MERCURY AIR EARNINGS DOWN DESPITE RECORD REVENUES
Mercury Air Group reported declines in fiscal year and fourth-quarter net income, despite record revenues.
The company, which provides aviation fuels, air cargo service, logistics, equipment and support service for domestic and international airlines, said fiscal fourth-quarter net income fell 19.9 percent to $628,000, on revenue of $119.06 million, up 33.5 percent from the year-earlier period.
During the fourth quarter, the company recorded a loss from discontinued operations of $1.39 million, related to RPA, which was sold during the quarter.
Net income from continuing operations for fiscal 2001 was $3.8 million, down 2.7 percent.
“Our growth opportunities and focus continue to be in our fixed base and air cargo logistics business,” said Joseph A. Czyzyk, president and chief executive officer of Mercury. “We believe that our core business restructuring plans will improve margin ratios and profits.”