TIMCO Aviation Services, Inc. Announces Sale of its Former Headquarters and Warehouse Facility
March 31 2004 - 5:30PM
PR Newswire (US)
TIMCO Aviation Services, Inc. Announces Sale of its Former
Headquarters and Warehouse Facility GREENSBORO, N.C., March 31
/PRNewswire-FirstCall/ -- TIMCO Aviation Services, Inc. (BULLETIN
BOARD: TMAS) today announced the sale of its former headquarters
and warehouse facility located in Miramar, Florida. The proceeds of
$26 million were used to repay in full the tax retention operating
lease (TROL) obligation associated with the construction of the
facility. The remaining proceeds, approximately $0.5 million net of
transaction costs, will be used for working capital. TIMCO
relocated its headquarters to Greensboro, North Carolina in 2001
and has since been subleasing the Miramar facility. Roy T. Rimmer,
Jr., the Company'sChairman and Chief Executive Officer, stated:
"With the closing of the sale of the Miramar property, we have
resolved the last of our major legacy issues. This transaction
further strengthens our balance sheet by eliminating a significant
liability." TIMCO Aviation Services, Inc. is among the world's
largest providers of fully integrated aviation maintenance, repair
and overhaul (MR&O) services for major commercial airlines,
regional air carriers, aircraft leasing companies, government and
militaryunits and air cargo carriers. The Company currently
operates four MR&O businesses: TIMCO, which, with its four
active locations (Greensboro, NC, Macon, GA, Lake City, FL and
Goodyear, AZ), is one of the largest independent providers of heavy
aircraft maintenance services in the world; Aircraft Interior
Design and Brice Manufacturing, which specialize in the
refurbishment of aircraft interior components and the manufacture
and sale of aftermarket parts and new aircraft seats; TIMCO
Engineered Systems, which provides engineering services to both our
MR&O operations and our customers; and TIMCO Engine Center,
which refurbishes JT8D engines and performs on-wing repairs for
both JT8D and CFM-56 series engine. Visit TIMCO online at
http://www.timco.aero/ . This press release contains certain
forward-looking statements. Forward- looking statements involve
known and unknown risks and uncertainties, which may cause the
Company's actual results in future periods to differ materially
from forecasted results. A number of factors, including those
identified in the Company's Annual Report on Form 10-K for the year
ended December 31, 2002, its Quarterly Report on Form 10-Q for the
quarter ended September 30, 2003, and those identified below, could
adverselyaffect the Company's ability to obtain these results: the
Company's ability to continue to generate sufficient working
capital from operations to meet its operating requirements and
service its indebtedness, the Company maintaining good working
relationships with its vendors and customers, competitive pricing
for the Company's products and services, the Company's ability to
achieve gross margins at which it can be profitable, including
margins on services the Company performs on a fixed price basis,
competition in the aircraft maintenance, repair and overhaul market
and the impact on that market and the Company of the terrorist
attacks on September 11, 2001, the state of the domestic passenger
airline industry and the financial condition of the Company's
airline customers, the Company's ability to attract and retain
qualified personnel in its business, utilization rates for its
MR&O facilities, the Company's ability to integrate future
acquisitions, the Company's ability to effectively manage
itsbusiness, economic factors which affect the airline industry,
generally including the amount of aircraft maintenance outsourced
by various airlines, and changes in government regulations. Certain
of these risks are described in the Company's filings with the
Securities and Exchange Commission (SEC). Copies of the Company's
SEC filings are available from the SEC or may be obtained upon
request from the Company. The Company does not undertake any
obligation to update the information contained herein, which speaks
only as of this date. DATASOURCE: TIMCO Aviation Services, Inc.
CONTACT: Roy T. Rimmer, Jr., Chairman & Chief Executive
Officer, or C. Robert Campbell, Executive Vice President &
Chief Financial Officer of TIMCO Aviation Services, Inc.,
+1-336-668-4410 Web site: http://www.timco.aero/
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