Discovery Air’s Q1 profit soars 42 per cent
June 15, 2012, Yellowknife, N.W.T. - Speciality aviation company Discovery Air Inc. returned to the black in its fiscal 2013 first quarter as the Yellowknife-based speciality aviation company reported a 42 per cent increase in revenue.
Discovery said it earned just under $1.4 million or nine cents per share in the three months ended April 30, reversing a year-earlier loss of almost $2.6 million or 19 cents per share.
Revenue was $52.9 million, up from $37.2 million.
"We started the year off strong with our highest first quarter revenues and EBITDA (earnings before interest, taxes, depreciation and amortization) to date,'' president and CEO Dave Jennings said in the company's earnings release.
"As we enter into our traditional peak season we are optimistic that we will be able to sustain the first quarter momentum,'' Jennings added.
He said decisions made in the fourth quarter last year to establish future revenue streams had paid off in the current quarter.
"We continue to remain focused on growing our existing lines of services coupled with the incremental contribution from our Chilean operations acquired in February and Northern Air Support acquired in May,'' he said.
Discovery, with some 850 employees and more than 150 helicopters and fixed-wing aircraft, provides airborne training to the Canadian military as well as airborne fire services, air charter services and logistics support along with a range of maintenance, engineering and certification services.