Spirit Aerosystems Holdings, Inc. Reports Third Quarter 2009 Financial Results; Reports Revenues Of

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6th November 2009, 03:01am - Views: 612






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MEDIA RELEASE PR36957


Spirit AeroSystems Holdings, Inc. Reports Third Quarter 2009 Financial Results; Reports

Revenues of US$1.054 Billion and 12.4% Operating Margins; Updates 2009 Financial

Guidance


WICHITA, Kan., Nov. 5 /PRNewswire-AsiaNet/ --


    - Third quarter 2009 Revenues grew 3 percent to US$1.054 billion


    - Operating Income grew 18 percent as Operating Margins expanded to 12.4

percent


    - Fully Diluted Earnings Per Share increased 17 percent to US$0.62 per

share


    - Cash and Cash Equivalents were US$207 million


    - Total backlog of approximately US$28.2 billion


    Spirit AeroSystems Holdings, Inc. (NYSE: SPR) reported third quarter 2009

financial results reflecting revenue and earnings growth as ship set

deliveries for large commercial aircraft increased from the same period of

2008.


    Spirit's third quarter 2009 revenues increased to US$1.054 billion, up 3

percent from the same period last year. Operating income increased 18 percent

to US$131 million, up from US$111 million in the same period a year ago, as

revenues increased, operating efficiencies improved, and period expense

declined. Net income was US$87 million, or US$0.62 per fully diluted share,

up 18 percent from US$74 million, or US$0.53 per fully diluted share, in the

same period of 2008. (Table 1)

    

    (All amounts in U.S. dollars unless otherwise specified)


    Table 1.  Summary Financial Results (Unaudited)                          

                         

     ($ in Millions,     3rd Quarter                Nine Months               

     except per share   -----------                -----------

     data)              2009    2008    Change     2009    2008    Change    

    -----------------   ----    ----    ------     ----    ----    ------    

                                                                             

    Revenues          $1,054  $1,027       3%    $3,001  $3,126      (4%)

    Operating Income    $131    $111      18%      $218    $378     (42%)

    Operating Income                                                         

     as a % of                                                               

     Revenues           12.4%   10.8%  160 BPS      7.3%   12.1%  (480) BPS  

    Net Income           $87     $74      18%      $142    $246     (42%)

    Net Income as a                                                          

     % of Revenues       8.3%    7.2%  110 BPS      4.7%    7.9%  (320) BPS  

    Earnings per                                                             

     Share (Fully                                                            

     Diluted)          $0.62   $0.53      17%     $1.01   $1.76     (43%)

    Fully Diluted                                                            

     Weighted Avg                                                            

     Share Count                                                             

     (Millions)        140.2   139.1              140.0   139.2             


    "We executed well across the company as we delivered solid operating

performance in the third quarter," said President and Chief Executive Officer

Jeff Turner. "Our results reflect improving performance as revenues and

profitability increased and we recovered from the disrupted operations in the

previous three quarters caused by the Machinists' strike at Boeing and the

new ERP system implementation in the first half of 2009," Turner stated. "We

continue to support the 787 program and are preparing for production restart

and ramp-up. In addition, we continue to make good progress on other

development programs as we work to grow and diversify our company," Turner

added.


    "While we have seen some stabilization in the global economic outlook, we

remain cautious regarding the outlook of the commercial aerospace market. Our

backlog remains strong and our strategy is on track to achieve long-term

value creation for our customers, shareholders, and employees," Turner

concluded.


    Spirit's backlog at the end of the third quarter of 2009 was $28.2

billion, flat from the end of the second quarter of 2009, as Airbus and

Boeing third quarter backlog reductions were offset by a follow-on contract

at Spirit Europe for 777 wing components. Spirit calculates its backlog based

on contractual prices for products and volumes from the published firm order

backlogs of Airbus and Boeing, along with firm orders from other customers.


    Spirit updated its contract profitability estimates during the third

quarter of 2009, resulting in a $2 million favorable cumulative catch-up

adjustment, compared to a $13 million unfavorable cumulative catch-up

adjustment for the third quarter of 2008, which was largely the result of the

Machinists' strike at Boeing.


    Cash flow from operations was $5 million for the third quarter of 2009,

compared to $68 million for the third quarter of 2008, primarily due to a

decrease in cash advance receipts from customers of $48 million compared to

the same period of 2008. (Table 2)

    

    Table 2.  Cash Flow and Liquidity                                       


                                       3rd Quarter          Nine Months      

                                       -----------          -----------      

     ($ in Millions)                   2009      2008       2009      2008 

    ---------------                   ----      ----       ----      ---- 

                                                                            

    Cash Flow from Operations           $5       $68      ($211)     $147 

    Purchases of Property, Plant &                                           

     Equipment                        ($51)     ($56)     ($158)    ($175)

                                                                            

                                                       October 1, December 31,

    Liquidity                                              2009      2008 

                                                           ----      ---- 

                                                                            

    Cash                                                   $207      $217 

    Total Debt                                             $884      $588


    During the third quarter, Spirit issued $300 million in senior unsecured

notes with a coupon rate of 7.5% and a maturity in 2017. A portion of the

proceeds were used to pay down the outstanding revolver balance of $200

million prior to the close of the third quarter.


    Cash balances at the end of the third quarter of 2009 were $207 million

and debt balances were $884 million. During the third quarter of 2009, the

company utilized its credit-line as it continued to invest in development

programs. All credit-line borrowings were paid down using a portion of the

funds from the issuance of the senior unsecured notes. At the end of the

third quarter of 2009, the company's $729 million revolving credit facility

was undrawn. Approximately $17 million of the credit facility is reserved for

financial letters of credit.


    The company's credit ratings remained unchanged at the end of the third

quarter of 2009 with a BB rating at Standard & Poor's and a Ba3 rating at

Moody's.


    2009 Outlook

    Spirit revenue guidance for the full-year 2009 has been updated to

reflect movement of certain forecasted non-recurring contract settlements out

of 2009. Revenues are now expected to be between $4.1 and $4.2 billion based

on Boeing's 2009 delivery guidance of 480-485 aircraft; anticipated B787

deliveries consistent with our expectations following Boeing's announcement

of the revised B787 schedule on August 27, 2009; 2009 expected Airbus

deliveries of approximately 483 aircraft; internal Spirit forecasts for

non-OEM production activity and non-Boeing and Airbus customers; and foreign

exchange rates consistent with fourth quarter 2008 levels.


    Fully diluted earnings per share for 2009 remains unchanged and is

expected to be between $1.45 and $1.55 per share after the increase in

interest expense and fees associated with the recently issued senior

unsecured notes.


    Cash flow from operations less capital expenditures, net of customer

reimbursements, is now expected to be no more than a ($150) million use of

cash in the aggregate, with capital expenditures of approximately $225

million.


    The effective tax rate is now forecasted to be approximately 30 percent

for 2009.


    The guidance assumes the settlement and receipt of certain outstanding

non-recurring contract payments associated with our development programs. To

the extent these forecasted payments are not received during the fourth

quarter of 2009, they will represent a shift in revenues, earnings and cash

flows from 2009 to 2010. (Table 3)

    

    Table 3.                                                               

    Financial Outlook        2008 Actual       2009 Guidance         Change 

    -----------------        -----------       -------------         ------ 

                                                                            

    Revenues                $3.8  billion    $4.1 - $4.2 billion    8% - 11%

                                                                            

    Earnings Per Share                                                      

     (Fully Diluted)               $1.91        $1.45 - $1.55    (24%) - (19%)

                                                                            

    Effective Tax Rate 

     (% Pre-Tax Earnings)           30.9%           ~30%              

                                                                            

    Cash Flow From                                                          

     Operations             $211  million*                                   

                                                                            

    Capital Expenditures    $236  million*                                   

                                                                            

    Customer Reimbursement  $116  million*                                   

    

    *($150M) with ~$225 million of Capital Expenditures


    Cautionary Statement Regarding Forward-Looking Statements

    This press release contains "forward-looking statements." Forward-looking

statements reflect our current expectations or forecasts of future events.

Forward-looking statements generally can be identified by the use of

forward-looking terminology such as "may," "will," "expect," "anticipate,"

"intend," "estimate," "believe," "project," "continue," "plan," "forecast,"

or other similar words. These statements reflect management's current views

with respect to future events and are subject to risks and uncertainties,

both known and unknown. Our actual results may vary materially from those

anticipated in forward-looking statements. We caution investors not to place

undue reliance on any forward-looking statements. Important factors that

could cause actual results to differ materially from forward-looking

statements include, but are not limited to: our ability to continue to grow

our business and execute our growth strategy, including the timing and

execution of new programs; our ability to perform our obligations and manage

cost related to our new commercial and business aircraft development

programs; reduction in the build rates of certain Boeing aircraft including,

but not limited to, the B737 program, the B747 program, the B767 program and

the B777 program, and build rates of the Airbus A320 and A380 programs, which

could be affected by the impact of a deep recession on business and consumer

confidence and the impact of continuing turmoil in the global financial and

credit markets; declining business jet manufacturing rates and customer

cancellations or deferrals as a result of the weakened global economy; the

success and timely execution of key milestones such as first flight and

delivery of Boeing's new B787 and Airbus' new A350 aircraft programs,

including receipt of necessary regulatory approvals and customer adherence to

their announced schedules; our ability to enter into supply arrangements with

additional customers and the ability of all parties to satisfy their

performance requirements under existing supply contracts with Boeing, Airbus,

and other customers and the risk of nonpayment by such customers; any adverse

impact on Boeing's and Airbus' production of aircraft resulting from

cancellations, deferrals or reduced orders by their customers or labor

disputes; any adverse impact on the demand for air travel or our operations

from the outbreak of diseases such as the influenza outbreak caused by the

H1N1 virus, avian influenza, severe acute respiratory syndrome or other

epidemic or pandemic outbreaks; returns on pension plan assets and impact of

future discount rate changes on pension obligations; our ability to borrow

additional funds, or refinance debt; competition from original equipment

manufacturers and other aerostructures suppliers; the effect of governmental

laws, such as U.S. export control laws, the Foreign Corrupt Practices Act,

environmental laws and agency regulations, both in the U.S. and abroad; the

cost and availability of raw materials and purchased components; our ability

to successfully extend or renegotiate our primary collective bargaining

contracts with our labor unions; our ability to recruit and retain highly

skilled employees and our relationships with the unions representing many of

our employees; spending by the U.S. and other governments on defense; the

possibility that our cash flows and borrowing facilities may not be adequate

for our additional capital needs or for payment of interest on and principal

of our indebtedness; our exposure under our revolving credit facility to

higher interest payments should interest rates increase substantially; the

outcome or impact of ongoing or future litigation and regulatory actions; and

our exposure to potential product liability claims. These factors are not

exhaustive, and new factors may emerge or changes to the foregoing factors

may occur that could impact our business. Except to the extent required by

law, we undertake no obligation to publicly update or revise any

forward-looking statements, whether as a result of new information, future

events or otherwise.


    Appendix


    Segment Results


    Fuselage Systems

    Fuselage Systems segment revenues for the third quarter of 2009 were $526

million, up 9 percent over the same period last year, as deliveries in the

prior year quarter were impacted by the Machinists' strike at Boeing.

Operating margin for the third quarter of 2009 was 18.1 percent, up from 15.2

percent in the third quarter of 2008, as a favorable cumulative catch-up of

$4 million was realized during the quarter. During the third quarter of 2008,

the segment realized an unfavorable $11 million cumulative catch-up

adjustment.


    Propulsion Systems

    Propulsion Systems segment revenues for the third quarter of 2009 were

$266 million, down 9 percent over the same period last year due to fewer 747

deliveries and lower aftermarket sales. Operating margin for the third

quarter of 2009 was 13.3 percent, down from 16.2 percent in the third quarter

of 2008, primarily due to lower spares volumes. During the quarter, an

unfavorable cumulative catch-up of $1 million was realized.


    Wing Systems

    Wing Systems segment revenues for the third quarter of 2009 were $257

million, up 4 percent over the same period last year as increased deliveries

to Airbus and Boeing more than offset fewer Hawker 850XP deliveries.

Operating margin for the third quarter of 2009 was 10.3 percent, down from

10.9 percent in the third quarter of 2008, as an unfavorable cumulative

catch-up of $1 million was realized during the quarter. During the third

quarter of 2008, the segment realized an unfavorable $2 million cumulative

catch-up adjustment.

    

    Table 4.  Segment Reporting   


                            (Unaudited)                  (Unaudited)          

     ($ in Millions,         3rd Quarter                  Nine Months 

     except margin          -----------                  -----------   

     percent)         2009      2008   Change     2009       2008      Change 

    --------------    ----      ----   ------     ----       ----      ------ 

    Segment Revenues                                                      

       Fuselage                                                           

        Systems      $525.9    $484.8    8.5%  $1,497.6   $1,470.2      1.9% 

       Propulsion                                                         

        Systems      $266.2    $291.5   (8.7%)   $772.1     $863.1    (10.5%)

       Wing                                                               

        Systems      $257.3    $246.8    4.3%    $712.9     $773.5     (7.8%)

       All Other       $4.4      $4.1    7.3%     $18.2      $18.9     (3.7%)

                       ----      ----    ---      -----      -----     ----  

    Total Segment                                                         

     Revenues      $1,053.8  $1,027.2    2.6%  $3,000.8   $3,125.7     (4.0%)

                                                                          

    Segment Earnings 

     from Operations                                      

       Fuselage                                                           

        Systems       $95.2     $73.5   29.5%    $229.4     $255.0     (10.0%)

       Propulsion                                                         

        Systems       $35.3     $47.1  (25.1%)    $97.2     $140.9     (31.0%)

       Wing                                                               

        Systems       $26.6     $26.9   (1.1%)   ($12.7)     $92.3    (113.8%)

       All Other       $1.0      $0.0     NA      ($1.0)      $0.1  (1,100.0%)

                       ----      ----    ---      -----       ----  -------- 

    Total Segment                                                           

     Operating                                                              

     Earnings        $158.1    $147.5    7.2%    $312.9     $488.3     (35.9%)

                                                                            

    Unallocated                                                             

     Corporate                                                              

     SG&A Expense    ($26.7)   ($35.6) (25.0%)   ($92.9)   ($109.7)    (15.3%)

    Unallocated                                                             

     Research &                                                             

     Development                                                            

     Expense          ($0.4)    ($0.7) (42.9%)    ($1.6)     ($1.1)     45.5% 

                      -----     -----  -----      -----      -----      ----

    Total Earnings 

     from Operations $131.0    $111.2   17.8%    $218.4     $377.5     (42.1%)

                                               

    Segment Operating 

     Earnings as 

     % of Revenues                                             

       Fuselage                                                             

        Systems        18.1%     15.2%   290 BPS   15.3%      17.3%   (200)BPS

       Propulsion                                                             

        Systems        13.3%     16.2%  (290)BPS   12.6%      16.3%   (370)BPS

       Wing                                                           

        Systems        10.3%     10.9%   (60)BPS   (1.8%)     11.9% (1,370)BPS

       All Other       22.7%      0.0% 2,270 BPS   (5.5%)      0.5%   (600)BPS

                       ----       ---  ---------   ----        ---    --------

    Total Segment                                                        

     Operating                                                             

     Earnings as %                                                         

     of Revenues       15.0%     14.4%    60 BPS   10.4%      15.6%   (520)BPS

                                                                         

    Total Operating                                                        

     Earnings as %                                                       

     of Revenues       12.4%     10.8%   160 BPS    7.3%      12.1%   (480)BPS


    

                   Spirit Ship Set Deliveries               

               (One Ship Set equals One Aircraft)           

                                                            

               2008 Spirit AeroSystems Deliveries           

                                                            

                  1st Qtr  2nd Qtr  3rd Qtr  4th Qtr  Total 2008

                  -------  -------  -------  -------  ----------

            B737      93      95      87       42        317

            B747       4       7       4        1         16

            B767       3       3       3        1         10

            B777      20      22      18        8         68

            B787       1       1       1        0          3

                     ---     ---     ---      ---        ---

           Total     121     128     113       52        414

                                                            

     A320 Family      95      95      90       87        367

        A330/340      24      21      23       22         90

            A380       4       2       4        6         16

                     ---     ---     ---      ---        ---

           Total     123     118     117      115        473

                                                            

    Hawker 850XP      15      24      24       28         91

                     ---     ---     ---      ---        ---

                                                            

    Total Spirit     259     270     254      195        978

                     ===     ===     ===      ===        ===

                                                            

                                                            

                                                            

               2009 Spirit AeroSystems Deliveries           

                                                            

                  1st Qtr  2nd Qtr  3rd Qtr  YTD 2009           

                  -------  -------  -------  --------           

            B737      74      96      93      263           

            B747       3       1       3        7           

            B767       3       3       3        9           

            B777      21      21      21       63           

            B787       2       2       2        6           

                     ---     ---     ---      ---           

           Total     103     123     122      348           

                                                            

     A320 Family     105     101      94      300           

        A330/340      26      23      28       77           

            A380       0       2       5        7           

                     ---     ---     ---      ---           

           Total     131     126     127      384           

                                                            

    Hawker 850XP      18      13       6       37           

                     ---     ---     ---      ---           

                                                            

    Total Spirit     252     262     255      769           

                     ===     ===     ===      ===           




                         Spirit AeroSystems Holdings, Inc.                    

                  Condensed Consolidated Statements of Operations             

                                    (unaudited)                               

                                                                              

                              For the     For the       For the     For the   

                          Three Months Three Months   Nine Months  Nine Months

                              Ended        Ended         Ended       Ended    

                            October 1, September 25,  October 1, September 25,

                               2009         2008         2009         2008    

                            ----------  -----------   ----------  ----------- 

                                  ($ in millions, except per share data)      

                                                                              

    Net Revenues              $1,053.8     $1,027.2     $3,000.8     $3,125.7 

      Operating costs and                                                     

       expenses:                                                              

      Cost of sales              878.3        864.3      2,637.2      2,596.1 

      Selling, general                                                        

       and administrative         30.5         39.0        103.6        119.0 

      Research and                                                            

       development                14.0         12.7         41.6         33.1 

                                  ----         ----         ----         ---- 

        Total Operating                                                       

         Costs and Expenses      922.8        916.0      2,782.4      2,748.2 

        Operating Income         131.0        111.2        218.4        377.5 

    Interest expense and                                                      

     financing fee                                                            

     amortization                (10.2)        (9.9)       (29.1)       (29.5)

    Interest income                1.6          4.4          6.2         15.1 

    Other income, net             (0.5)        (0.7)         5.2          0.9 

                                  ----         ----          ---          --- 

        Income Before                                                         

         Income Taxes            121.9        105.0        200.7        364.0 

    Income tax provision         (34.4)       (31.0)       (58.8)      (118.4)

                                 -----        -----        -----       ------ 

        Income Before                                                         

         Equity in Net Loss                                                   

         of Affiliate             87.5         74.0        141.9        245.6 

    Equity in net loss of                                                     

     affiliate                    (0.2)           -         (0.2)           - 

                                  ----          ---         ----          --- 

        Net Income               $87.3        $74.0       $141.7       $245.6 

                                 =====        =====       ======       ====== 

                                                                              

    Earnings per share                                                        

    Basic                        $0.63        $0.54        $1.03        $1.79 

    Shares                       138.6        137.0        138.2        136.9 

                                                                              

    Diluted                      $0.62        $0.53        $1.01        $1.76 

    Shares                       140.2        139.1        140.0        139.2 




                        Spirit AeroSystems Holdings, Inc.                    

                      Condensed Consolidated Balance Sheets                  

                                   (unaudited)                               

                                                    October 1,   December 31,

                                                        2009          2008   

                                                    ----------   ----------- 

                                                        ($ in millions)      

    Current assets                                                           

    Cash and cash equivalents                          $206.7         $216.5 

    Accounts receivable, net                            235.8          149.3 

    Current portion of long-term receivable              28.2          108.9 

    Inventory, net                                    2,204.6        1,882.0 

    Other current assets                                 85.8           76.6 

                                                         ----           ---- 

        Total current assets                          2,761.1        2,433.3 

    Property, plant and equipment, net                1,224.0        1,068.3 

    Pension assets                                       60.0           60.1 

    Other assets                                        238.6          198.6 

                                                        -----          ----- 

        Total assets                                 $4,283.7       $3,760.3 

                                                     ========       ======== 

    Current liabilities                                                      

    Accounts payable                                   $421.2         $316.9 

    Accrued expenses                                    164.1          161.8 

    Current portion of long-term debt                     6.7            7.1 

    Advance payments, short-term                        194.3          138.9 

    Deferred revenue, short-term                         59.3          110.5 

    Other current liabilities                            25.8            8.1 

                                                         ----            --- 

        Total current liabilities                       871.4          743.3 

    Long-term debt                                      583.5          580.9 

    Bonds payable, long-term                            293.4              - 

    Advance payments, long-term                         806.5          923.5 

    Deferred revenue and other deferred credits          54.3           58.6 

    Pension/OPEB obligation                              49.1           47.3 

    Other liabilities                                   169.6          109.2 

    Shareholders' equity                                                     

    Preferred stock, par value $0.01, 10,000,000                             

     shares authorized, no shares issued and                                 

     outstanding                                            -              - 

    Common stock, Class A par value $0.01,                                   

     200,000,000 shares authorized, 104,819,957                              

     and 103,209,466 issued and outstanding,                                 

     respectively                                         1.0            1.0 

    Common stock, Class B par value $0.01,                                   

     150,000,000 shares authorized, 36,216,211                               

     and 36,679,760 shares issued and                                        

     outstanding, respectively                            0.4            0.4 

    Additional paid-in capital                          946.3          939.7 

    Minority interest                                     0.5            0.5 

    Accumulated other comprehensive loss               (124.1)        (134.2)

    Retained earnings                                   631.8          490.1 

                                                        -----          ----- 

        Total shareholders' equity                    1,455.9        1,297.5 

                                                      -------        ------- 

        Total liabilities and shareholders'                                  

         equity                                      $4,283.7       $3,760.3 

                                                     ========       ======== 




                        Spirit AeroSystems Holdings, Inc.                    

                 Condensed Consolidated Statements of Cash Flows             

                                   (unaudited)                               

                                                                             

                                                    For the        For the    

                                                  Nine Months    Nine Months  

                                                     Ended          Ended     

                                                   October 1,   September 25, 

                                                      2009           2008     

                                                   ----------   ------------- 

                                                       ($ in millions)       

    Operating activities                                                     

    Net Income                                        $141.7          $245.6 

    Adjustments to reconcile net income to net 

     cash provided by (used in) operating activities  

         Depreciation expense                           91.9            90.8 

         Amortization expense                            7.7             7.1 

         Accretion of long-term receivable              (5.8)          (13.0)

         Employee stock compensation expense             6.7            11.6 

         Loss from the ineffectiveness of hedge                              

          contracts                                        -             0.4 

         (Gain) loss from foreign currency transactions (3.9)            0.3 

         Gain on disposition of assets                     -            (0.2)

         Deferred taxes                                (20.5)            0.9 

         Pension and other post-retirement                                   

          benefits, net                                  1.6           (21.5)

         Grant income                                   (1.4)              - 

         Equity in net income of affiliate               0.2               - 

    Changes in assets and liabilities                                        

         Accounts receivable                           (84.6)          (28.4)

         Inventory, net                               (319.5)         (432.9)

         Accounts payable and accrued liabilities      104.9            30.5 

         Advance payments                              (61.6)          230.4 

         Deferred revenue and other deferred credits   (54.9)           16.9 

         Other                                         (13.8)            8.1 

                                                       -----             --- 

            Net cash provided by (used in) operating                         

             activities                               (211.3)          146.6 

                                                      ------           ----- 

    Investing Activities                                                     

    Purchase of property, plant and equipment         (158.0)         (175.2)

    Long-term receivable                                86.5            87.1 

    Other                                                0.2            (0.7)

                                                         ---            ---- 

            Net cash (used in) investing activities    (71.3)          (88.8)

                                                       -----           ----- 

    Financing Activities                                                     

    Proceeds from revolving credit facility            300.0            75.0 

    Payments on revolving credit facility             (300.0)          (75.0)

    Proceeds from issuance of debt                         -             8.8 

    Proceeds from issuance of bonds                    293.4               - 

    Proceeds from government grants                      0.7             1.6 

    Principal payments of debt                          (5.8)          (11.9)

    Debt issuance and financing costs                  (17.2)           (6.8)

                                                       -----            ---- 

            Net cash provided by (used in) financing                         

             activities                                271.1            (8.3)

                                                       -----            ---- 

    Effect of exchange rate changes on cash                                  

    

and cash equivalents                                1.7            (5.2)

                                                         ---            ---- 

            Net increase (decrease) in cash and cash                         

             equivalents for the period                 (9.8)           44.3 

    Cash and cash equivalents, beginning of                                  

     the period                                        216.5           133.4 

                                                       -----           ----- 

    Cash and cash equivalents, end of the period      $206.7          $177.7 

                                                      ======          ====== 


SOURCE: Spirit AeroSystems


    CONTACT: Investor Relations, 

Business Finance Spirit AeroSystems 3 image

             Alan Hermanson, 

             +1-316-523-7040, or 


             Media,

             Debbie Gann, 

             +1-316-526-3910, both of Spirit AeroSystems





Translations:

   Japanese (http://asianetnews.net/Download.asp?ID=139751)











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