Alabama Aircraft Industries Inc. announced earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported revenue from continuing operations of $12.6 million against revenue of $6.8 million in the third quarter of 2008, an increase of 85.5%. Net income was $0.5 million or $0.11 basic and diluted per share compared to a net loss for the third quarter of 2008 of $1.7 million or $0.42 basic and diluted per share. Loss from continuing operations was $0.08 million or $0.02 basic and diluted per share compared to $1.1 million or $0.27 basic and diluted per share for the same period last year. Positive EBITDA from continuing operations was $0.6 million compared to negative EBITDA from continuing operations of $1.0 million for the same period last year. Operating income was $0.3 million compared to operating loss of $1.3 million for the same period last year. Income from continuing operations before taxes was $0.09 million compared to loss from continuing operations before taxes of $1.5 million for the same period last year. For the nine months, the company reported revenue from continuing operations of $45.5 million compared to revenue from continuing operations of $38.9 million for the year ago period, an increase of 17.0%. Income from continuing operations was $1.5 million or $0.36 basic and diluted per share compared with a loss from continuing operations of $0.9 million or $0.21 basic and diluted per share for the first nine months of 2008. Net income was $1.9 million or $0.46 basic and diluted per share compared to a net loss for the first nine months of 2008 of $3.4 million, or $0.81 basic and diluted per share. Income from continuing operations before taxes was $1.6 million compared to loss from continuing operations before taxes of $1.1 million for the same period last year. EBITDA from continuing operations was $3.4 million compared to $0.6 million for the same period last year. Operating income was $2.4 million against operating loss of $0.5 million last year. The company announced that the Mr. Michael Tennenbaum has decided to step down as Chairman of the company's Board of Directors effective December 31, 2009, after ten years of service, in order to devote more time on the operations and investments of Tennenbaum Capital Partners. Mr. Harold 'Skip' Bowling, who is currently the vice-chairman of the company, will assume the role as chairman on January 1, 2010. Mr. Bowling has worked closely with Mr. Tennenbaum and the company this past decade, chairing the Strategic Action and Compensation Committees of the Board. Mr. Bowling's 43-year career with Lockheed Martin gives him a unique ability to lead Alabama Aircraft into the next decade and the company looks forward to working with him in his new capacity.

Alabama Aircraft Industries Inc. announced earnings results for the second quarter and six months ended June 30, 2009. Net income for the second quarter of 2009 was $0.8 million, or $0.19 per share, compared to a net loss for the second quarter of 2008 of $2.4 million, or $0.59 per share. Revenue from continuing operations for the second quarter of 2009 was $17.3 million versus revenue of $12.5 million in the first quarter of 2008, an increase of 38.0%. Income from continuing operations for the second quarter of 2009 was $0.8 million compared to a loss from continuing operations of $1.1 million for the second quarter of 2008. Revenue for the second quarter of 2009 versus the second quarter of 2008 increased significantly due to the higher volume of aircraft inducted into its Birmingham facility during the last twelve months. For the quarter, the company reported operating income from continuing operations of $1.04 million and EBITDA from continuing operations of $1.44 million compared with operating loss from continuing operations of $0.94 million and LBITDA from continuing operations of $0.52 million for the same period a year ago. Net income for the first six months of 2009 was $1.4 million, or $0.35 per share, compared to a net loss for the first six months of 2008 of $1.6 million, or $0.39 per share. Revenue from continuing operations for the six months ended June 30, 2009 was $32.9 million, compared to revenue from continuing operations of $32.1 million for the six months ended June 30, 2008, an increase of 2.5%. Income from continuing operations for the first six months of 2009 was $1.6 million compared with income from continuing operations of $0.3 million for the first six months of 2008. For the quarter, the company reported operating income from continuing operations of $2.08 million and EBITDA from continuing operations of $2.86 million compared with operating income from continuing operations of $0.76 million and EBITDA from continuing operations of $1.26 million for the same period a year ago.

Alabama Aircraft Industries Inc. reported earnings results for the first quarter ended March 31, 2009. For the quarter, net income was $0.6 million or $0.15 per diluted share compared to net income for the first quarter of 2008 of $0.8 million or $0.20 per diluted share. Revenue from continuing operations was $15.7 million against revenue of $19.6 million in the first quarter of 2008, a decrease of 19.9%. Revenue decreased in the first quarter of 2009 against the first quarter of 2008 due to the low volume of aircraft inductions during the second quarter of 2008. Income from continuing operations was $0.8 million or $0.18 per diluted share compared to income from continuing operations of $1.3 million or $0.32 per diluted share for the first quarter of 2008. Operating income from continuing operations was $1.04 million compared to $1.70 million reported a year ago. Income from continuing operations before taxes was $0.78 million compared to $1.50 million reported a year ago. EBITDA from continuing operations was $1.42 million compared to $2.20 million reported a year ago. The company expects the induction of additional P-3 aircraft in the second and third quarters of 2009.