Vanguard Aviation Corp - First Quarter Results

16 May 2000

Revenue for the three month period ended March 31, 2000 was $690,807, a 203% increase over revenues of $339,773 reported in the three months ended March 31, 1999. The increase is attributable to increases in demand for Vanguard's sheet metal, composite and labour services. Gross profit increased to $158,307 in the quarter ended March 31, 2000 compared to $106,406 in the same period in the prior year. The delivery and installation of the composite cure oven and ancillary equipment completes the initial equipping of the composite department. The composite department can now undertake almost any composite repair except for the most advanced. A priority objective for Vanguard in 2000 is to expand its composite business to utilize these new capabilities.

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