Erickson Aviation's first-quarter revenues more than doubled from last year, to $74.2 million. Its losses widened to $7.6 million, or 55 cents per share.
The helicopter company, whose major manufacturing and maintenance operations are done near Central Point, lost $1.2 million, or 13 cents per share, a year ago. Its first-quarter revenue in 2013 was $36.9 million.
"We expect this to be temporary," CEO Udo Rieder said. "Our backlog was strengthened through the addition of new commercial and defense contracts, and gives us increasing confidence in our full-year expectations."
The first quarter typically is not the company's biggest revenue producer, but the company has made a series of acquisitions to boost income throughout the year.
"We have made rapid progress in the South American oil and gas market, and we expect this to be a significant source of long-term growth," Rieder said.
Erickson reported that revenue from various government contracts increased 218 percent to $55.9 million during the first quarter, compared to $17.6 million a year ago. Increased activity from new acquisitions was offset by lower firefighting revenues in Australia. Commercial revenue fell 5.5 percent to $18.3 million from $19.3 million, from declines in timber harvesting revenue in Malaysia and reduced infrastructure construction in North America.
Compiled from staff reports