| Manager 1 - Program Management |
We have a strong outlook on the future. As a division we have become
very predictable and have been on target for the last 9 quarters. The
industry is beginning to pick back up as we continue to reduce costs
and our overhead structure. Unfortunately with the large population of
hourly employees this is creating a sometimes difficult work
environment for those who are close to the shop floor. There are also
constant rumors of this division being sold. We are not core to the
Raytheon business and the current corporate CEO is a long time
government program guy. So it is more likely that we will be sold than
not, but as for now the company is still supporting us and behind our
decisions. If we were to be sold the most likely sale would be to
divide up our product lines for relocation to the site of the companies
buying them, but this could be a logistical nightmare so a sale like
that is still very far off, 2007 earliest.
Getting into the Raytheon company is not a bad thing. Raytheon has
several opportunities throughout the united states including
Massachusetts, California, Florida, Texas, Arizona, and Maryland to
name a few.
Our product lines are top in the industry for the King Air and the
Hawker. We have a long tradition of high price, performance and
quality. Most sales are conducted here directly from our facility,
through our sales force located world wide, but we do still rely on
about 8 dealerships that also sell our product. The current used
market is at about 14%, and declining. This must get down to below 11%
for there to be a real increase in the new sales market again. Our
primary competitors for the civilian market are Cessna, located in
Wichita, Bombardier, located in Wichita, and a few small others. Our
weakest point is our inability to control costs over that last 10
years. As they have escalated unchecked for most of that it has left
the division profitless for quite a while, but 2003 proved to be the
first step to returning to a profitable company.
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