Key Developments: Erickson Air-Crane Inc (EAC.OQ)
26.67USD
21 May 2013
$0.33 (+1.25%)
$28.10
$26.80
$27.35
$26.50
50,434
26,705
$29.29
$5.35
Latest Key Developments (Source: Significant Developments)
Erickson Air-Crane Inc Updates FY 2013 Guidance
Erickson Air-Crane Inc updated fiscal 2103 guidance for revenues and adjusted EBITDA. The Company now expects to report fiscal 2013 revenues in the range of $325 to $335 million and it expects adjusted EBITDA for fiscal 2013 in the range of $93 to $101 million. On a pro forma basis, as if the acquisition and associated financing had occurred on January 1, 2013, the Company expects fiscal 2013 revenues in the range of $385 to $395 million and adjusted EBITDA for fiscal 2013 in the range of $108 to $116 million. The guidance provided is operational and adjusted and therefore does not include any acquisition-related expenses (including the $2.3 million incurred in the first quarter), purchase accounting adjustments, restructuring expenses, or other similar items. The Company noted that its guidance also does not yet include any effect from the planned but still pending acquisition of Air Amazonia from HRT. The guidance below does incorporate a preliminary estimate of synergies expected to be realized this year. Full Article
Erickson Air-Crane Inc Announces Offering of Second Priority Senior Secured Notes due 2020
Erickson Air-Crane Inc announced that it intends to offer $400 million of its second priority senior secured notes due 2020 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States in compliance with Regulations. The notes will be Erickson's second priority senior secured obligations and will be guaranteed by certain of Erickson's existing and future domestic subsidiaries. Erickson intends to use the net proceeds of the offering to finance a portion of the purchase price for the previously-announced proposed acquisition of Evergreen Helicopters, Inc a subsidiary of Evergreen International Aviation Inc finance the initial consideration for the previously-announced proposed acquisition of Air Amazonia Serviços Aéreos Ltda., the aerial services business of HRT Participacoes em Petroleo, S.A., refinance its existing unsecured subordinated notes due 2015 and unsecured subordinated notes due 2016, refinance its existing senior secured asset-based revolving credit facility and pay related fees and expenses. Any remaining net proceeds will be used for general corporate purposes. Full Article
Erickson Air-Crane Inc Renews Contracts With Key Canadian Timber And Logging Partners
Erickson Air-Crane Inc announced that it has further cemented its position as the timber heavy lift service provider of choice in Canada, signing contracts with Helifor Canada (Helifor), an affiliate of Columbia Helicopters, and Western Forest Products Inc. (Western). For each of the two contracts, Erickson, which manufactures and maintains a fleet of S-64 heavy lift rotorcraft, will be providing one S-64E model helicopter - capable of lifting up to 20,000 pounds at a time - with pilots, full field maintenance support crews, parts, and components. The Aircrane will be used to remove timber in remote, rugged terrain in coastal British Columbia, as an environmentally responsible alternative to incursive ground logging.Erickson will additionally provide expert lift services for precision placement of transmission towers for powerline construction in western Canada. Full Article
Erickson Air-Crane Inc Issues Q1 2013 Guidance; EBITDA Guidance Above Analysts' Estimates-Conference Call
Erickson Air-Crane Inc announced that for first quarter of 2013, it expects revenues of approximately $33 million, compared with $28 million in 2012 and adjusted EBITDA between $2 million and $3 million, excluding any transaction-related expenses, compared with a roughly breakeven first quarter in 2012. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $33 million and EBITDA of $1.06 million for first quarter of 2013. Full Article
Erickson Air-Crane Inc Signs Binding Term Sheet Regarding Acquisition Of HRT Air Services Business
Erickson Air-Crane Inc announced that it has executed a binding term sheet and made progress toward completion of its previously announced intention to purchase the Air Amazonia aerial services business from HRT Participacoes em Petroleo, S.A. (HRT). This binding term sheet, which replaces the non-binding letter of intent entered into on September 14, 2012, commits the parties to work in faith towards establishing and executing definitive agreements and related documentation to cause the acquisition to occur on the terms set forth in the binding term sheet. Subject to the satisfaction of certain agreed closing conditions, the Company expects the transaction to close during the second quarter of 2013, significantly ahead of the original schedule. The agreed-upon total transaction price would be $65 million to $75 million contingent upon meeting certain contractual terms. If the transaction closes, the Company expects it would be immediately accretive Full Article
Erickson Air-Crane Inc Signs Contract with Pacific Rubiales Energy
Erickson Air-Crane Inc announced that it has signed a contract with oil and gas company Pacific Rubiales Energy (Pacific) to provide heavy lift helicopter services in central Peru. Operations commenced on January 2nd of this year, and will last for a minimum of 12 months. The contract has a value of between $11 and 14 million, depending on total flight hours completed. Full Article
Erickson Air-Crane Inc Raises FY 2012 Guidance
Erickson Air-Crane Inc updated fiscal 2012 guidance and expects revenues in a range between $177.0 million and $181.0 million. This compares favorably to its prior guidance of $159.0 million to $165.0 million. The Company now expects to report Adjusted EBITDA between $42.0 million and $44.0 million versus its previously communicated range of $31.5 million to $33.5 million. The Company now expects to report fiscal 2012 pro forma earnings per share between $1.34 and $1.55 (GAAP earnings per share between $1.86 and $2.15) versus its prior expectation for a range of pro forma earnings per share between $0.76 and $0.86 per share (GAAP earnings per share between $1.05 and $1.20). According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $163 million, EBITDA of $33 million and EPS of $1.10 for fiscal 2012. Full Article
HRT Participacoes em Petroleo SA Signs Letter of Intent for Sale of Logistic Business to Erickson Air-Crane Inc
HRT Participacoes em Petroleo SA (HRT) announced that it has signed a letter of commitment with an American company Erickson Air-Crane Inc for the transfer of its logistic business. The agreement is subject to due diligence for a period of up to 180 day after which the conditions of the agreement shall be confirmed for further approval by Boards of Directors. The agreement involves the transfer of the Company’s entire fleet of rotary wing (14 helicopters) and predicts that company Erickson Air-Crane Inc will provide the Company aerial services for three years. Full Article
Erickson Air-Crane Inc Announces Purchase Of Sun Bird Aircraft From San Diego Gas & Electric Company
Erickson Air-Crane Inc announced purchase of the Sun Bird Aircraft and associated spare parts inventory and accessories from San Diego Gas & Electric Company. The Sun Bird will be added to Erickson’s existing fleet of aircraft and will allow the Company to meet the growing demand for heavy-lift aerial services in the oil-and-gas and powerline construction sectors. Terms of the transaction were not disclosed. Full Article
Erickson Air-Crane Inc Issues Q3 2012 Guidance; Raises FY 2012 Guidance
Erickson Air-Crane Inc announced that for the third quarter of 2012, it expects revenue between $60.0-$64.0 million and adjusted EBITDA between $22.0-$23.0 million. For fiscal 2012, it expects revenue between $159.0-$165.0 million, adjusted EBITDA between $31.5-$33.5 million, diluted earnings per share (EPS) GAAP between $1.05-$1.20 and diluted earnings per share pro forma between $0.76-$0.86. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $158.8 million and EBITDA of $31.0 million for fiscal 2012. Full Article
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
