Exhibit 99.1

PRESS RELEASE

FOR IMMEDIATE DISTRIBUTION

BREEZE-EASTERN REPORTS THIRD QUARTER FINANCIAL RESULTS

Whippany, New Jersey – February 2, 2012 – Breeze-Eastern Corporation (NYSE Amex: BZC) today reported its Fiscal 2012 Third Quarter financial results.

For the Fiscal 2012 third quarter, the financial results follow:

For the Fiscal 2012 nine months, the financial results follow:

Mike Harlan, C.E.O. and President, said, “Our total sales continue to be strong as our cumulative sales over the last four quarters exceeded $80 million for the first time. Third Quarter bookings and net backlog at the end of the quarter were lower than last year, as we continue to work to secure several large orders; when we secure these orders, we expect our backlog to increase significantly.

35 Melanie Lane — Whippany — New Jersey 07981

Tel: (973) 602-1001 — Fax: (973) 739-9333 — www.breeze-eastern.com

“Our total engineering expenses (excluding cost reimbursements from Airbus) were clearly higher this quarter compared to the same quarter last year. We recently hired a new VP of Engineering to provide stronger technical leadership, hire fresh talent and improve our engineering processes and program management. We expect that our engineering costs will continue to be relatively high for the current quarter and into the next Fiscal Year as we continue to fulfill our commitments to our customers.

“Our inventory was about $1 million higher at the end of the quarter than at the end of the Second Quarter and $2.5 million higher than the Third Quarter last year, but we expect it to be lower by the end of the Fourth Quarter. Our overall balance sheet and cash position is strong. Despite the higher engineering spending and the growth in inventory, we finished our Third Quarter with $7.8 million in cash and our net debt (deducting cash from current and long-term debt) is $2.9 million, $2.2 million lower than when we began the year,” Mr. Harlan concluded.

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The Company’s earnings conference call is at 10:00 a.m. EST on Thursday, February 2, 2012 with the following numbers: (866) 730-5765 or (857) 350-1589 and passcode 87846878.

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Breeze-Eastern Corporation (http://www.breeze-eastern.com) is the world’s leading designer and manufacturer of high performance lifting and pulling devices for military and civilian aircraft, including rescue hoists, winches and cargo hooks, and weapons-lifting systems. The Company employs approximately 180 people at its facilities in Whippany, New Jersey.

Non–GAAP Financial Measures

In addition to disclosing financial results that are determined in accordance with Generally Accepted Accounting Principles (“GAAP”), the Company also discloses Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, other income/expense, loss on debt extinguishment, and relocation expense). The Company presents Adjusted EBITDA because it considers it an important supplemental measure of performance. Measures similar to Adjusted EBITDA are widely used by the Company and by others in the Company’s industry to evaluate performance and valuation. The Company believes Adjusted EBITDA facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structure (affecting relative interest expense), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense). The Company also presents Adjusted EBITDA because it believes it is frequently used by investors and other interested parties as a basis for evaluating performance.

Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Some of the limitations of Adjusted EBITDA are that (i) it does not reflect the Company’s cash expenditures for capital assets, (ii) it does not reflect the significant interest expense or cash requirements necessary to service interest or principal payments on the Company’s debt, and (iii) it does not reflect changes in, or cash requirements for, the Company’s working capital. Furthermore, other companies in the aerospace and defense industry may calculate these measures differently than the manner presented above. Accordingly, the Company focuses primarily on its GAAP results and uses Adjusted EBITDA only supplementally. A reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure, for the three and nine months ended December 31, 2011 is shown in the tables below.

INFORMATION ABOUT FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding our future operating performance, financial results, events, trends and plans. All statements in this news release other than statements of historical facts are forward-looking statements. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as “anticipates,” “believes,” “could,” “expects,” “intends,” “may,” “should” and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within the forward-looking statements. Such factors include, but are not limited to competition from other companies; changes in applicable laws, rules, and regulations affecting the Company in the locations in which it conducts its business; interest rate trends; a decrease in the United States government defense spending, changes in spending allocation or the termination, postponement, or failure to fund one or more significant contracts by the United States government or other customers; changes in our sales strategy and product development plans; changes in the marketplace; developments in environmental proceedings that we are involved in; continued services of our executive management team; status of labor relations; competitive pricing pressures; market acceptance of our products under development; delays in the development of products; determination by us to dispose of or acquire additional assets; general industry and economic conditions; events impacting the U.S. and world financial markets and economies; and those specific risks disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2011, and other filings with the Securities and Exchange Commission. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information or future events.

BREEZE-EASTERN CORPORATION

STATEMENTS OF CONSOLIDATED OPERATIONS

(In Thousands of Dollars Except Share Data)

BALANCE SHEET INFORMATION

(In Thousands of Dollars)

Reconciliation of Reported Income to Adjusted EBITDA

(In Thousands of Dollars)

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