Discovery Air sees profit rise 63% in Q3
Dec. 13, 2011, Yellowknife, N.W.T. - Aviation services Discovery Air net income increased 63 per cent to $6.2 million in the third quarter, saying it experienced growth in a difficult economic climate.
December 13, 2011 By The Canadian Press
Revenues were up 25 per cent to $55.1 million in the quarter, the company said Tuesday.
"The current quarter results reflect a continuation of the significant sustained growth that we've seen over the last two years at Discovery Air, which is a credit to our operation's ability to remain focused on seizing new revenue opportunities, despite the economic distractions over the past year," CEO Dave Jennings said.
"We plan to keep this focus by ensuring we continue to be the leading service provider in our existing operations and by seeking and selecting new opportunities that complement our growth model," he said in a news release.
Earnings per share were 42 cents versus 28 cents per share in the same quarter last year.
In the third-quarter, Discovery Air said it recorded a $1.1 million non-cash gain from a change in fair value of an embedded derivative related to $70 million in convertible debentures issued in the quarter.
Adjusted earnings, which excludes this item, were $5.1 million or 35 cents per share, or a 34 per cent increase compared to the same quarter last year, the company said.