This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Erickson Air-Crane Announces Strong Second Quarter 2013 Results

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.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,598.20 -91.66 -0.52%
S&P 500 2,098.04 -5.80 -0.28%
NASDAQ 5,115.3820 -12.8990 -0.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs