Chorus Aviation Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company’s operating revenue decreased from $437.1 million to $416.3 million, representing a decrease of $20.8 million or 4.8%. Passenger revenue, excluding pass-through costs, decreased by $6.4 million or 2.5% primarily as a result of no activity in the quarter for Thomas Cook; offset by rate increases made pursuant to the CPA with Air Canada, an increase in Billable Block Hours of 0.8%, a $0.2 million increase in incentives earned under the CPA, and a higher U.S. dollar exchange rate. EBITDA was $34.2 million compared to $42.6 million in 2012, a decrease of $8.4 million or 19.6%. Standardized free cash flow was negative $110.9 million, impacted primarily by the continuing growth capital expenditures related to the purchase of Q400 aircraft. Operating income was $20.8 million was down $8.8 million or 29.7% over first quarter 2012 from $29.6 million. Net income for the first quarter of 2013 was $9.2 million or $0.07 per basic share, a decrease of $17.0 million or 64.9% from $26.2 million or $0.21 per basic share. On an adjusted basis, net income was $14.7 million or $0.12 per basic share, a decrease of 35.4% or $0.06 per basic share from $22.8 million or $0.18 per basic share. The company reduced its quarterly dividend from $0.15 per share to $0.075 per share going forward.

Annual General Meeting

Chorus Aviation Inc., Q1 2013 Earnings Call, May 10, 2013