UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
March 30, 2005
Commission File No. 1-11775
TIMCO AVIATION SERVICES, INC.
| Delaware | 65-0665658 | |
| (State Or Other Jurisdiction Of | (IRS Employer | |
| Incorporation Or Organization) | Identification No.) |
623 Radar Road
Greensboro, North Carolina 27410
(Address Of Principal Executive Offices)
(336) 668-4410 (x8010)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Disclosure of Results of Operations and Financial Condition.
On March 30, 2005, TIMCO Aviation Services, Inc. issued a press release (the “Press Release”) reporting the Company’s results of operations for the year ended December 31, 2004. A copy of the Company’s press release announcing this information is attached to this report as Exhibit 99.1.
In its press release, the Company reported certain non-GAAP financial information. The Company believes that the presentation of this non-GAAP financial information narratively in the press release and herewith in tabular format provides a meaningful presentation of certain items in the Company’s results of operations excluding the impact of unusual items that are not expected to reoccur in the foreseeable future. As required by applicable SEC rules, the tabular reconciliation of these items is as follows:
| (in thousands) | ||||||||
| For the years ended December 31, | ||||||||
| 2004 | 2003 | |||||||
Loss from continuing operations |
$ | (667 | ) | $ | (4,304 | ) | ||
Gain from settlement of warrant repurchase
obligation |
209 | — | ||||||
Gain from elimination of environmental exposure |
— | 264 | ||||||
Gain from termination of sublease commitment |
— | 300 | ||||||
Gain from extension of third party sublease
commitment |
— | 300 | ||||||
Gain from revision in estimates for workers
compensation insurance claims |
— | 400 | ||||||
Gain from revised estimate of environmental
exposure |
— | 400 | ||||||
Gain from settlement of disputed utility charges |
— | 463 | ||||||
Gain from settlement of issues related to the
sale of our Aerocell operations |
— | 570 | ||||||
Gain from collection of previously disputed
accounts receivable |
— | 925 | ||||||
Income tax benefit |
— | 986 | ||||||
Adjusted loss from continuing operations as
reported in the press release |
$ | (876 | ) | $ | (8,912 | ) | ||
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits.
| Exhibit No. | Description | |
99.1
|
Press release issued by TIMCO Aviation Services, Inc. on March 30, 2005. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TIMCO Aviation Services, Inc.
| By: | /s/ Roy T. Rimmer, Jr. | |||
| Chief Executive Officer (Principal Executive and Financial Officer) |
||||
Dated:
March 30, 2005 |
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Exhibit Index
| Exhibit | ||
| Number | Description | |
99.1
|
Press Release issued by TIMCO Aviation Services, Inc. on March 30, 2005 |
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