/C O R R E C T I O N -- Spirit AeroSystems Holdings, Inc./

WICHITA, Kansas, April 29 /PRNewswire/ --

In the news release, "Spirit AeroSystems Holdings, Inc. Reports First Quarter 2008 Financial Results; Updates Full-Year 2008 Financial Outlook" issued on 29 Apr 2008 11:30 GMT, by Spirit AeroSystems Holdings, Inc. NYSE:SPR over PR Newswire, we are advised by a representative of the company that the 2008 Outlook section, 2nd paragraph, 1st sentence as should read, "2008 Boeing delivery guidance of 475-480 aircraft," instead of "480-490 aircraft" as originally issued inadvertently. Complete, corrected release follows:

Spirit AeroSystems Holdings, Inc. Reports First Quarter 2008 Financial Results; Updates Full-Year 2008 Financial Outlook - First quarter 2008 revenues grew 9 percent to US$1.036 billion - Operating margins expanded to 12.6 percent - Fully Diluted Earnings Per Share increased 22 percent to US$0.61 per share - Total backlog increased to approximately US$27.5 billion

Spirit AeroSystems Holdings, Inc. (NYSE: SPR) reported first quarter 2008 financial results reflecting solid revenue and earnings growth in its core businesses as volume increased on the 737 program and operating efficiencies across the business offset the impact of delays in the 787 program.

Spirit's first quarter 2008 revenues increased to US$1.036 billion, up 9 percent from the same period last year. Operating income increased 25 percent to US$130 million, up from US$104 million in the same period a year ago. Net income was US$85 million, or US$0.61 per fully diluted share, up from US$70 million, or US$0.50 per fully diluted share, in the same period of 2007 (Table 1).

(All amounts in US$ unless otherwise noted) Table 1. Summary Financial Results 1st Quarter ($'s in Millions, except per share data) 2008 2007 Change Revenues $1,036 $954 9% Operating Income $130 $104 25% Operating Income as a % of Revenues 12.6% 10.9% 170 BPS Net Income $85 $70 22% Net Income as a % of Revenues 8.2% 7.3% 90 BPS Earnings per Share (Fully diluted) $0.61 $0.50 22% Fully Diluted Weighted Avg Share Count (Millions) 139.6 139.0

"The first quarter results of our core businesses are in-line with my expectations and I am pleased with the progress we are making towards realizing our 2008 goals in spite of the challenges on the 787," said President and Chief Executive Officer Jeff Turner. "Revenues increased, and company-wide operating margins and net income expanded as we continued to execute well across our core businesses," Turner added. "The additional delay on the 787 schedule is unfortunate. Over the past four years we have made significant investments in the program and our 787 team has worked tirelessly to meet our customer commitments," Turner continued. "In the first quarter we aggressively began taking steps to mitigate the impact from slowing 787 production. Today, we are continuing to implement the revised Boeing production and delivery schedule, and we are reflecting the financial implications of the revised schedule in our outlook," Turner added.

"During the quarter we made solid progress on our strategy to diversify. We won major structures work on the new Cessna Citation Columbus business jet; announced our participation on the new Gulfstream G650 business jet; secured an aftermarket contract to provide overhaul, repair, and modification services for Cathay Pacific Airways' fleet of 777 Trent 800 Thrust Reversers; and just last week we announced a new maintenance joint venture with HAECO to establish a regional service center to serve the Asia-Pacific region," Turner concluded.

Spirit's backlog during the quarter increased four percent from $26.5 billion to $27.5 billion, as combined net orders for 683 aircraft at Boeing and Airbus outpaced their combined deliveries of 238 aircraft. Spirit's backlog is calculated based on contractual prices for products and volumes from the published firm order backlogs of Boeing, Airbus, and other customers.

Spirit updated its contract profitability estimates during the first quarter of 2008, resulting in a $2 million favorable cumulative catch-up adjustment, compared to a $6 million favorable cumulative catch-up adjustment for the first quarter of 2007.

Table 2. Cash Flow and Select Balance Sheet Information 1st Quarter ($'s in Millions) 2008 2007 Cash Flow from Operations $70 $50 Purchases of Property, Plant & Equipment ($66) ($88) Mar. 27, Dec. 31, Cash and Debt Balances 2008 2007 Cash $203 $133 Current Portion of Long-term Debt plus Long-term Debt $667 $595

WICHITA, Kansas, April 29 /PRNewswire/ --

Cash flow from operations was $70 million for the first quarter, compared to $50 million for first quarter 2007, as the company continued to invest in the 787 program and other development programs (Table 2). During the quarter Spirit and Boeing reached an agreement to revise certain 787 contract payment terms. The revised terms, among other things, alter the payment terms for 787 unit deliveries from Spirit to Boeing. The amendment also eliminated the existing delayed payment schedule for ship sets delivered prior to aircraft certification and ties all payments for ship sets not covered by the additional advances to the date of delivery by Spirit to Boeing. The revised terms will result in additional cash advance payments to Spirit from Boeing during 2008. The initial payment of $124 million was received by Spirit in the first quarter. The balance of the advance payments will be made to Spirit over the remaining three quarters of 2008. The additional advances will be applied against the purchase price of ship sets delivered until fully repaid.

On March 19, 2008, Spirit amended its credit agreements, to among other things, increase the company's revolving credit facility from $400 million to $650 million. Cash balances at the end of the first quarter were $203 million, up $46 million from a year ago, reflecting the $124 million advance payment from Boeing; planned investment in Spirit's core business, primarily for the 787 program; and $75 million of borrowings against the company's $650 million credit facility. Debt balances at the end of the first quarter were $667 million, up $72 million from year-end 2007, reflecting the outstanding borrowing on the credit facility and planned debt principal payments. The $75 million in outstanding borrowings against the company's credit line was repaid in full on April 2, 2008.

During the quarter, Standard & Poor's revised the company's credit outlook from negative to stable following Spirit's announcement of its increased credit line. Standard & Poor's and Moody's confirmed their respective BB and Ba3 corporate ratings for Spirit.

2008 Outlook

Spirit previously issued 2008 revenue guidance of approximately $4.7 billion based on previously issued 2008 Boeing delivery guidance of 480-490 aircraft and internal Spirit forecasts for Airbus and other products. Spirit's revenue guidance assumed delivery of approximately forty-five 787 ship sets from Spirit to Boeing. On April 9, 2008, Boeing announced a revised schedule that shifted first customer deliveries of the 787 to the third quarter of 2009, with approximately twenty-five 787 aircraft now expected to be delivered by the end of 2009.

Spirit now expects to achieve 2008 revenues of approximately $4.4 billion based on the revised 787 schedule; 2008 Boeing delivery guidance of 475-480 aircraft; 2008 Airbus delivery guidance of greater than 470 aircraft; and internal Spirit forecasts for other products.

Fully diluted earnings per share for 2008 is now expected to be between $2.25 and $2.35 as improved operating efficiencies are expected to offset a portion of the impact of delays in the 787 program (Table 3).

Table 3. Financial Outlook 2008 Guidance Revenues ~$4.4 billion Earnings Per Share (Fully Diluted) $2.25 - $2.35 Effective Tax Rate (% Pre-Tax Earnings) ~33%* Cash Flow From Operations ~$400 million Capital Expenditures ~$275 million Capital Reimbursement ~$116 million * Effective tax rate guidance among other factors, assumes the benefit of an extension to the U.S. research tax credit.

WICHITA, Kansas, April 29 /PRNewswire/ --

For 2008, cash flow from operations is expected to be approximately $400 million as revised 787 payment terms shift cash receipts from 2009 and early 2010 into 2008. Capital expenditures are expected to be approximately $275 million in 2008.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes forward-looking statements that reflect the plans and expectations of Spirit AeroSystems Holdings, Inc. To the extent that statements in this press release do not relate to historical or current facts, they may constitute forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "plan", "forecast", "anticipate", "believe", "project", "continue", or other similar words. These statements reflect Spirit AeroSystems Holdings, Inc.'s current view with respect to future events and are subject to risks and uncertainties, both known and unknown. Such risks and uncertainties may cause the actual results of Spirit AeroSystems Holdings, Inc. to vary materially from those anticipated in forward-looking statements, and therefore we caution investors not to place undue reliance on them. Potential risks and uncertainties include, but are not limited to: our customers' aircraft build rates; the ability to enter into supply arrangements with additional customers and satisfy performance requirements under existing contracts; any adverse impact on our customers' production of aircraft; the success and timely progression of our customers' new programs including, but not limited to The Boeing Company's 787 aircraft program; future levels of business in the aerospace and commercial transport industries; competition from original equipment manufacturers and other aerostructures suppliers; the effect of governmental laws; the effect of new commercial and business aircraft development programs; the cost and availability of raw materials; the ability to recruit and retain highly skilled employees and relationships with unions; spending by the United States and other governments on defense; our continuing ability to operate successfully as a stand-alone company; the outcome of ongoing or future litigation and regulatory actions; and our exposure to potential product liability claims. Additional information as to factors that may cause actual results to differ materially from our forward-looking statements can be found in Spirit AeroSystems Holdings, Inc.'s filings with the United States Securities and Exchange Commission. Spirit AeroSystems Holdings, Inc. undertakes no obligation and does not intend to update publicly any forward-looking statements after the date of this press release, except as required by law.

Appendix

WICHITA, Kansas, April 29 /PRNewswire/ --

Segment Results

Fuselage Systems

Fuselage Systems segment revenues for the first quarter of 2008 were $492 million, up 11 percent over the same period last year, as deliveries to Boeing increased 8 percent. Operating margin for the first quarter of 2008 was 18.1 percent, compared to 18.6 percent in the first quarter of 2007, reflecting higher R&D expense.

Propulsion Systems

Propulsion Systems segment revenues for the first quarter of 2008 were $275 million, up 6 percent over the same period last year as 737 deliveries increased and fewer wide-body deliveries were made to Boeing during the first quarter of 2008. Operating margin for the first quarter of 2008 was 16.2 percent compared to 15.5 percent in the first quarter of 2007, reflecting improved operating efficiencies.

Wing Systems

Wing Systems segment revenues for the first quarter of 2008 were $262 million, up 9 percent over the same period last year, as deliveries to Boeing increased by 8 percent and deliveries to Airbus increased 7 percent. Operating margin for the first quarter of 2008 was 12.4 percent compared to 9.6 percent in the first quarter of 2007, reflecting improved operating efficiencies and lower R&D expenses. Wing Systems benefited from a favorable cumulative catch-up adjustment of approximately $2 million in the first quarter of 2008, compared to approximately $6 million favorable cumulative catch-up adjustment for the first quarter of 2007.

Table 4. Segment Reporting 1st Quarter ($'s in Millions, except margin percent) 2008 2007 Change Segment Revenues Fuselage Systems $492.0 $445.2 10.5% Propulsion Systems $274.7 $260.4 5.5% Wing Systems $262.3 $241.2 8.7% All Other $7.4 $7.3 1.4% Total Segment Revenues $1,036.4 $954.1 8.6% Segment Earnings from Operations Fuselage Systems $89.1 $83.0 7.3% Propulsion Systems $44.5 $40.3 10.4% Wing Systems $32.5 $23.2 40.1% All Other $0.4 $0.8 (50.0%) Total Segment Operating Earnings $166.5 $147.3 13.0% Unallocated Corporate SG&A Expense ($36.1) ($42.5) (15.1%) Unallocated Research & Development Expense ($0.2) ($1.0) (80.0%) Total Earnings from Operations $130.2 $103.8 25.4% Segment Operating Earnings as % of Revenues Fuselage Systems 18.1% 18.6% (50) BPS Propulsion Systems 16.2% 15.5% 70 BPS Wing Systems 12.4% 9.6% 280 BPS All Other 5.4% 11.0% (560) BPS Total Segment Operating Earnings as % of Revenues 16.1% 15.4% 70 BPS Total Operating Earnings as % of Revenues 12.6% 10.9% 170 BPS Spirit Ship Set Deliveries (BASED ON FUSELAGE DELIVERIES) 2007 Spirit AeroSystems Deliveries 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 2007 B737 83 85 84 79 331 B747 5 4 5 4 18 B767 3 4 3 3 13 B777 21 21 21 20 83 B787* 0 1 0 0 1 Total 112 115 113 106 446 A320 93 84 91 91 359 A330/340 22 21 22 20 85 A380 0 0 2 3 5 Total 115 105 115 114 449 Hawker 850XP 16 15 17 20 68 Total Spirit 243 235 245 240 963 * Full-Revenue Units Only, Does not include Static and Fatigue test units

2008 Spirit AeroSystems Deliveries 1st Qtr B737 93 B747 4 B767 3 B777 20 B787* 1 Total 121 A320 95 A330/340 24 A380 4 Total 123 Hawker 850XP 15 Total Spirit 259 * Full-Revenue Units Only, Does not include Static and Fatigue test units Spirit AeroSystems Holdings, Inc. Condensed Consolidated Statements of Operations (unaudited) For the Three Months Ended March 27, 2008 March 29, 2007 ($ in millions, except per share data) Net Revenues $1,036.4 $954.1 Operating costs and expenses: Cost of sales 857.3 794.8 Selling, general and administrative 39.1 45.1 Research and development 9.8 10.4 Total Costs and Expenses 906.2 850.3 Operating Income 130.2 103.8 Interest expense and financing fee amortization (9.1) (8.9) Interest income 5.7 7.7 Other income, net 1.4 2.0 Income From Continuing Operations Before Income Taxes 128.2 104.6 Income tax provision (43.0) (34.8) Net Income $85.2 $69.8 Earnings per share Basic $0.62 $0.54 Shares 136.8 129.7 Diluted $0.61 $0.50 Shares 139.6 139.0 Spirit AeroSystems Holdings, Inc. Condensed Consolidated Balance Sheets March 27, December 31, 2008 2007 (unaudited) ($ in millions) Current assets Cash and cash equivalents $203.4 $133.4 Accounts receivable, net 266.5 159.9 Other receivable 112.1 109.5 Inventory, net 1,499.5 1,342.6 Prepaid expenses 12.1 14.2 Income tax receivable 1.1 9.6 Other current assets 72.7 73.6 Total current assets 2,167.4 1,842.8 Property, plant and equipment, net 1,001.4 963.8 Long-term receivable 101.6 123.0 Pension assets 331.9 318.7 Other assets 99.2 91.6 Total assets $3,701.5 $3,339.9 Current liabilities Accounts payable $417.8 $362.6 Accrued expenses 184.4 182.6 Current portion of long-term debt 13.4 16.0 Advance payments short-term 189.5 109.9 Income tax payable 42.3 2.5 Other current liabilities 7.5 1.4 Total current liabilities 854.9 675.0 Revolving credit facility 75.0 - Long-term debt 578.6 579.0 Advance payments 660.5 653.4 Other liabilities 180.3 165.9 Shareholders' equity Preferred stock, par value $0.01, 10,000,000 shares authorized, no shares issued and outstanding - - Common stock, Class A par value $0.01, 200,000,000 shares authorized, 102,776,848 and 102,693,058 issued and outstanding, respectively 1.0 1.0 Common stock, Class B par value $0.01, 150,000,000 shares authorized, 36,827,426 and 36,826,434 shares issued and outstanding, respectively 0.4 0.4 Additional paid-in capital 928.1 924.6 Accumulated other comprehensive income 112.7 117.7 Retained earnings 310.0 222.9 Total shareholders' equity 1,352.2 1,266.6 Total liabilities and shareholders' equity $3,701.5 $3,339.9

Spirit AeroSystems Holdings, Inc. Condensed Consolidated Statements of Cash Flow (unaudited) For the Three Months For the Three Ended March 27, Months Ended 2008 March 29, 2007 ($ in millions) Operating activities Net Income $85.2 $69.8 Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense 28.0 20.9 Amortization expense 2.1 1.9 Accretion of long-term receivable (4.9) (5.5) Employee stock compensation expense 3.7 6.6 Excess tax liability/(benefit) from share-based payment arrangements 0.2 (2.6) Loss from the ineffectiveness of hedge contracts 0.3 - Loss on disposition of assets 0.7 0.1 Loss from foreign currency transactions 0.6 - Deferred taxes (2.1) 8.6 Pension income, net (7.2) (5.9) Changes in assets and liabilities Accounts receivable (66.4) (54.3) Inventory, net (155.8) (63.6) Other current assets 2.1 10.3 Accounts payable and accrued liabilities 58.6 (10.2) Customer advances 89.1 29.2 Income taxes payable 47.8 23.8 Deferred revenue and other deferred credits (8.5) 19.5 Other (3.6) 1.5 Net cash provided by operating activities 69.9 50.1 Investing Activities Purchase of property, plant and equipment (65.7) (87.5) Long-term receivable - 11.4 Financial derivatives 0.4 1.1 Investment in joint venture (0.5) - Net cash (used in) investing activities (65.8) (75.0) Financing Activities Proceeds from revolving credit facility 75.0 - Principal payments of debt (1.6) (4.7) Debt issuance costs (6.8) - Excess tax (liability)/benefit from share-based payment arrangements (0.2) 2.6 Net cash provided by (used in) financing activities 66.4 (2.1) Effect of exchange rate changes on cash and cash equivalents (0.5) - Net increase (decrease) in cash and cash equivalents for the period 70.0 (27.0) Cash and cash equivalents, beginning of the period 133.4 184.3 Cash and cash equivalents, end of the period $203.4 $157.3

WICHITA, Kansas, April 29 /PRNewswire/ --

Web site: http://www.spiritaero.com