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CHC Helicopter Reports Revenue of $447m, EBITDAR of $126m in Fiscal-2013 Second Quarter

-- Revenue Up 6 Percent, EBITDAR Jumps 17 Percent

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/11/12 -- Revenue and earnings were up in CHC Helicopter's fiscal second-quarter 2013, as the company continues to transform itself into the most capable and efficient global helicopter-services operator.

CHC's revenue for the quarter, which ended Oct. 31, increased 6 percent from the same period a year ago, to $447 million. It was the seventh straight quarter of higher revenue and earnings since the company started its ambitious transformation. Net earnings were $7 million, compared with a net loss of $6 million in the FY12 second quarter.

Earnings before interest, taxes, depreciation, amortization and aircraft rental costs (EBITDAR), were $126 million, up 17 percent from the year-ago quarter. EBITDAR is CHC's primary measure of operational profitability.


                        Second Quarter                 Year-to-Date         
(U.S.$ in                               Change                        Change
 millions)              FY13        FY12  (ii)        FY12        FY11  (ii)
                ------------------------------------------------------------
Revenue          $       447 $       423    6% $       863 $       833    4%
EBITDAR(i)       $       126 $       107   17% $       227 $       208    9%
EBITDA(i)        $        77 $        65   19% $       130 $       124    4%
(i) Non-GAAP financial measure. See reconciliation to applicable GAAP       
measure below.                                                              
(ii) All growth rates in this release are year-over-year unless otherwise   
noted.                                                                      

The continued improvement spanned both CHC's flying and Heli-One business segments. Flying revenue rose 5 percent and EBITDAR grew 13 percent. For Heli-One, which provides maintenance, repair and overhaul (MRO) services, third-party customers sales were 11 percent higher and EBITDAR increased 48 percent.

William Amelio, CHC's president and chief executive officer, said the second quarter showed how the company is transforming its tools, systems and processes. Those changes are contributing to improving operating performance.

"Our people are also making sure we deliver on our purpose: to provide unmatched helicopter services that enable customers to go further, do more and come home safely," said Mr. Amelio. "The second quarter provided two vivid illustrations - one involving superb in-flight management of a crippled aircraft, the other an extraordinary evacuation of more than 270 customers from a North Sea oil-production platform that was in distress.

"Our objective isn't simply for CHC to be the largest and most profitable helicopter-services company. We're determined to be the best at all that we do for our customers."

BUSINESS HIGHLIGHTS

Helicopter Services (flying):


--  Flying results were driven by revenue and EBITDAR gains in the Americas
    (mainly Brazil), Western North Sea (United Kingdom) and Africa Euro-
    Asia. Sales were also up in Asia-Pacific. 
--  Significant wins in the period included new contracts with Marathon in
    the U.K., Eni in Australia and Petronas in Mozambique. 
--  During the quarter, Atlantic Aviation - a partnership between Jagal
    Group and CHC - received its long-awaited Air Operating Certificate in
    Nigeria. Atlantic Aviation has twin-engine Sikorsky S76C+ medium-lift
    helicopters to begin its support of Nigeria's fast-growing oil-and-gas
    industry.  

Heli-One (MRO):


--  Among notable contracts secured in the second quarter, AAR, a global
    aerospace and defense supplier, selected Heli-One to complete 20 engine
    overhauls. 
--  During the quarter the company delivered the first of three customized
    Super Puma aircraft commissioned by the Los Angeles County Sheriff's
    Department. 
--  Heli-One further broadened its range of services by adding four-year
    inspections of AW139s to capabilities at the Stavanger, Norway,
    operation. 

About CHC

CHC Helicopter is a leader in enabling customers to go further, do more and come home safely, including oil and gas companies, government search-and-rescue agencies and organizations requiring helicopter maintenance, repair and overhaul services through the Heli-One division. The company is headquartered in Vancouver and operates more than 240 aircraft in about 30 countries around the world.


Segment Performance (Unaudited)                                             
(U.S.$ in thousands)                                                        
----------------------------------------------------------------------------
                                                                            
Segment Third Party                                                         
 Revenue                                                                    
                        For the three months ended For the six months ended 
                                October 31,               October 31,       
                        ----------------------------------------------------
                                 2012         2011         2012         2011
----------------------------------------------------------------------------
                                                                            
Helicopter Services      $    402,617 $    383,279 $    792,521 $    756,573
MRO                            42,488       38,409       67,034       73,297
Corporate and Other             1,681        1,312        3,300        2,779
                        ----------------------------------------------------
 Consolidated totals     $    446,786 $    423,000 $    862,855 $    832,649
                        ----------------------------------------------------
                        ----------------------------------------------------
                                                                            
EBITDAR and EBITDA                                                          
 Summary                                                                    
                            For the three months                            
                                   ended            For the six months ended
                                October 31,               October 31,       
                        ----------------------------------------------------
                                 2012         2011         2012         2011
                        ----------------------------------------------------
Helicopter Services      $    120,931 $    107,000 $    223,554 $    202,688
MRO                            28,082       18,935       41,746       39,949
Corporate and Other          (22,916)     (18,473)     (38,304)     (35,106)
                        ----------------------------------------------------
Consolidated EBITDAR(i)       126,097      107,462      226,996      207,531
Less: aircraft lease and                                                    
 associated costs            (48,797)     (42,604)     (97,227)     (83,100)
                        ----------------------------------------------------
Consolidated EBITDA(i)   $     77,300 $     64,858 $    129,769 $    124,431
                        ----------------------------------------------------
                        ----------------------------------------------------
                                                                            
(i) See reconciliations to GAAP measures below.                             
----------------------------------------------------------------------------
                                                                            
Consolidated Statement of Earnings (Unaudited)                              
(U.S.$ in thousands)                                                        
----------------------------------------------------------------------------
                                                                            
                           For the three months       For the six months    
                                   ended                     ended          
                        ----------------------------------------------------
                          October 31,  October 31,  October 31,  October 31,
                                 2012         2011         2012         2011
----------------------------------------------------------------------------
Revenue                  $    446,786 $    423,000 $    862,855 $    832,649
                                                                            
Operating Expenses                                                          
Direct costs                (351,397)    (343,346)    (697,484)    (679,987)
Earnings from equity                                                        
 accounted investees              825          625        1,837        1,221
General and                                                                 
 administrative costs        (18,914)     (15,421)     (37,439)     (29,452)
Amortization                 (27,635)     (25,429)     (55,945)     (52,532)
Restructuring costs           (1,797)      (7,080)      (3,727)     (11,884)
Recovery (impairment) of                                                    
 receivables and funded                                                     
 residual value                                                             
 guarantees                       143           63        (572)           47
Impairment of intangible                                                    
 assets                       (6,339)      (1,717)      (5,818)      (1,825)
Impairment of assets                                                        
 held for sale                (3,650)      (4,251)      (9,297)     (11,632)
Impairment of assets                                                        
 held for use                       -            -        (660)            -
Gain (loss) on disposal                                                     
 of assets                    (3,026)        (316)      (4,617)        3,741
----------------------------------------------------------------------------
                            (411,790)    (396,872)    (813,722)    (782,303)
                                                                            
Operating income               34,996       26,128       49,133       50,346
                                                                            
Interest on long-term                                                       
 debt                        (30,075)     (29,516)     (59,958)     (60,186)
Foreign exchange gain          10,562        2,446        3,161        2,639
Other financing charges       (3,449)      (6,491)     (11,603)      (6,235)
----------------------------------------------------------------------------
                                                                            
Income (loss) from                                                          
 continuing operations                                                      
 before tax                    12,034      (7,433)     (19,267)     (13,436)
                                                                            
Income tax recovery                                                         
 (expense)                    (5,022)        8,638      (6,303)       12,485
----------------------------------------------------------------------------
Income (loss) from                                                          
 continuing operations          7,012        1,205     (25,570)        (951)
                                                                            
Earnings (loss) from                                                        
 discontinued                                                               
 operations, net of tax           467      (7,526)          812      (8,312)
----------------------------------------------------------------------------
Net earnings (loss)      $      7,479 $    (6,321) $   (24,758) $    (9,263)
----------------------------------------------------------------------------
                                                                            
Net earnings (loss)                                                         
 attributable to:                                                           
Controlling interest     $      6,999 $   (11,420) $   (26,106) $   (19,793)
Non-controlling interest          480        5,099        1,348       10,530
----------------------------------------------------------------------------
Net earnings (loss)      $      7,479 $    (6,321) $   (24,758) $    (9,263)
----------------------------------------------------------------------------
                                                                            
Consolidated Statement of Cash Flows                                        
(Expressed in thousands of United States dollars)                           
                                                                            
----------------------------------------------------------------------------
                        For the three months ended For the six months ended 
                        ----------------------------------------------------
                          October 31,  October 31,  October 31,  October 31,
                                 2012         2011         2012         2011
----------------------------------------------------------------------------
Cash provided by (used                                                      
 in):                                                                       
Operating activities:                                                       
 Net earnings (loss)     $      7,479 $    (6,321) $   (24,758) $    (9,263)
 Less: earnings (loss)                                                      
  from discontinued                                                         
  operations, net of tax          467      (7,526)          812      (8,312)
----------------------------------------------------------------------------
 Earnings (loss) from                                                       
  continuing operations         7,012        1,205     (25,570)        (951)
                                                                            
Adjustments to reconcile                                                    
 net earnings (loss) to                                                     
 cash flows provided by                                                     
 (used in) operating                                                        
 activities:                                                                
 Amortization                  27,635       25,429       55,945       52,532
 Loss (gain) on disposal                                                    
  of assets                     3,026          316        4,617      (3,741)
 Asset impairments              9,846        5,905       16,347       13,410
 Non-cash leasing and                                                       
  financing costs               (140)        (492)        (304)      (1,306)
 Earnings from equity                                                       
  accounted investees           (825)        (625)      (1,837)      (1,221)
 Deferred income taxes          (512)      (6,356)      (6,252)     (13,953)
 Pension contributions,                                                     
  net of pension expense      (5,690)      (7,898)     (17,436)     (15,560)
 Increase to deferred                                                       
  lease financing costs         (216)      (2,774)      (1,489)      (7,488)
 Foreign exchange gain                                                      
  (loss)                     (19,893)        5,404        2,382        2,068
 Other                          2,816        (868)        5,319      (1,640)
Increase (decrease) in                                                      
 cash resulting from                                                        
 changes in operating                                                       
 assets and liabilities         (900)       34,657     (55,480)     (32,226)
----------------------------------------------------------------------------
Cash provided by (used                                                      
 in) operating                                                              
 activities                    22,159       53,903     (23,758)     (10,076)
----------------------------------------------------------------------------
                                                                            
Financing activities:                                                       
 Sold interest in                                                           
  accounts receivable,                                                      
  net of collections              674          530        8,917       40,082
 Proceeds from issuance                                                     
  of capital stock                  -       60,000            -       60,000
 Proceeds from the                                                          
  issuance of senior                                                        
  secured notes               202,000            -      202,000            -
 Long-term debt proceeds      165,076      125,000      390,229      405,000
 Long-term debt                                                             
  repayments                (319,871)    (116,826)    (471,824)    (390,539)
 Increase in deferred                                                       
  financing costs                                                           
  related to the                                                            
  revolver and notes          (3,793)            -      (3,793)            -
----------------------------------------------------------------------------
Cash provided by                                                            
 financing activities          44,086       68,704      125,529      114,543
----------------------------------------------------------------------------
                                                                            
Investing activities:                                                       
 Property and equipment                                                     
  additions                  (95,600)    (121,964)    (142,267)    (164,751)
 Proceeds from disposal                                                     
  of property and                                                           
  equipment                    46,188       43,117       93,413       91,120
 Aircraft deposits, net                                                     
  of lease inception                                                        
  refunds                    (10,845)     (34,429)     (40,926)     (36,115)
 Restricted cash                   38        2,320        5,384          753
 Distribution from                                                          
  equity investments                -            -            -          936
----------------------------------------------------------------------------
Cash used in investing                                                      
 activities                  (60,219)    (110,956)     (84,396)    (108,057)
                                                                            
----------------------------------------------------------------------------
Cash provided by (used                                                      
 in) continuing                                                             
 operations                     6,026       11,651       17,375      (3,590)
                                                                            
Cash flows provided by                                                      
 (used in) discontinued                                                     
 operations:                                                                
 Cash flows provided by                                                     
  (used in) operating                                                       
  activities                      467      (1,019)          812      (1,488)
 Cash flows provided by                                                     
  (used in) financing                                                       
  activities                    (467)        1,019        (812)        1,488
----------------------------------------------------------------------------
Cash provided by (used                                                      
 in) discontinued                                                           
 operations                         -            -            -            -
                                                                            
Effect of exchange rate                                                     
 changes on cash and                                                        
 cash equivalents               5,677      (6,605)      (4,144)     (10,804)
----------------------------------------------------------------------------
Increase (decrease) in                                                      
 cash and cash                                                              
 equivalents during the                                                     
 period                        11,703        5,046       13,231     (14,394)
                                                                            
Cash and cash                                                               
 equivalents, beginning                                                     
 of period                     57,075       49,481       55,547       68,921
                                                                            
----------------------------------------------------------------------------
Cash and cash                                                               
 equivalents, end of                                                        
 period                  $     68,778 $     54,527 $     68,778 $     54,527
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Consolidated Balance Sheets (Unaudited)                                     
(U.S.$ in thousands)                                                        
----------------------------------------------------------------------------
                                           October 31, 2012   April 30, 2012
----------------------------------------------------------------------------
                                                                            
Assets                                                                      
                                                                            
Current Assets:                                                             
 Cash and cash equivalents                 $         68,778 $         55,547
 Receivables, net of allowance for                                          
  doubtful accounts                                 304,701          266,115
 Income taxes receivable                             25,078           20,747
 Deferred income tax assets                           9,361            8,542
 Inventories                                         95,740           90,013
 Prepaid expenses                                    20,069           21,183
 Other assets                                        38,039           33,195
----------------------------------------------------------------------------
                                                    561,766          495,342
                                                                            
Property and equipment, net                       1,041,490        1,026,860
Investments                                          25,466           24,226
Intangible assets                                   205,493          217,890
Goodwill                                            432,059          433,811
Restricted cash                                      20,353           25,994
Other assets                                        410,986          363,103
Deferred income tax assets                           49,020           48,943
Assets held for sale                                 63,295           79,813
                                                                            
----------------------------------------------------------------------------
                                           $      2,809,928 $      2,715,982
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Liabilities and Shareholder's Equity                                        
                                                                            
Current Liabilities:                                                        
 Payables and accruals                     $        356,519 $        363,064
 Deferred revenue                                    20,775           23,737
 Income taxes payable                                40,169           43,581
 Deferred income tax liabilities                     13,073           11,729
 Current facility secured by accounts                                       
  receivable                                         55,317           45,566
 Other liabilities                                   20,155           23,648
 Current portion of long-term debt                   14,039           17,701
----------------------------------------------------------------------------
                                                    520,047          529,026
Long-term debt                                    1,401,504        1,269,379
Deferred revenue                                     50,221           43,517
Other liabilities                                   189,820          191,521
Deferred income tax liabilities                      18,943           20,072
----------------------------------------------------------------------------
Total liabilities                                 2,180,535        2,053,515
                                                                            
Redeemable non-controlling interests                  4,489            1,675
Capital stock: Par value 1 Euro;                                            
 Authorized and issued:                                                     
  1,228,377,770 and 1,228,377,770,                                          
   respectively                                   1,607,101        1,607,101
Contributed surplus                                  55,541           55,318
Deficit                                           (966,137)        (940,031)
Accumulated other comprehensive loss               (71,601)         (61,596)
                                                                            
----------------------------------------------------------------------------
                                           $      2,809,928 $      2,715,982
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Non-GAAP Financial Measures:

This earnings release includes non-GAAP financial measures, segment earnings before interest, taxes, depreciation, amortization and aircraft lease rent and associated costs ("segment EBITDAR (adjusted)") referred to above as EBITDAR and earnings before interest, taxes, depreciation and amortization ("EBITDA") that are not required by, or presented in accordance with GAAP. These non-GAAP measures are not performance measures under U.S. generally accepted accounting principles and should not be considered as alternatives to net earnings (loss) or any other performance or liquidity measures derived in accordance with GAAP. In addition, these measures may not be comparable to similarly titled measures of other companies. CHC has provided a reconciliation of these non-GAAP measures to the most directly comparable GAAP measure. CHC has chosen to include segment EBITDAR (adjusted) as we consider this to be a significant indicator of our financial performance and use this measure to assist us in allocating available capital resources. We have also included EBITDA as this measure is useful to our debt holders as it is a proxy of Adjusted EBITDA, a non-GAAP measure. Adjusted EBITDA provides useful information to investors as it is a measure to calculate certain financial covenants related to our revolving credit facility and certain covenants in the indenture. CHC has provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure below and has presented a detailed discussion of its reasons for including non-GAAP financial measures and the limitations associated with those measures as part of the "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in the Quarterly Report on Form 10-Q. CHC encourages investors to review the reconciliation and the non-GAAP discussion in conjunction with our presentation of these non-GAAP financial measures.


Reconciliation of Non-GAAP Financial Measures                               
(U.S.$ in thousands)                                                        
----------------------------------------------------------------------------
                        For the three months ended For the six months ended 
                                October 31,               October 31,       
                        ----------------------------------------------------
                                 2012         2011         2012         2011
                        ----------------------------------------------------
 Helicopter Services     $    120,931 $    107,000 $    223,554 $    202,688
 MRO                           28,082       18,935       41,746       39,949
 Corporate and Other         (22,916)     (18,473)     (38,304)     (35,106)
                        ----------------------------------------------------
Consolidated EBITDAR          126,097      107,462      226,996      207,531
Less: aircraft lease and                                                    
 associated costs            (48,797)     (42,604)     (97,227)     (83,100)
                        ----------------------------------------------------
Consolidated EBITDA            77,300       64,858      129,769      124,431
 Amortization                (27,635)     (25,429)     (55,945)     (52,532)
 Restructuring costs          (1,797)      (7,080)      (3,727)     (11,884)
 Recovery (impairment)                                                      
  of receivables and                                                        
  funded residual value                                                     
  guarantees                      143           63        (572)           47
 Impairment of                                                              
  intangible assets           (6,339)      (1,717)      (5,818)      (1,825)
 Impairment of assets                                                       
  held for sale               (3,650)      (4,251)      (9,297)     (11,632)
 Impairment of assets                                                       
  held for use                      -            -        (660)            -
 Gain (loss) on disposal                                                    
  of assets                   (3,026)        (316)      (4,617)        3,741
----------------------------------------------------------------------------
Operating income               34,996       26,128       49,133       50,346
Interest on long-term                                                       
 debt                        (30,075)     (29,516)     (59,958)     (60,186)
Foreign exchange gain          10,562        2,446        3,161        2,639
Other financing charges       (3,449)      (6,491)     (11,603)      (6,235)
----------------------------------------------------------------------------
Income (loss) from                                                          
 continuing operations                                                      
 before tax                    12,034      (7,433)     (19,267)     (13,436)
Income tax recovery                                                         
 (expense)                    (5,022)        8,638      (6,303)       12,485
----------------------------------------------------------------------------
Income (loss) from                                                          
 continuing operations          7,012        1,205     (25,570)        (951)
Earnings (loss) from                                                        
 discontinued                                                               
 operations, net of tax           467      (7,526)          812      (8,312)
----------------------------------------------------------------------------
Net earnings (loss)      $      7,479 $    (6,321) $   (24,758) $    (9,263)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Cautionary Note on Forward-Looking Statements:

This press release contains forward-looking statements and information within the meaning of certain securities laws, including the "safe harbor" provision of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, projections, conclusions, forecasts and other statements are "forward-looking statements". While these forward-looking statements represent our best current judgment, the actual results could differ materially from the conclusions, forecasts or projections 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, industry exposure, inflation, inability to enter into new contracts or the loss of existing contracts, inability to maintain government issued licenses, inability to obtain necessary aircraft or insurance, competition, political, economic and regulatory uncertainty, loss of key personnel, work stoppages due to labor disputes, accidents, mechanical failures, regulatory actions and future material acquisitions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. The Company disclaims any intentions or obligations to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Please refer to our annual report on Form 10-K, our quarterly reports on Form 10-Q, and other filings, in particular any discussion of risk factors or forward-looking statements, which are filed with the SEC and available at the SEC's website (www.sec.gov), for a full discussion of the risks and other factors that may impact any estimates or forward-looking statements made herein.

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Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
The idea of comparing data in motion (at the sensor level) to data at rest (in a Big Data server warehouse) with predictive analytics in the cloud is very appealing to the industrial IoT sector. The problem Big Data vendors have, however, is access to that data in motion at the sensor location. In his session at @ThingsExpo, Scott Allen, CMO of FreeWave, discussed how as IoT is increasingly adopted by industrial markets, there is going to be an increased demand for sensor data from the outermos...