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Precision Aerospace Components revenue in the opening quarter of 2013 jumped 242% to $7.2 million — largely a result of the Fastener Distribution and Marketing Company, Inc., (FDMC) acquisition completed on May 25, 2012.
Q1 gross profit increased approximately 211% to $1.9 million, while total operating expenses rose 188% to $1.6 million primarily due to the acquisition. Net income was flat at $51,373.
During the first quarter the company completed the last phase of its relocation and consolidation of the activities of its headquarters, as well as the operations of its Freundlich Supply Company Inc. and Tiger-Tight Inc. subsidiaries from Staten Island, NY, to Bensalem, PA, at the present location of its Aero-Missile Components Inc. subsidiary.
The company’s subsidiary, Aero-Missile Components, has been named the master distributor by SPS Technologies for its FLEXLOC Locknut product line.
“First quarter revenues were in line with our expectations and we expect overall product sales to continue to show improvement throughout the coming year,” stated CEO Andrew Prince.