Piper Aircraft reports good first quarter

Piper Aircraft has announced an upward trend in both billing and
deliveries in the first quarter of 2011. Meridian
turboprop deliveries increased from two aircraft in the first quarter of 2010
to seven of the US$2 million-plus Meridians during the first three months of
2011.

The company achieved its internal first quarter financial and delivery targets. Total new aircraft deliveries during the reporting period declined slightly to 26 aircraft from 30 in the first quarter last year, offset by revenue from higher-priced models.

The better performance was achieved during a period when the company also invested heavily in the single-engine Altaire business jet under development.

“Strenuous efforts to rationalize cost structure against the delivery pace, coupled with excellent individual and team performances as we continue to broaden our international reach, contributed to maintaining the company’s momentum so far in 2011,” said Piper president and chief executive officer Geoffrey Berger. “Simultaneous with
meeting our production and financial goals, Piper is on schedule with development of the new Altaire business jet, which represents the future of the company.”