Key Developments: AAR Corp (AIR)
19.56USD
17 May 2013
$0.52 (+2.73%)
$19.04
$19.15
$19.59
$19.10
217,536
280,385
$20.44
$10.00
Latest Key Developments (Source: Significant Developments)
AAR Corp Announces John Fortson As New Chief Financial Officer
AAR Corp announced that John Fortson will join the Company on July 1, 2013, as Vice President of Finance. Fortson will then become Vice President, Chief Financial Officer and Treasurer on July 19, 2013, or as soon as possible following the filing of the Company's Form 10-K for its fiscal year ending May 31, 2013. Full Article
AAR Corp Announces Cash Dividend
AAR Corp announced that Board of Directors at its regularly scheduled meeting declared a quarterly cash dividend of $0.075 per share to its stockholders. The dividend will be paid on May 16, 2013, to stockholders of record as of the close of business on May 2, 2013. Future cash dividends will be subject to the approval of the Board of Directors. Full Article
AAR Corp Announces Proposed $125 Million Add-On Offering Of 7.25% Senior Notes Due 2022
AAR Corp announced that it intends to commence an add-on offering of $125,000,000 aggregate principal amount of 7.25% Senior Notes due 2022 (the Notes) in a private placement to eligible purchasers. The Notes will be senior unsecured obligations of AAR CORP. (the Company) and will be guaranteed by substantially all of the Company's subsidiaries. The Notes will be issued under the indenture dated as of January 23, 2012, as supplemented as of November 30, 2012 (the Indenture), pursuant to which the Company issued $175,000,000 aggregate principal amount of 7.25% Senior Notes due 2022 (the Existing Notes). The Company will use the net proceeds of the offering to repay a portion of the borrowings under its unsecured revolving credit agreement and to pay related fees and expenses. Full Article
AAR Corp Raises FY 2013 EPS Guidance; Broadens FY 2013 Revenue Guidance
AAR Corp increased its fiscal 2013, guidance to $1.78 to $1.82 earnings per share and expects revenues to be approximately $2.15 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $1.80 and revenues of $2.1 for fiscal 2013. Full Article
AAR Corp Completes Sale Of 10737-400 Aircraft To MAS From Joint Venture Portfolio
AAR Corp and joint venture partner announced that they have completed the sale of 10 Boeing 737-400 aircraft to Malaysian Airline System Berhad (MAS), which the Company announced in November 2012. The sale is consistent with the Company's stated goal to reduce investment in aircraft leasing. AAR's portfolio includes four aircraft held in joint ventures and two aircraft that are wholly owned. At peak in 2007, the Company held a total of 42 aircraft in joint venture and wholly owned portfolios. The transaction closed during the third quarter and will generate net cash proceeds of approximately $20 million and a modest recorded gain during the Company's current fiscal year 2013. Due to joint venture accounting, there will be no impact on reported sales. Full Article
AAR Corp Secures Medical Logistics Support Contract
AAR Corp announced that it has been awarded a medical logistics contract for the U.S. Army Medical Material Center - Southwest Asia, located at Camp As Sayliya, Qatar. AAR's Defense Systems and Logistics business will provide inventory management support to the U.S. Central Command (CENTCOM) in Iraq, Afghanistan, Kuwait, Qatar and the United Arab Emirates. The one-year agreement includes two renewal options. Full Article
AAR Corp Announces Cash Dividend
AAR Corp announced that Board of Directors at its regularly scheduled meeting declared a quarterly cash dividend of $0.075 per share to its stockholders. The dividend will be paid on February 12, 2013, to stockholders of record as of the close of business on January 29, 2013. Future cash dividends will be subject to the approval of the Board of Directors. Full Article
AAR Corp Raises FY 2013 EPS Guidance; Reaffirms FY 2013 Revenue Guidance
AAR Corp increased its earnings guidance for fiscal 2013 to a range of $1.70 to $1.80 per share versus its prior expectation for earnings between $1.60 and $1.70 per share. The Company has maintained its prior guidance for revenues of $2.1 billion to $2.2 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $1.73 for fiscal 2013. Full Article
AAR Corp Signs LOI With Air Canada For Airbus Aircraft Maintenance
AAR Corp announced that it has signed a Letter of Intent (LOI) with Air Canada to provide airframe maintenance services for the airline's Airbus A320 series aircraft. The LOI calls for AAR to perform regularly scheduled airframe maintenance and modifications that will enable Air Canada to efficiently maintain approximately 89 Airbus narrow-body aircraft. AAR and Air Canada are working together to finalize the terms of a five-year agreement for the work to continue through September 2017. The work is commencing at the Company's aircraft maintenance facility in Miami and is planned to be transitioned to the Company's new AAR Maintenance, Repair and Overhaul facility in Duluth, Minnesota over the next year. Full Article
AAR Corp Announces Board Changes-Form 8-K
AAR Corp reported in its Form 8-K that on October 11, 2012, Richard J. Poulton resigned as Vice President, Chief Financial Officer and Treasurer of the Company to accept a position outside the aerospace and defense industries. Mr. Poulton’s resignation will be effective October 26, 2012. Michael J. Sharp, Vice President, Controller and Chief Accounting Officer of the Company., will assume the duties of chief financial officer and treasurer on an interim basis until the search for a new chief financial officer has been completed. Full Article
Rosneft moves closer to TNK-BP deal with EU clearance
BRUSSELS - Russian oil producer Rosneft moved closer to finalizing its $55 billion takeover of TNK-BP <TNBP.MM after winning EU regulatory approval for one of the biggest deals in the sector.
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