WICHITA, Kan. (April 2, 2012) – Hawker Beechcraft, Inc., today announced that it has extended the filing date of its Annual Report on Form 10-K for the year ended Dec. 31, 2011. The Company has filed a Form 12b-25 Notification of Late Filing with the U.S. Securities and Exchange Commission and expects to complete and file the Form 10-K on or before April 16, 2012.
Robert S. (Steve) Miller, CEO of Hawker Beechcraft, Inc., said, “The majority of the issues disclosed in this filing reflected the company’s financial position as of Dec. 31, 2011. In the months since then, we have moved aggressively to address many of these matters, most recently with our announcement last week that we have obtained additional liquidity from certain lenders to provide us with the time and flexibility to restructure the company’s balance sheet and better position Hawker Beechcraft for the long term. As part of that forbearance agreement, our lenders also granted the company relief from certain existing loan covenants. We continue to work closely with our lenders toward a comprehensive recapitalization that will resolve these issues and better position the company for the future.
“Let me be clear, these matters all revolve around changes we are working on to restructure the debt taken on in 2007 when the company was acquired. What has not changed – and what will not change in any scenario – is Hawker Beechcraft's commitment and ability to build, sell and service the best airplanes for our civilian and military customers.”
Hawker Beechcraft, Inc., the parent company of Hawker Beechcraft Corporation, is a world-leading manufacturer of business, special mission, light attack and trainer aircraft – designing, marketing and supporting aviation products and services for businesses, governments and individuals worldwide. The company’s headquarters and major facilities are located in Wichita, Kan., with operations in Little Rock, Ark.; Chester, England, U.K.; and Chihuahua, Mexico. The company leads the industry with a global network of more than 100 factory-owned and authorized service centers. For more information, visit www.hawkerbeechcraft.com.
All statements that are not reported financial results or other historical information are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. This release includes forward-looking statements including, for example, statements about our business outlook, our liquidity, our products, including the markets in which we operate, and our expectations, beliefs, plans, strategies, objectives, prospects, and assumptions for future events or performance. These forward-looking statements are not guarantees of future performance. Forward-looking statements are based on management’s assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors. They are also based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by, the forward-looking statements. Among the factors that could cause actual results to differ materially from those described or implied in the forward-looking statements are the substantial leverage and debt service resulting from our indebtedness; our ability to successfully complete our restructuring activities; disruption in supply from key vendors; work stoppages at our operations facilities; disruptions to our operations due to our computer system upgrade during the three months ended September 30, 2011, and any impact that such upgrade may have had on our internal controls; general business and economic conditions; lack of market competition in our existing and future markets; acceptance of our products and services; loss or retirement of key executives; our ability to attract and retain highly talented professionals; any unfavorable resolution of legal proceedings; and other risks disclosed in our filings with the Securities and Exchange Commission.