Limco-piedmont (LIMC) 8-K Limco-piedmont Inc. Reports Record Results for Second Quarter 2007

Exhibit 99.1

Corporate Contact:

Shaul Menachem

Chief Executive Officer

Limco-Piedmont Inc.

918-445-4300

LIMCO-PIEDMONT INC. REPORTS RECORD RESULTS FOR SECOND QUARTER 2007

·   Revenues Reach 18.0 Million in Second Quarter of 2007 Compared to $13.7 Million in Second Quarter of 2006

·   Record Net Income of $1.6 Million for Second Quarter of 2007

Tulsa, Oklahoma, August 14, 2007 -- Limco-Piedmont Inc. (Nasdaq: LIMC) today announced that revenues for the second quarter of 2007 reached $18.0 million, a 32.2% increase from $13.7 million reported in the second quarter of 2006.

Operating income for the second quarter of 2007 was $2.8 million, a 71.9% increase from $1.6 million in the second quarter of 2006. Net income for the second quarter of 2007 was $1.6 million, or $0.17 per basic and diluted share compared with $933,000 or $0.10 per basic and diluted share in the 2006 second quarter. The per share data does not reflect the Company’s issuance of 4,025,000 shares of common stock in its initial public offering that closed on July 23, 2007 and provided net proceeds of approximately $42 million.

Revenues from MRO services, including OEM sales, increased by $1.3 million, or 11.4% to $12.6 million for the three months ended June 30, 2007 from $11.3 million for the three months ended June 30, 2006. Parts services revenues increased by $3.1 million, or 132.6% to $5.4 million for the three months ended June 30, 2007 from $2.3 million for the three months ended June 30, 2006.

For the first six months of 2007, revenues were $38.3 million, operating income was $5.2 million and net income was $3.0 million or $0.33 per basic and diluted share. This compares with revenues of $25.9 million, operating income of $3.2 million and net income of $1.8 million or $0.21 per basic and diluted share in the first six months of 2006. The per share data does not reflect the Company’s issuance of 4,025,000 shares of common stock in its initial public offering in July 2007.

Shaul Menachem, Chief Executive Officer, commented: “We are gratified that we are able to report record results in our first earnings report as an independent public company. We continued to make strong progress in the second quarter in both of our two operating segments. Looking forward we intend to move ahead with our growth strategy, which includes the expansion of the scope of our MRO services and increasing our international sales. We believe our future prospects are very exciting.”

About Limco -Piedmont Inc.

Limco-Piedmont Inc. provides maintenance, repair and overhaul, or MRO, services and parts supply services to the aerospace industry. Limco-Piedmont’s four Federal Aviation Administration certified repair stations provide aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military. Limco-Piedmont specializes in MRO services for components of aircraft, such as heat transfer components, auxiliary power units, propellers, landing gear and pneumatic ducting. In conjunction with Limco-Piedmont’s MRO services, Limco-Piedmont is also an original equipment manufacturer of heat transfer equipment for airplane manufacturers and other related products. Limco-Piedmont’s parts services division offers inventory management and parts services for commercial, regional and charter airlines and business aircraft owners.

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the airline industry, changes in demand for our services and products, the timing and amount or cancellation of orders, the price and continuity of supply of component parts used in our operations, and other risks detailed from time to time in Limco-Piedmont’s filings with the Securities Exchange Commission, including its Quarterly Report on Form 10-Q. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.

- TABLES FOLLOW -

LIMCO-PIEDMONT INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(in thousands)

	June 30, 2007		December 31, 2006
ASSETS
Current Assets:
Cash and cash equivalents	$	2,730	$	4,309
Accounts receivables (net of allowance for doubtful accounts of $77 and $245 at June 30, 2007 and December 31, 2006, respectively)		10,658		8,188
Other accounts receivable and prepaid expenses		691		727
Inventories		15,418		14,611
Total current assets		29,497		27,835
Property, Plant and Equipment, Net		2,783		2,920
Intangible Assets, Net		1,919		2,183
Goodwill		4,780		4,780
Other Long-Term Assets		1,373		294
Total Assets	$	40,352	$	38,012
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Checks issued in excess of bank balance	$	395	$	-
Current maturities of long-term debt		4,000		4,000
Current maturities of long-term debt, related party		1,000		-
Accounts payables		4,784		6,525
Parent company payables		4,058		3,122
Other accounts payable and accrued expenses		2,613		2,838
Total current liabilities		16,850		16,485
Long-Term Liabilities:
Long-term debt, related party		3,000		4,000
Deferred income taxes		436		436
Total long-term liabilities		3,436		4,436
Total liabilities		20,286		20,921
Commitments and contingencies
Shareholders' Equity:
Common stock, $0.01 par value; 25,000,000 shares authorized, 9,000,000 shares issued and outstanding		90		90
Additional paid-in capital		7,446		7,446
Retained earnings		12,530		9,555
Total shareholders' equity		20,066		17,091
Total liabilities and shareholders' equity	$	40,352	$	38,012

LIMCO-PIEDMONT INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

	Three months ended June 30,						Six months ended June 30,
	2007			2006			2007			2006
Revenue
MRO services	$	12,606		$	11,315		$	25,046		$	21,442
Parts services		5,436			2,337			13,209			4,461
Total revenue		18,042			13,652			38,255			25,903
Cost and operating expenses
MRO services		8,519			8,463			16,877			16,134
Parts services		3,790			1,796			10,814			3,363
Selling and marketing		662			560			1,302			1,093
General and administrative		2,132			1,077			3,839			1,875
Amortization of intangibles		118			115			236			227
Operating income		2,821			1,641			5,187			3,211
Other income (expense)
Interest income		217			160			271			197
Interest expense		(384	)		(305	)		(541	)		(484	)
Total other income (expense)		(167	)		(145	)		(270	)		(287	)
Income before taxes		2,654			1,496			4,917			2,924
Provision for income taxes		1,089			563			1,942			1,085
Net income	$	1,565		$	933		$	2,975		$	1,839
Basic and diluted net income per share		0.17			0.10			0.33			0.21
Basic and diluted shares outstanding		9,000			9,000			9,000			9,000

LIMCO-PIEDMONT INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

	Six Months ended June 30,
	2007			2006
Net cash provided (used) by operating activities	$	(681	)	$	1,379
Cash flows from investing activities:
Purchase of investment and other assets		(68	)		(496	)
Purchases of property and equipment		(146	)		(156	)
Net cash used in investing activities		(214	)		(652	)
Cash flows from financing activities:
Capitalized initial public offering		(1,079	)		-
Increase in checks issued in excess of bank balance		395			-
Repayment of long-term loan		-			(1,000	)
Net cash used in financing activities		(684	)		(1,000	)
Decrease in cash and cash equivalents		(1,579	)		(273	)
Cash and cash equivalents at the beginning of period		4,309			2,259
Cash and cash equivalents at the end of period	$	2,730		$	1,986

Supplemental disclosure of cash activities:
Cash paid during the period for:
Interest	$	500	$	351
Income taxes	$	1,745	$	1,159