ProFracPilot
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- May 1, 2003
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MODS - Though not strictly fractional related, I post this here as it is of interest to us at FlOps. Thanks - PfP
Air-cargo company AirNet Systems to be acquired for $28.7 million
AirNet Systems Inc. has agreed to be acquired by an affiliate of private equity firm Bayside Capital for about $28.7 million, the company said early this afternoon.
AirNet, based at Columbus’ Rickenbacker Airport, is an air cargo shipper specializing in transporting goods that are impossible or difficult to ship via major cargo carriers such as UPS or Federal Express. As its core business of transporting cancelled checks has dwindled in recent years, the company has struggled and seen its stock drop dramatically. The closing price of $1.45 per share on Friday is less than half what the stock was trading at six months ago.
The deal with Bayside affiliate H.I.G. Capital, based in Miami, is for $2.81 per share in cash and represents a premium of approximately 93.8 percent over Friday’s closing price.
AirNet recently has moved to build up its strength in catering to other industries, especially life sciences. AirNet is used by labs, research facilities and hospitals around the country to ship everything from human organs to lab mice.
In addition, AirNet released fourth quarter and full-year 2007 results today. For the quarter ended Dec. 31, AirNet had a loss of $477,000, or 5 cents per share, on revenue of $37.9 million. That compares to a profit of $1.8 million, or 18 cents per share, on revenue of $42.8 million in the year-ago period.
For the full year 2007, AirNet earned $3.4 million, or 33 cents per share, on revenue of $161.0 million. That compares to a loss of $13.3 million, or $1.31 per share, on revenue of $172.8 million for 2006.
Air-cargo company AirNet Systems to be acquired for $28.7 million
AirNet Systems Inc. has agreed to be acquired by an affiliate of private equity firm Bayside Capital for about $28.7 million, the company said early this afternoon.
AirNet, based at Columbus’ Rickenbacker Airport, is an air cargo shipper specializing in transporting goods that are impossible or difficult to ship via major cargo carriers such as UPS or Federal Express. As its core business of transporting cancelled checks has dwindled in recent years, the company has struggled and seen its stock drop dramatically. The closing price of $1.45 per share on Friday is less than half what the stock was trading at six months ago.
The deal with Bayside affiliate H.I.G. Capital, based in Miami, is for $2.81 per share in cash and represents a premium of approximately 93.8 percent over Friday’s closing price.
AirNet recently has moved to build up its strength in catering to other industries, especially life sciences. AirNet is used by labs, research facilities and hospitals around the country to ship everything from human organs to lab mice.
In addition, AirNet released fourth quarter and full-year 2007 results today. For the quarter ended Dec. 31, AirNet had a loss of $477,000, or 5 cents per share, on revenue of $37.9 million. That compares to a profit of $1.8 million, or 18 cents per share, on revenue of $42.8 million in the year-ago period.
For the full year 2007, AirNet earned $3.4 million, or 33 cents per share, on revenue of $161.0 million. That compares to a loss of $13.3 million, or $1.31 per share, on revenue of $172.8 million for 2006.
