Newspaper article THE JOURNAL RECORD

Commander Reports $3.8 Million Net Loss

Newspaper article THE JOURNAL RECORD

Commander Reports $3.8 Million Net Loss

Article excerpt

A net loss of $3.8 million, or 74 cents per share, was reported Friday for the fiscal year ended Dec. 31, 1993, by Commander Aircraft Co. of Bethany.

A net loss of $7.7 million, or $2.10 per share, was shown for fiscal year 1992. Revenues were $8.1 million, up 37.2 percent from $5.9 million.

For the fourth quarter of 1993, Commander reported a net loss of $1.9 million, or 18 cents per share. A net loss of $976,655, or 26 cents per share, was shown for the final quarter of fiscal 1992.

Fourth quarter 1993 revenues were reported at $1.9 million, down 29.3 percent from $2.7 million in the fourth quarter of 1992.

The company, which manufactures the Commander 114B single engine airplane at Wiley Post Airport, delivered 30 aircraft in 1993, up from 23 delivered in 1992, the company said.

While the company has never reported positive financial figures since it was founded in 1988, the loss has been reduced each quarter. Aircraft deliveries began in 1992, the same year in which Commander became a public company.

"Our first airplanes were not delivered until 1992, so there wasn't much in the way of sales activity prior to that other than some parts, modification and service work," said Stephen R. Buren, chief financial officer.

Improvement in 1993 is a good sign, Buren said.

"We have certainly seen improvements which have continued each quarter," he said. "We're happy about the year's performance, but not totally happy. We won't be happy until we are profitable, then we won't be happy until we increase that profit."

Not only has the company's financial statement improved, but the company's majority stockholder has agreed to exchange debentures for newly issue common stock. The exchange, which became effective Tuesday, means that the KuwAm Group of Washington, D.C., the company's majority stockholder, will have a greater stake in the company. …

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