Avcorp announces 2015 annual financial results

Avcorp Industries reported its annual financial results for the year ended December 31, 2015. During the year ended December 31, 2015 Avcorp Group revenues totaled CAD$79,925,000 as compared to CAD$67,104,000 revenue for the previous year; a strong 19% annual revenue increase for 2015 as compared to 2014. Both commercial and defence programs, for all customers, have experienced increased demand during the current year. Furthermore, new program introductions and acquisition based revenues have added to current year revenues as the Group ramps up to full rates of production on existing programs in all facilities. Effective December 18th, 2015, Avcorp completed the acquisition of the US-based composite Aerostructures division of Hitco, a subsidiary of Frankfurt-listed SGL. The Acquisition was completed pursuant to the terms of an asset purchase agreement that was entered into on July 20th, 2015, and subsequent amendments to December 18th, 2015. Net income for the current year amounted to CAD$3,208,000 as compared to a net loss of CAD$7,950,000 for the year ended December 31, 2014. A CAD$15,973,000 gain was recorded in 2015, arising from the December 18, 2015 acquisition of the composite Aerostructures division of Hitco. Cash flows from operating activities during the year ended December 31st, 2015 utilized CAD$20,004,000 of cash as compared to utilizing CAD$3,139,000 of cash during the year ended December 31st, 2014.