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Heroux-Devtek to spend $90 million to ramp up operations for Boeing order

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LONGUEUIL, Que. - Heroux-Devtek Inc. (TSX:HRX) will invest about $90 million on equipment and facilities over two years to help it supply jet landing gear under a long-term contract with Boeing (NYSE:BA).

The money is in addition to $30 million for regular capital spending already allocated for the current and next financial years by the Montreal-area company, based in Longueuil, Que.

The announcement was made as Heroux-Devtek released its latest financial results, which showed it had $1.23 million of net income. The company earned $5.95 million or 19 cents per share of adjusted net income from continuing operations for its fourth quarter.

Net income for the three months ended March 31 was down from $8.278 million a year earlier, when the profit was boosted by $3.679 million related to the sale of about half of its operations in order to focus on its landing-gear business. Adjusted net income from continuing operations was up from $4.59 million or 15 cents per share.

Sales from continuing operations in the three months ended March 31 were $91.2 million, up from $73.8 million a year earlier.

For the full 2014 financial year, Heroux-Devtek had $9.236 million of net income, all from continuing operations. In fiscal 2013, it had $131.6 million of net income, including $118.2 million from discontinued operations. Sales from continuing operations for the full year ended March 31 were $272.03 million, up from $257.02 million in fiscal 2013.

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