Erickson Air-Crane Incorporated (NASDAQ:EAC) (“Erickson,” the “Company,” “we,” “us” and “our”), 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, today announced strong second quarter 2013 financial results.
Second Quarter and Recent Highlights
- Revenue increased 81% to $68.6 million, primarily due to the May 2 nd acquisition of Evergreen Helicopters, coupled with strong growth in infrastructure construction and timber harvesting
- Adjusted EBITDA, which excludes acquisition and integration related expenses, increased 73% to $17.2 million
- On May 2 nd the Company issued $400 million of second priority senior secured notes due in 2020
- Amended revolving credit facility increases the overall borrowing capacity to $125 million from $100 million
- Key contract option renewals signed in the second quarter have provided strong visibility on the full year revenue projections
- Executed binding purchase agreements to acquire Air Amazonia, subject to customary closing conditions
Second Quarter Results
Revenue for the quarter ended June 30, 2013 increased by 81% compared with the prior year second quarter, to $69 million. While all segments of the business performed strongly, revenue growth was primarily due to the acquisition of Evergreen Helicopters, Inc. (“Evergreen Helicopters") during the second quarter of 2013. Erickson’s business, excluding Evergreen’s operations, was also up for the quarter as compared to the prior year, primarily driven by infrastructure construction and timber harvesting, partially offset by a decrease in firefighting revenues, following an exceptionally busy firefighting season in Q2 2012.Udo Rieder, Chief Executive Officer of Erickson, commented, “We are very pleased with the strong financial results of the second quarter. We made tremendous operational and strategic progress in the quarter, across every aspect of our business. We are demonstrating our ability to deliver results to our customers, partners, and shareholders. We executed well across all dimensions: financially, operationally and strategically.