Erickson Secures $60M in Contract Wins and Extensions
Erickson Business Units and New Sales Efforts Driving Value
PORTLAND, Ore., Nov. 05, 2015 (GLOBE NEWSWIRE) -- Erickson Incorporated (NASDAQ:EAC), a leading global provider of aviation services, is pleased to announce $60M in contract extensions, renewals and new wins awarded in the last 30 days. The new revenue, combined from the Government, Commercial and Manufacturing and MRO (Maintenance, Repair and Overhaul) business units, will be realized in the coming quarters.
“Since the third quarter closed, we are driving value due to our recent investments in sales and business development resources,” said President and CEO, Jeff Roberts. “I believe we can continue to drive growth, improve the sales pipeline and elevate our quality of customer service.”
Government Services secured $46M in contracts, extensions, renewals and other services for work with the U.S. Department of Defense, international governments and global organizations. Services include defense, global security, MEDEVAC and emergency response. Erickson operates under Federal Aviation Administration (FAA) Part 135, and holds Commercial Airlift Review Board (CARB) approval to fly both fixed wing and rotary wing aircraft for passenger and cargo transport in support of government agencies and civilian contractors.
Commercial Services secured $7.5M in contracts, extensions, renewals and other services for oil and gas, firefighting, timber harvesting, and power line and HVAC construction projects. Erickson’s Commercial Services unit is uniquely capable of providing a dynamic platform of aviation services. The company’s field operations are self-sufficient and specialized to operate successfully in austere and remote environments.
Manufacturing and MRO secured $5.9M in contracts, extensions, renewals and other services comprised of aircraft refurbishment and component overhauls for a variety of aircraft and new partners. This business unit has highly skilled mechanics and technicians in design engineering, component repairs, avionics, and blade development. For more than 40 years, Erickson Incorporated has developed the proficiencies and skills to support, sustain, and improve aircraft mission readiness and operational performance.
Erickson is a leading global provider of aviation services and operates, maintains and manufactures utility aircraft to safely transport and place people and cargo around the world. The Company is self-reliant, multifaceted and operates in remote locations under challenging conditions specializing in Government Services, Manufacturing and MRO, and Commercial Services (comprised of firefighting, HVAC, power line, construction, timber harvesting, oil and gas and specialty lift). With roots dating back to 1960, Erickson operates a fleet of approximately 75 aircraft, is headquartered in Portland, Oregon, USA, and operates in North America, South America, Europe, the Middle East, Africa, Asia Pacific, and Australia. For more information, please visit our new website at www.ericksonaviation.com.
This press release contains certain statements relating to future results (including, without limitation, “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “predict”), which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on beliefs of Company management, as well as assumptions and estimates based on information currently available to the Company, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, including certain other risks or uncertainties more fully described under the heading “Risk Factors” in our most recently filed Annual Report on Form 10-K as well as in the other reports we file with the SEC from time to time, which are available at the SEC’s web site located at http://www.sec.gov. You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.