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- Consolidated revenues for the three months ended Jan. 31, 2015 (Current Quarter) increased 5 per cent, in comparison to the three months ended January 31, 2014. The Aviation segment experienced increased activity (an 8 per cent increase from the comparative period) primarily as a result of forest fire suppression operations in South America.
- Consolidated revenues for the year ended Jan. 31, 2015 (Year-to-date) decreased 11 per cent, in comparison to the year ended Jan. 31, 2014. The decline was largely attributable to decreased flight hours due to cyclical resourced-based activity in our commercial markets.
- EBITDA loss for the Current Quarter decreased 14 per cent in comparison to the same period in the prior year, primarily due to increased flight hours for the quarter. EBITDA for the twelve months ending Jan. 31, 2015 declined by 35 per cent in comparison to the same period in the prior year, primarily stemming from decreased flight hours.
- Loss for the three months ended Jan. 31, 2015 was $15.2 million compared to $21.4 million for the same period in the prior year. The variance was mainly attributable to increased flight hours, and a reduction of $8.1 million in impairment charges. For the year ended Jan. 31, 2015, loss was $18.9 million compared to a loss of $18.0 million in the comparative period with the increase primarily resulting from an $8.7 million decline in EBITDA offset by reduced impairment charges of $9.1 million.
- In January 2015, Air Tindi Ltd., a subsidiary of the Corporation, renewed a contract with the Stanton Health Authority in the Northwest Territories, to provide medevac equipped aircraft services for a period of eight years plus two option years. In April 2015, the Corporation purchased three King Air 250s for USD $13.3 million (approximately CAD $16.7 million) to support this contract. The purchase was primarily financed with a $15.0 million loan from the aircraft vendor with a term of eight years.
- In April 2015, the Corporation renewed its fire services contract with the Ontario Ministry of Natural Resources and Forestry for a period of seven years.
- On Jan. 19, 2015, the Corporation announced its intent to complete a second rights offering (Recent Offering) in order to raise up to $11.0 million of equity capital through the sale of Class A common voting shares and/or Class B common variable voting shares (collectively referred to as the Shares). Under the Recent Offering the Corporation distributed a total of 31,997,475 rights to its shareholders of record on February 10, 2015 entitling them to subscribe for up to an aggregate of 50.0 million shares at a price of $0.22 per Share.
- The Recent Offering was completed on March 13, 2015. The Corporation raised $11.0 million in gross proceeds for the issuance of 50.0 million Shares. As a result of the Recent Offering the Unsecured Debentures conversion price changed to $5.07 per Share (formerly $6.53 per Share).