Erickson Air-Crane Incorporated (NASDAQ:EAC) (“Erickson,” the “Company,” “we,” “us” and “our”), a leading global provider of aviation services to a worldwide 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 third quarter 2013 financial results.
Third Quarter and Recent Highlights
- Revenue increased 58% to $120.2 million, primarily due to contributions from acquisitions; this growth was partially offset by a decrease in cost per hour and crewing services in Italy, coupled with lower firefighting revenues compared to an extraordinary season in the prior year.
- Adjusted EBITDA, which excludes acquisition and integration related expenses, increased 24% to $47.7 million.
- On September 3rd, the Company closed its strategic acquisition of Air Amazonia, establishing an expanded aerial services presence in South America targeting the oil and gas market.
Key contracts signed include;
- Australia NAFC - firefighting
- Los Angeles County - firefighting
- SOCAFRICA Department of Defense - logistics support
- Sikorsky Aircraft Corp – aircraft assemblies
- Solidified executive leadership team with appointments of Chief Financial Officer, Vice President of Global Sales and Marketing, Vice President of Safety, Security and Compliance, and Vice President of Global Human Resources.
Third Quarter Results
Revenue for the quarter ended September 30, 2013 increased 58% compared with the prior year third quarter, to $120.2 million. Revenue growth was primarily due to the acquisition of Evergreen Helicopters. Erickson’s legacy business excluding Evergreen Helicopters’ and Air Amazonia’s contributions, was down for the quarter, primarily due to a decrease in cost per hour and crewing services in Italy, coupled with lower firefighting revenues as compared to a highly active fire season in the prior year third quarter.