AAR reports first quarter fiscal year 2015 net income of $14.4m

AAR reported first quarter fiscal year 2015 consolidated sales of $469.2m and net income of $14.4m. For the first quarter of the prior fiscal year, the Company reported sales of $514.5m and net income of $17.9m. First quarter sales to commercial customers represented 65% of consolidated sales, compared to 58% of consolidated sales in the first quarter of last year. The balance of the sales was to government and defense customers. Selling, general and administrative expenses declined $2.8m over the prior year period as a result of cost savings measures implemented by the Company over the past several quarters. Net interest expense for the quarter decreased to $9.5m from $10.7m last year. During the quarter, the Company generated $15.0m in cash flow from operations and free cash flow of $6.0m, while adding to its investment in its supply chain businesses. In the first quarter, the Company also paid out dividends to shareholders of $3.0m. Average diluted share count for the quarter was 39.2m compared to 39.0m in the first quarter last year.