23-Sep-2011 Source: CHC
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):
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.
Conference-Call Information
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.