FY 2009

First Quarter Conference Call, Fiscal Year 2009

January 26, 2009

Before we begin, we call your attention to the fact that we may make forward-looking statements during the course of this conference call. These forward-looking statements are not guarantees of our future performance and are subject to risks, uncertainties and other factors that could cause actual performance to differ materially from such statements. A description of these risks, uncertainties and other factors is contained in our news release of today's date (01/26/09), our most recent Form 10K filed on November 25, 2008 and in certain of our other public filings with the SEC.

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Fiscal 2009 Forecast

We are maintaining our forecast for free cash flow for the year at positive $44 million with capital expenditures of about $95 million. As a result of our recent acquisitions, Depreciation and Amortization will be up slightly from our previous forecast to $73 million. For 2009 capital expenditures continue to run significantly ahead of depreciation and amortization. In 2007 and 2008, the 787 program was the key contributor to our increased investment in capital. In 2009, the 787 capital investment will slow down, but the initial test equipment for the A350 program will start to pick up. As we have mentioned before, our capital investment cycle typically leads production by 12-24 months. We estimate interest expense for the year at $38 million. We are forecasting that our tax rate will come in at 26.6 %. The one-time gains in the first quarter are counter-balanced by lower earnings in our foreign subsidiaries where we enjoy lower tax rates.

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