MASG - Mooney Aerospace Group, Ltd. (fka MASG)

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MASG - Press ReleaseSource: Mooney Aerospace Group Ltd.
Mooney Aerospace Group Reports Record Revenues of Over $6.3 Million for Third Quarter of 2003, a 480% Increase From Same Period in 2002
Tuesday November 18, 7:00 am ET
Company Delivers 14 New Airplanes in Period
KERRVILLE, Texas--(BUSINESS WIRE)--Nov. 18, 2003-- Mooney Aerospace Group Ltd. (OTCBB:MASG - News) announced today that the company recorded over $6.3 million in revenue for the third quarter of 2003, ending September 30, 2003. Quarterly revenues were a 480% increase for the $1.3 million in sales recorded in the third quarter of 2002.
Fourteen airplanes were delivered during the third quarter, and additional revenue from parts and service amounted to approximately $.6 million of the $6.3 million total.
J. Nelson Happy, Mooney president, remarked: "The sharp increase in revenue for the quarter reflects a growing demand for Mooney aircraft, and an increased capability of our plant to produce airplanes. I believe that we should see a record fourth quarter as well. All of our aircraft are sold for November delivery, and I expect that we will sell out the remaining planes we can build in December. Our employees are working overtime, nights and weekends to build as many planes as possible for delivery in 2003."
Nicolas Chabbert, executive vice president of marketing and sales, commented: "Our customers are really pleased with the quality of the Mooney airplane. Interest in the Ovation2 DX and the Bravo DX has been at a high level since the summer. I think marketing and sales will have an excellent fourth quarter in 2003."
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 its 50th anniversary in Kerrville, Texas, this year, where it has manufactured more than 10,000 aircraft that have been delivered worldwide. Complete information about Mooney aircraft is available at http://www.Mooney.com.