UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): OCTOBER 3, 1996
(SEPTEMBER 23, 1996)
GREENWICH AIR SERVICES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 0-22706 58-1758941
(State or other (Commission file number) (I.R.S. Employer
juridiction of Identification No.)
incorporation
or orgization)
P.O. BOX 522187, MIAMI, FLORIDA 33152
4590 NW 36TH STREET, MIAMI, FLORIDA 33122
(Address of principal executive offices) (Zip Code)
(305) 526-7000
(Registrant's telephone number, including area code)
<PAGE>
Item 5. OTHER EVENTS
The Registrant hereby incorporates herein by reference the information contained
in Exhibit 99 hereto in response to this Item 5.
Item 7. FINANCIAL STATEMENTS, PROFORMA FINANCIAL INFORMATION, AND EXHIBITS
Exhibit 99. Press release of Greenwich Air Services, Inc. dated September 23,
1996.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
GREENWICH AIR SERVICES, INC.
----------------------------
(Registrant)
OCTOBER 3, 1996 \S\ ROBERT J. VANARIA
(Date) Robert J. Vanaria
Sr.Vice President of Administration
and Chief Financial Officer
USAIR CONTRACT WITH GREENWICH AIR SERVICES, INC.
IS NOT RENEWED
Miami, FL - September 23, 1996 - Greenwich Air Services, Inc. (Nasdaq: GASIA and
GASIB) today announced that USAir has made a decision not to renew its existing
5-year contract for CFM56-3 engines with Greenwich Air Services' recently
acquired operations in Dallas, Texas. The current contract expires on October
8th.
According to Eugene Conese, Jr., Greenwich President and Chief Operating
Officer, "Prior to Greenwich's acquisition of the Dallas operations from Aviall
on June 10, 1996, USAir had made a decision to rebid the contract in the open
market due to dissatisfaction with Aviall's Dallas pre-acquisition turntime
performance." Conese further stated that "the decision by USAir is a
disappointment, but not unexpected. The loss of the USAir contract was
anticipated in our acquisition plan and research analysts who cover the Company
have assumed the loss of the contract in their estimates for fiscal 1997 and
beyond. Since the Aviall acquisition, the induction rate of USAir CFM 56 engines
in Dallas has averaged approximately $5.2 million per month. To-date, the Dallas
operation has successfully offset approximately 35 percent of the anticipated
USAir monthly volume with an increase in future sales with new and existing
customers. The Company remains optimistic that it will replace the balance of
the USAir volume over the next twelve to eighteen months."
Headquartered in Miami, Florida, Greenwich Air Services, Inc. is the world's
largest, most diversified independent gas turbine engine repair and overhaul
company. The Company provides repair and overhaul services on 14 engine lines
and 50 engine models for 500 customers worldwide. While commercial aviation
presently represents the Company's largest market, Greenwich has seen
significant growth by its government programs unit which supports a variety of
military engine types and provides program management services for various
agencies of domestic and foreign governments. In addition, Greenwich's
industrial and marine unit supports a broad range of aeroderivative engines used
in a variety of application including electric utilities, oil and gas pipelines
and cogeneration. The Company's subsidiary, GTi, provides management services,
sale and worldwide installation and operation of complete gas turbine power
plants with electrical power output ranging from 1 to 120 megawatts.
<PAGE>
Greenwich has operations at Miami International Airport and Melbourne, Florida,
Bradley International Airport in Connecticut, JFK International Airport in New
York, Westover Airport in Massachusetts, Dallas, Forth worth and McAllen, Texas
as well as in Prestwick, Scotland.
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FOR MORE INFORMATION, CONTACT:
Greenwich Air Services, Inc.
Eugene P. Conese, Jr., COO (305) 526-7095
Robert J. Vanaria, SVP & CFO (305) 870-8090
