The rising Canadian dollar sent Avcorp Industries Inc.'s (TSX:AVP) third-quarter revenue tumbling $1.3 million and had quarterly profits for the Delta aerospace company hovering just above the black.
Despite a 6% increase in revenue to $26.7 million from $25.2 million, Avcorp's net income fell to $32,000 from $698,000 in 2006's third quarter.
The company had seen significant growth in deliveries in the quarter, including a 19% increase in the number of airframe structures delivered to Boeing, Bombardier and Cessna.
In the quarter, the company raised roughly $1.8 million in a private placement of 840,000 units at $2.20 a unit, 40% of which were subscribed by company insiders. Avcorp said net proceeds of the placement will be used for working capital.
Avcorp's share price range during the past week: between $1.26 and $1.37; 52-week high: $2.69; 52-week low: $1.22.