Fields Aircraft Spares Posts 148% Sales Jump

Fields Aircraft Spares in Simi Valley said sales for the second quarter that ended June 30 increased 148% to $2.94 million, compared with $1.18 million for the same quarter last year.

Net earnings increased $200,000, going to a profit of $115,000, or 5 cents per share, from a loss of $85,000, or 6 cents per share.

“When you consider that the loss in 1996 included a $256,000 gain on the settlement of an insurance claim, the results are even more dramatic,” said Lawrence Troyna, chief financial officer.

For the six months that ended June 30, the company reported sales of $5.03 million, approximately double the $2.54 million reported for the same period in 1996. Net loss for the six months was $539,000, or 24 cents per share, compared with a net income of $227,000, or 16 cents per share, for the first half of 1996.

Troyna said the most recent six-month figures include a nonoperating expense of $340,000 related to the write-off of capitalized loan costs.

Fields attributes the increase in sales to the success of its new aftermarket aircraft inventory management and supply program. Under the program, Fields buys airplane repair parts from aircraft component manufacturers, then supplies them to air carriers and aircraft overhaul facilities.

Fields operates through two wholly owned subsidiaries, Fields Aircraft Spares and Fields Aero Management.