Limco-Piedmont Inc. today announced that revenues for the second quarter of 2007 reached $18.0 million, a 32.2% increase from $13.7 million reported in the second quarter of 2006.
Operating income for the second quarter of 2007 was $2.8 million, a 71.9% increase from $1.6 million in the second quarter of 2006. Net income for the second quarter of 2007 was $1.6 million, or $0.17 per basic and diluted share compared with $933,000 or $0.10 per basic and diluted share in the 2006 second quarter. The per share data does not reflect the Company's issuance of 4,025,000 shares of common stock in its initial public offering that closed on July 23, 2007 and provided net proceeds of approximately $42 million.
Revenues from MRO services, including OEM sales, increased by $1.3 million, or 11.4% to $12.6 million for the three months ended June 30, 2007 from $11.3 million for the three months ended June 30, 2006. Parts services revenues increased by $3.1 million, or 132.6% to $5.4 million for the three months ended June 30, 2007 from $2.3 million for the three months ended June 30, 2006.
