Daily Archives: April 18, 2012

Cirrus Aircraft receives financing to complete Vision personal jet

April 18, 20129:49 a.m.

Cirrus Aircraft announced today that its Cirrus Vision SF50 single-engine personal jet is now fully funded through certification and initial production.

The Duluth, Minn.-based company now expects customer deliveries to begin in 2015.

Cirrus Aircraft owner CAIGA has made a major investment in the program.

The company will accelerate hiring of engineers, designers and other related technical disciplines critical to the program’s completion, the company said.

The first flight of the Vision concept plane took place in 2008. Detail design, systems verification and full flight envelope testing have been ongoing since then.

The new investment significantly increases the pace and momentum of the program and allows the company to bring the jet to market, Cirrus said.

The jet’s list price is $1.72 million, but will increase to $1.96 million July 1.

 

By Molly McMillin | Filed under aircraft manufacturers, aviation industry | Comments Off

Cessna Aircraft first quarter revenue up, losses down

April 18, 20127:55 a.m.

Cessna Aircraft posted higher revenue and lower losses in the first three months of 2012, as it delivered a higher number of airplanes.

Cessna posted $669 million in revenue in the quarter, compared to $556 million a year ago. It posted $6 million in losses, down significantly from a loss of $38 million a year ago.

The company delivered 38 Citation jets in the quarter, compared to 31 in the first quarter a year ago, and it had higher aftermarket volumes.

Orders were higher in the first quarter than they were during the first three quarters of 2011. The mix of orders is favorable, said Scott Donnelly, chairman and CEO of Textron, Cessna’s parent company.

Demand is stronger for the Citation CJ4 and larger airplanes in Cessna’s line-up of products, than, say, the Mustang, Donnelly said.

Cessna’s parent company, Textron, meanwhile, recorded higher revenue and net income in the first quarter of 2012.

The company recorded revenue of $2.86 billion during the quarter,  up from $2.48 billion. It posted net income of $118 million, compared to $29 million for the same time a year ago.

By Molly McMillin | Filed under aircraft manufacturers, Cessna | Comments Off

Cessna’s Russ Meyer receives U.S. Chamber award for contributions to aviation

April 18, 20125:29 a.m.

Former Cessna Aircraft chairman Russ Meyer received the U.S. Chamber of Commerce’s Carol B. Hallett Award last week at an anual aviation summit.

Meyer was recognized for more than four decades of service and achievement in aviation.

“Russ’s critical leadership role at the intersection of aviation, business, policy and philanthropy exemplifies the spirit of the Chamber and all it embodies,” Aircraft Owners and Pilots Association senior vice president of government affairs Melissa Rudinger said at the summit, according to an account from the National Business Aviation Association.

Meyer  previously received the NBAA’s Meritorious Service to Aviation Award and many others.

In his remarks, Meyer called for unity in the aviation community and encouraged all segments to work together, the NBAA said.

“We should work together, because we need each other – and our country needs us,” he said.

 

By Molly McMillin | Filed under aircraft manufacturers, associations, aviation industry, Cessna | Comments Off