Spar Aerospace relaunches itself

Article Abstract:

Spar Aerospace Ltd. (Toronto), a company which has gone through a lot of financial unstability over the last four years has finally in a good position and are going forward. Its share prices moved up by 25 cents to close at $7.35 yesterday on the Toronto stock exchange. Spar Aerospace has been transformed from a space company to an aviation company in the last four years. It has sold its Comstream communications business, Canadarm robotic crane, and its last satellite business and is a much smaller company than it was four years ago. Although a smaller company, it is more focused and healthier financially, and has a strong balance sheet. Spar reported profits of $3.2-million in the first quarter ended March 31. Net cash rose to $1.04-million over this period, giving Spar about $62-million of cash on hand. Colin Watson, CEO of Spar, is looking for suitable acquisitions that can be bought within the spending limit of about $100-million. However, analysts do not expect any significant growth until next year, when the aviation services business gets up to speed.

Strategy & planning

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Spar investors to receive payout

Article Abstract:

Spar Aerospace Ltd., which is led by chief executive officer Colin Watson, will pay its shareholders $1 per share. Spar, which is pursuing a strategy of growth through acquisitions, will allocate about $65.8 million in the special payout and other payments.

Finance

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Spar chief's salary slashed 75%

Article Abstract:

Colin Watson, the chief executive officer of Spar Aerospace Ltd., will receive a 75% cut in his compensation package. Spar, which paid Mr. Watson $1.2 million in salary and bonuses in 1999, will receive $300,000 in total compensation in 2000.

Compensation and benefits

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