PROVO — Air cargo carrier Alpine Air Express Inc. Tuesday reported net income of $612,206, or 6 cents per share, for its third fiscal quarter ended July 31, up from a loss of $162,503, or 1 cent per share, for the same period last year.
Revenue increased 25.4 percent to $4.85 million for the quarter over a year ago.
For the first nine months, net income was $1.76 million, or 16 cents per share, down 14 percent from the same period last year. Nine-month revenues of $13.93 million were up 10 percent.
"We are very pleased with our strong financial performance," in the third fiscal quarter, said Eugene Mallette, chief executive officer. "Despite the current economic weakness, we increased revenue and profits both sequentially and on a year-over-year basis."
Mallette said the company continues to convert Beech 1900/C aircraft to cargo carriers, of which it currently has five such aircraft and one nearing completion of reconfiguration. It has a total of 23 airplanes in its fleet.
The company plans to add another nine Beech conversions to the fleet, he said. "Increased air cargo capacity is a key component of our strategy to expand our regional presence and capture additional market share," he said.
During the last quarter, the U.S. Postal Service, in its partnership with FedEx Corp., discontinued two of Alpine's full-time routes and one part-time route, while awarding Alpine one additional route. Mallette said the changes are expected to reduce earnings by no more than 3.5 percent in fiscal 2002.
Alpine's stock is traded on the Over the Counter Bulletin Board under the symbol ALPE.OB. Its shares closed Monday at $7.50, unchanged.