Erickson Incorporated Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Reports Impairment Charges for the Second Quarter Ended June 30, 2016
For the six months, the company reported total revenues of $95.667 million against $130.981 million a year ago. Operating loss was $42.141 million against $85.248 million a year ago. Net loss before income tax expense was $62.141 million against $85.248 million a year ago. Net loss attributable to the company was $64.982 million or $4.68 per basic and diluted share against $85.091 million or $6.15 per basic and diluted share a year ago. LBITDA was $23.356 million against $46.460 million a year ago. Adjusted LBITDA was $2.268 million against adjusted EBITDA of $12.510 million a year ago. Adjusted EBITDAR was $5.709 million against $21.149 million a year ago. Net cash used in operating activities was $19.309 million against $15.090 million a year ago. Purchases of aircraft and property, plant and equipment was $6.085 million against $11.839 million a year ago. Free cash flow - negative was $25.394 million against $26.929 million a year ago.
For the quarter, the company reported impairment of goodwill of $4.523 million and impairment of other assets of $6.127 million.