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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 financial results for the third quarter ended September 30, 2012.
Revenues for the three months ended September 30, 2012 increased by 29% versus the third quarter of 2011, rising to $76.3 million. This increase was the result of broad-based strength as each of the Company’s business segments made gains versus prior year levels. Net income attributable to Erickson Air-Crane Incorporated in the third quarter increased by 53% versus the year-ago quarter, rising to $17.6 million, or $1.80 per diluted share.
Udo Rieder, President and Chief Executive Officer of Erickson Air-Crane, said, “We are very pleased that every one of our Aerial Service lines of business and our Manufacturing and MRO segment grew versus the prior year. The demands of a heavy firefighting season, combined with improvement in a number of end markets and our new contracts helped push us to very strong levels of both revenue and profitability.”
The Company noted that its third quarter operating income increased by 59% to $30.5 million and that adjusted EBITDA increased by 50% to $33.0 million. A gross margin increase of 450 basis points and a reduction in operating expenses as a percentage of sales of 290 basis points were the main drivers of the increased profitability.
These improvements, combined with a $0.8 million reduction in interest expense following the repayment of debt with the proceeds of the Company’s initial public offering and reductions in interest rates on subordinated debt, drove net income attributable to Erickson Air-Crane Incorporated to $17.6 million, an increase of 53% versus prior year. Earnings per diluted share for the third quarter, normally the Company’s most profitable quarter on an annual basis, were $1.80.