Vought Aircraft Industries reported financial results for its second quarter ended June 28, 2009. Revenue for the second quarter of 2009 was $491.5 million, an increase of $10.8 million or 2%, compared with revenue of $480.7 million for the same period last year. Operating income for the second quarter was $32.7 million which is consistent with the results reported in the first quarter of this year. Compared to the same period last year, operating income decreased $15.2 million due to lower overall program margins largely resulting from cost pressures, including higher pension and material costs, as well as labor inefficiencies related to delivery rate slowdowns on several of our programs and the ramp up of other programs.
Net income for the second quarter was $24.1 million, a decrease of $55.2 million compared with the same period last year. Included in last year
