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.
- Leonardo’s Japanese helicopter market grows
- Bristow CEO describes the three commandments of safety
- AW169 helicopter scores first contract success
- Sikorsky Sponsors Educational Scholarship through the MedEvac
- Waypoint Receives Innovation Award in Tianjin
- UK Aviation Services becomes a Sikorsky S76 Customer Support Center
- DRF retains Magdeburg contract with six year extension
- Columbus Police marks 45 years flying MD Helicopters
- Hamilton County Sheriff receives 530F
- IAI-ELTA to provide Helicopter SATCOM Network Systems to Key Customer
- USAIG Celebrates 40 Years of Providing Safety Posters to the Aviation Industry
- DRF Luftrettung appoints new Chairman
- GNAAS Looks to New Life Saving Techniques
- Safran marketing new Aneto engine to HAL
- Uber-like helicopter taxi launches in Tokyo
- Indian Government starts sale of majority of Pawan Hans
- 3rd H160 prototype joins the flight test campaign
- Air Medical Helicopters Fly with 1,000 Donaldson IBFs
- FAA approves B206 and B407 sim from Ryan-Precision JV
- Russian Helicopters and United Helicopters sign contracts