UNC Inc., the Annapolis-based aviation services company, reported 1995 earnings yesterday of $1.9 million, or 11 cents a share, compared with a net loss of $67.9 million, or 90 cents a share in 1994, when the company took a one-time restructuring charge.
The company said its revenues were $536.2 million in 1995, up from $525.8 million the previous year. In 1995, operating income totaled $22.4 million, up 5 percent over 1994, exclusive of restructuring and one time pretax charges of $82.3 million.
In the fourth quarter of 1995, the company said, it earned $76,000, or 1 cent a share, compared with a loss of $15.79 million, or 90 cents a share during the same period a year earlier.
To reduce costs and address long-term changes in the aviation industry, UNC revamped certain operations in 1994. Noting that 1995 was a transition year, UNC said yesterday that its financial results reflected good performance at the company's operating units, as well as continued cost cutting.
UNC last month announced plans to purchase Garrett Aviation for $150 million. That deal, scheduled for completion by the end of the first quarter, would make UNC the world's largest independent aviation after-market services company.
The combined companies are expected to produce annual revenues approaching $1 billion.
UNC Inc. manufactures and remanufactures jet engine and aircraft components; overhauls aircraft accessories; and provides maintenance and pilot training contract services for the aviation industry. UNC stock closed yesterday at $7.875, up 25 cents, on the New York Stock Exchange.