20-May-2013 Source: Erickson Air-Crane
Erickson Air-Crane Incorporated (NASDAQ:EAC) (“Erickson” or “the Company”), a leading global provider of aviation services to a diverse mix of commercial and government customers and the vertically integrated manufacturer and operator of the powerful, heavy-lift helicopter, the Erickson S-64 Aircrane, announced today that its wholly owned subsidiary, Evergreen Helicopters, Inc. (“EHI”), has acquired five aircraft for $10.1 million that it has historically leased from a third-party. The acquired aircraft include two Bell 214STs, two Beechcraft 1900Ds and one Casa 212-CC. The Company’s total fleet size remains unchanged at 85 aircraft, now comprised of 35 leased and 50 owned aircraft.
Udo Rieder, the CEO of Erickson, added, “Given our strong financial position and flexibility, we decided to opportunistically purchase some aircraft which we consider key to our product offering, while at the same time eliminating an annual and future lease obligations.” The acquisition of the aircraft will eliminate $3.0 million of annual lease expense and $12.2 million of total future lease obligations, and increases the Company’s asset collateral base.
About Erickson Air-Crane Incorporated
Erickson Air-Crane Incorporated is a leading global provider of aviation services to a diverse mix of commercial and government customers. The Company currently operates a diverse fleet of 85 rotary-wing and fixed wing aircraft, including a fleet of 20 heavy-lift S-64 Aircranes. This fleet supports a wide and worldwide variety of government and commercial customers, across a broad range of aerial services, including critical supply and logistics for deployed military forces, humanitarian relief, firefighting, timber harvesting, infrastructure construction, and crewing. The Company also maintains a vertical manufacturing capability for the S-64 Aircrane, related components, and other aftermarket support and maintenance, repair, and overhaul services for the Aircrane and other aircraft. Founded in 1971, Erickson Air-Crane is headquartered in Portland, Oregon and maintains facilities and operations in North America, South America, the Middle East, Africa and Asia-Pacific.