Aircraft maker Hawker Beechcraft reports increase in profits

Sales were down but profits were up in the second quarter for Hawker Beechcraft, the company said Tuesday. The airplane maker said net sales for the quarter ending June 28 dropped $212.4 million to $816.3 million from the second quarter of 2008.

But its net after-tax income was higher compared with last year's.

Hawker Beechcraft said in a release that a net gain of $175 million on the repurchase of its debt securities pushed after-tax net income to $172.2 million compared with after-tax net income of $24.9 million a year ago.

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