News Releases
Cessna Piston Aircraft Sales Spike; Sales Programs Extended
TAMPA, Fla., Nov. 5, 2009 - Officials at Cessna Aircraft Company, a Textron Inc. (NYSE: TXT) company, report an increase in piston aircraft sales over the past two months, thanks in part to sales programs and tax incentives set to expire at the end of the year.
“Retail sales across our piston aircraft product line have been measurably stronger in September and October versus earlier this year and that is a positive development as it relates to the overall outlook for our propeller aircraft business,” said John Doman, vice president, Worldwide Propeller Aircraft Sales. “Customers are taking advantage of the tax savings they can realize before the end of the year under the accelerated or bonus depreciation section of the tax code. In addition, several value-filled sales programs on our Corvalis and Skylane models are helping to bolster customer interest and subsequent purchases of Cessna aircraft.”
“Fleet sales and deliveries have also increased recently as flight schools, academies and special mission customers worldwide are replacing older aircraft with our new technology Cessna aircraft,” Doman said.
Through bonus depreciation, business-related aircraft acquisitions may qualify for accelerated depreciation under a provision in the federal stimulus package passed earlier this year.*
Cessna has extended two of its successful programs through the end of 2009 to coincide with the federal depreciation provision.
“Deal of the Decade” provides a $10,000 fuel card and free synthetic vision technology (SVT) for certain Corvalis sales. The “Deposit Amplifier” program adds $30,000 to a deposit for a new Cessna 182 or T182 Skylane and gives a new customer a choice of one of three technology upgrades for the Garmin G1000 avionics package.
Both programs expire at the end of 2009. Details are available through Cessna’s global network of dealers (locate the nearest Cessna dealer at www.cessna.com).
* New or prospective aircraft buyers should consult a tax professional to see if the federal tax provision applies to their aircraft purchase
###
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.
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.
“Retail sales across our piston aircraft product line have been measurably stronger in September and October versus earlier this year and that is a positive development as it relates to the overall outlook for our propeller aircraft business,” said John Doman, vice president, Worldwide Propeller Aircraft Sales. “Customers are taking advantage of the tax savings they can realize before the end of the year under the accelerated or bonus depreciation section of the tax code. In addition, several value-filled sales programs on our Corvalis and Skylane models are helping to bolster customer interest and subsequent purchases of Cessna aircraft.”
“Fleet sales and deliveries have also increased recently as flight schools, academies and special mission customers worldwide are replacing older aircraft with our new technology Cessna aircraft,” Doman said.
Through bonus depreciation, business-related aircraft acquisitions may qualify for accelerated depreciation under a provision in the federal stimulus package passed earlier this year.*
Cessna has extended two of its successful programs through the end of 2009 to coincide with the federal depreciation provision.
“Deal of the Decade” provides a $10,000 fuel card and free synthetic vision technology (SVT) for certain Corvalis sales. The “Deposit Amplifier” program adds $30,000 to a deposit for a new Cessna 182 or T182 Skylane and gives a new customer a choice of one of three technology upgrades for the Garmin G1000 avionics package.
Both programs expire at the end of 2009. Details are available through Cessna’s global network of dealers (locate the nearest Cessna dealer at www.cessna.com).
* New or prospective aircraft buyers should consult a tax professional to see if the federal tax provision applies to their aircraft purchase
###
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.
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.
