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Alpine Air Express Inc. reports drop in income

SHARE Alpine Air Express Inc. reports drop in income

PROVO — Alpine Air Express Inc. said Tuesday it had net income of $617,206, or 6 cents per share, for the quarter ended Oct. 31. That compares with net income of $924,521, or 8 cents per share, for the same period a year earlier.

Revenue totaled nearly $4.9 million, up slightly from the prior-year period's $4.8 million.

For the fiscal year, the company reported net income of $1.8 million, or 17 cents per share, which compares with net income of $2.7 million, or 25 cents per share, in the prior year.

Revenue during the year was $17.4 million, about flat with the prior year.

Eugene Mallette, chief executive officer, said the results for the fiscal year were better than industry average results. Mallette said the company expects to grow fiscal 2002 revenue by more than 20 percent and net earnings by about 40 percent.

Founded in 1975, Alpine operates 24 aircraft to provide cargo flights throughout the West.

The company's stock was priced at $8 early Tuesday, unchanged from Monday's close. In the past year, the price has ranged from $7 to $8.50.