Alabama Aircraft Industries, Inc. (AAIIQ)

Alabama Aircraft Industries, Inc. Reports First Quarter 2008 Financial Results (NASDAQ: AAII), a leading provider of aircraft maintenance and modification services to military customers, today announced the operating results of its first quarter ended March 31, 2008. Net income for the first quarter of 2008 was $0.8 million ($0.20 per share) compared to net income for the first quarter of 2007 of $0.9 million ($0.22 per share). Revenue from continuing operations for the first quarter of 2008 was $21.1 million versus revenue of $22.4 million in the first quarter of 2007, a decrease of 5.8%. Income from continuing operations for the first quarter of 2008 was $0.8 million compared to a loss from continuing operations of $0.3 million for the first quarter of 2007. Alabama Aircraft Industries, Inc 1943 North 50th Street Birmingham, AL 35212 United States - Map Phone: 205-592-0011 Fax: 205-595-6631 Web Site: http://www.pemcoair.com DETAILS Index Membership: N/A Sector: Industrial Goods Industry: Aerospace/Defense Products & Services Full Time Employees: 608 BUSINESS SUMMARY Alabama Aircraft Industries, Inc. provides aircraft maintenance and modification services in the United States. The company offers aircraft maintenance and modification services for the government and military customers focusing on providing programmed depot maintenance (PDM) on large transport aircraft. It also provides repair, maintenance, and modification services to its customers. The company principal services performed under military contracts include PDMs, systems integration of component upgrades, and modification of fixed wing aircraft. In addition, it designs and manufactures a range of proprietary aerospace products, including various space systems, such as guidance control systems and launch vehicles; aircraft cargo-handling systems; and precision parts and components for aircraft. The company was founded in 1983. It was formerly known as Pemco Aviation Group, Inc. and changed its name to Alabama Aircraft Industries, Inc. in 2007. Alabama Aircraft Industries is based in Birmingham, Alabama. KEY EXECUTIVES Mr. Ronald A. Aramini , 62 Chief Exec. Officer, Pres Mr. Randall C. Shealy , 44 Chief Financial Officer, Chief Accounting Officer and Sr. VP Ms. Doris Sewell , VP of Legal & Corp. Affairs Mr. Chris Warden , Director of Internal Audit Outstanding/Float 4.1 mil