Operating income was consistent between each of the fiscal 2008 and
2007 first quarters, reflecting:
-- An increase of approximately two points in Aerospace Equipment segment
gross margin percentage due to favorable performance on the segment's
primary production contracts.
-- An increase in operating expenses of $0.1 million.
CAPITAL AND LIQUIDITY HIGHLIGHTS
Liquidity -- As of December 31, 2007, we had cash balances of $38.2 million and no cash borrowings against our $20.0 million revolving credit line. In addition, we were in compliance with the various covenants contained in our credit agreements.
Operating Cash Flows -- Cash flows from operating activities during the fiscal 2008 first quarter improved by $22.2 million compared to the prior fiscal year first quarter. Operating activities provided cash of $18.2 million for the fiscal 2008 first quarter compared to a use of cash of $4.0 million for the prior fiscal year first quarter.
Significant components of the change in cash flow from operating
-- An increase in cash provided by Adjusted EBITDA of $2.8 million.
-- An improvement in cash flow from working capital accounts of
$16.9 million, excluding the effects of interest and income taxes.
-- A reduction in cash taxes paid of $0.2 million.
-- A reduction in cash used for interest payments of $2.1 million.
-- A reduction in cash used for environmental remediation of $0.7 million.
-- Other increases in cash used for operating activities of $0.5 million.
Cash provided by working capital accounts improved during the fiscal
2008 first quarter primarily due to the timing of accounts receivable and
inventory balances. During the fiscal 2008 first quarter, inventories,
primarily at AF
|SOURCE American Pacific Corporation|
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