13-Mar-2014 Source: CHC
CHC Group Ltd. (NYSE:HELI), the parent company of CHC Helicopter, today reported its financial performance for the fiscal-2014 third quarter, which ended Jan. 31.
Revenue for the quarter was $454 million, up 3 percent. (Unless otherwise noted, all comparisons are year-over-year.) The company had a quarterly net loss of $60 million, compared to a net loss of $59 million in the same quarter last year. Through the first three quarters of the fiscal year, CHC reported revenue of $1.31 billion, up less than 1 percent, and a net loss of $149 million, compared to a net loss of $85 million a year ago.
CHC’s third-quarter adjusted EBITDAR (earnings before interest, taxes, depreciation, amortization and aircraft rental costs, excluding special items) was $119 million, down 1 percent. CHC had a quarterly adjusted net loss of $25 million, compared with a loss of $46 million in the year-ago quarter.
William Amelio, CHC president and chief executive officer:
“Long-term trends for oil-and-gas investments in deep and ultra-deep discovery and production – where the need for our services is greatest – remain robust. We are pursuing our financial priorities by focusing on disciplined capital allocation, reduced leverage and positive free cash flow – with safety leadership in the air and on the ground.”
Joan Hooper, CHC chief financial officer:
“The changes we are making to CHC are further enhancing safety, service and efficiency. We are applying the same resolve to financial discipline as we do to operating standards. Our financial priorities – profitable growth, expanding adjusted EBITDAR margins and strengthening the balance sheet – are guiding all of our decisions and actions.”
Helicopter Services (flying):
Full-Year Fiscal-2014 Guidance
The company anticipates revenue to be flat to slightly up from fiscal 2013, and adjusted EBITDAR to be flat to slightly down, reflecting the negative effect of the suspension and subsequent return to service of EC225 aircraft. Interest expense is expected to be $150 to $160 million, tax expense to be $25 to $35 million, and adjusted share count to be 78 million shares. Capital expenditures are anticipated to be $140 to $190 million, and depreciation and amortization to be $135 to $145 million.
CHC Helicopter is a leader in enabling customers to go further, do more and come home safely, including oil and gas companies, government search-and-rescue agencies and organizations requiring helicopter maintenance, repair and overhaul services through the Heli-One segment. The company operates about 240 aircraft in approximately 30 countries around the world.