Chorus Aviation (Halifax), the parent of Jazz Aviation (Air Canada Express) (Halifax), reported the following for the first quarter:
For the first quarter 2014, Chorus Aviation reported EBITDA of $47.3 million compared to $34.2 million in the same quarter 2013, an increase of $13.1 million. Operating income was $31.2 million, $10.4 million higher than the same period 2013. Adjusted net income of $20.3 million or $0.17 per basic share, was up by $5.6 million or $0.05 per basic share over first quarter 2013. Chorus incurred $2.8 million in voluntary employee severance in the first quarter versus $5.7 million in the same period in 2013. Chorus has invested $12.7 million since the inception of this cost savings program in the first quarter of 2013.
Net income for the first quarter of 2014 was $5.6 million or $0.05 per basic share, a decrease of $3.6 million from $9.2 million. On an adjusted basis, net income was $20.3 million or $0.17 per basic share, an increase of $5.6 million from $14.7 million. A reconciliation of these non-GAAP measures to their nearest GAAP measure is provided in Chorus’ Management’s Discussion and Analysis dated May 14, 2014.
Chorus Aviation is a dividend-paying holding company which owns Jazz Aviation LP and a number of other companies involved in aviation related businesses.
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Copyright Photo: Michael B. Ing/AirlinersGallery.com. Bombardier DHC-8-311 (Q300) C-GABP (msn 257) of Jazz Aviation (Air Canada Express) touches down at Seattle-Tacoma International Airport (SEA).