August 5, 2009
Hawker Beechcraft reporting profits
Hawker Beechcraft sales were down but profits were up in the second quarter. The airplane maker said net sales for the quarter ending June 28 dropped $212.4 million to $816.3 million from the second quarter of 2008. But its net after-tax income was higher compared with last year's. Hawker Beechcraft said in a release that a net gain of $175 million on the repurchase of its debt securities pushed after-tax net income to $172.2 million compared with after-tax net income of $24.9 million a year ago. Hawker said its sales were lower because of "adverse market conditions" that led to fewer sales. It delivered 24 business jets and 41 turboprop and 13 piston airplanes in the quarter. Fewer deliveries and charges taken because of layoffs and its exit from a leased facility also led to lower operating income of $39.4 million. Its operating income was $47 million less than in second quarter of 2008. Since November, Hawker Beechcraft has announced more than 2,700 layoffs. The company said its order backlog at the end of the quarter was $6.8 billion, down from $7.4 billion in the same period a year ago.
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February 4, 2009
Hawker Beechcraft lays off 2,300
Hawker Beechcraft Chairman and CEO Jim Schuster has notified employees that the company will reduce its workforce by 2,300 employees before the end of 2009. The action follows similar layoff announcements throughout the aircraft manufacturing industry.
The move by Hawker Beechcraft is one of many cuts being experienced throughout the worldwide aviation industry. The United States dominates the world market with more than half of all US production going overseas providing $150 billion annually to the US economy.
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