CHC Helicopter today announced strong revenue and EBITDA growth in its fiscal first-quarter 2012, at the same time it was planning and carrying out a transformation initiative to best position the company for profitable, long-term growth.
Separately, the company said its owner, First Reserve Corp., intends to invest an additional $100 million in equity in the company in the current quarter, to help fund continued expansion in the midst of strong growth in offshore helicopter services.
Summary results from the first quarter, which ended July 31, include (all year-over-year comparisons):
- Revenue of $409.6 million, up 22 percent from $337.0 million
- EBITDAR (Earnings Before Interest, Taxes, Depreciation and Amortization and Rent) of $100.1 million, an increase of 13 percent from $88.6 million
- EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) of $59.6 million, up 22 percent from $49.0 million, and
- A net loss of $2.9 million, compared with net earnings of $0.6 million.
EDITDAR and EBITDA are important earnings measures in CHC’s industry.
The company achieved higher revenue and EBITDA in both its flying and MRO (maintenance, repair and overhaul) business segments. Flying revenue was up in all major regions, including Europe, Australia, Brazil and the Africa Euro-Asia region. EBITDAR and EBITDA increases resulted primarily from margin generated by additional revenue.
The net loss was attributable to a number of unusual items, including $4.8 million in restructuring costs. Those costs were mostly related to CHC’s transformation initiative to improve operations and increase efficiency, as well as a charge of $7.4 million for impairment of a number of older assets held for sale.
William Amelio, CHC’s president and chief executive officer, said the first-quarter results were further evidence of increasing improvement in the company’s operations and strength in markets in which it operates.
“We are bullish about our industry, and believe CHC’s global reach, responsiveness to customers and commitment to safety â€“ together with what we expect to accomplish through our broad transformation initiative â€“ put us in an extremely favorable competitive position,” said Mr. Amelio. “The increased equity commitment from our shareholders shows that others have that same confidence.”
Financial Statements Release
CHC will release its unaudited interim consolidated financial statements for the first quarter of fiscal year 2012 at its website,Â www.chc.ca, after markets close on Wednesday, Sept. 28.
CHC will host a conference call to discuss first quarter results on Thursday, Sept. 29, at 5:00 p.m. EST. The earnings call can be accessed via telephone with the following information:
Phone: +1 (647) 427-3413
1 (888) 241-0394 (North America toll-free)
Conference ID: 13120900
Participants are encouraged to dial into the conference call 15 minutes before the scheduled start time, to assure access and full participation. Additionally, a link to accompanying content in slide format will be provided at CHC’s websiteÂ www.chc.ca.
- Boeing Ridley Park UAW Employees Approve New Contract
- KA-226T helicopter assembly may be launched in Kazakhstan by 2016
- New airport radar to mitigate impact of wind turbines
- Bell Announces European Customer Support and Services Regional Sales Manager
- Associated Aircraft Group Celebrates 25 Years of Helicopter Services
- Helijet to launch Nanaimo-Vancouver weekday service
- Cotswold Helicopter Centre Supply UK’s Eighth Cabri
- Heli-One Completes major mods for Waypoint Leasing on two S-76s
- Uber Has Helicopters In Australia Now
- Hillsboro Aviation to expand with first structure on Hillsboro Airport’s north side
- Russia – Uralhelicom signs for two Bell 407GXs
- EASA GA Safety Conference comes to a close
- Successful implementation of the new redesigned shaft on first EC225s/EC725s
- Chief pilot for new air ambulance helicopter announced
- Helitech International to introduce skills focus to the 2015 event
- No demo flights in Amsterdam as Helitech focuses on trade
- Helipark becomes Turbomeca Certified Maintenance Center
- Apply Today for an HFI 2015 Scholarship
- Great Western Air Ambulance upgrades to EC135
- Two more corporate AW169s sold in the UK