Strong second quarter for Discovery Air
Sept. 13, 2011, Yellowknife, N.W.T. - Sharply higher revenue and a pre-tax gain helped specialty aviation services company Discovery Air post an increase in its fiscal 2012 second-quarter net earnings.
September 13, 2011 By The Canadian Press
Discovery Air said Tuesday that it earned $18 million or 10 cents per diluted share in the three months ended July 31, compared with $11.3 million or eight cents per diluted share in the same prior-year quarter.
Revenue soared to $70.7 million from $57.7 million in the fiscal 2011 quarter.
Meanwhile, the company realized a pre-tax gain of $5.9 million from a $13.2-million debt extinguishment during the quarter. Net earnings adjusted for the tax-effected gain of approximately $4.2 million were $13.8 million.
Discovery Air Inc. is a specialty aviation services company operating across Canada and internationally. With over 130 aircraft, it employs more than 600 flight crew and other staff to deliver a variety of air transport, maintenance and logistics solutions.