th ~ May 31st, 2008 |
| Week of June 1st ~ June 7th, 2008 | Week of June 8th ~ June 14th, 2008 | Week of June 15th ~ June 21st, 2008 | Week of June 22nd ~ June 28th, 2008 |
Front Page Embraer of Brasil in Poland A LOT Embraer EMB-170 Regional Jet over the threshold for landing. Photo: LOT |
Front Page Latest News As Of April 28, 2008 |
IATA Weekly Jet Fuel Price Monitor Jet Fuel Price Monitor
Each week IATA updates its jet fuel price index to provide the latest price data from the leading energy information provider Platts. The weekly index and price data shows the global average price paid at the refinery for aviation jet fuel. This week's price of aviation jet fuel:
Impact on this year's fuel bill of the global airline industry:
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| Editor's Choice Link Takes You To New York Times Online |
Front Page Australia Department
of Defence Media Mail List |
Front Page Department
of Defence Media Mail List |
Front Page LOCKHEED
MARTIN AGREES TO ACQUIRE EAGLE GROUP INTERNATIONAL, LLC |
Front Page Saab
in extensive Norwegian industrial cooperation |
Front Page Sweden (Cision News Bureau) Gripen
proposal to Norway delivered |
Front Page Sweden Sweden
offers Saabs Gripen to Norway |
Front Page From Flying Boats to Mobile Phone Boarding The spectacular Dornier X flying boat operated by Lufthansa in the Golden Era before World War II. Today, this aircraft is dwarfed by the Boeing 747-400 and the Airbus A380, the latter a double-decker Superjumbo airliner known as the "Whispering Giant," which likely produces less noise at takeoff than the old piston engine technology that powered this "Soverign of the Seas." And in today's fast-paced society, where airliners ply their trade in the skies at 35,000 feet or higher, at 630 mph, you merely need your mobile phone to board your flight. Some day, when airport congestion reaches the point that jet-powered flying boats make peaceful harbors attractive runways for next-generation Superjumbos, this exquisite, romantic notion of Air Travel may return and combine with it, the luxurious amenities desired by today's flying public. Until then, is it not an amazing "notion" in itself that the largest commercial jetliners in the World ~ aircraft like the A380, 747, A340-600 and Boeing 777-300ER, are merely a phone call away!? <g> Photo: Lufthansa |
Front Page Lufthansa
introduces boarding via mobile phone. Deutsch Version: Lufthansa
ermöglicht Boarding per Mobiltelefon. |
Front Page Lufthansa
boosts services from Milan Deutsch Version: Lufthansa
erweitert Angebot ab Mailand |
Front Page (PRNewswire) Southwest
Airlines Takes First Place For Best Award Redemption,
Best Award, and Best Member Communications Online Now: www.southwest.com |
Front Page Disaster Relief George Guerra, deputy for Northrop Grumman's Integrated Systems, Unmanned Systems Development Center presents the San Diego Foundation president, Steve Riddle, a grant to restore public amenities in parks and nature preserves, including hiking trails, interpretive signage, visitor centers, and other structures lost in the fires. Photo: Northrop Grumman |
Front Page Northrop
Grumman Issues Grants to Fire Disaster Relief
Organizations |
Front Page Disaster Relief George Guerra, deputy for Northrop Grumman's Integrated Systems, Unmanned Systems Development Center presents Dan Faddis, board president of the Fire Fighters Relief Association, a grant to help fire fighters and their families in times of need. Mike Kirekby, executive director for the Fire Fighters Relief Association, is pictured in back. Photo: Northrop Grumman |
Front Page Northrop
Grumman to Provide New STARLite Radar for U.S. Army
Unmanned Vehicle Application |
Front Page Northrop
Grumman Wins Centers for Medicare and Medicaid Enterprise
System Development Task Order |
Front Page Lockheed
Martin Joins Northrop Grumman Team Competing for GPS OCX
Phase B Contract |
Front Page Northrop
Grumman Awarded Translation and Interpretation Services
Subcontract |
Front Page Lockheed
Martin Promotes Secure Coding Best Practices With SANS
Institute Partnership |
Front Page Launch of FusComp program active phase Vacuum liquid resin infusion is based on the molding of high performance composite parts by infusing liquid resin on the fibers (glass, carbon or aramid) instead of prepreg fabrics molded in autoclaves. Main advantages are the use of cheaper material, a more flexible industrial process technology and manufacturing time reduction. Photo: EADS |
Front Page Launch
of FusComp program active phase |
Front Page Launch of FusComp program active phase FusComp is one of the pillars of our strategy. It will allow EADS SOCATA to play in the major league as a composites aerostructures manufacturer and to strengthen our role as a business aircraft manufacturer..." ~ Jean-Michel Léonard, Chairman and Chief Executive Officer of EADS SOCATA Photo: EADS |
Front Page Boeing, Lion Air Celebrate 10th 737-900ER Delivery The airline received the world's first 737-900ER in April 2007 and has ordered a total of 178 737-900ERs. Boeing Photo |
Front Page Boeing,
Lion Air Celebrate 10th 737-900ER Delivery |
Front Page Boeing's
First Engineer Wong Tsoo Honored for his The ceremony featured four distinguished speakers who spoke about Wong Tsoo's notable significance to both engineering and flight in the U.S., China and to NCKU, one of the leading universities in Taiwan. Boeing Photo |
Front Page Boeing's
First Engineer Wong Tsoo Honored for his Vision and
Inspiration at the Museum of Flight |
Front Page LOCKHEED
MARTIN DELIVERS MILESTONE C-130J SUPER HERCULES TO AIR
MOBILITY COMMAND |
Front Page Northrop
Grumman KC-45: Why We Won -- Greater Range |
Front Page BAE
SYSTEMS RECEIVES $31.6 MILLION CONTRACT TO MANUFACTURE
NEW MK 14 MISSILE LAUNCHING CANISTERS FOR THE U.S. NAVY |
Front Page A B-1B Lancer lifts off from the runway of an air base in Southwest Asia. (U.S. Air Force photo/Staff Sgt. David Miller) |
Front Page B-1B
performs as never envisioned after 20 years |
Front Page The B-1B is a multi-role, long-range bomber capable of flying intercontinental missions without refueling. It can perform a variety of missions, including that of carrying conventional weapons for theater operations. (U.S. Air Force photo/Staff Sgt. David Miller) |
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Front Page THAI
Adjusts Fuel Surcharge |
Front Page THAI
Offers Special Promotions at Rak Khun Tao Fah Fair To
Celebrate 48th Anniversary. |
Front Page Shi Quan Shi Mei Full Meal Photo: Singapore Airlines |
Front Page Experience The Wonders Of Australia With Promotional Singapore Airlines Fares From Singapore 28 April 2008
With the autumn and winter seasons beckoning, you are spoilt for choice. See the beautiful landscapes where the colours of nature turn into a myriad of warm reds and browns, or cuddle up and enjoy a glass of premium Australian wine by a fireplace with your loved one in a romantic cottage. For a fun-filled winter holiday, take the kids to Mount Buller or the Snowy Mountains where they can learn how to ski from the ski schools there. Whatever your perfect Australian holiday is, Singapore Airlines will take you there. Special fares to five destinations in Australia -- Adelaide, Brisbane, Melbourne, Sydney and Perth will go on sale from 28 April 2008 to 15 May 2008. The two-to-go fares for a return trip from Singapore are listed below, and are applicable for travel between 1 May 2008 and 31 May 2008.
Singapore Airlines operates 88 flights a week to Australia. For more information on the Australian cities and respective activities available, visit australia.com/singaporeair. |
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Front Page Whispering Giant A Singapore Airlines Airbus A380 Superjumbo seen on final approach for landing. Singapore recently received its fourth A380 for service on routes between Singapore and Tokyo Narita. Photo: Singapore Airlines |
Front Page Fourth
A380 Joins Singapore Airlines' Fleet |
Front Page A World of Entertainment New First Class Seating Arrangement on Singapore Airlines. Photo: Singapore Airlines |
Front Page Enter
A New World Of Entertainment With Singapore Airlines |
Front Page Laid Back Entertainment Console in Singapore Airlines' Suites Photo: Singapore Airlines |
Front Page France ATV
re-boosts ISS to a higher orbitNew success for Astrium |
Front Page Air Canada Boeing 777-300ER Air Canada Photo |
Front Page Canada Air
Canada realigns checked baggage policy |
Front Page Japan
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Front Page Austria
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Front Page U.K. Airlines
treated as second-class citizens after being
charged through the nose for Terminal 5, says
airline chief |
Front Page U.K. bmi
chairman addresses Aviation Club |
Front Page U.K. bmi
welcomes Competition Commission report |
Front Page Maintenance Hangar Artist concept of the new Maintenance Hangar for the Airbus A380 "Whispering Giant," which can accomodate three of the double-deck airliners at one time. The hangar is under construction at Frankfurt International Airport. Photo: Lufthansa |
Front Page Lufthansa
posts record first-quarter result for 2008 All the business segments contribute to the success despite the challenging economic environment 25.04.08 All the business segments of the Lufthansa Group increased their operating profit to contribute to the improved result. The Passenger Business segment was again able to score points amidst the hard-fought competition. The attractive premium products, the selective expansion of the route network and the successful integration of SWISS also played a major part in the excellent quarterly result. Mayrhuber emphasized that it was of great future importance that the airlines of the Lufthansa Group had succeeded in further improving their already strong positions in the corporate customer business. The Logistics business segment also achieved an excellent first quarter result thanks to a rise in revenue accompanied by cost saving measures. Both business segments were able to successfully compensate the rise in fuel prices. The MRO and Catering business segments managed to improve their profitability in spite of the negative currency exchange factors. In the IT Services business segment, the positive effects of the implemented restructuring measures were already felt in the first quarter. Lufthansa remains confident that it will be able to attain an operating result for 2008 that matches the record figures achieved last year and intends to record further improvements. The Lufthansa CEO stated that this continued to appear possible despite the fact that the worldwide economic conditions have worsened perceptibly. Precondition is, however, that the market environment does not weaken further and that the Lufthansa Group can continue to successfully compensate the increased fuel prices as it has done in the past. Wolfgang Mayrhuber declared that, making provisions is worthwhile and flexibility pays off. We shall continue to heed this advice in the future. We will adapt to the conditions around us and seize our opportunities as they come in the constantly changing market. We will not shy any headwinds, but use them for lift. First-quarter figures
2008 The rise of operating expenses to 6.0 billion euros was disproportionately lower than the increase in revenues. The rise in expenses can principally be attributed to the higher fuel prices. On the one hand these were volume-related and on the other hand they resulted from the change in the scope of consolidation and the significant increase in the oil price. The first-quarter operating result improved by 152 million euros to 188 million euros. The Group result is 57 million euros. In 2007 this post included the profit from the sale of the shares in Thomas Cook. After adjusting the Group result for this effect, it shows a slight improvement in comparison to the previous year. Lufthansas capital expenditure during the reporting period totalled 808 million euros, of which 493 million euros were spent on the expansion and modernization of the fleet and 214 million euros were spent on the acquisition of a 19 per cent stake in the JetBlue Airways Corporation on 22 January 2008. The cash flow from operating activities amounted to 741 million euros. The Groups net liquid assets stood at 888 million euros at the close of the first quarter.
Deutsche Lufthansa AG Corporate Communications
Disclaimer in respect of forward-looking statements Information published in this
press release with regard to the future development of
the Lufthansa Group and its subsidiaries consists purely
of forecasts and assessments and not of definitive
historical facts. These forward-looking statements are
based on all discernible information, facts and
expectations available at the time. They can, therefore,
only claim validity up to the date of their publication.
Since forward-looking statements are by their very nature
subject to uncertainties and imponderable risk factors
such as changes in underlying economic conditions
and rest on assumptions that may not or
divergently occur, it is possible that the Group's actual
results and development may differ materially from those
implied by the forecasts. Lufthansa makes a point of
checking and updating the information it publishes. It
cannot, however, assume any obligation to adapt
forward-looking statements to accommodate events or
developments that may occur at some later date. It
neither expressly nor conclusively accepts liability, nor
gives any guarantee, for the actuality, accuracy and
completeness of this data and information.
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Front Page Excellence Artist's concept of the new Lufthansa Airbus A380 Superjumbo inflight. Photo: Lufthansa |
Front Page Gourmet
delights from a host country of UEFA EURO 2008 |
Front Page Base to Final Artist's concept of the new Lufthansa Airbus A380 Superjumbo with landing gear extended for landing. Photo: Lufthansa |
Front Page Non-stop
Lufthansa Business Jet service to Pune, India |
Front Page SAS
Facility Management sold to Coor |
Front Page Clarification:
The sale of SAS Facility Management to Coor Service
Management Norwegian:
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Front Page Bernd
Bauer named new Head of Sales & Marketing Europe |
Front Page SWISS
teams up with US Airways to Philadelphia |
Front Page WEKO
approves the acquisition of Edelweiss Air by SWISS |
Front Page 25.04.2008 |
Front Page Saab
offers Gripen to the Indian Air Force |
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Front Page Latest News As Of April 27, 2008 |
Front Page Berlin Airlift Memorial Staff Sgt. Federico Hudson cleans the nose art on a static C-47A Skytrain aircraft on display at the Berlin Airlift Memorial site at the former Rhein Main Air Base near Frankfurt International Airport in Germany. Sergeant Hudson and a team of approximately 30 volunteers from Ramstein AB spent three days cleaning the display aircraft for refurbishing in prepartion for a Berlin Airlift 60th Anniversary Celebration to take place there in June. (U.S. Air Force photo/Tech. Sgt. Corey Clements) |
Front Page Airmen
help restore Berlin Airlift memorial |
Front Page Berlin Airlift Memorial Staff Sgt. Kevin Cloyd rinses the nose art on a static C-47A Skytrain on display at the Berlin Airlift Memorial site of the former Rhein Main Air Base near Frankfurt International Airport in Germany. Sergeant Cloyd and a team of approximately 30 volunteers from Ramstein AB spent three days cleaning the display aircraft for refurbishing in prepartion for a Berlin Airlift 60th Anniversary Celebration to take place there in June. Sergeant Cloyd is an aircraft maintenance crew chief at Ramstein AB. (U.S. Air Force photo/Tech. Sgt. Corey Clements) |
Front Page Smithsonian Air & Space UAV Exhibit Underway An RQ-3A Darkstar (top), MQ-1L Predator A (right) and X-45A Joint Unmanned Combat Air System (left) hang in the Smithsonian Institution's National Air and Space Museum in a new exhibit of military unmanned aerial vehicles. The exhibit, which opened to the public April 24, includes six UAVs from all four services and will be on display for the next 10 years. (U.S. Air Force photo/Staff Sgt. J.G. Buzanowski) |
Front Page ~ Through the Eyes of an Airman ™ Smithsonian
puts UAVs on display |
Front Page Smithsonian Air & Space UAV Exhibit Underway An X-45A Joint Unmanned Combat Air System hangs in the Smithsonian Institution's National Air and Space Museum in a new exhibit of military unmanned aerial vehicles. The exhibit, which opened to the public April 24, includes six UAVs from all four services and will be on display for the next 10 years. The X-45A was the first UAV designed specifically for combat missions. (U.S. Air Force photo/Staff Sgt. J.G. Buzanowski) |
Front Page Smithsonian Air & Space UAV Exhibit Underway An MQ-1L Predator A hangs in the Smithsonian Institution's National Air and Space Museum in a new exhibit of military unmanned aerial vehicles. The exhibit, which opened to the public April 24, includes six UAVs from all four services and will be on display for the next 10 years. This particular Predator was the first MQ-1L to fire a missile in combat and flew 196 combat missions before being retired. (U.S. Air Force photo/Staff Sgt. J.G. Buzanowski) |
Front Page Smithsonian Air & Space UAV Exhibit Underway An RQ-3A Darkstar (top to bottom), MQ-1L Predator A and X-45A Joint Unmanned Combat Air System hang in the Smithsonian Institution's National Air and Space Museum in a new exhibit of military unmanned aerial vehicles. The exhibit, which opened to the public April 24, includes six UAVs from all four services and will be on display for the next 10 years. (U.S. Air Force photo/Staff Sgt. J.G. Buzanowski) |
Front Page Smithsonian Air & Space UAV Exhibit Underway An RQ-3A Darkstar hangs in the Smithsonian Institution's National Air and Space Museum in a new exhibit of military unmanned aerial vehicles. The exhibit, which opened to the public April 24, includes six UAVs from all four services and will be on display for the next 10 years. The Darkstar integrated stealth technology into a UAV, but the project was soon abandoned. (U.S. Air Force photo/Staff Sgt. J.G. Buzanowski) |
Front Page Smithsonian Air & Space UAV Exhibit Underway An MQ-1L Predator A hangs in the Smithsonian Institution's National Air and Space Museum in a new exhibit of military unmanned aerial vehicles. The exhibit, which opened to the public April 24, includes six UAVs from all four services and will be on display for the next 10 years. This particular Predator was the first MQ-1L to fire a missile in combat and flew 196 combat missions before being retired. (U.S. Air Force photo/Staff Sgt. J.G. Buzanowski) |
Front Page Pregnant
Guppy (U.S. Air Force photo/Debra Bennett) |
Front Page ~ Through the Eyes of an Airman ™ NASA
officials turn to Air Force for 'Guppy' evaluation |
Front Page Tall Order Maintainers at Tinker Air Force Base, Okla., work on an elevator of NASA's Supper Guppy. NASA officials brought the unique aircraft to Tinker AFB because of the capability of Tinker's workforce to inspect and repair the large aircraft. (U.S. Air Force photo/Debra Bennett) |
Front Page "Open
Wide!" (U.S. Air Force photo/Debra Bennett) |
Front Page 1st Lt. Matheew Lundeen (left) and Maj. Mark Thompson walk around their C-17 Globemaster III April 17 while it's parked on the flight line during a dust storm at Sather Air Base, Iraq. The dust storm reduced visibility to 100 meters and stopped all air traffic. (U.S. Air Force photo/Tech. Sgt. Jeffrey Allen) |
Front Page ~ Through the Eyes of an Airman ™ April 25 airpower summary: A-10s
take it to the enemy |
Front Page An A-10 Thunderbolt II greets the start of a new day at Bagram Air Base, Afthanistan. A-10s provide lethal close-air support for ground troops supporting Operation Enduring Freedom. (U.S. Air Force photo/Col. Tim Grams) |
Front Page CNO Speaks to Naval Aviators at Maritime Patrol and Reconnaissance Symposium Official U.S. Navy file photo of Chief of Naval Operations (CNO) Adm. Gary Roughead speaking with Sailors and Marines during an all-hands call earlier in April at Combined Joint Task Force-Horn of Africa (JTF-HOA) in Djibouti. |
Front Page CNO
Speaks to Naval Aviators at Maritime Patrol and
Reconnaissance Symposium |
Front Page April 25, 2008 12:00 PM Eastern Daylight Time
( http://www.researchandmarkets.com/reports/c89902 ) ...has
announced the addition of Organic & Printed
Electronics in North America to their offering. |
Front Page April 25, 2008 11:11 AM Eastern Daylight Time
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Front Page April 25, 2008 09:00 AM Eastern Daylight Time
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Front Page Amphenol Announces Second
Quarter April 25, 2008 08:32 AM Eastern Daylight Time
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Front Page April 25, 2008 08:30 AM Eastern Daylight Time
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Front Page April 24, 2008 01:00 PM Eastern Daylight Time
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to its length, this URL may need to be copied/pasted into
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Front Page aloft Hotel Breaks Ground in Chantilly, Virginia Artist's Concept: aloft Dulles South Photo: BusinessWire |
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Front Page April 24, 2008 11:31 AM Eastern Daylight Time
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Front Page April 24, 2008 09:00 AM Eastern Daylight Time Vice Fund Sees Growth in Defense/Aerospace StocksPolitics is Not a Factor
DALLAS--(BUSINESS WIRE)--In todays super-challenging investing environment, Vice Fund (Nasdaq:VICEX) manager Charles Norton is a big believer in defense and aerospace equities. Co-managed by Charles L. Norton and Allen R. Gillespie, Vice Fund is a non-diversified mutual fund focusing its investments in global opportunities in four sectors: defense/aerospace, gaming, alcoholic beverages, and tobacco. As the presidential process moves forward, we took a look at the commonly held belief that Republicans are better for defense stocks than Democrats, Norton states. The data suggests, however, there is no correlation between the political party of the President and Congress as a primary driver for defense spending. Historically, defense budget growth tends to go hand-in-hand with high global threat levels, regardless of the political party in the White House or dominating Congress, Norton states. And there are plenty of volatile fronts: Iran, North Korea, India/Pakistan, and China, to name a few. Second, the next generation of warfare will most likely leverage technology more than ever before and as a result, we believe more money should flow into Procurement and Research, Development and Test and Evaluation. Historically, defense stocks have outperformed the broader market when budget authority on these two areas of the defense budget are on the rise.1 For these and other reasons, budget authority for defense modernization will likely increase through at least 2010, the first year a new administration will sign off on new defense spending. Also, pure play defense stocks have been defensive, with near zero correlation to the broader market, over the past two decades. As investors focus on issues of the day like a deteriorating credit market and subprime lending, we take a long-term approach, honing in on defensive sectors that we believe are well positioned to benefit when the economy is moderating and the broad market is struggling, said Norton. On the aerospace side, he notes that robust global GDP growth has triggered a pickup in air traffic. Driven by fast-growing emerging markets in Asia and the Middle East, worldwide traffic growth appears to be surging well above its long-term trend, fertilizing a new upcycle in global demand for aircraft. In recent years, aircraft orders out of Asia and the Middle East have combined for nearly one-third of total orders, while the concentration of orders from North America and Europe has declined to less than one-half. Also, next-generation airplanes like Boeings 787 are as much as 20% more fuel efficient so high fuel prices will likely increase the need to replace older planes with more economical ones. Our exposure to what we believe will be a prolonged aerospace upcycle comes from a leading aircraft maker, and through some of the top aerospace suppliers, all of whom could be beneficiaries of this trend, Norton adds. According to Lipper, Vice Funds five-year return of 20.95% through March 31, 2008 ranks it in the top 1 percent among 504 funds in the multi-cap core category, based on total fund returns. The fund also ranks in the top 3 percent among 663 funds, with a 12.34% annual return for the three-year period ended March 31, 2008. The fund also ranks in the top 3 percent among 869 funds, with a 4.44% annual return for the one-year period ended March 31, 2008.
Gross Expense Ratio: 1.90% Net Expense Ratio:* 1.75% *The Advisor has a contractual agreement to waive fees through 07/31/17. 1 These figures were compiled by GNI Capital using data from Bloomberg. It compares the return data for the S&P 500 Aerospace & Defense Index during the full calendar year in which there is a Presidential election to the return of the S&P 500 Index over the same time period. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. The fund imposes a 1.00% redemption fee on shares held less than 60 days. Performance does not reflect redemption fee. Had the fee been included, returns would be lower. Performance data current to the most recent month end may be obtained by calling 1-866-264-8783 or visiting www.vicefund.com. For more information on the Vice Fund, including charges and expenses, Call 1-866-264-8783 or log on to www.vicefund.com The funds investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling Shareholder Services toll free at 866-264-8783 or visiting www.vicefund.com. Read it carefully before investing. Mutual Fund investing involves risk. Principal loss is possible. The Fund is nondiversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The Fund invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility. Lipper Analytical Services, Inc. is an independent mutual fund research and rating service. Each Lipper average represents a universe of Funds with similar invest objectives. Rankings for the period shown are based on Fund total returns with dividends and distributions reinvested and do not reflect sales charges. The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. The S&P 500 Aerospace & Defense Index is a capitalization-weighted index of large-cap aerospace and defense companies. You cannot invest directly in an index. Quasar Distributors, LLC, Distributor (4/08) |
Front Page April 24, 2008 08:45 AM Eastern Daylight Time
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Front Page April 24, 2008 08:30 AM Eastern Daylight Time
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Front Page April 24, 2008 08:12 AM Eastern Daylight Time PermalinkTo save a permanent link to this news, right-click the dateline (Ctl-click on a Mac) to copy the link. Brush Engineered Materials Inc. Reports First Quarter ResultsFirst Quarter Operating Earnings in Line with Company Expectations Company Reaffirms Previously Provided Guidance for the Full Year
CLEVELAND--(BUSINESS WIRE)--Brush Engineered Materials Inc. (NYSE:BW) today reported operating results for the first quarter of 2008 that were in line with the Companys expectations and consistent with the previously provided guidance for the full year. Sales for the first quarter of 2008 were $226.3 million and net income was $4.6 million or $0.22 per share diluted. Expected softer demand for the Companys materials, in particular from the media market, reduced sales and profits as compared to the prior year. The first quarter sales and profits were also negatively affected by an accounts receivable correction related to the prior year, a change in a deferred tax asset valuation and non-recurring purchase accounting costs. These factors resulted in charges that negatively affected reported sales by $2.6 million and reported earnings by $0.13 per share in the quarter. Excluding the above non-recurring items, the operating run rate for the quarter was $0.35 per share. First quarter 2007 sales were $250.3 million. The largest factor in the $24.0 million decline in first quarter 2008 sales compared to the prior year is the previously disclosed and expected decline in the sale of ruthenium-based materials for the media market. In addition, program delays in the Beryllium and Beryllium Composites segment and, as expected, lower shipments of cell phone handset materials to a Specialty Engineered Alloys customer contributed to the lower sales compared to the prior year. Helping to offset some of the impact of these factors was stronger demand from the cell phone handset market for the Companys Advanced Material Technologies and Services products and stronger demand for the Engineered Materials Systems disk drive arm products. First quarter 2007 net income was $23.1 million or $1.12 per share diluted. Earnings comparisons to the prior year are affected by the non-recurring benefit of approximately $0.52 a share related to the sale of low cost ruthenium inventory reported in the prior year. In addition, the prior-year first quarter earnings benefitted from approximately $62.0 million of sales to the media market, the majority of which was ruthenium-based materials for perpendicular media applications. The Company had limited sales to this market during the first quarter of 2008 primarily due to the re-qualification of products for this application. OUTLOOK The Company is affirming the previously provided guidance for the year. The Company, at this time, still expects the sales growth rate for the full year 2008 to exceed 10%, and still expects earnings to be as much as 30% above the prior-year operating run rate, and thus in the range of $1.80 to $2.30 per share. This, of course, assumes that a significant macro-economic downturn does not develop. As previously communicated, the Company expected first quarter shipments to the media market to be weak. In addition, demand from specific customers and for applications served by Specialty Engineered Alloys was expected to be, and, in fact, was below last years levels due to the very strong order pattern that was occurring then. Also, sales from specific customers and applications served by Beryllium and Beryllium Composites were weaker than expected due to several program delays. In magnetic media, or hard disk drives, the need to re-qualify materials for customers to support their conversion to perpendicular media technology was expected to, and did, in fact, lead to lower sales volumes. In the media market, conditions strengthened as the first quarter developed and as re-qualifications of ruthenium-based products and qualifications of new materials for other perpendicular media layers progressed. As a result, the Company is seeing stronger demand as the second quarter begins and expects to resume higher shipments of perpendicular media materials in the second quarter. Helping to offset the impact of the weaker sales levels into the markets noted above was stronger demand from the cell phone handset market for Advanced Materials Technologies and Services products, as well as stronger demand for the Companys products from the medical, oil and gas, heavy equipment and other industrial markets. Conditions in these markets also strengthened as the first quarter progressed and backlogs climbed. Based on the above, the Company is encouraged about the operating outlook for the balance of the year and, at this time, expects to show significant quarter over quarter improvement in operating earnings as the year progresses. It is important to continue to reiterate though that the Companys sales and earnings estimates are subject to significant variability. Metal price changes, metal supply conditions, fluctuations in demand levels driven by such factors as customer inventory swings, product qualifications rates, and new product ramp up rates in critical markets such as the media market can and have had a significant effect on actual results. The outlook for the year is based on the Companys best estimates at this time and is subject to significant fluctuations due to these as well as other factors. ACQUISITION In the first quarter of 2008 the Company completed the purchase of the assets of Techni-Met, Inc. of Windsor, Connecticut for $87.4 million. Techni-Met manufactures a wide range of products for high-end applications in advanced technology industries, including supporting downstream customers in developing more accurate diagnostic devices for diabetes management. This acquisition provides a strong platform for future growth opportunities targeted for the medical market. Techni-Mets capabilities include technology which may be leveraged with the Companys other existing technologies to provide additional opportunities in other markets. Techni-Met provided an immediate benefit to sales and profitability in the first quarter of 2008. BUSINESS SEGMENT REPORTING Advanced Material Technologies and Services The Advanced Material Technologies and Services' segment sales for the first quarter of 2008 were $120.7 million compared to $143.7 million for the first quarter of the prior year. The sales reduction was driven primarily by lower sales to the media market. Operating profit for the first quarter was $5.3 million versus $32.0 million for the same period last year. The non-recurring benefit related to the sale of the lower cost ruthenium reported in the prior year affects the operating profit comparison to the prior year by approximately $16.9 million. The accounts receivable correction noted above also negatively affected 2008 first quarter sales and profits in this segment by $2.6 million. In addition profits were negatively impacted by the lower media sales. The decline in sales for the first quarter 2008 primarily was due to lower sales of the ruthenium-based materials for the perpendicular media market. This factor led to a $56.8 million reduction in sales compared to the prior year. Metal price increases partially offset this factor in the quarter. The segment had experienced very strong perpendicular media demand in the first quarter of 2007 as the industry initially ramped up its use of ruthenium-based materials for the conversion from longitudinal to perpendicular magnetic recording technology. During the fourth quarter of 2007, a specification change by a major customer resulted in the need to re-qualify the ruthenium-based materials and delay the qualification process for the oxide and soft underlayer materials for this market. Although re-qualifications progressed more slowly than anticipated, good progress is being made and it is anticipated at this time that media sales will steadily increase throughout the balance of 2008. Sales in the first quarter of 2008 for vapor deposition and other materials for handsets and for photonics including LED applications for traditional lighting, automotive, medical and back lighting for LCD televisions and wireless product applications were significantly stronger than the first quarter of 2007. The acquisition of Techni-Met contributed to the growth in medical market sales for the quarter. In addition, orders for precision optics applications using our Visi-Lid™ products increased in the quarter. Specialty Engineered Alloys Specialty Engineered Alloys' sales for the first quarter were $71.3 million, up slightly compared to the first quarter 2007 sales of $70.4 million. Operating profit for the first quarter was $0.7 million, compared to $5.3 million for the prior year. The increase in sales is due primarily to higher selling prices and the pass through of higher base metal prices. Shipment volumes in the first quarter of 2008 were actually slightly lower than the volumes in the first quarter of 2007. The aerospace, oil and gas and heavy equipment markets were strong throughout the quarter benefitting from lean customer inventories in the distribution channel and the lower value of the dollar. It is anticipated that these markets will remain strong through the end of 2008. Shipments to the wireless handset market remained weak during the first quarter 2008 due to significantly lower demand from a major customer. Efforts are well underway to expand the customer base for the wireless handset market. The order book strengthened throughout the quarter and we look forward to an improved second quarter. Operating profit in the quarter was negatively impacted by the lower handset shipments, an unfavorable change in the product mix and lower volume. Beryllium and Beryllium Composites Beryllium and Beryllium Composites' sales for the first quarter of 2008 was $13.4 million compared to $15.2 million for the first quarter of 2007. Operating profit for the first quarter was $0.2 million versus $2.1 million for the same period of the prior year. The decline in sales is primarily due to specific defense programs that were pushed out or delayed until later in the year, and an inventory correction in the x-ray window business. However, with current booking levels, it is anticipated that defense sales will improve over the balance of 2008. Operating profit was negatively impacted by the lower sales volume. Engineered Material Systems Engineered Material Systems' sales for the first quarter of 2008 were $17.7 million compared to $16.7 million for the same period last year. Operating profit in the quarter was $1.4 million compared to an operating profit of $0.6 million in the first quarter of 2007. The sales increase is largely due to higher sales of materials for disk drive arms. This strength should continue to improve throughout the year. In addition, automotive sales for this segment were stronger than expected in the quarter, and are being helped by additional European sales. The higher sales volume contributed to the improved margins. The segment also experienced yield and productivity improvements during the quarter from the implementation of a new high technology machining center at its Lincoln, Rhode Island manufacturing facility. CHAIRMAN'S COMMENTS Commenting on the results, Dick Hipple, Chairman, President and CEO, stated, While I am disappointed in the first quarter results, especially the slower than anticipated progress in the qualification process for the perpendicular magnetic media materials, I am encouraged by the progress that has been made as well as our ability to introduce new innovative material solutions for this market. I am also encouraged with the continued growth and demand for our industrial materials for the aerospace, oil and gas, and heavy equipment markets. Also, we believe our pricing and productivity initiatives will help offset increasing cost pressures. We remain committed to profitably growing this Company and creating value for our shareholders. CONFERENCE CALL Brush Engineered Materials quarterly earnings conference call will be held today at 10:00 a.m. Eastern Time. The conference call will be available via webcast through the Companys website at www.beminc.com or through www.InvestorCalendar.com. By phone, please dial (877) 407-8033, callers outside the U.S. can dial (201) 689-8033. FORWARD-LOOKING STATEMENTS Portions of the narrative set forth in this document that are not statements of historical or current facts are forward-looking statements. Our actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors. These factors include, in addition to those mentioned herein:
Brush Engineered Materials Inc. is headquartered in Cleveland, Ohio. The Company, through its wholly-owned subsidiaries, supplies worldwide markets with beryllium products, alloy products, electronic products, precious metal products, and engineered material systems.
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