Industry Week in Review – March 21, 2014

The U.S. credit rating was affirmed at the top-notch triple-A level with a stable outlook this week by Fitch Ratings.  This affirmation negates the “rating watch negative” the firm placed on the country’s ratings back in October.  Additionally, the firm said it does not expect any developments in the near-term that would lead to a U.S. rating downgrade and suspects that the debt limit will be suspended or raised again in March 2015.  If ratings had been cut by Fitch, it could have prompted big institutional investors to  sell Treasury bonds, since investment rules constrain some institutions to only invest in securities rated triple-A by at least two major rating firms.

As Airbus and Boeing raise production to all-new levels in response to record numbers of orders, officials from both manufacturers this week have said that the global air transport industry is now much more resistant to current potential market fluctuations and possible threat of a “market bubble” threatening the companies’ combined backlog of more than 10,000 aircraft.  Among the factors supporting the optimism, officials stated the market is looking better in 2014 with expected traffic growth of 6% throughout the year, as well as revenue passenger kilometers and freight traffic showing early signs of climbing beyond 2013 levels.  In addition, both Boeing and Airbus also report signs of a continued recovery in the cargo market and airlines becoming more profitable, led by continued operational improvements in the U.S. and positivity within the leasing and secondary markets.  Boeing finished 2013 with a record order backlog of 5,100 aircraft valued at nearly $400 billion and expects to deliver up to 725 aircraft this year.  Airbus currently holds an order backlog of 5,560 and plans to deliver 630 aircraft this year.

On the government contracting front, the SBA, in a recent decision, held that unless the Contracting Officer expressly requires recertification, a company’s size for an 8(a) set-aside task order is governed by that company’s size status for the underlying GWAC.  Therefore, size recertification is not required for individual task orders within a specific GWAC.

Big Movers

Mercury Systems, Inc. (Up 16.0%) – Shares were up this week as it was speculated that the Company is entertaining offers for a potential sale.

Relevant Transactions

Precision Castparts Corporation to acquire Aerospace Dynamics International, a provider of machined parts and assemblies to the commercial and military aerospace industries.  Precision Castparts will pay $625 million for the acquisition.

Lockheed Martin Corporation acquired BEONTRA AG, a German provider of integrated planning and demand forecasting tools for airports around the world.  Terms of the deal were not disclosed.

Carlyle Group’s Landmark Aviation acquired Midlantic Jet Aviation, Inc. and Midlantic Jet Charters, Inc., a provider of fixed base operations and charter services in the northeast United States.  Terms of the deal were not disclosed.

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Industry Week in Review – March 14, 2014

Boeing announced the discovery of hairline cracks in the wings of an estimated 43 787 Dreamliners in production, which will likely delay deliveries to airlines by at least a few weeks.  While Boeing has stated the cracks have not been found on planes currently in use and therefore pose no safety risk, as well as stating the problem will not alter plans to deliver 110 787s this year, the discovery adds to the long list of setbacks for the problem-ridden aircraft.  Wing-maker Mitsubishi Heavy Industries notified Boeing of the problem, which arose after the Japanese company had made changes to its manufacturing process.  Boeing notified customers immediately of the potential delays and none of the aircraft affected have been delivered.  The Federal Aviation Administration is currently working with Boeing to ensure that all issues are corrected before any aircraft are delivered.

Lockheed Martin announced on Wednesday its planned acquisition of Industrial Defender, a provider of cybersecurity solutions for industrial control systems in the oil and gas, utility, and chemical industries.  Industrial Defender’s capabilities in critical infrastructure protection provide a natural extension of Lockheed’s commercial cybersecurity business, and are strategically aligned with Federal budget and policy priorities.  Speaking about the acquisition, Marillyn Hewson, Lockheed’s President and CEO, said Industrial Defender’s “experience in addressing cyber threats to industrial control systems complements our information technology cyber security expertise and strengthens the value we deliver to our customers.”  The acquisition highlights continued market interest in companies with high-end security capabilities that address the increasing threat landscape in the cyber domain.

Big Movers

Kratos Defense & Security Solutions, Inc. (Down 12.4%) – Shares were down this week after the Company reported disappointing fiscal quarter results with $235.7 million in revenue, which was below the consensus estimate of $251.7 million.

Relevant Transactions

Thales SA to acquire JetBlue Airways Corporation’s LiveTV, LLC, a provider of in-flight satellite entertainment and connectivity solutions for commercial airlines in the United States and internationally.  Thales will pay $400 million in the acquisition.

United Tool & Die Company acquired Smith Brothers Machine Company, a provider of precision computer numerical control milling and turning services for the aerospace industry.  Terms of the deal were not disclosed.

Baum, Romstedt Technology Research Corporation acquired SecureForce, LLC, a provider of cybersecurity, risk, and information assurance services to Federal agencies.  Terms of the deal were not disclosed.

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Industry Week in Review – March 7, 2014

President Obama released his 2015 budget on Tuesday, requesting $3.9 trillion in budget authority for the upcoming fiscal year.  Among the budget’s priorities are diplomatic security, domestic infrastructure, research and development, cybersecurity, and education and job training, in addition to a separate request for a $56 billion “Opportunity, Growth, and Security” fund designed to boost spending in areas such as research at the National Institutes of Health.  Key departments in which increased spending over 2014 is requested include the Department of Commerce (+6.0%), Department of Veterans Affairs (+3.0%), Department of Energy (+2.6%), and Department of Transportation (+2.2%).

The Department of Defense’s proposed spending and program cuts in President Obama’s 2015 budget request were in line with expectations established from Chuck Hagel’s budget preview a week prior.  The Pentagon’s proposed base budget of $495.6 billion is in compliance with spending caps imposed by the Budget Control Act and the Ryan-Murray budget deal.  Overseas Contingency Operations funding is still undecided until a final decision on troop presence in Afghanistan is made, but is expected to be around $79.5 billion.  The budget cancels and reduces several key programs and personnel including the cancelling Ground Combat Vehicle and reducing active duty military to as low as 440,000.

Big Movers

AeroVironment, Inc. (Up 15.2%) – Shares were up this week after the Company announced positive fiscal third quarter results with earnings of $0.34 per share, which was well above the consensus analyst estimates of $0.19 per share.

Federal Signal Corporation (Up 14.7%) – Shares were up this week after the Company reported strong fiscal fourth quarter results with revenue and operating income up 14% and 65%, respectively, compared to the same period last year.

Relevant Transactions

TransDigm Group Inc. acquired Elektro-Metall Export GmbH, a German provider of electromechanical actuators, electrical and electromechanical components and assemblies for commercial aircraft, helicopters and other specialty applications.  TransDigm paid $47.4 million for the acquisition.

L-3 Communications Holdings Inc. acquired Data Tactics Corporation, a provider of Big Data analytics and cloud computing solutions and services, primarily to the U.S. Department of Defense.  Terms of the deal were not disclosed.

Constellis Group Inc. acquired Strategic Social LLC, a provider of public safety technology, business consulting, and program management solutions to commercial and government customers in challenging and austere environments.  Terms of the deal were not disclosed.

Cubic Corporation acquired Intific Inc., a provider of software and game-based resources for modeling and simulation, training and education, cyberwar, and neuroscience applications.  Terms of the deal were not disclosed.

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Industry Week in Review – February 28, 2014

In advance of the March 4th budget proposal, Defense Secretary Chuck Hagel previewed the Pentagon’s five-year plan, which includes $115 billion in spending over sequestration spending caps, in addition to various cuts to personnel and programs.  The 2015 fiscal budget of $496 billion falls in line with defense spending caps for the year, but also includes a separate $26 billion addition to the base funding, the “Opportunity, Growth and Security Initiative”, which will go toward readiness.  The proposal ignores federally mandated spending caps between 2016 and 2019 with a 2016 budget projection over the sequester cap by $36 billion.  Most notable of the cuts, the Pentagon intends to slash personnel across all military services, including reducing the active-duty Army from its current 520,000 to as low as 440,000 soldiers, the smallest since World War II.  Hagel noted that while difficult decisions will be made, the proposal is a pragmatic approach for opportunity to reshape the country’s defense enterprise to be better prepared and positioned for the future.

Officials from the Departments of the Army, Air Force, and Navy have stated they are looking into prioritizing service and support function needs after they were told to reduce headquarters staffs by nearly 20 percent.  In order to meet this requirement, agencies within the Department of Defense have entertained several ideas for service contractor reductions.  Potential ideas include reducing the civilian workforce and / or consolidating and sharing services to stretch funding and strategically use employees, similar to the recent consolidations of the Departments of Homeland Security and Energy and NASA, which are all beginning to see the benefits from their respective shifts to shared parts of support services and core functional areas.

Big Movers

ICF International, Inc. (Up 17.8%) – Shares were up this week after the Company announced positive fiscal fourth quarter results, as well as its acquisition of CITYTECH, Inc.

KBR, Inc. (Down 10.4%) – Shares were down this week after the Company reported disappointing fiscal fourth quarter results as revenue and net income dropped 5.8% and 10.0%, respectively, from the previous year.

Relevant Transactions

Zodiac Aerospace announced the acquisition of Pacific Precision Products, a manufacturer of oxygen systems for business jet aviation and aircraft cabin completion centers.  Terms of the deal were not disclosed.

Fulcrum IT Services Company, LLC acquired Forgentum, Inc., a provider of information systems focused on military health IT.  Terms of the deal were not disclosed.

Advanced Helicopter Services announced at Heli-Expo 2014 that it had acquired Cascade Airframe Repair, Inc., a provider of maintenance and repair services for Airbus and MD helicopters.  Terms of the deal were not disclosed.

AIP Aerospace Tooling Group LLC acquired Brown Aerospace Manufacturing Systems, Inc., a provider of automated drilling and fastening systems for the aerospace industry.  Terms of the deal were not disclosed.

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Industry Week in Review – February 21, 2014

International sales continue to play an important role in 2014 within the aerospace and defense industry as companies look to diversify revenue and operations amidst domestic budget uncertainty.  This week, Sikorsky and Boeing both inked multi-billion dollar international deals.  The Turkish government and Sikorsky signed a contract for 109 Sikorsky T-70 Black utility helicopters in a deal worth an estimated $3.5 billion.  The majority of the aircraft will go to the Turkish Armed Forces, with Army, Navy, Air Force, and Special Forces receiving the remainder.  Australia agreed to purchase eight of Boeing’s P-8A Poseidon long-range maritime reconnaissance planes in a deal worth an estimated $3.6 billion.  The purchase is aimed to boost Australia’s ability to patrol its 2.5 million square kilometer marine jurisdiction, part of a growing trend by Asia-Pacific nations to protect commercial maritime interests as tensions in the region continue to rise.  Both sales provide an important boost for Sikorsky and Boeing’s defense divisions, which experienced a down year in 2013 due to cuts in defense spending.

In a continued effort to address the growing cybersecurity threat, Defense Secretary Chuck Hagel announced Tuesday that the Department of Defense’s cyber budget will receive an increase in requested funding for GFY15.  Secretary Hagel noted that the Pentagon “will increase spending to help improve its cyber capabilities, including a larger focus on cyber security, intelligence gathering, and reconnaissance,” in order to combat the growing frequency of cyber-based attacks which some defense officials have called the greatest threat to U.S. national security.  Hagel’s announcement underscores the continued opportunity for contractors operating in this priority market.

Big Movers

NCI Inc. (Up 27.8%) – Shares were up this week after analysts raised the consensus fiscal year 2014 earnings estimate from $0.40 per share to $0.49 per share, representing an increase of 22.5%.

Relevant Transactions

Ultra Electronics Holdings plc acquired 3Phoenix, Inc., a provider of sensor and processing systems in the areas of sonar, radar, intelligence, surveillance, and reconnaissance.  Ultra Electronics paid $70 million for the acquisition.

ManTech International Corporation acquired Allied Technology Group, Inc., a provider of engineering and information management solutions to civilian, military, and intelligence agencies.  Terms of the deal were not disclosed.

Tangible Security, Inc. acquired A & N Associates, Inc., a provider of information assurance and acquisition management services to defense, intelligence, and federal agencies.  Terms of the deal were not disclosed.

Camber Corporation acquired Avaya Government Solutions’ IT Professional Services Business, a provider of full lifecycle support services to Federal government customers.  Camber paid $100 million for the acquisition.

Sapient Government Services, a division of Sapient Corporation, acquired OnPoint Consulting, Inc., a provider of technology and management consulting solutions in the areas of cybersecurity, enterprise architecture, and infrastructure systems to civilian and defense agencies.  Terms of the deal were not disclosed.(1)

(1) KippsDeSanto & Co. acted as the exclusive financial advisor to OnPoint Consulting, Inc.

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Industry Week in Review – February 14, 2014

The House and Senate passed legislation Wednesday to extend the government’s borrowing authority.  Lawmakers were under extreme pressure to come up with a solution before February 27th, the date the Government would hit the current ceiling.  The passed legislation calls for a suspension of the federal debt ceiling cap until March 16, 2015, allowing the U.S. Treasury to sell debt as necessary.  After the Senate voted 55-43 in favor of the bill and the House cleared the bill 221-201, the bill was sent to the White House for President Obama’s expected signature.

Bombardier, a bellwether for the regional jet and business jet sectors of the aerospace industry, announced full year 2013 results this past week.  Bombardier said it had delivered 238 aircraft (180 business jets and 58 airliners) last year, up from 233 (179 business jets and 54 airliners) in 2012.  Bombardier expects to deliver 280 aircraft (200 business jets and 80 airliners) in 2014, levels which would mark ~20% increases across its aerospace product portfolio.  Bombardier’s book-to-bill ratio for its aerospace business was 1.6:1 for all of 2013, and especially strong among its business jet offerings (Learjets, Challengers, and Globals).  Bombardier Aerospace ended the year with a record aircraft backlog of $37.3 billion, compared with $32.9 billion at the end of 2012.  After years of stagnation following the 2008/2009 recession, the business jet sector, on the back of results such as these from Bombardier, finally appears to be staging a recovery.

The Singapore Airshow wrapped up this week, with aircraft OEMs announcing major orders for flagship platforms.  Airbus, for example, notched an order for 20 A380 aircraft from Amadeo, bringing Airbus closer to its target of 30 additional A380 orders for 2014.  Boeing, meanwhile, landed an order for eight 737-800s and seven 737 MAX 8s from Asian low-cost carrier Nok Air.

Big Movers

Orbital Sciences Corporation (Up 11.1%) – Shares were up this week after the Company reported positive fiscal year 2013 results and increased its earnings guidance for fiscal year 2014.

Mine Safety Appliances Company (Up 10.0%) – Shares were up this week after the Company reported strong fiscal year 2013 results, including revenue of $291.4 million, which beat analyst estimates of $285.6 million.

URS Corporation (Down 9.3%) – Shares were down this week after the Company announced it expects to report full-year net income between $3.20 and $3.30 a share, far below previous guidance of $4.10 to $4.25 a share.

Relevant Transactions

Allegheny Technologies Inc. acquired Dynamic Flowform Corporation, a provider of thin-walled components across multiple alloy systems for aerospace and defense and oil and gas industries.  Terms of the deal were not disclosed.

AMETEK Inc. acquired VTI Instruments Corporation, a provider of precision instrumentation for electronic signal distribution, acquisition, and monitoring in test applications for aerospace and defense, energy, and commercial electronics industries.  AMETEK paid $74 million for the acquisition.

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Industry Week in Review – February 7, 2014

With the March 4th submission of the fiscal 2015 budget approaching, more information detailing plans of future spending and potential cuts continue to be determined.  Among the departments soon to realize their respective fates, the Air Force is expecting to take severe cuts to personnel and platforms.  The overall theme of the budget is the question of capability and necessity today or in the future, creating a difficult landscape as current and previous programs are being cut to keep future modernization programs, such as the KC-46A tanker and F-35 joint strike fighter programs, moving forward.  Air Force Secretary Deborah Lee James confirmed that service personnel will decrease to sustain a smaller force in the near term in order to resource needed modernization programs.  Some of the cuts do not come as a surprise, including the A-10 platform in favor of multifunction platforms, as well as the KC-10 and MC-12 aircraft and surveillance platforms.  Other notable changes include shifting funding from the highly-favored U-2 manned spy plane program to the Global Hawk long-range drone system and reducing the number of Reaper and Predator unmanned combat air patrols.  However, even with program and funding cuts, Air Force officials remain confident that the department will remain sharply focused and highly capable on the cutting edge of new technology to meet the country’s needs moving forward.

Engility Holdings, Inc. completed its $120 million acquisition of Dynamics Research Corporation, Inc. (“DRC”) on January 31st.  Investors have responded positively to the acquisition, with Engility’s stock price up ~21% since the deal was announced on December 23rd.  The acquisition is expected to be immediately accretive to Engility’s full-year 2014 earnings, and expands the company’s presence within high-end defense, intelligence, and healthcare markets, as well as its access to key prime contract vehicles such as CIO-SP3.

Big Movers

MAXIMUS, Inc. (Up 11.5%) – Shares were up this week after the Company announced positive fiscal quarter results with $406.6 million in revenue, a 42% increase from the same period last year.

Spirit AeroSystems Holdings, Inc. (Down 20.2%) – Shares were down this week after the Company reported disappointing fiscal quarter results, which included a net loss of $587 million.

Relevant Transactions

CapitalWorks, LLC acquired Meriwether Capital’s Capewell Components Company, a provider of specialized industrial, commercial, and military components and tools for the aerospace and defense industry.  Terms of the deal were not disclosed.

Héroux-Devtek, Inc. acquired BBA Aviation Plc’s APPH Ltd. and APPH Wichita, Inc., providers of landing gear and hydraulics systems and assemblies for original equipment manufacturer and aftermarket applications.  Héroux-Devtek paid $124 million for the acquisition.

Wesco Aircraft Holdings, Inc. to acquire Haas Group International Inc., a provider of chemical management, product distribution, and supply chain management for the aerospace, defense, electronics, and manufacturing industries.  Wesco will pay $550 million for the acquisition.

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Industry Week in Review – January 31, 2014

Multiple aerospace and defense earnings results for fiscal quarters ending December 31st, 2013 were released this week with general positivity across the board within both sectors.  Aerospace companies reported exceptional results riding on the momentum of record numbers of year-end deliveries, new orders, and backlogs.  Boeing reported 4Q13 revenue of $23.8 billion, driven by surges in deliveries and accelerated production rates, which beat analyst estimates of $22.5 billion by almost 6%.  Although the Bipartisan Budget Act of 2013 did not directly impact latest fiscal quarter earnings for defense contractors, defense shares still performed relatively well against analyst estimates due to operational efficiencies that helped maintain consistent margins.  L-3 Communications’ $3.3 billion in fiscal fourth quarter revenue beat estimates by 3% and the company’s increased international sales, as well as operating margin improvements through facility consolidations, led to fiscal quarter earnings of $2.17 per share, beating analyst estimates of $1.98 by nearly 10%.  Some defense companies looking forward however are projecting that 2014 may mark a bottom in terms of revenue as Raytheon revised their 2014 revenue forecast to a range between $22.5 and $23 billion, down from the company’s 2013 revenue of $23.7 billion.

In the government services space, CACI International (“CACI”) also released its earnings this week, announcing a 9% year-over-year decline in 2Q2014 revenue, the completion of its Six3 Systems acquisition, and, increased FY2014 guidance.  Unseasonably high operating margins, driven by lower bonus compensation expense and high award fees in the quarter, are expected to return to normal levels for the remainder of FY2014.  The company noted that its 2013 acquisitions of IDL and Emergint contributed approximately $10-15 million of revenue for the quarter.  Additionally, 25% of the contract awards CACI won this quarter, valued at $717 million, came from new business wins.

Big Movers

Alliant Techsystems, Inc. (Up 10.2%) – Shares were up this week after the Company announced an exceptionally profitable fiscal quarter reporting earnings per share of $2.87, 44% above analyst estimates of $2.00 per share.

Triumph Group Inc. (Down 11.1%) – Shares were down this week after the Company announced disappointing fiscal quarter results including revenue and earnings per share 5% and 19% below analyst estimates, respectively, leading to a decreased 2014 revenue forecast.

Relevant Transactions

MacAulay-Brown, Inc. acquired Commonwealth Technology, Inc., a provider of specialized hardware and mission support for defense, intelligence, and security community customers.  Terms of the deal were not disclosed.(1)

AMTEC Corporation acquired Chemring Energetic Devices, Inc.’s Clear Lake Operations(1), a provider of research, design and development, manufacturing, and lifecycle support of energetic materials and systems for missiles, munitions, space, and ammunition.  Terms of the deal were not disclosed.

Insight Equity Holdings acquired Midstate Berkshire, Inc., a provider of precision contract machining, fabrication, and assembly services for the aerospace, defense, power, and oil and gas industries.  Terms of the deal were not disclosed.(1)

(1)    KippsDeSanto & Co. acted as financial advisor to Commonwealth Technology, Inc. and Chemring Group plc

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Industry Week in Review – January 24, 2014

Bombardier’s rough beginning to 2014 continues as the company announced it would lay off approximately 1,700 employees from its aerospace division, or 4.4% of its aerospace workforce, due to continued difficulties within the tough market and ongoing delays of its CSeries line of aircraft.  Company spokesmen stated that the cuts are part of a companywide cost-containment plan, which has been in place since late 2012 and are not necessarily linked to delays with the CSeries.  Of the affected employees, roughly 1,100 in the Montreal region will be affected while the remaining 600 are in North America, primarily Wichita, Kansas.  Bombardier stated it delivered a total of 238 aircraft in 2013, five more than the previous year, but still 10 fewer than its original forecast.

Following funding cuts in the recently approved omnibus budget bill, the U.S. Army’s Ground Combat Vehicle program has come to a halt.  The Army requested $592 million in its fiscal 2014 request for the continued development of the program, but after Congress slashed $492 million from the request, the next-generation infantry carrier has become no more than a technology development and study program.  Senior officials hope the remaining funding will allow the Army to continue developing technology so that the service can be revived in the future.

Following last week’s passage of the FY14 omnibus spending bill, the White House announced on Thursday that it will release the President’s Budget Proposal for FY15 on March 4th.  According to the announcement, the proposal will incorporate elements of the budget deal reached in December, which set FY15 discretionary spending at a total of $1.014 trillion.  The Administration noted the partial relief from sequestration achieved by the budget deal would have to be worked into the President’s budget, which had previously assumed steeper spending cuts.

Big Movers

Parker-Hannifin Corporation (Down 10.0%) – Shares were down this week after the Company offered an updated fiscal year 2014 earnings per share outlook that was well below forecasts and analyst estimates.

Moog Inc. (Down 8.1%) – Shares were down this week after the Company announced fourth quarter earnings below analyst estimates, resulting in the Company issuing lower than expected fiscal year 2014 earnings and revenue guidance.

Relevant Transactions

Astronics Corporation to acquire EADS North America Test & Services, Inc., a provider of engineered automatic test systems, subsystems, and instruments for the semi-conductor, consumer electronics, commercial aerospace, and defense industries.  The deal is worth an estimated $53 million.

AVX Learning, LLC acquired Adayana, Inc., a provider of human capital development and organizational performance improvement solutions to various industries including healthcare and the U.S. federal government.  The deal is worth an estimated $5 million.

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Industry Week in Review – January 17, 2014

On Thursday the Senate approved a $1 trillion omnibus spending bill for FY 2014, which was approved by the House of Representatives on Wednesday with broad bipartisan support.  President Obama is expected to sign the legislation before the current stop-gap funding measure expires on Saturday.  The legislation includes all 12 individual spending bills covering the entirety of the federal government’s discretionary spending, and reflects the budget agreement reached at the end of 2013.  Members of Congress indicated that the agreement, which also set top-line targets for FY 2015 spending, will enable Congress to return to its past practice of debating and passing the 12 bills separately ahead of the September 30th expiration of the current omnibus legislation.

As many analysts and experts had expected, Bombardier has officially pushed back the service-entry target date for its CSeries line of aircraft by at least 12 months, citing longer than expected time to complete certification flight testing.  With this delay, the new service-entry for the initial CS100 aircraft moves to the second half of 2015 while the larger CS300 is expected to follow six months after.  Furthermore, while Bombardier executives say the CSeries program is making solid progress and performance results are in line with expectations, many analysts believe that the service-entry date will actually slip further beyond 2015 and into the first half of 2016, with projected development costs rising to $5.5 billion.  Meanwhile, Bombardier recently announced that Al Qahtani Aviation signed a firm purchase agreement for 16 CS300 aircraft with an option for an additional 10, bringing up the total firm order count to 198.  Bombardier’s goal still remains at 300 firm orders from 20 different customers by service-entry.

Big Movers

Bombardier Inc. (Down 9.2%) – Shares were down this week after the Company announced it would push back the service-entry target date for its CSeries line of aircraft into the second half of 2015.

Relevant Transactions

Curtiss-Wright Corporation acquired Component Coating and Repair Services Limited, a British provider of ultra-smooth and corrosion resistant coatings and precision airfoil repair services for aerospace and industrial turbine applications.  Curtiss-Wright paid 15 million GBP, or approximately $25 million USD.

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