ORANGE COUNTY EARNINGS : Aviation Distributors’ Net Plunges

Aviation Distributors Inc., a Lake Forest-based distributor of aircraft parts, reported a first-quarter net loss of $888,317, or 28 cents a share, contrasted with net income of $326,490, or 15 cents a share, for the prior-year period.

The company, which has been accused by an auditor of using phony sales figures to obtain a loan, said the net loss included $509,000 in one-time charges related to settling class-action litigation, as well as auditing and restating financial results for 1996 and 1997. The loss also included $240,000 in expenses for obtaining new financing.

Revenue was down 6% to $8.9 million from $9.5 million. The company attributed the decline to downtime from relocating to newly leased facilities and to reduced access to credit while the company’s financial reports were being audited and redone.