First Aviation to Cut Jobs at NAC Unit
First Aviation Services Inc. said it will cut 80 jobs in an effort to make its National Airmotive Corp. unit more profitable in its fiscal second quarter. First Aviation, which provides services such as engine repairs to the commercial and military aircraft industry, hopes to save $3.4 million before taxes annually by cutting jobs at National Airmotive’s operations in Oakland and moving the light turbine engine unit to Long Beach. The Westport, Conn.-based company will take a restructuring charge of about $1.7 million and other nonrecurring charges of $1 million in its first quarter ending this month. First Aviation also posted income from operations of about $1.48 million, or 11 cents a diluted share, in its fiscal fourth quarter ended Jan. 31, contrasted with a loss of $78,000, or 19 cents, in the year-ago quarter. The company’s revenue rose to $39.7 million from $27.5 million. First Aviation shares fell 25 cents to close at $6.13 on Nasdaq.