VERO BEACH, Fla., October 7, 2008 — At a time when General Aviation’s
overall piston-aircraft deliveries are down, Piper Aircraft underscored its
string of successes by announcing today that its piston aircraft deliveries
are up 24 percent for the 3rd Quarter of 2008. The company also announced
that overall deliveries for the first nine months of 2008 are up 18 percent
over the same period last year and that its PA-46, luxury aircraft models
are registering record deliveries.
“In the last three years, Piper has moved forward on virtually every front –
from new product introductions to strong sales, from strategic alliances to
breaking into an entirely new segment with our all-new PiperJet,” said Piper
President & CEO James K. Bass. “We are a modern-day, American success
story: a company that relies on American workers to provide the next
generation aircraft for the world.” |
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Piper’s current piston increases are driven by the unparalleled success of
its all new Piper Matrix, a cabin-class, six-seat aircraft based on the
world-renowned Malibu Mirage and operating with the economy of an
unpressurized aircraft. That success accounted in part for deliveries of
195 aircraft in the first nine months of 2008 against 166 aircraft for the
same period last year. Of that total, 76 were from deliveries of the Piper
Matrix, which the company began delivering this year. Moreover, deliveries
of Piper PA-46 models combined (Meridian, Mirage and Matrix) are at record
levels. “We have orders for 101 Matrix models this year,” Bass said. “The
Piper Matrix fills a niche in the market that hasn’t been truly addressed
until now. To date, our entire first year of production is sold out and
market demand continues to be very strong. At the same time, deliveries of
our flagship turboprop, the Piper Meridian, continue unabated, with 33
aircraft for the first nine of this year and an expected 53 deliveries in
total for 2008. These deliveries have continued at the same strong levels
as those in 2007.”
In all, Piper delivered 195 aircraft with $150.5 million in billings in the
first nine months of 2008, compared with 166 aircraft and $125 million in
billings for the same period in 2007. Piper’s announcement comes on the
heels of the first flight of the revolutionary PiperJet – the first pure,
jet-powered, turbofan design in the company’s 71-year history. The PiperJet
took flight for the first time on July 30, 2008, at 11:11 AM from Piper
Headquarters in Vero Beach, Fla. Since then, the PiperJet has flown 42
times for a total of 72 hours.
“With first flight of the PiperJet,” Bass said, “Piper Aircraft marked the
beginning of a new era by literally taking flight into a whole new realm of
large-cabin luxury, performance, capability and single-engine efficiencies.
The PiperJet speaks to our future – one that is built on a strong and
lasting heritage and reputation for innovation and excellence.” Bass
underscored Piper’s achievements during the past three years as an index of
the company’s success and key to its rejuvenation.
“Beyond our product successes, we have rebounded from the problems the
company faced after the hurricanes in 2004,” he said, referring to three
hurricanes in quick succession that left the company with significant
damage. “It’s a tribute to our workforce and the commitment of the men and
women of Piper that we not only rebounded rapidly, but have evolved into an
even stronger company. We are not only fully recovered from the hurricanes,
our headquarters is in the midst of major renovation and modernization.
Moreover, the hardening we put into place when we restored buildings after
the hurricanes makes our current facilities stronger than ever –capable of
withstanding potential storms or hurricanes in the future. While we are
faced with many challenges in a tough market, Piper is delighted by its
performance and works continuously to improve all aspects of the business.”
The company’s management team – newly appointed at all its most senior
executive positions in the last three years – has orchestrated and managed a
turn-around that has rebuilt the company into a renewed player within
General Aviation. “We have reached out and renewed relationships or formed
new partnerships with some of the best companies within and outside our
industry,” Bass said. “We selected Williams International to provide the
powerplant for our new PiperJet, and the Williams FJ44-3AP engine is a
perfect example of the attention to performance that we have designed into
the PiperJet. At the same, we selected Garmin International, Inc. to
provide the avionics suite for the PiperJet, with navigation, situational
awareness and system information delivered through state-of-the art
technologies.
“Our previously announced Business Alliance with Honda – to collaborate on
sales and service, and to explore opportunities in engineering and other
areas within general and business aviation – continues strong,” he said,
“and we are seeing mutual advantage in a number of areas. We also have
signed a joint $32 million development agreement with the State of Florida
and Indian River County – our home community – to expand the company’s
infrastructure, capabilities and expertise.” |