ExelTech Aerospace Announces Financial Results for Quarter ended March 31, 2009 and Year ended March 31, 2009



    Strong Q4 results with 47% sales growth and $1.7M operating profit

    MONTREAL, June 23 /CNW Telbec/ - ExelTech Aerospace Inc. ("ExelTech
Aerospace", "ExelTech" or "the Company"), (TSX-V: XLT), Canada's largest
publicly-listed commercial aircraft maintenance, repair and overhaul
organization, today announced its financial results for the quarter ended
March 31, 2009 ("Q4") and fiscal year ended March 31, 2009 ("FY 2009"),
posting a net loss of $0.3 million for the Q4 (including a $1.0 M currency
loss mainly on forward contracts) and net loss of $21.4 million for the FY
2009.
    The Company reported record revenues of $20.3 million for the Q4 compared
to $13.8 in the fourth quarter of the prior year (a 47% increase) and $62.2
million for the FY 2009 compared to $54.4 million in the year ending March 31,
2008 (14% increase). Also reported were operating profit (earnings before
amortization, financial expenses and interest) for the Q4 of $1.7 million
compared to a loss of $0.5 million in the same quarter in 2008. The annual
operating loss of $2.1 million in FY 2009 compares to an operating profit of
$0.5 million in the prior year.
    "The results of the second half of this fiscal year are very
encouraging," stated Robin Wohnsigl, CEO of ExelTech. "The poor results of the
first half year, which included a goodwill impairment charge, were clearly
improved in the last six months with record revenue and operating results. The
additional capacity in our new hangar, more favorable foreign exchange rates
and our productivity enhancements produced these significant improvements."
    During FY 2009, ExelTech provided major maintenance and overnight Une
maintenance services to 60 different customers from 16 countries, completing
179 heavy maintenance checks compared with 139 in fiscal 2008. In FY 2009, the
Company developed in-house non-destructive inspection capabilities and added
Embraer EMB145 and E170/190 overhaul capabilities.
    A complete copy of the financial statements of ExelTech and of the
related management's discussion and analysis of financial statements are
available on SEDAR, at www.sedar.com.
    The annual meeting of the shareholders of ExelTech will be held at 2:00
p.m. on Tuesday, August 25, 2009 at the Company's head office located at 1200
Pitfield Boulevard, Ville Saint-Laurent, Québec, H4S 0A1.

    About ExelTech Aerospace Inc.

    The third-largest commercial airframe Maintenance, Repair, and overhaul
(MRO) vendor in Canada, ExelTech is listed on the TSX Venture Exchange and
trades under the symbol XLT. The Corporation holds Transport Canada, US
Federal Aviation Administration (FAA), European Aviation Safety Agency (EASA)
and Bermuda Department of Civil Aviation (BDCA) approvals to maintain a range
of aircraft and associated structures, components and Systems. Aircraft models
serviced by ExelTech include Embraer ERJ 145 family, EJet 170/190 family and
Bombardier CRJ régional jets as well as ATR-42 and 72, Bombardier Dash-8 and
Saab 340 régional turboprops and Boeing 737 narrow bodies. ExelTech is also a
member of the SuperJet International Sukhoi authorized MRO Service Centers
Network.
    In the summer of 2008, ExelTech opened a purpose-built 153,000 square
feet (14,200 square meters) state-of-the-art maintenance facility at
Montreal's Pierre Elliott Trudeau International Airport where regional
aircraft are serviced. In additional to heavy maintenance, ExelTech Aerospace
offers a dedicated line maintenance facility servicing domestic and
international customers for Montreal's Trudeau International Airport.
    With 310,000 square feet (28,800 square meters) of hangar, shop and
office space in three facilities at Montreal and Quebec City, and with
marketing offices in the US, ExelTech provides maintenance repair and overhaul
services to airlines in Canada, the US and 25 other countries around the
world.
    To learn more about ExelTech Aerospace Inc. (TSX-V: XLT), please visit
our website at www. exeltech-aerospace.com.

    
    The TSX Venture Exchange Inc. has not reviewed and does not accept
    responsibility for the adequacy ofthis release.


    SELECTED FINANCIAL INFORMATION OF EXELTECH AEROSPACE INC.

    Consolidated                 For the                     For the
     Statements              3-month period             12-month period
     of Earnings             ended March 31              ended March 31
                           2009          2008          2009          2008
                            $             $             $             $
    Revenue             20,312,827    13,795,692    62,188,245    54,353,120
    Cost of sales       15,074,694    11,431,487    51,575,936    43,872,225
    -------------------------------------------------------------------------
                         5,238,133     2,364,205    10,612,309    10,480,895
    Operating Expenses   3,574,044     2,902,344    12,716,338    10,020,826
    -------------------------------------------------------------------------
    Earnings (loss)
     before the
     following           1,664,089      (538,139)   (2,104,029)      460,069
    Amortization           533,095       346,020     1,827,317     1,246,419
    Goodwill                     -             -    13,241,506             -
    Impairment
    Financial Expenses   1,527,889       112,494     6,412,187     1,016,482
    -------------------------------------------------------------------------
    Earnings (loss)
     before income
     taxes                (396,895)     (996,653)  (23,585,039)   (1,802,832)
    -------------------------------------------------------------------------
    Income Taxes
     (recovery)                  -        44,404             -       138,034
      Current
      Future              (100,240)     (235,501)   (2,218,298)      111,926
    -------------------------------------------------------------------------
                          (100,240)     (191,097)   (2,218,298)      (26,108)
    -------------------------------------------------------------------------

    Net earnings and
     extended results     (296,655)     (805,556)  (21,366,741)   (1,776,724)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Net earnings (loss)
     per share -
     basic and diluted       (0.00)         0.00         (0.14)        (0.01)


                                                         As at         As at
    Consolidated Balance Sheet                        March 31      March 31
                                                          2009          2008
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                             $             $
    ASSETS
    Current assets                                  21,846,602    37,433,052
    Capital assets                                  26,620,903    15,439,687
    Intangible assets                                  139,836       294,836
    Future income taxes                              5,495,197     3,383,940
    Goodwill                                                 -    13,241,506
    -------------------------------------------------------------------------

    TOTAL ASSETS                                    54,102,538    69,793,021
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES
    Current liabilities                             24,969,224    18,788,155
    Long-term debt including liability portion
     of debentures                                  16,967,507    18,339,121
    Other                                              333,158        28,368
    SHAREHOLDERS'EQUITY                             11,832,649    32,637,377
    -------------------------------------------------------------------------

    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY      54,102,538    69,793,021
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    
    %SEDAR: 00020968EF




For further information:

For further information: Gérard Moretti, Chief Financial Officer, (514)
631-8999, ext. 2406, gmoretti@exeltech-aerospace.com

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EXELTECH AEROSPACE INC.

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