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 – together with what we expect to accomplish through our broad transformation initiative – 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, 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 website www.chc.ca.
- New Zealand compensated for NH90 delays
- US Army plans to scrap Kiowa fleet
- AgustaWestland secures first broadcasting AW169 sale
- Helipad approved for luxury Mallorca marina
- Christie to supply projectors for German Federal Police EC155/AS332 flight training devices
- US Army dispose of two CH-47D Chinooks
- Female Embry-Riddle Students Given WAI Memberships
- Indonesian military develops underslung basket and platform
- Northern NSW Westpac Helicopter Services combine
- Wucher Helicopter launches winter season EC135 operation
- Colorado Heli-Ops marks three milestones in one day
- STARS provides update on Winnipeg base
- Austria files request for three UH-60Ms
- 09-Dec-13 Eurocopter AS350B3 Uzhur, Russia
- 08-Dec-13 VH-VMT Eurocopter EC120 Byron Bay, Australia
- Delaware Police seek help finding suspect in helicopter scam
- Bell face second lawsuit over Sept 2010 NYPD Bell 412 accident
- Bell-Boeing receive $15M delivery order for eight V-22 helmet mounted display kits
- Successful maiden flight of the world’s first green helicopter
- Aero Dynamix receives AS9100 & ISO 9001 Certification