July 11, 2008
AAR Announces Additional Line at Its Indianapolis Maintenance Facility
WOOD DALE, Ill., /PRNewswire-FirstCall/ -- As a follow up to its fourth-quarter fiscal 2008 earnings release and conference call yesterday, AAR (NYSE: AIR) announced today that a customer has notified the Company that it intends to induct a new line of 737 aircraft into the Indianapolis Maintenance Center beginning August 1, 2008. This line will replace the last of three vacancies created by United Airlines' recent announcement to ground its 737 fleet.
"Our ability to quickly replace the slots vacated by United and to capture market share is a tribute to the quality work of our Indianapolis team," said Timothy J. Romenesko, President and Chief Operating Officer of AAR CORP. "We remain keenly focused on improving our customers' maintenance efficiency by providing our customers the highest quality products and services and industry leading turn times."
AAR is a leading provider of products and value-added services to the worldwide aerospace and defense industry. With facilities and sales locations around the world, AAR uses its close-to-the-customer business model to serve aviation and defense customers through four operating segments: Aviation Supply Chain; Maintenance, Repair and Overhaul; Structures and Systems and Aircraft Sales and Leasing. More information can be found at http://www.aarcorp.com.
This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on beliefs of Company management, as well as assumptions and estimates based on information currently available to the Company, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, including those factors discussed under Item 1A, entitled "Risk Factors", included in the Company's May 31, 2007 Form 10-K. Should one or more of these risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described. These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company's control. The Company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. For additional information, see the comments included in AAR's filings with the Securities and Exchange Commission.
CONTACT:
Richard J. Poulton, Vice President, Chief Financial Officer of AAR CORP.
+1-630-227-2075
rpoulton@aarcorp.com
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Wood Dale, Illinois – AAR CORP. (“AAR” or the “Company”) (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, announced today the pricing of an underwritten registered public offering of 3,000,000 shares of its common stock at a public offering price of $83.00 per share. The underwriters have a 30-day option to purchase up to an additional 450,000 shares from the Company at the public offering price. The Company estimates that the net proceeds from the offering, after deducting the underwriting discounts and commissions, will be approximately $239.0 million, or $274.9 million if the underwriters exercise their option to purchase additional shares in full. The shares are expected to be delivered on or about October 2, 2025, subject to customary closing conditions.
