CHC Helicopter Corporation Announces Results for the Fiscal 1999 Second Quarter Ended October 31, 1998.ST. JOHN'S , Newfoundland--(BUSINESS WIRE)--Nov. 25, 1998--CHC Helicopter Corporation (CHC CHC Chicago Cubs CHC Community Health Center CHC Chestnut Hill College (Philadelphia, Pennsylvania) CHC Congressional Hispanic Caucus CHC Community Health Council (UK National Health Service) ) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :FLY.A and FLY.B; Nasdaq:FLYAF) today announced its results for the fiscal 1999 second quarter ended October 31, 1998: -0-
Three Months Ended Six Months Ended
October 31 October 31
($ Millions Except Per Share Data)
1998 1997 1998 1997
Revenue 66.9 96.9 166.7 195.9
Net earnings 5.7 4.9 59.8 11.1
Cash flow from operations before 15.7 17.5 36.1 37.2
interest and taxes
Per Share Information:
Average number of shares (millions)15.7 12.3 15.7 12.0
Net earnings 0.36 0.40 3.81 0.93
Cash flow from operations before 1.00 1.42 2.30 3.10
interest and taxes
Book value 10.05 12.50
The second quarter net earnings were $5.7 million ($0.36 per share), up from $4.9 million ($0.40 per share) for the same period last year. Net earnings for the six months ended October 31, 1998 were $59.8 million. Excluding the gain on the previously announced sale of 80% of the Company's repair and overhaul businesses and the costs of the debt settlement, net earnings for the first two quarters were $12.5 million ($0.80 per share) compared to $11.1 million ($0.93 per share) last year. Last year's results include operations of the repair and overhaul businesses. Revenue from helicopter operations was $66.9 million for the second quarter of fiscal 1999 as compared to $63.7 million for the second quarter last year. Earnings from operations for the helicopter segment (excluding gains) for the second quarter of fiscal 1999 was $15.2 million, up 33% from the $11.4 million reported in the second quarter last year. Equity in the earnings of associated companies associated company associate n → Partnerfirma f associated company n → società collegata of $0.5 million was recorded during the quarter. On a year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. basis, helicopter operations revenues were $139.1 million, compared to $132.4 million last year, and earnings from operations (excluding gains) were $32.8 million, up $7.3 million from the $25.5 million for the first six months of fiscal 1998. In addition, gains on the sale of assets were $2.0 million for the first six months of the year, compared to $0.3 million for the same period last year. Helicopter operations experienced a very successful second quarter. Additional capacity in the Company's North Sea helicopter fleet was created as a result of the end of the Shell Expro helicopter services contract in the first quarter. Most of this capacity was deployed with new customers on short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. contracts at attractive rates. Consequently, despite lower revenues, earnings from operations from the North Sea were higher than last year for both the quarter and the year- to-date. The Company is identifying new opportunities for deploying these helicopters on a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. basis in the North Sea and elsewhere. Domestic operations benefited from continued good weather and fire fighting fire fighting, the use of strategy, personnel, and apparatus to extinguish, to confine, or to escape from fire. Fire-Fighting Strategy Fire fighting strategy involves the following basic procedures: arriving at the scene of the fire as rapidly as activity during the quarter. The International division continued to show year-over-year improvements in revenues and operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. . In commenting on the results, Chairman and Chief Executive Officer Craig L. Dobbin stated "I am pleased to announce the best first half in Company history. Excluding the gain on the sale of 80 % of the repair and overhaul businesses and the costs of the subsequent debt restructuring Debt Restructuring A method used by companies with outstanding debt obligations to alter the terms of the debt agreements in order to achieve some advantage. Notes: in the first quarter, net earnings were a record $12.5 million, as compared to $11.1 million last year." CHC is a worldwide provider of helicopter transportation services and operates 212 light, medium and heavy helicopters across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. and around the world. The Company has 1,150 employees. |
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