Cae Inc - CAE STOCK NEWS

CAE (NYSE: CAE, TSX: CAE) invites media, shareholders, and analysts to its virtual 2021 Annual Meeting on August 11, 2021, at 11:00 a.m. ET. Management will review fiscal year 2021 activities and first-quarter financial results for FY2022, ending June 30, 2021. A conference call specific to these results will occur at 1:30 p.m. ET. Key executives, including President Marc Parent and CFO Sonya Branco, will present and answer questions from media and analysts.

CAE will hold its 2021 Annual Meeting of Shareholders virtually on August 11, 2021, at 11:00 a.m. ET, where management will review fiscal year 2021 activities and the Q1 FY2022 results ending June 30, 2021. The Q1 FY2022 financial results will also be announced on the same day, followed by an analysts' conference call at 1:30 p.m. ET. Media inquiries can be directed to CAE's executives after the meeting at 12:00 p.m. ET.

CAE announced a C$1 billion investment over five years under Project Resilience, aiming to enhance innovations in aviation, defense, and healthcare. This initiative will enable CAE to lead in Advanced Air Mobility and develop green aircraft technologies, with a government partnership contributing C$340 million. The project anticipates creating 700 skilled jobs in Canada and 5,000 learning opportunities for students, reinforcing CAE's role in the aerospace sector while promoting sustainability and cutting-edge solutions.

CAE and Volocopter have announced a strategic partnership to create a pioneering pilot training program for electric vertical takeoff and landing (eVTOL) aircraft. This partnership aims to ensure the safe introduction of eVTOL operations globally, utilizing advanced technologies such as AI and VR. CAE plans to invest up to US$40 million to expand its training network in line with Volocopter's growth. The program responds to an anticipated demand for 60,000 pilots over the next decade, supporting Volocopter's launch of its VoloCity eVTOL aircraft by the 2024 Olympics in Paris.

CAE has released its FY21 Annual Activity and Corporate Social Responsibility report, highlighting significant contributions during COVID-19, including the development of the CAE Air1 ventilator and the rollout of a mobile vaccination app. As the first carbon neutral aerospace company in Canada, CAE expanded its ESG disclosures aligned with the Sustainability Accounting Standards Board. The company administered over 20,000 vaccine doses and is focused on responsible sourcing and diversity initiatives, while also reporting on progress toward five United Nations sustainable development goals.

CAE has completed the acquisition of L3Harris Technologies' Military Training business for US$1.05 billion, following the receipt of all regulatory approvals. The acquisition was partially financed through a private placement that raised C$700 million (approximately US$550 million). Upon closing, 22,400,000 common shares were issued to investors. This strategic move expands CAE's capabilities in defense training, enhancing its position in the market.

CAE has received all necessary regulatory approvals for its acquisition of L3Harris Technologies' Military Training business for US$1.05 billion. This acquisition is set to close on July 2, 2021, and will significantly enhance CAE's position in the global defence and security market, essentially doubling its military training business in the United States. The deal is expected to provide low teens percentage EPS accretion in its first full year post-close and will broaden CAE's capabilities in multi-domain operations.

CAE reported a net loss of $47.2 million ($0.17 per share) for FY2021, down from a net income of $311.4 million in FY2020. Annual revenue decreased 18% to $3.0 billion, and operating income fell 91% to $48.4 million. Fourth quarter revenue was $894.3 million, down 8% year-over-year, with adjusted EPS of $0.22. The company anticipates strong growth in FY2022, focusing on integrating recent acquisitions and leveraging opportunities in Civil, Defence, and Healthcare sectors. Despite a challenging year, CAE aims to improve profitability as the market recovers.

CAE partners with Jaunt Air Mobility to provide certification support for the all-electric vertical take-off and landing (eVTOL) aircraft, the Journey. The agreement includes developing an aircraft systems integration lab in Montreal, aiming for certification initiation in 2023 and expected entry-in-service by early 2027. CAE will leverage its extensive simulation expertise to enhance design and reduce testing time, thereby minimizing risks and managing development costs.