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Erickson Air-Crane Incorporated Announces Record Full-Year And Fourth Quarter Results

Stocks in this article: EAC

Erickson Air-Crane Incorporated (NASDAQ: EAC) (“Erickson Air-Crane”, “Erickson”, the “Company”, “we”, “us” and “our”), a leading operator and the manufacturer of the powerful Erickson S-64 Aircrane heavy-lift helicopter, today announced financial results for the fourth quarter and full year ended December 31, 2012.

Full-Year 2012 highlights include:

  • Revenue increased 18.4% to $180.8 million
  • Flight hours increased 18.9% to 12,075 hours
  • Operating Income doubled to $33.4 million
  • Adjusted EBITDA increased 77.4% to $44.5 million

Fourth Quarter 2012 highlights include:

  • Revenue increased 27.2% to $39.1 million
  • Flight hours increased 14.6% to 1,766 hours
  • Operating Income increased $5.1 million to $1.5 million
  • Adjusted EBITDA increased $6.2 million to $4.5 million

Full-Year Results

Revenues for the year ended December 31, 2012 increased by 18.4% compared with the full year of 2011, rising to $180.8 million. The Company experienced strong growth in both of its business segments as compared with the prior year, driven by new firefighting contracts, an active fire season and the Company’s expansion of infrastructure construction, especially in support of the oil-and-gas market in South America. Full-year net income attributable to Erickson Air-Crane was $15.2 million, or pro forma earnings per share (“EPS”) of $1.56, at the top end of prior guidance. This compares with prior year net income of $15.9 million, which included a net $11.2 million benefit from the reversal of accrued interest and taxes related to an audit by the IRS that was settled in our favor. The Company’s pro forma EPS assumes that the recapitalization and IPO had taken place on January 1, 2012 and that 9.7 million fully diluted shares used in the calculation were outstanding the entire year.

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