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Erickson Air-Crane Incorporated Announces First Quarter Fiscal Year 2012 Results

Stocks in this article: EAC

Erickson Air-Crane Incorporated (NASDAQ: EAC) (“Erickson Air-Crane” or the “Company”), a leading operator and the manufacturer of the powerful heavy-lift helicopter, the Erickson S-64 Aircrane, today announced its financial results for the first quarter ended March 31, 2012. The Company completed its initial public offering (“IPO”) in April, 2012.

First Quarter 2012 Highlights and Recent Events

  • Revenue increased 36% year-over-year to $27.6 million
  • Aerial Services flight hours increased 68% to 1,565 compared to 932 in the first quarter of 2011
  • Gross profit rose to $4.0 million up from $0.4 million for the same period last year
  • Gross margin was 15%, up from 2% for the same period last year
  • Adjusted EBITDA increased to $0.2 million from ($5.0) million.
  • Operating loss decreased to $1.7 million from $6.5 million for the same period last year
  • Net loss attributable to Erickson Air-Crane Incorporated improved to $2.5 million from $8.5 million for the same period last year
  • Backlog at March 31, 2012 was $207.9 million, of which $84.0 million is expected to be filled in 2012
  • In April 2012, the Company completed its IPO on the NASDAQ Global Market generating $31.9 million in net proceeds

“The first quarter was a solid start to the year during which we diversified our revenue sources, employed our aircraft more fully and significantly improved our financial performance. It was a good platform from which to launch ourselves as a public company, and we are looking forward to our partnership with new investors and participating in the world’s largest equity market,” said Udo Rieder, President and CEO of Erickson Air-Crane.

First Quarter 2012 Results

Total revenue for the first quarter of 2012 increased 36% to $27.6 million from $20.4 million for the same period last year. The year-over-year increase in revenue was mainly attributable to an increase in the infrastructure construction business, where we diversified our activities both geographically and by end market, serving new oil-and-gas customers in South America and powerline customers in North America.

(Dollars in thousands)           Three Months Ended March 31, 2012           % of Revenues           Three Months Ended March 31, 2011           % of Revenues
Net revenues:    
  Aerial Services $ 25,108 90.9 $ 18,727 91.9
Manufacturing / MRO   2,501   9.1   1,648   8.1
  Total revenues $ 27,609   100.0   20,375   100.0

During the three months ended March 31, 2012, revenues from Aerial Services increased 34% to $25.1 million from $18.7 million in the same period last year. The Company’s revenue flight hours increased to 1,565 hours from 932 hours in the first quarter of 2011.

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