Erickson Air-Crane posts 4Q loss

Erickson Air-Crane posts $949,000 4th-qtr loss, with revenue up 27 pct. on higher demand

Associated Press

PORTLAND, Ore. (AP) -- Erickson Air-Crane Inc. on Monday posted a $949,000 fourth-quarter loss, as higher costs more than offset increased demand for its firefighting equipment.

The Portland, Ore.-based company, which provides aerial firefighting and timber harvesting services on heavy-lift helicopters, said its loss amounted to 10 cents per share and compared with a profit of $6.2 million in the year-ago period. The company, which went public in April 2012, didn't give a per-share amount for the year-ago quarter.

The recent quarter's results included charges of 2 cents per share related to an acquisition and 5 cents per share related to a dispute with Greek tax authorities. Those costs were more than offset by completion of the company's deal with San Diego Gas and Electric to buy an Aircrane and related spare parts inventory, which boosted the recent quarter's profit by 39 cents per share, the company said.

Revenue rose 27 percent to $39.1 million.

For all of 2012 Erickson earned $12.4 million, or $1.78 per share, compared with a 2011 profit of $6.7 million. Revenue increased to $180.8 million from $152.8 million.

Erickson shares rose 54 cents, or 4 percent, to $14.10 in afternoon trading.

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