0001104659-15-063259.txt : 20150902 0001104659-15-063259.hdr.sgml : 20150902 20150902155531 ACCESSION NUMBER: 0001104659-15-063259 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150902 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150902 DATE AS OF CHANGE: 20150902 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AAR CORP CENTRAL INDEX KEY: 0000001750 STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT & PARTS [3720] IRS NUMBER: 362334820 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06263 FILM NUMBER: 151089574 BUSINESS ADDRESS: STREET 1: 1100 N WOOD DALE RD CITY: WOOD DALE STATE: IL ZIP: 60191 BUSINESS PHONE: 6302272000 MAIL ADDRESS: STREET 1: 1100 N WOOD DALE RD CITY: WOOD DALE STATE: IL ZIP: 60191 FORMER COMPANY: FORMER CONFORMED NAME: ALLEN AIRCRAFT RADIO INC DATE OF NAME CHANGE: 19700204 8-K 1 a15-18401_18k.htm 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.   20549

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

September 2, 2015

Date of Report (Date of earliest event reported)

 

AAR CORP.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

(State or other jurisdiction of incorporation)

 

1-6263

 

36-2334820

(Commission File Number)

 

(IRS Employer Identification No.)

 

One AAR Place, 1100 N. Wood Dale Road

Wood Dale, Illinois 60191

(Address and Zip Code of Principal Executive Offices)

 

Registrant’s telephone number, including area code:  (630) 227-2000

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


 

Item 8.01                                           Other Events

 

Prior to the third quarter of fiscal 2015, we reported our activities in the following two business segments: Aviation Services comprised of our supply chain, maintenance, repair and overhaul (“MRO”) and airlift activities and Technology Products comprised of our Telair Cargo Group, Precision Systems Manufacturing (“PSM”), and mobility businesses.

 

As a result of the decision to divest the Telair Cargo Group and PSM, we revised our reportable segments effective in the third quarter of fiscal 2015.  Our revised segments include:  Aviation Services comprised of supply chain and MRO activities and Expeditionary Services comprised of airlift and mobility activities.

 

The Company is issuing this report to furnish certain quarterly financial information by reportable segment for the fiscal 2015, 2014, and 2013 quarterly reporting periods.

 

Item 9.01                                           Financial Statements and Exhibits

 

(d)                                 Exhibits

 

99.1                        AAR CORP. supplemental financial data by segment

 

2


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: September 2, 2015

 

 

 

 

 

AAR CORP.

 

 

 

 

 

 

 

By:

/s/ JOHN C. FORTSON

 

 

John C. Fortson

 

 

Vice President, Chief Financial Officer and

 

 

Treasurer

 

3


 

EXHIBIT INDEX

 

Exhibit Number

 

Description

 

 

 

 

 

99.1

 

AAR CORP. supplemental quarterly financial data by segment

 

 

4

 EX-99.1 2 a15-18401_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

 

Sales

 

Gross Profit (Loss)

 

 

 

Fiscal Year 2015

 

Fiscal Year 2015

 

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Full Year

 

Q1

 

Q2

 

Q3

 

Q4

 

Full Year

 

Aviation Services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

236.5

 

$

243.7

 

$

238.9

 

$

266.6

 

$

985.7

 

$

36.6

 

$

40.3

 

$

38.2

 

$

(21.6

)(a)

$

93.5

 

Defense

 

75.1

 

82.2

 

79.5

 

93.6

 

330.4

 

11.6

 

13.6

 

12.5

 

12.6

 

50.3

 

 

 

311.6

 

325.9

 

318.4

 

360.2

 

1,316.1

 

48.2

 

53.9

 

50.7

 

(9.0

)

143.8

 

Expeditionary Services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

1.9

 

6.6

 

6.6

 

3.7

 

18.8

 

0.1

 

0.8

 

0.3

 

0.3

 

1.5

 

Defense

 

81.6

 

70.8

 

55.1

 

51.9

 

259.4

 

14.1

 

12.5

 

(0.9

)

(11.7

)(b)

14.0

 

 

 

83.5

 

77.4

 

61.7

 

55.6

 

278.2

 

14.2

 

13.3

 

(0.6

)

(11.4

)

15.5

 

AAR CORP. consolidated

 

$

395.1

 

$

403.3

 

$

380.1

 

$

415.8

 

$

1,594.3

 

$

62.4

 

$

67.2

 

$

50.1

 

$

(20.4

)

$

159.3

 

 

 

 

Fiscal Year 2014

 

Fiscal Year 2014

 

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Full Year

 

Q1

 

Q2

 

Q3

 

Q4

 

Full Year

 

Aviation Services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

218.2

 

$

240.6

 

$

227.0

 

$

234.1

 

$

919.9

 

$

35.3

 

$

35.8

 

$

29.6

 

$

36.9

 

$

137.6

 

Defense

 

82.8

 

92.2

 

62.7

 

73.6

 

311.3

 

6.3

 

9.8

 

8.7

 

10.1

 

34.9

 

 

 

301.0

 

332.8

 

289.7

 

307.7

 

1,231.2

 

41.6

 

45.6

 

38.3

 

47.0

 

172.5

 

Expeditionary Services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

3.4

 

2.2

 

1.4

 

4.7

 

11.7

 

—

 

—

 

0.2

 

0.8

 

1.0

 

Defense

 

125.5

 

123.8

 

108.7

 

108.2

 

466.2

 

30.2

 

31.7

 

27.8

 

25.7

 

115.4

 

 

 

128.9

 

126.0

 

110.1

 

112.9

 

477.9

 

30.2

 

31.7

 

28.0

 

26.5

 

116.4

 

AAR CORP. consolidated

 

$

429.9

 

$

458.8

 

$

399.8

 

$

420.6

 

$

1,709.1

 

$

71.8

 

$

77.3

 

$

66.3

 

$

73.5

 

$

288.9

 

 

 

 

Fiscal Year 2013

 

Fiscal Year 2013

 

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Full Year

 

Q1

 

Q2

 

Q3

 

Q4

 

Full Year

 

Aviation Services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

241.0

 

$

232.5

 

$

255.9

 

$

259.7

 

$

989.1

 

$

34.6

 

$

37.0

 

$

30.4

 

$

39.7

 

$

141.7

 

Defense

 

68.4

 

66.3

 

61.0

 

62.1

 

257.8

 

8.1

 

9.3

 

7.9

 

(21.9

)(c)

3.4

 

 

 

309.4

 

298.8

 

316.9

 

321.8

 

1,246.9

 

42.7

 

46.3

 

38.3

 

17.8

 

145.1

 

Expeditionary Services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

2.6

 

2.7

 

2.6

 

2.9

 

10.8

 

—

 

—

 

—

 

—

 

—

 

Defense

 

162.5

 

129.5

 

128.0

 

130.2

 

550.2

 

31.7

 

26.4

 

27.0

 

29.3

 

114.4

 

 

 

165.1

 

132.2

 

130.6

 

133.1

 

561.0

 

31.7

 

26.4

 

27.0

 

29.3

 

114.4

 

AAR CORP. consolidated

 

$

474.5

 

$

431.0

 

$

447.5

 

$

454.9

 

$

1,807.9

 

$

74.4

 

$

72.7

 

$

65.3

 

$

47.1

 

$

259.5

 

 

(a)   Loss reflects $61.4 million in impairment charges and other losses related to product lines and inventories identified as underperforming or not part of our strategy going forward.  These actions included aircraft in our aircraft lease portfolio and inventory in our supply chain and MRO operations.

 

(b)   Loss reflects $10.0 million in impairment charges related to certain aircraft and rotable assets in our expeditionary airlift business.

 

(c)   Loss reflects a $29.8 million charge due to lower revenue and profit expectations on a contract supporting the KC10 aircraft as a result of lower than expected flight hours of the KC10 aircraft and changes to our anticipated recovery of costs in excess of amounts billed within this contract