Mooney Airplane Company Deliveries Increased 280% in Third Quarter 2003
Wednesday October 29, 5:00 am ET
KERRVILLE, Texas--(BUSINESS WIRE)--Oct. 29, 2003--The General Aviation Manufacturer's Association (GAMA) has released statistics showing deliveries by Mooney Airplane Co., wholly owned subsidiary of Mooney Aerospace Group Ltd., (OTCBB:MASG - News) increased a whopping 280% from the second to the third quarter of 2003.
Mooney delivered 14 new aircraft in the third quarter compared with 5 delivered in the second quarter. Deliveries included 11 Mooney Ovation2 models and 3 Bravo DX aircraft.
Mooney President and GAMA board member J. Nelson Happy remarked: "The third quarter deliveries show a substantial increase in our ability to build and deliver aircraft. We have reestablished momentum, and we are looking forward to even more deliveries in the fourth quarter."
Sam Rothman, Chairman of Mooney's board, stated: "We are very pleased by the company's amazing results for the third quarter. The board greatly appreciates the hard work of all the company's employees during this period, and we want to thank them for their willingness to work nights and weekends to meet customer delivery deadlines. The quarter's results show that we are achieving our business plan objectives."
GAMA statistics reveal that Mooney's deliveries during the third quarter were greater than many other general aviation companies. In dollar volume, Mooney exceeded competitors such as Lancair, Maule Air, American Champion, OMF and Tiger. In total aircraft delivered, Mooney exceeded all but one those companies, (it tied with Lancair) as well as Boeing Business Jets, Dessault, Embraer, and Piaggio. Several companies reported declines in deliveries, including New Piper Aircraft, Raytheon, Socata, and American Champion.
Total single-engine piston deliveries increased from 373 in the second quarter to 376 in the third quarter, according to GAMA. Mr. Happy noted, "If Mooney had not increased deliveries, then there would have been a decline in this segment." However, President and CEO of GAMA, Ed Bolen, pointed out, "This is the third straight quarter in which piston deliveries have been in positive territory, and we hope that is a harbinger of better days for the entire industry. The piston numbers, a strengthening economy, and the bonus depreciation are generating cautious optimism among manufactures."
Nicolas Chabbert, Executive Vice President of Marketing and Sales for Mooney, stated: "Our big jump in deliveries has been very impressive to our potential customers, and we anticipate that we will continue to have increases in sales and deliveries for the balance of the year. This is a great tribute to the quality of Mooney aircraft, because we are still fighting a soft economy. We are making plans for increased marketing efforts in 2004, and I believe we will see continued increases in our market penetration next year."
Mooney Aerospace Group, Ltd. is a general aviation holding company that owns Mooney Airplane Co., located in Kerrville, Texas. Mooney currently sells three models; the highest performing four-place single engine piston powered aircraft, the Bravo DX, and its stablemates, the highly rated Ovation2 DX, and the economical Ovation. Mooney is celebrating is 50th Anniversary in Kerrville Texas this year, where it has manufactured more than 10,000 aircraft which have been delivered worldwide. Complete information about Mooney aircraft is available at www.Mooney.com.
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confidant that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components and successful production of the Company's products, general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's SEC reports and filings.
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Contact:
Mooney Airplane Company, Kerrville
J. Nelson Happy, 830-792-2917
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Source: Mooney Airplane Company
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