VANCOUVER, BRITISH COLUMBIA (TSX: FLY.A)(TSX: FLY.B)(NYSE: FLI)
today announced unaudited financial results for the three and six
months ended October 31, 2007.
Financial Highlights
(in millions of Canadian dollars, except per share amounts)
Three Months Ended Six Months Ended
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October 31, October 31, October 31, October 31,
2007 2006 2007 2006
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Revenue $ 318.1 $ 273.0 $ 638.0 $ 536.1
Operating income 38.6 32.0 63.2 60.6
Net earnings from
continuing operations 11.4 8.3 23.2 17.3
Net earnings from
discontinued
operations - 0.6 16.4 0.4
Net earnings 11.4 8.9 39.6 17.7
Per share information
(diluted)
Weighted average
number of
shares 46.4 46.1 46.4 46.1
Net earnings from
continuing operations $ 0.25 $ 0.19 $ 0.51 $ 0.38
Net earnings from
discontinued operations - 0.01 0.35 0.01
Net earnings 0.25 0.20 0.86 0.39
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The Company recorded a 19% increase in quarterly revenue
(excluding foreign exchange ("FX")) from the same period last year
and continued to expand its fleet by adding eight new aircraft in
the second quarter, for a total of thirteen new aircraft added in
the first six months of fiscal 2008. In addition, the Company is
positioning itself for future growth in Heli-One by signing
agreements to obtain additional maintenance capabilities on new
aircraft types (Sikorsky S92 and AgustaWestland AW139) to be
performed in its Boundary Bay facility currently under
construction. With the addition of these maintenance repair and
overhaul capabilities, Heli-One will be able to support all newly
introduced aircraft types, including Eurocopter EC225, Sikorsky S76
and S92 and AgustaWestland AW139 helicopters.
The Company achieved increases of 17% in revenue and 21% in
operating income despite the fact that the Canadian dollar reached
record highs during the second quarter which had a significant
impact on the Company's Canadian dollar reported results.
Global Operations' revenue and segment EBITDAR increased $33.2
million (34%) and $5.2 million (16%), respectively, from the same
period last year (excluding FX). Flying hours in Global Operations'
increased by 3,148 hours (15%) over the same period last year.
European Operations revenue and segment EBITDAR increased $18.1
million (14%) and $0.2 million, respectively, from the same period
last year (excluding FX). Flying hours in European Operations
increased by 2,150 hours (9%) over the same period last year.
During the second quarter, external revenue and segment EBITDAR in
Heli-One increased $0.1 million and $12.3 million (18%),
respectively, from the same period last year (excluding FX).
Operating income increased by $8.8 million or 28% (excluding FX)
in the second quarter, compared to the same period last year,
primarily due to a significant increase in segment EBITDAR from
Heli-One and Global Operations, as well as a reduction in Corporate
and Other costs during the quarter. These increases are partially
offset by increases in lease costs and amortization expense
compared to the same period last year.
Net earnings for the second quarter were $11.4 million ($0.25
per share, diluted), an increase of $2.5 million ($0.05 per share
diluted) from the same period last year.
The following table presents the impact on net income and
diluted earnings per share of certain items that affect the
comparability of the Company's net earnings from the applicable
prior periods (all amounts are after-tax and in millions, except
per share amounts):
Three Months Ended
October 31,
--------------------------------------------
2007 2006
--------------------------------------------
Diluted Diluted
Net earnings Net earnings
earnings per share earnings per share
impact impact impact impact
--------------------------------------------
Operational Issues:
Aircraft introduction
costs(1) $ (1.9) $ (0.04) $ (3.7) $ (0.08)
Estimated net impact
from the anticipated
exit of power-by-the-hour
("PBH") maintenance
programs 2.4 0.05 - -
Major component
exchange costs - - - -
Aircraft impairment
adjustment (0.6) (0.01) - -
Costs associated with
exit from certain
low margin contracts - - - -
Impact of aircraft
availability and
late delivery issues(2) (1.7) (0.04) (1.9) (0.04)
Net trade receivables
provision decrease 2.0 0.04 4.5 0.10
--------------------------------------------
0.2 - (1.1) (0.02)
Financing, Investing
and Related Issues:
Gain on disposal of
Survival-One
(discontinued operations) - - - -
Equity losses in
associated companies (0.9) (0.02) 0.1 -
Financing charges
(FX and other) (6.0) (0.13) (4.2) (0.09)
--------------------------------------------
(6.9) (0.15) (4.1) (0.09)
Other:
Tax rate reduction
in the UK - - - -
Contract settlement costs - - - -
Restructuring recovery - - - -
--------------------------------------------
- - - -
--------------------------------------------
Total $ (6.7) $ (0.15) $ (5.2) $ (0.11)
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Six Months Ended
October 31,
--------------------------------------------
2007 2006
--------------------------------------------
Diluted Diluted
Net earnings Net earnings
earnings per share earnings per share
impact impact impact impact
--------------------------------------------
Operational Issues:
Aircraft introduction
costs(1) $ (4.6) $ (0.10) $ (7.7) $ (0.17)
Estimated net impact
from the anticipated
exit of power-by-the-hour
("PBH") maintenance
programs 0.7 0.02 - -
Major component
exchange costs (2.4) (0.05) - -
Aircraft impairment
adjustment (2.5) (0.05) - -
Costs associated with
exit from certain
low margin contracts (0.5) (0.01) - -
Impact of aircraft
availability and
late delivery issues(2) (3.5) (0.07) (4.0) (0.09)
Net trade receivables
provision decrease 3.1 0.07 7.3 0.16
--------------------------------------------
(9.7) (0.19) (4.4) (0.10)
Financing, Investing
and Related Issues:
Gain on disposal of
Survival-One
(discontinued operations) 16.4 0.35 - -
Equity losses in
associated companies (0.7) (0.02) 0.2 -
Financing charges
(FX and other) (5.9) (0.13) (6.1) (0.13)
--------------------------------------------
9.8 0.20 (5.9) (0.13)
Other:
Tax rate reduction
in the UK 3.1 0.07 - -
Contract settlement costs - - (1.2) (0.03)
Restructuring recovery - - 1.4 0.03
--------------------------------------------
3.1 0.07 0.2 -
--------------------------------------------
Total $ 3.2 $ 0.08 $ (10.1) $ (0.23)
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(1) Includes estimated after-tax interest and lease costs of $0.9 million
($0.02 per share, diluted) and $1.5 million ($0.03 per share, diluted)
for the three and six months ended October 31, 2007, respectively.
(Three and six months ended October 31, 2006 $1.5 million ($0.03 per
share, diluted) and $3.0 million ($0.06 per share, diluted),
respectively).
(2) Includes customer service penalties and estimated revenue lost due to
lack of availability of aircraft to service contract and non-contract
customers. Amount is net of settlements from original equipment
manufacturers ("OEMs") received during the second quarter of the
current year relating to late delivery and serviceability issues on
new technology aircraft.
Other significant variances include (all amounts are pre-tax,
unless otherwise noted):
- Interest expense increases of approximately $0.7 million ($0.5
million or $0.01 per share, diluted, after-tax) and $1.7 million
($1.3 million or $0.03 per share, diluted, after-tax) for the three
and six months ended October 31, 2007, respectively, primarily as a
result of higher debt levels related to investment in growing fleet
and associated working capital; and
- Lease expense increases of approximately $3.3 million ($2.5
million or $0.05 per share, diluted, after-tax) and $10.8 million
($8.3 million or $0.18 per share, diluted, after-tax) for the three
and six months ended October 31, 2007, respectively, primarily due
to additional leased aircraft.
Capital and liquidity:
- During the second quarter the Company declared an annual
dividend of $0.50 per share payable quarterly at $0.125 on each
Class A subordinate voting share and Class B multiple voting
share.
- The Company generated $32.6 million in cash from operations
and invested $48.8 million in property and equipment during the
three months ended October 31, 2007.
- The number of aircraft in the fleet increased by three
aircraft during the second quarter. This change consisted of the
addition of eight new aircraft, including four Sikorsky S92
aircraft. In addition, the Company disposed of or returned to
lessors five older technology aircraft.
- The Company has 85 aircraft (42 heavy and 43 medium aircraft)
on order, 24 of which are expected to be delivered in the current
year, with the remaining 61 aircraft to be delivered over the next
five years. The Company also has the option to purchase up to 30
additional heavy and medium aircraft over the next seven years.
- The Company had unused capacity under its credit facilities of
$73.8 million and cash and cash equivalents of $38.6 million for a
total of $112.4 million at October 31, 2007.
- The Company has approximately US $360 million in total
credit-approved aircraft specific financing facilities.
For a complete overview of results, including Management's
Discussion and Analysis, and Unaudited Interim Consolidated
Financial Statements and Notes thereto, please visit the CHC
website at http//www.chc.ca/investor_financialreports.php.
Investor Conference Call
The Company's second quarter conference call and webcast will
take place Wednesday, December 12th, 2007 at 10:30 a.m. EST. To
listen to the conference call, dial 416-641-6126 for local and
overseas calls, or toll-free 1-866-542-4236 for calls from within
North America. To hear a replay of the conference call, visit
www.chc.ca or dial 416-695-5800 or toll-free 1-800-408-3053 and
enter passcode "3242018#".
The financial results will be available at www.chc.ca. To listen
to the conference call webcast and view the Q2 Overview
presentation, please visit the "Investor Events" section of the CHC
website at www.chc.ca/investor_events.php or click on the following
link to listen to the audio portion only:
www.vcall.com/IC/CEPage.asp?ID=123094.
CHC Helicopter Corporation is the world's largest provider of
helicopter services to the global offshore oil and gas industry
with aircraft operating in more than 30 countries.
If you wish to be added to CHC's news distribution list, please
visit http://www.chc.ca/investor_materialrequest.php.
This document may contain forward-looking information. While
these projections, conclusions, forecasts and other statements
represent our best current judgment, the actual results could
differ materially from the conclusion, forecast or projection
contained in the forward-looking information. Certain material
factors or assumptions were applied in drawing a conclusion or
making a forecast or projection in the forward-looking information
contained herein. Such factors include, but are not limited to, the
following: exchange rate fluctuations, inherent risk, trade credit
risk, industry exposure, inflation, contract loss, inability to
maintain government issued licences, inability to obtain necessary
aircraft or insurance, competition, political, economic and
regulatory uncertainty, loss of key personnel, pension risk, work
stoppages due to labour disputes, international uncertainty, and
future material acquisitions. These risk factors are further
detailed in the Annual Report on Form 20-F and other filings of the
Company with the United States Securities and Exchange Commission
and in the Company's Annual Information Form filed with the
Canadian securities regulatory authorities. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual outcomes may vary materially
from those indicated. CHC disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise.
Contacts: CHC Helicopter Corporation Rick Davis Senior Vice
President and Chief Financial Officer (604) 279-2471 or (778)
999-0314 CHC Helicopter Corporation Annette Cusworth Vice
President, Financial Services (604) 279-2484 or (778) 999-1476
Website: www.chc.ca
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