Wesco Aircraft Holdings, a leading provider of comprehensive supply chain management services to the global aerospace industry, has announced fourth quarter and full year revenue of $181.3 million and $710.9 million, respectively, both setting company records.
Revenue for the fourth fiscal quarter was $181.3 million, an increase of 4.2% compared to $174.0 million in the prior year period. Wesco continued to experience strong international growth during the quarter with revenues in the Rest of World segment increasing by 32.4% compared to the prior year. In the fourth quarter, Ad hoc, JIT and LTA sales as a percentage of net sales represented 40%, 25% and 35%, respectively, compared to 38%, 31% and 31%, respectively, for the same period last year.
Adjusted EBITDA for the fourth quarter was $46.1 million as compared to $44.7 million in the fourth quarter of 2010. The increase was due primarily to the growth in sales and an increase in gross profit margins, partially offset by higher selling, general and administrative expenses including costs associated with the Company's new equity incentive plan. Net income for the fourth quarter of 2011 was $18.0 million, resulting in Diluted Earnings Per Share (EPS) of $0.19. This compared to $20.0 million, or $0.22 per share in the prior year period.
Revenue for the year was $710.9 million, an increase of 8.4% compared to $656.0 million in 2010. Adjusted EBITDA for the year was $179.0 million as compared to $166.5 million in 2010.
Net income for 2011 was $75.6 million, resulting in Diluted Earnings Per Share of $0.81. This compares to $73.7 million, or $0.81 per share in fiscal 2010. During 2011, net income was negatively impacted by $4.9 million of expenses related to the initial public offering, as well as a loss on the extinguishment of debt in the amount of $7.1 million in conjunction with the April 2011 debt refinancing.