Business & Finance
Business and Finance
Business and Finance
Mon, February 23, 2009 Aero Performance Products, Inc. Files Quarterly Report
BLUFFDALE, Utah--([ BUSINESS WIRE ])--Aero Performance Products, Inc. (OTCBB:AERP), which owns controlling interest in Aero Exhaust, Inc., a world leader in performance exhaust airflow technology, today filed its quarterly report on Form 10-Q for the period ended December 31, 2008 with the Securities and Exchange Commission.
The complete 10-Q filing can be found by clicking the "View SEC Filings" link on the company website, [ www.aeroperformanceproducts.com ].
Included in the "Results of Operations" narrative in the filing was a statement that gross income increased to 46% of sales, compared to 40% of sales in the prior year's period. The increased margin was attributed to the company being able to ship product under normal production schedules rather than having to fill back orders at higher shipping costs. The section also stated that revenues declined primarily due to the overall decline in the market for automotive products resulting from the country's economic recession.
The section went on to discuss a decline in the net loss of the company for the period, which asserted, "The primary reasons for a decrease in loss are a reduction of $118,626 in marketing and advertising costs following the cessation of the company's NASCAR team sponsorship, lower salaries of $65,462 compared to $167,424 resulting from cost cutting measures, and lower professional and legal costs of $72,994 compared to $169,167 resulting from the company's not filing new patent costs and not using an outside service for bookkeeping."
The filing also includes narrative information regarding the company's definitive agreement to acquire Jones Exhaust Systems, Inc., one of the most respected specialty exhaust manufacturers in the United States.
Bryan Hunsaker, CEO of Aero Performance Exhaust, commented, "First, we are pleased to have completed the Form 10-Q and to have met the reporting requirements for the Over-the-Counter Bulletin Board market. The performance in the quarter reflected in the filing was not up to management's expectations, but there were a number of factors that affected this particular period. In addition to the traditional slowdown in the fourth quarter of the calendar year, the recession in the U.S. and global economies and the resulting impact in the U.S. automotive sector certainly affected the sales results for Aero.
"We look forward to continued improvement in the balance sheet, especially with our planned acquisition of Jones Exhaust Systems, Inc., which has performed well despite conditions in the automotive sector," Mr. Hunsaker added.
To sign up to receive information by email directly from the company whenever new press releases, investor newsletters, SEC filings, and other written material is issued, please visit [ http://www.aeroperformanceproducts.com ].
About Aero Performance Products, Inc.
Aero Performance Products, Inc. ([ www.aeroperformanceproducts.com ]) which owns controlling interest in Aero Exhaust, Inc., a world leader in performance exhaust airflow technology, manufacturing and distributing the most technologically advanced muffler on the market. Aero's product lines are built to the highest industry standards and offer the consumer a lifetime warranty. Aero Exhaust has been issued U.S. and Australian patents on its innovations and development in the exhaust industry, and its mufflers are available worldwide through major retailers, mass merchant centers, automotive aftermarket supply stores and wholesalers. Racing legend Rusty Wallace is the official spokesperson for Aero Exhaust products. Additional information on Aero Exhaust's products, race team, and motorsports ventures can be found on its corporate website, [ www.aeroexhaust.com ].
Safe Harbor Statement: The statements in this release that relate to future plans, expectations, events, performance and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Actual results or events could differ materially from those described in the forward-looking statements due to a variety of factors, including the lack of funding, inability to complete required SEC filings, and others set forth in the Company's report on Form 10-K for fiscal year 2007 filed with the Securities and Exchange Commission.
