Discovery Air announced its financial and operating results for the second quarter ended July 31, 2015. Consolidated revenues increased 10%, in comparison to the three months ended July 31, 2014.
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The Aviation segment experienced increased activity, an 18% increase from the comparative period, primarily due to increased airborne training in Canada and the commencement of airborne training services to the German Armed Forces.
Consolidated revenues for the six months ended July 31, 2015 increased 7%, in comparison to the six months ended July 31, 2014. The Aviation segment experienced increased activity (an 18% increase from the comparative period) primarily due to increased forest fire suppression operations in North & South America and airborne training in Canada and Germany, partially offset by the continued decline in the mining and oil and gas sectors.
EBITDA for the Current Quarter increased $6 million in comparison to the same period in the prior year, primarily due to increased flight hours and cost containment measures implemented in the second half of the prior fiscal year.
Year-to-date EBITDA increased $9.4 million in comparison to the same period in the prior year, primarily due to increased flight hours and cost containment measures.
Loss for the three months July 31, 2015 was $0.6 million compared to Income of $1.1 million for the same period in the prior year.
The variance was mainly attributable to $6.5 million in losses on equipment recorded in the current quarter compared to $0.6 million of gains on equipment recorded in the comparative period, partially offset by increased EBITDA.
Loss for the six months July 31, 2015 was $5 million compared to $6.6 million for the same period in the prior year.
The variance was mainly attributable to $5.4 million in losses on equipment recorded in the current quarter compared to $0.6 million of gains on equipment recorded in the comparative period, partially offset by increased EBITDA. ■