Beleaguered Australian unmanned air vehicle manufacturer Aerosonde has returned to private ownership after a management team secured a 100% buyout of shares from parent Saab Systems, writes Peter La Franchi.
Aerosonde chairman Peter Smith forecasts announcements on "new contracts that further enhance the company's position as the world's foremost provider of small, long-endurance, multirole UAVs for civil and military applications".
Saab Australia had advised major Aerosonde customers of an impending sale in mid-April, after which potential bidders explored acquisition of the company. Saab Australia said its December 2003 takeover of Aerosonde was intended to "simplify planning for the significant growth prospects for Aerosonde". Its majority ownership was "not intended to be a permanent arrangement".
Aerosonde was expected to make a net loss for its 2003-4 financial year ending 30 June of up to A$900,000 ($660,000). However, financial data released to potential buyers forecast a profit of A$200,000 for the 12-month period ending 31 December 2004.
The company also forecasts baseline profits for 2005 of A$6.42 million, with the potential to reach A$13.9 million. Baseline profit for 2006 is forecast at A$7.86 million, with the potential to reach A$18.4 million.
Source: Flight International
