First Aviation reports profitable first quarter 2013

First Aviation Services reported the results for continued operations for the quarter ended March 31, 2013 and year ended December 31, 2012 as restated for the previously announced sale of the majority interest in Aerospace Products International (API) which closed March 18, 2013. Sales from continuing operations for the first quarter increased 18% to $6.1m compared with $5.2m in the prior year. Operating income from continuing operations was a profit of $509 thousand after adjusting for certain allocations from API to continuing operations. As part of the sales transaction, First Aviation’s total debt was reduced from $25.2m to $6.8m and all obligations relating to a third party guarantee of the term loan were extinguished. The Company issued an additional $1.1m of subdebt, included above, on terms consistent with an offering in June 2012.