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Last10K.com | 10-K Annual Report Fri Mar 14 2014
Erickson Reports Fourth Quarter and Full Year 2013 Results
Full Year Revenues Up 76% to $318 million; Pro Forma Growth of 4%
Full Year Diluted EPS of $0.82; Full-Year Adjusted EPS of $1.52
Full Year Adjusted EBITDA of $90.9 million and Pro Forma Adjusted EBITDA of $106.3 million
Commercial Growth Anticipated to Offset Defense Spending Reductions for FY14
Issues FY14 Guidance for Sales of $385 to $405 million; Adjusted EBITDA of $100 to $110 million
PORTLAND, Ore.(BUSINESS WIRE)March 13, 2014 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 fourth quarter and full year 2013 financial results and initiated guidance for fiscal 2014.
Udo Rieder, Chief Executive Officer of Erickson, commented, We finished the year with a strong fourth quarter and have made great progress along a number of dimensions. We have substantially completed the integration of our two acquisitions and greatly improved our operational performance for our government customers. We expect to leverage the strength of our comprehensive aviation services platform in 2014 to secure business with new customers and to offset significant, but anticipated declines in defense spending in Afghanistan.
Mr. Rieder continued, As we look forward, we believe we have a clear opportunity to further enhance our competitive position across key end markets. The recently announced Hunt Oil contract is an excellent example of leveraging our diversified fleet to more effectively serve the needs of our customers. Even as we broaden our services, we expect to streamline and better integrate our operations. We believe this will enable us to execute better, drive improved profitability and establish a firm foundation for long-term growth.
Fourth Quarter and Recent Highlights
|||Fourth quarter revenue increased 137% to $92.5 million versus the prior year period, driven by contributions from acquisitions as well as organic growth in infrastructure construction and firefighting as compared to the prior year. Revenues grew 9% in the fourth quarter as compared to $85.2 million in the prior years fourth quarter on a pro forma basis including Evergreen Helicopters.|
|||Fourth quarter Adjusted EBITDA grew 177% to $19.0 million. Adjusted EBITDA excludes the effect of integration and acquisition related expenses as well as $3.4 million for a loss on sale of the Evergreen International Aviation note (EIA note) receivable. This represents a 14% increase in Adjusted EBITDA as compared to $16.6 million in the prior years fourth quarter pro forma Adjusted EBITDA.|
|||Erickson has secured a new four year contract with Hunt Oil in the South American oil and gas market.|
|||Earlier this week, Erickson secured an amendment to its revolving credit facility to increase the maximum availability from $125.0 million to $140.0 million.|
The following information was filed by Erickson Inc. (EAC) on Thursday, March 13, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Erickson Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2014 10-K Annual Report includes:
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