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Erickson Aircrane Inc. (EAC) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Erickson Inc.

CIK: 1490165 Ticker: EAC

Exhibit 99.1

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 year’s 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 year’s 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.

 

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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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Preferred Stock And Stockholders' Equity (deficit)
Accounts Receivable And Allowance For Doubtful Accounts
Accounts Receivable And Allowance For Doubtful Accounts (tables)
Accounts Receivable And Allowance For Doubtful Accounts - Additional Information (detail)
Accounts Receivable And Allowance For Doubtful Accounts - Schedule Of Accounts Receivable (detail)
Accounts Receivable And Allowance For Doubtful Accounts - Schedule Of Changes In Allowance For Doubtful Accounts (detail)
Accrued And Other Current Liabilities
Accrued And Other Current Liabilities (tables)
Accrued And Other Current Liabilities - Schedule Of Accrued And Other Current Liabilities (detail)
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Acquisitions - Schedule Of Fair Value Of Consideration Transferred (detail)
Acquisitions - Summary Of Estimated Fair Values Of Assets Acquired And Liabilities Assumed (detail)
Acquisitions - Summary Of Estimated Fair Values Of Assets Acquired And Liabilities Assumed (parenthetical) (detail)
Acquisitions - Summary Of Pro Forma Information Company's Results Of Operations (detail)
Acquisitions - Summary Of Pro Forma Information Company's Results Of Operations (parenthetical) (detail)
Aircraft And Property, Plant And Equipment
Aircraft And Property, Plant And Equipment (tables)
Aircraft And Property, Plant And Equipment - Additional Information (detail)
Aircraft And Property, Plant And Equipment - Schedule Of Aircraft (detail)
Aircraft And Property, Plant And Equipment - Schedule Of Changes In Aircraft Employed In Fleet (detail)
Aircraft And Property, Plant And Equipment - Schedule Of Property, Plant And Equipment (detail)
Aircraft Support Parts, Net
Aircraft Support Parts, Net (tables)
Aircraft Support Parts, Net - Additional Information (detail)
Aircraft Support Parts, Net - Schedule Of Aircraft Support Parts, Net (detail)
Aircraft Support Parts, Net - Schedule Of Aircraft Support Parts, Net (parenthetical) (detail)
Aircraft Support Parts, Net - Schedule Of Changes In Excess And Obsolete Reserve (detail)
Authorized Capital Stock
Authorized Capital Stock - Additional Information (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Schedule Of Minimum Future Lease Payments Under Non-cancelable Operating Leases (detail)
Consolidating Financial Information
Consolidating Financial Information (tables)
Consolidating Financial Information - Additional Information (detail)
Consolidating Financial Information - Schedule Of Condensed Consolidating Balance Sheets (detail)
Consolidating Financial Information - Schedule Of Condensed Consolidating Statements Of Cash Flows (detail)
Consolidating Financial Information - Schedule Of Condensed Consolidating Statements Of Comprehensive Income (loss) (detail)
Debt
Debt (tables)
Debt - 2020 Senior Notes Offering - Additional Information (detail)
Debt - 2020 Subordinated Notes - Additional Information (detail)
Debt - Advance From Cambiano - Additional Information (detail)
Debt - Revolving Credit Facility - Additional Information (detail)
Debt - Schedule Of Future Minimum Principal Payments (detail)
Debt - Schedule Of Total Outstanding Debt (detail)
Debt - Subordinated Notes - Additional Information (detail)
Debt - Term Debt And Revolving Line Of Credit - Additional Information (detail)
Debt - Term Debt And Revolving Line Of Credit - Additional Information1 (detail)
Debt - Working Capital Guarantee Credit Agreement - Additional Information (detail)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (tables)
Derivative Instruments And Hedging Activities - Summary Of Open Foreign Currency Forward Contracts (detail)
Description Of The Business
Description Of The Business - Additional Information (detail)
Earnings (loss) Per Share
Earnings (loss) Per Share (tables)
Earnings (loss) Per Share - Schedule Of Computation Of Basic And Diluted Earnings (loss) Per Share (detail)
Employee Benefit Plans
Employee Benefit Plans - Additional Information (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Schedule Of Income (loss) Before Noncontrolling Interest Income Taxes By Taxing Jurisdiction (detail)
Income Taxes - Schedule Of Income Tax Expense (benefit) (detail)
Income Taxes - Schedule Of Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits (detail)
Income Taxes - Schedule Of Significant Components Of Company's Deferred Tax Assets And Liabilities And Balance Sheet Classifications (detail)
Income Taxes - Schedule Of U.s. Statutory Rate Reconciles To Effective Tax Rate (detail)
Quarterly Financial Information - Schedule Of Quarterly Financial Information (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Reportable Segments
Reportable Segments (tables)
Reportable Segments - Additional Information (detail)
Reportable Segments - Reconciliation Of Segment Operating Income (loss) (detail)
Reportable Segments - Schedule Of Assets By Reportable Segment (detail)
Reportable Segments - Schedule Of Gross Profit By Reportable Segment (detail)
Reportable Segments - Schedule Of Revenue By Geographic Area (detail)
Reportable Segments - Schedule Of Revenue By Reportable Segment (detail)
Restructuring
Restructuring - Additional Information (detail)
Seasonality
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Additional Information (detail)
Stock-based Compensation - Schedule Of Unrecognized Stock-based Compensation Expense Related To Outstanding Unvested Restricted Stock Unit Awards Expected To Be Recognized (detail)
Stock-based Compensation - Summary Of Restricted Stock Units Awards Activity (detail)
Subsequent Events
Subsequent Events - Additional Information (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Schedule Of Estimated Useful Lives Of Aircraft And Property, Plant And Equipment (detail)
Summary Of Significant Accounting Policies - Summary Of Customers That Accounted For At Least 10% Of Company's Net Revenues (detail)
Summary Of Significant Accounting Policies - Summary Of Customers That Accounted For At Least 10% Of Total Current And Non-current Trade Receivables (detail)
Summary Of Significant Accounting Policies - Summary Of Customers That Accounted For At Least 10% Of Total Current And Non-current Trade Receivables (parenthetical) (detail)
Unaudited Quarterly Financial Information
Unaudited Quarterly Financial Information (tables)
Warranty Reserves And Cost Per Hour ("cph") Reserves
Warranty Reserves And Cost Per Hour ("cph") Reserves (tables)
Warranty Reserves And Cost Per Hour ("cph") Reserves - Additional Information (detail)
Warranty Reserves And Cost Per Hour ("cph") Reserves - Schedule Of Cph Reserves (detail)
Warranty Reserves And Cost Per Hour ("cph") Reserves - Summary Of Warranty Reserves Related To Sales Of Aircranes (detail)
Ticker: EAC
CIK: 1490165
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-098355
Submitted to the SEC: Thu Mar 13 2014 8:50:23 PM EST
Accepted by the SEC: Fri Mar 14 2014
Period: Tuesday, December 31, 2013
Industry: Aircraft And Parts

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