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October 05, 2015 5:21 AM ET

Energy Equipment and Services

Company Overview of CHC Group Ltd.

Company Overview

CHC Group Ltd. provides commercial helicopter services to the offshore oil and gas industry worldwide. The company operates through two segments, Helicopter Services and Heli-One. Its helicopters are primarily used to facilitate long-distance crew changes on offshore production facilities and drilling rigs. The company also offers search and rescue, and emergency medical services to government agencies. In addition, it provides maintenance, repair, and overhaul services, including maintenance outsourcing solutions, parts sales and distribution, engineering services, design services, and logistics support for heavy structural repairs, as well as for maintaining, overhauling, and testing helic...

190 Elgin Avenue

George Town,  KY1-9005

Cayman Islands

Founded in 1987

4,400 Employees



Key Executives for CHC Group Ltd.

Chief Executive Officer, President, Director, Chairman of Routine Transactions Committee and Member of Health, Safety & Environment Committee
Age: 52
Total Annual Compensation: $370.1K
Chief Administrative Officer, Senior Vice President of Legal & Administration and General Counsel
Age: 43
Total Annual Compensation: $168.7K
Compensation as of Fiscal Year 2015.

CHC Group Ltd. Key Developments

CHC Group Ltd. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended July 31, 2015

CHC Group Ltd. reported unaudited consolidated earnings results for the first quarter ended July 31, 2015. For the quarter, the company’s total revenue was $375.937 million against $460.648 million a year ago. Operating loss was $13.803 million against operating income of $7.857 million a year ago. Loss before income tax was $40.734 million against $26.432 million a year ago. Net loss available to common stockholders was $50.310 million or $0.62 per basic and diluted share against $42.100 million or $0.52 per basic and diluted share a year ago. Cash provided by operating activities was $25.239 million against cash used in operating activities of $31.245 million a year ago. Property and equipment additions were $80.095 million against $125.879 million a year ago. Adjusted net loss was $34 million against $37 million a year ago. Adjusted net loss available to common stockholders was $47.011 million or $0.58 per share against $36.672 million or $0.46 per share a year ago. Adjusted EBITDAR was $111.518 million against $110.396 million a year ago. EBITDAR was $114 million against $112 million a year ago. Net debt was $1,143.0 million as on July 31, 2015 against $1,092.9 million as on April 30, 2015. Adjusted net debt was $2,314.3 million as on July 31, 2015 against $2,305.8 million on April 30, 2015. The sales drop was driven by unfavorable foreign exchange effects and challenging conditions in the global oil sector. Total free cash flow was negative at $68 million against $101 million a year ago. Total adjusted free cash flow was negative at $48 million against $99 million a year ago. The decline in revenues over the prior year was driven by Helicopter Services, partially offset by an increase in Heli-One revenue. The improvement in free cash flow was the result of better operating cash flow offset by a larger outflow of investing activities. Operating cash flow improved $56 million year-over-year compared to the last year same period. This was due primarily to working capital inflow associated with the reduction in accounts receivable and timing of accounts payable payments.

CHC Group Receives Continued Listing Standard Notice from NYSE

CHC Group announced that on August 28, 2015, the Company was notified by the New York Stock Exchange (“NYSE”) that the Company is not in compliance with the NYSE’s continued listing standards as the Company failed to maintain an average global market capitalization greater than $50 million over a 30 trading-day period and stockholders’ equity greater than $50 million, each as calculated by the NYSE. The NYSE notification has no impact on the Company’s business operations. In accordance with NYSE procedures, the Company intends to notify the NYSE that it will submit a plan within 45 days from receipt of the NYSE notice that demonstrates how the Company intends to regain compliance with the listing standards within 18 months. Upon receipt of the plan, the NYSE has 45 days to review and determine whether the Company has made a reasonable demonstration of its ability to come into conformity with the relevant standards within the 18-month period. The NYSE will either accept the plan, at which time the Company will be subject to quarterly monitoring for compliance with this plan, or the NYSE will not accept the plan and can commence suspension and delisting proceedings of the Company’s ordinary shares. As previously reported, the Company received an earlier notice from the NYSE that the Company is not in compliance with another NYSE continued listing standard because the average closing price of the Company’s ordinary shares was less than $1.00 per share over a 30 trading-day period. The Company responded to the NYSE on August 4, 2015 that it intends to cure this non-compliance before the expiration of the six month cure period, or January 23, 2016. The NYSE notifications do not affect the Company’s Securities and Exchange Commission reporting requirements. The Company’s ordinary shares will continue to be listed and traded on the NYSE during the applicable cure periods, subject to the Company’s compliance with the NYSE’s other applicable continued listing standards, under the symbol “HELI,” but will be assigned a “.BC” indicator by the NYSE to signify that the Company is below compliance with the NYSE’s continued listing standards. In the event that the Company fails to regain compliance with the continued listing standards by the expiration of the applicable cure period, or the NYSE determines the Company has not made sufficient progress consistent with its plan, the NYSE will commence suspension and delisting procedures with respect to the Company’s ordinary shares.

CHC Group Ltd. to Report Q1, 2016 Results on Sep 08, 2015

CHC Group Ltd. announced that they will report Q1, 2016 results at 5:00 PM, Eastern Standard Time on Sep 08, 2015

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