ORLANDO, Fla.–(BUSINESS WIRE)–Oct. 19, 2009– Cessna Aircraft Company, a Textron Inc. (NYSE: TXT) company, comes to the 62nd National Business Aviation Association Meeting (NBAA) and Convention with optimism that the business aviation market is thawing.
“I’m far from ready to call a turnaround, but we do continue to see some encouraging developments,” said Cessna Chairman, President and Chief Executive Officer Jack J. Pelton. “Financing is more readily available, used aircraft inventory is lowering and prices for used aircraft have increased for the first time in several quarters. Average Daily Utilization figures for the Citation fleet have stopped dropping and bookings for maintenance work are on the rise. We are seeing signs of stabilization and some indicators that the business jet market is starting to move in a positive direction. Single engine retail sales have been particularly strong in recent weeks which is usually a forerunner for the rest of the product line.”
Cessna’s static display at Orlando Executive Airport features the full line of current production Citation business jets: the Citation X, Citation Sovereign, Citation XLS+, Citation Encore+, Citation CJ3, Citation CJ2+, Citation CJ1+ and a Citation Mustang. On Wednesday, Oct. 21 only, a Citation CJ4 will be on hand. An upward extension of the CJ family, the CJ4 is currently in the flight test phase of development. The exhibit also will include two ValuePlus previously owned Citations: a Citation Excel and Citation V. A Grand Caravan and Cessna Corvalis TT will be on hand to represent Cessna’s line of turboprop and single-engine piston models.
“We’re going ‘back to basics’ this year at NBAA, concentrating on exhibiting our products at the static display and not having a booth in the convention hall,” Pelton said. “We do upward of 60 events a year, and NBAA is still one of just a handful of shows that truly brings people from throughout the world to one place for business aviation. This is increasingly important as the international markets seem less frozen than our domestic market right now, particularly Western Europe and South America.”
Based on unit sales, Cessna Aircraft Company is the world’s largest manufacturer of general aviation airplanes. In 2008, Cessna delivered 1,301 aircraft, including 467 Citation business jets, and reported revenues of about $5.662 billion. Since the company was originally established in 1927, some 192,000 Cessna airplanes have been delivered around the world, including more than 6,000 Citations, making it the largest fleet of business jets in the world. More information about Cessna Aircraft Company is available at www.cessna.com.
About Textron Inc.
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, and Textron Systems. More information is available at www.textron.com.
Forward-looking Information: Certain statements in this release are forward-looking statements and speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements, including but not limited to the following: [a] changes in worldwide economic and political conditions that impact demand for our products, interest rates and foreign exchange rates; [b] the interruption of production at our facilities or at our suppliers’ facilities; [c] the timing of new product launches and certifications of new aircraft products; [d] the occurrence of slowdowns or downturns in customer markets in which our products are sold or supplied; [e] changes in aircraft delivery schedules or cancellations or deferrals of orders; [f] the launching of significant new products or programs which could result in unanticipated expenses; [g] changes in national or international government policies on the export and import of commercial products; [h] bankruptcy or other financial or performance problems at major suppliers or subcontractors that could cause disruptions in our supply chain; [i] continued difficult conditions in the financial markets resulting in adverse impacts to our customers, including difficulty in obtaining financing for the purchase of our products; and [j] continued volatility in the economy resulting in a prolonged downturn in the business jet market.
Doug Wilburne, 401-457-2288
Bill Pitts, 401-457-2288
Robert Stangarone, 316-305-3738
Doug Oliver, 316-213-8973
Michael Maynard, 401-457-2474