Revenue reached
EBITDA was
Cash flows related to operating activities before net changes in non-cash working capital balances stood at
------------------------------------------------------------------------- Financial Highlights Quarters ended Nine months (in thousands of dollars, Sept. 30, ended Sept. 30, except per unit data) 2009 2008 2009 2008 ------------------------------------------------------------------------- Revenue 54,917 57,291 122,785 123,872 EBITDA (1) 23,141 20,722 30,943 27,505 Net earnings before non-controlling interest 16,516 14,502 24,153 19,748 Per unit - basic and diluted ($) 1.26 1.09 1.84 1.49 Distributable cash 17,303 14,574 26,066 22,517 Per unit - basic and diluted ($) 1.32 1.10 1.99 1.70 Weighted-average units outstanding (including Class B) 13,098,374 13,280,000 13,098,590 13,280,000 ------------------------------------------------------------------------- (1) Earnings before interest, income taxes, depreciation and amortization, gain or loss on disposal of property, plant and equipment and non-controlling interest
The Fund ended the third quarter of 2009 in a strong financial position with cash and cash equivalents of
"Canadian Helicopters' improved profitability in the third quarter reflects a favourable business mix and most importantly a tight rein on operating expenses," said
NINE-MONTHS RESULTS
Canadian Helicopters' revenue stood at
EBITDA reached
OUTLOOK
"Our reputation for superior service, professionalism and our commitment to the safety of flight operations continues to solidify our brand. All of these factors have positioned Canadian Helicopters to pursue business opportunities where this is valued more aggressively. In the short term, trends experienced in the natural resource sector are expected to continue into early 2010. Still, a large proportion of our services are essential in nature, and therefore less subject to volatility in the economy," concluded
CONFERENCE CALL
Canadian Helicopters will hold a conference call to discuss these results on
ABOUT CANADIAN HELICOPTERS INCOME FUND
Through Canadian Helicopters Limited, Canadian Helicopters Income Fund is the largest helicopter transportation services company operating in
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements relating to the future performance of the Fund. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they were made. The Fund disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise unless being required by applicable laws.
DEFINITION OF NON-GAAP MEASURES: EBITDA, STANDARDIZED DISTRIBUTABLE CASH AND DISTRIBUTABLE CASH
References to "EBITDA" are to earnings (loss) before interest, income taxes, depreciation and amortization, gain or loss on disposal of property, plant and equipment and non-controlling interest, as disclosed in the Summary of Selected Consolidated Financial Information.
Standardized Distributable Cash is a non-GAAP measure recommended by the Canadian Institute of Chartered Accountants ("CICA") in order to provide a consistent and comparable measurement of distributable cash across entities. Standardized Distributable Cash represents cash flows from operating activities, less adjustments for net maintenance capital expenditures as reported in accordance with GAAP.
Management views Distributable Cash as an operating performance measure, as it is a measure generally used by Canadian income funds as an indicator of financial performance. Distributable Cash is defined as Standardized Distributable Cash plus the net change in non-cash working capital balances and less the consideration paid by the Fund for the purchase of Units under the employee Unit purchase plan. Distributable Cash is important as it summarizes the funds available for distribution to Unitholders.
EBITDA, Standardized Distributable Cash and Distributable Cash are not earnings measures recognized under GAAP and do not have standardized meanings prescribed by GAAP. Therefore, EBITDA, Standardized Distributable Cash and Distributable Cash may not be comparable with similar measures presented by other entities. Investors are cautioned that EBITDA, Standardized Distributable Cash and Distributable Cash should not be construed as an alternative to net earnings (loss) determined in accordance with GAAP as indicators of the Fund's performance, or to cash flows from operating, investing and financing activities as measures of liquidity and cash flows.
Note to readers: Complete consolidated unaudited interim financial statements and Management's Discussion & Analysis of Operating Results and Financial Position are available on Canadian Helicopters' website at www.canadianhelicopters.com and on SEDAR at www.sedar.com.
%SEDAR: 00022513EF
For further information: Don Wall, President and CEO, Canadian Helicopters Income Fund, (780) 429-6919
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