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Marketwired
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CORRECTION FROM SOURCE: CHC Helicopter Posts Strong EBITDAR Growth in FY13 Fourth Quarter / Q4 Revenue Down Slightly; EBITDAR Up for Ninth Straight Quarter Full-Year Fiscal-2013 Revenue of $1.74 Billion is CHC's Highest Ever Company Reaping Benefits

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/26/13 -- This document corrects and replaces the news release that was sent today at 4:00 p.m. ET. Revisions have been made throughout the release.

CHC Helicopter's ongoing transformation produced improved operating margins in its fiscal fourth-quarter 2013, resulting in strong earnings growth despite a slight revenue decline.

Revenue for Q4, which ended April 30, was $439 million, 3 percent lower than the same quarter a year ago. The company reported a net loss of $29 million, which was lower than a $48 million loss in the previous fourth quarter. Adjusted net earnings for the period was $2 million, compared with a quarterly adjusted net loss of $61 million a year ago.

CHC's EBITDAR - earnings before interest, taxes, depreciation, amortization and aircraft rental costs, its primary gauge of operational profitability - was $137 million, 23 percent higher, reflecting improved pricing discipline and efficiency. EBITDA was $85 million, an increase of 34 percent.

For the full fiscal year, EBITDAR and EBITDA also grew faster than revenue. EBITDAR rose 15 percent and EBITDA 16 percent, while revenue was up 3 percent, to $1.74 billion. A fiscal-2013 adjusted net loss of $59 million was better than adjusted net loss of $88 million for fiscal 2012.

Fourth Quarter               Fiscal Year
(in millions)          FY13    FY12  Change(ii)    FY13    FY12  Change(ii)
                     ------  ------  ---------- -------  ------  ----------
Revenue              $  439  $  453          -3% $1,744  $1,693           3%
Net Loss             $  (29) $  (48)         40% $ (116) $  (95)        -22%
EBITDAR(i)           $  137  $  111          23% $  485  $  421          15%
EBITDA(i)            $   85  $   64          34% $  283  $  244          16%
Adjusted Net Earnings
 (Loss) (i)          $    2  $  (61)        N/A  $  (59) $  (88)         33%
 (i)  See reconciliation to GAAP measures below.
 (ii) All growth rates in this release are year-over-year unless otherwise
      noted.

According to CHC President and Chief Executive Officer William Amelio, the company is benefiting from a range of initiatives to enhance tools, systems and processes, and improve execution.

"We are enhancing our capability, efficiency and culture," said Mr. Amelio, "Together those improvements are creating great service and value for customers, operating and competitive advantages for CHC, and enhanced safety for all of us."

Helicopter Services (flying):

--  Higher flying-services revenue included double-digit growth in Norway
    and the United Kingdom, where most bases are located for the rich North
    Sea oil-and-gas reserves, and Brazil, a large and rapidly expanding
    source for the global O&G industry.
--  Helicopter Services EBITDAR was up 28 percent.
--  During the quarter, CHC won 10 new contracts and bid on two dozen
    additional tenders that have yet to be awarded - the latter worth a
    combined $1.1 billion in multiyear revenue.
--  The company is well along in preparing for the return of its Eurocopter
    225 helicopters to full commercial service, following an industry wide
    suspension last October of most flights using the aircraft. Resumption
    of full service requires certain regulatory approvals.

Heli-One (MRO):

--  Q4 external revenue for CHC's helicopter maintenance, repair and
    overhaul (MRO) business was down 30 percent. EBITDAR was also down year-
    over-year, but at a rate nearly one-half of the revenue decline, as
    Heli-One further streamlined its operations through Lean and other
    initiatives.
--  Over the course of fiscal 2013, the company increased its MRO sales
    backlog - revenue that is expected to be recognized as contracted
    services are delivered over time - to a record $300 million.

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
(Expressed in thousands of United States dollars)
----------------------------------------------------------------------------

Segment Third Party
 Revenue
                           For the three months    For the year ended April
                              ended April 30,                 30,
                         ---------------------------------------------------
                                2013         2012         2013         2012
----------------------------------------------------------------------------

Helicopter Services          395,212      390,185    1,603,403    1,526,060
MRO                           43,941       62,772      140,444      166,479
Corporate and Other                -            -            -            -
                         ---------------------------------------------------
Consolidated totals      $   439,153  $   452,957  $ 1,743,847  $ 1,692,539
                         ---------------------------------------------------
                         ---------------------------------------------------

EBITDAR and EBITDA
 Summary
                            For the three months       For the year ended
                              ended April 30,              April 30,
                         ---------------------------------------------------
                                2013         2012         2013         2012
                         ---------------------------------------------------

Helicopter Services          125,548       98,367      469,651      400,729
MRO                           30,389       37,043       91,700       96,020
Corporate and Other          (17,692)     (21,582)     (73,802)     (69,065)
Eliminations                  (1,115)      (2,603)      (2,887)      (7,106)
                         ---------------------------------------------------
Consolidated EBITDAR (i)     137,130      111,225      484,662      420,578
Less: aircraft lease and
 associated costs            (52,346)     (47,717)    (201,736)    (176,685)
                         ---------------------------------------------------
Consolidated EBITDA (i)  $    84,784  $    63,508  $   282,926  $   243,893
                         ---------------------------------------------------
                         ---------------------------------------------------

(i) See reconciliations to GAAP measures below.

Consolidated Statement of Earnings
(Expressed in thousands of United States dollars)
----------------------------------------------------------------------------

                           For the three months
                                   ended              For the year ended
                         ---------------------------------------------------
                           April 30,    April 30,    April 30,    April 30,
                                2013         2012         2013         2012
----------------------------------------------------------------------------
Revenue                  $   439,153  $   452,957  $ 1,743,847  $ 1,692,539

Operating Expenses
 Direct costs               (338,708)    (369,069)  (1,391,837)  (1,382,425)
 Earnings from equity
  accounted investees          2,031        1,202        4,718        2,844
 General and
  administration costs       (17,692)     (21,582)     (73,802)     (69,065)
 Depreciation                (47,280)     (32,076)    (131,926)    (112,967)
 Restructuring costs          (2,359)      (6,899)     (10,976)     (22,511)
 Asset impairments            (5,763)      (1,988)     (29,923)     (17,415)
 Gain (loss) on disposal
  of assets                   (6,464)       5,223      (15,483)       8,169
----------------------------------------------------------------------------
                            (416,235)    (425,189)  (1,649,229)  (1,593,370)

Operating income              22,918       27,768       94,618       99,169

Interest on long-term
 debt                        (33,250)     (27,322)    (127,199)    (116,578)
Foreign exchange gain
 (loss)                      (18,395)       9,593      (11,380)       1,795
Other financing income
 (charges)                     3,710       (1,045)     (18,755)     (15,062)
----------------------------------------------------------------------------

Earnings (loss) from
 continuing operations
 before tax                  (25,017)       8,994      (62,716)     (30,676)

Income tax expense            (3,835)     (50,099)     (54,441)     (48,217)
----------------------------------------------------------------------------

Loss from continuing
 operations                  (28,852)     (41,105)    (117,157)     (78,893)

Earnings (loss) from
 discontinued operations,
 net of tax                        1       (6,579)       1,025      (16,107)
----------------------------------------------------------------------------
Net loss                 $   (28,851) $   (47,684) $  (116,132) $   (95,000)
----------------------------------------------------------------------------
Net earnings (loss)
 attributable to:

Controlling interest     $   (34,723) $   (49,304) $  (119,079) $  (107,422)
Non-controlling interest       5,872        1,620        2,947       12,422
----------------------------------------------------------------------------
Net loss                 $   (28,851) $   (47,684) $  (116,132) $   (95,000)
----------------------------------------------------------------------------

Consolidated Statement of Cash Flows
(Expressed in thousands of United States dollars)
----------------------------------------------------------------------------
                           For the three months
                                   ended              For the year ended
                         ---------------------------------------------------
                           April 30,    April 30,    April 30,    April 30,
                                2013         2012         2013         2012
----------------------------------------------------------------------------
Cash provided by (used
 in):
Operating activities:
Net loss                 $   (28,851) $   (47,684) $  (116,132) $   (95,000)
Earnings (loss) from
 discontinued operations,
 net of tax                        1       (6,579)       1,025      (16,107)
----------------------------------------------------------------------------
Loss from continuing
 operations                  (28,852)     (41,105)    (117,157)     (78,893)
Adjustments to reconcile
 net loss to cash flows
 provided by (used in)
 operating activities:

Depreciation                  47,280       32,076      131,926      112,967
Loss (gain) on disposal
 of assets                     6,464       (5,223)      15,483       (8,169)
Asset impairments              5,763        1,988       29,923       17,415
Non-cash financing costs
 (recovery)                      113           65          159       (1,810)
Earnings from equity
 accounted investees          (2,031)      (1,202)      (4,718)      (2,844)
Deferred income taxes         (2,358)      41,280       20,586       32,172
Pension contributions net
 of pension expense          (10,337)      (2,137)     (39,275)     (28,907)
Decrease (increase) to
 deferred lease financing
 costs                        (1,325)       1,699       (4,076)      (6,981)
Foreign exchange loss
 (gain)                        8,590       (5,935)       6,694        3,415
Other                          3,397        3,209        7,369         (138)
Decrease in cash
 resulting from changes
 in operating assets and
 liabilities                  (1,184)      (8,864)     (47,677)     (22,626)
----------------------------------------------------------------------------
Cash provided by (used
 in) operating activities     25,520       15,851         (763)      15,601
----------------------------------------------------------------------------

Financing activities:
Sold interest in accounts
 receivable, net of
 collections                  13,283      (15,454)       7,262       27,203
Net proceeds from
 issuance of capital
 stock                        24,922       20,000       24,922      100,000
Proceeds from issuance of
 senior secured notes              -            -      202,000            -
Long-term debt proceeds      356,296      267,853    1,168,745      867,853
Long-term debt repayments   (360,441)    (221,065)  (1,178,035)    (786,808)
Increase in deferred
 financing costs related
 to the notes                   (178)      (1,033)      (3,971)      (1,033)
----------------------------------------------------------------------------
Cash provided by
 financing activities         33,882       50,301      220,923      207,215
----------------------------------------------------------------------------

Investing activities:
Property and equipment
 additions                  (109,321)    (123,576)    (427,879)    (376,624)
Proceeds from disposal of
 property and equipment      145,445       53,021      353,341      218,259
Aircraft deposits, net of
 lease inception refunds     (22,158)      12,053      (71,675)     (47,307)
Restricted cash               (8,160)        (157)      (5,753)     (13,135)
Distribution from equity
 investments                   1,304          198        2,049        1,134
----------------------------------------------------------------------------
Cash provided by (used
 in) investing activities      7,110      (58,461)    (149,917)    (217,673)
----------------------------------------------------------------------------
Cash provided by
 continuing operations        66,512        7,691       70,243        5,143

Cash flows provided by
 (used in) discontinued
 operations:
Cash flows provided by
 operating activities              1        3,935        1,025        2,240
Cash flows used in
 financing activities             (1)      (3,935)      (1,025)      (2,240)
----------------------------------------------------------------------------
Cash provided by (used
 in) discontinued
 operations                        -            -            -            -

Effect of exchange rate
 changes on cash and cash
 equivalents                  (2,118)       1,182       (2,076)     (18,517)
----------------------------------------------------------------------------
Change in cash and cash
 equivalents during the
 period                       64,394        8,873       68,167      (13,374)
Cash and cash
 equivalents, beginning
 of period                    59,320       46,674       55,547       68,921
----------------------------------------------------------------------------
Cash and cash
 equivalents, end of
 period                  $   123,714  $    55,547  $   123,714  $    55,547
----------------------------------------------------------------------------

Consolidated Balance Sheets
(Expressed in thousands of United States dollars)
----------------------------------------------------------------------------
                                           April 30, 2013    April 30, 2012
----------------------------------------------------------------------------
Assets

Current Assets:
 Cash and cash equivalents               $        123,714  $         55,547
 Receivables, net of allowance for
  doubtful accounts                               322,396           266,115
 Income taxes receivable                           25,871            20,747
 Deferred income tax assets                            49             8,542
 Inventories                                      105,794            90,013
 Prepaid expenses                                  22,219            21,183
 Other assets                                      50,936            33,195
----------------------------------------------------------------------------
                                                  650,979           495,342

Property and equipment, net                     1,075,254         1,026,860
Investments                                        26,896            24,226
Intangible assets                                 197,810           217,890
Goodwill                                          430,462           433,811
Restricted cash                                    29,639            25,994
Other assets                                      438,777           363,103
Deferred income tax assets                         10,752            48,943
Assets held for sale                               32,047            79,813

----------------------------------------------------------------------------
                                         $      2,892,616  $      2,715,982
----------------------------------------------------------------------------

Liabilities and Shareholder's Equity

Current Liabilities:
 Payables and accruals                   $        419,179  $        363,064
 Deferred revenue                                  27,652            23,737
 Income taxes payable                              47,987            43,581
 Deferred income tax liabilities                      618            11,729
 Current facility secured by accounts
  receivable                                       53,512            45,566
 Other liabilities                                 22,791            23,648
 Current portion of long-term debt                  2,138            17,701
----------------------------------------------------------------------------
                                                  573,877           529,026
Long-term debt obligations                      1,475,087         1,269,379
Deferred revenue                                   55,990            43,517
Other liabilities                                 246,455           191,521
Deferred income tax liabilities                    10,627            20,072
----------------------------------------------------------------------------
Total liabilities                               2,362,036         2,053,515

Redeemable non-controlling interests               (8,262)            1,675
Capital stock: Par value 1 Euro;
 Authorized and issued:
  1,228,377,771 and 1,228,377,770,
   respectively                                 1,607,101         1,607,101
Contributed surplus                                80,686            55,318
Deficit                                        (1,059,110)         (940,031)
Accumulated other comprehensive loss              (89,835)          (61,596)
----------------------------------------------------------------------------
Total Shareholder's Equity                        538,842           660,792

----------------------------------------------------------------------------
                                                2,892,616  $      2,715,982
----------------------------------------------------------------------------

Non-GAAP Financial Measures:

This press release includes non-GAAP financial measures, adjusted net earnings (loss), 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 U.S. generally accepted accounting principles (" GAAP"). These non-GAAP measures are not performance measures under GAAP 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 below. CHC has chosen to include adjusted net earnings (loss) as we consider this to be a useful measure of our results before asset impairments, gain or loss on the disposal of assets and foreign exchange gains or losses. We have 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 our note indentures and other financing instruments. 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 our Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. CHC encourages investors to review the reconciliation and the non-GAAP discussion in conjunction with our presentation of these non-GAAP financial measures.

EBITDA - Non-GAAP Reconciliation
(Expressed in thousands of United States dollars)
----------------------------------------------------------------------------
                                 For the three months   For the year ended
                                    ended April 30,          April 30,
                                 -------------------------------------------
                                      2013       2012       2013       2012
                                 -------------------------------------------

Helicopter Services              $ 125,548  $  98,367  $ 469,651  $ 400,729
MRO                                 30,389     37,043     91,700     96,020
Corporate and Other                (17,692)   (21,582)   (73,802)   (69,065)
Eliminations                        (1,115)    (2,603)    (2,887)    (7,106)
                                 -------------------------------------------
Consolidated EBITDAR               137,130    111,225    484,662    420,578
Less: aircraft lease and
 associated costs                  (52,346)   (47,717)  (201,736)  (176,685)
                                 -------------------------------------------
Consolidated EBITDA                 84,784     63,508    282,926    243,893
 Depreciation                      (47,280)   (32,076)  (131,926)  (112,967)
 Restructuring costs                (2,359)    (6,899)   (10,976)   (22,511)
 Asset impairments                  (5,763)    (1,988)   (29,923)   (17,415)
 Gain (loss) on disposal of
  assets                            (6,464)     5,223    (15,483)     8,169
----------------------------------------------------------------------------
Operating income                    22,918     27,768     94,618     99,169
Interest on long-term debt         (33,250)   (27,322)  (127,199)  (116,578)
Foreign exchange gain (loss)       (18,395)     9,593    (11,380)     1,795
Other financing charges              3,710     (1,045)   (18,755)   (15,062)
----------------------------------------------------------------------------
Earnings (loss) from continuing
 operations before tax             (25,017)     8,994    (62,716)   (30,676)
Income tax expense                  (3,835)   (50,099)   (54,441)   (48,217)
----------------------------------------------------------------------------
Loss from continuing operations    (28,852)   (41,105)  (117,157)   (78,893)
Earnings (loss) from discontinued
 operations, net of tax                  1     (6,579)     1,025    (16,107)
----------------------------------------------------------------------------
Net loss                         $ (28,851) $ (47,684) $(116,132) $ (95,000)
----------------------------------------------------------------------------

Adjusted net earnings (loss) - Non-GAAP Reconciliation
(Expressed in thousands of United States dollars)
----------------------------------------------------------------------------
                                 For the three months
                                    ended April 30,     For the year ended
                                 -------------------------------------------
                                      2013       2012       2013       2012
                                 -------------------------------------------
Adjusted net earnings (loss)     $   1,771  $ (60,512) $ (59,346) $ (87,549)
 Asset impairments                  (5,763)    (1,988)   (29,923)   (17,415)
 Gain (loss) on disposal of
  assets                            (6,464)     5,223    (15,483)     8,169
 Foreign exchange gain (loss)      (18,395)     9,593    (11,380)     1,795
----------------------------------------------------------------------------
Net loss                         $ (28,851) $ (47,684) $(116,132) $ (95,000)
----------------------------------------------------------------------------

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 press release, 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, trade credit risk, 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 our other filings, in particular any discussion of risk factors or forward-looking statements, which are filed with the SEC and available free of charge 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.

Contacts:
CHC Helicopter
Investor Relations
(604) 247-7052
investor@chc.ca

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