Aeroquest International Limited (TSX VENTURE: AQL) Announces Revenue for the Three and Nine Months Ended June 30, 2008 and Provi
July 17 2008 - 3:30PM
Marketwired
MISSISSAUGA, ONTARIO today reported preliminary revenue results
for the three and nine month periods ended June 30, 2008 and
provided an outlook to the end of fiscal 2008.
On October 23, 2007 the Company announced its intention to
change the financial year end to September 30th. As a result of
this change in financial year end, comparative periods do not line
up precisely. The comparative periods used in this report are for
the three and nine month periods ending July 31, 2007.
Consolidated revenue for the three months ended June 30, 2008
reached a record high $14.5 million, an increase of $5.1 million or
54% over the most comparable period last year and up $1.2 million
or 9% over consolidated revenue for the second quarter of 2008.
Revenue from helicopter operations contributed $6.8 million in the
quarter, while revenue from fixed wing operations totaled $7.4
million in the quarter. Other revenue totaled $0.3 million. For the
nine months ended June 30, 2008, consolidated revenue was $39.0
million, up from $19.7 million in the most comparable nine month
period last year, an increase of $19.3 million or 98%.
"While our third quarter revenue was a new record high revenue
for the Aeroquest Group, it fell short of our expectations in an
important respect" said Roy Graydon, President & CEO of
Aeroquest; "Our helicopter operations were not as productive as we
expected them to be in the quarter. However, we expect revenue from
helicopter operations to strengthen in the fourth quarter."
The Company has been deploying its helicopter systems
internationally over the past several months in response to
increased demand for its services outside Canada. For example, at
quarter-end, Aeroquest had AeroTEM(TM) helicopter systems actively
surveying in, or mobilizing to, seven different countries around
the world. Delays in commencing surveys in several countries had a
negative effect on overall helicopter productivity and contributed
to lower than expected revenue from these systems. Gross margins
remain in the range of those reported in previous quarters.
Outlook
Contract backlog at quarter-end was $17 million. The backlog and
fleet status position the Company for a strong final quarter for
the year. Aeroquest expects revenue in the fourth quarter to be in
the range of $16 to $18 million, resulting in full year revenue in
the range of $55 to $57 million. Gross margins in the fourth
quarter are expected to be consistent with previous quarters in
2008.
Aeroquest added four net new systems to the fleet in the third
quarter and begins the fourth quarter with a total of 27 airborne
systems. The Company activated two new fixed wing system and three
new helicopter systems in the quarter. The Company also took one
helicopter system in Russia offline permanently as it was damaged
beyond repair during a recent survey.
In the fourth quarter, the Company expects to add another three
helicopter systems.
Aeroquest Fleet Summary - June 30, 2008
Helicopter Fixed wing Total
---------------------------------------------
---------------------------------------------
AeroTEM 11 11
Impulse/GEM-2A 2 2
Magnetics single sensor 2 5 7
multi-sensor 1 6 7
---------------------------------------------
Total 16 11 27
---------------------------------------------
---------------------------------------------
Aeroquest intends to release its full third quarter financial
report after the market close on August 13, 2008 and will schedule
a conference call for investors on August 14, 2008. Details of the
call will be provided approximately a week before the release of
results.
About Aeroquest International
Aeroquest International is a global geoscience services
organization providing airborne geophysical technologies and
services, including the latest in airborne data acquisition,
processing and interpretation services, to the resource, energy and
environmental sectors. Directly, and through its sister companies
UTS Geophysics and Geophex, Aeroquest fields a fleet of over two
dozen helicopter and fixed wing systems and is active around the
world. More information about Aeroquest can be found at
www.aeroquest.ca. More information on UTS Geophysics can be found
at www.uts.com.au. More information on Geophex can be found at
www.geophex.com.
For Investors
This news release may include statements about expected future
events and/or financial results that are forward-looking in nature
and subject to risks and uncertainties. The Company cautions that
actual performance will be affected by a number of factors, many of
which are beyond its control. Future events and results may vary
substantially from what the Company currently foresees. Discussion
of the various factors that may affect future results is contained
in the Company's recent filings, available on SEDAR.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Aeroquest International Limited Roy Graydon President
& Chief Executive Officer (905) 672-4010 Email:
rgraydon@aeroquest.ca Website: www.aeroquest.ca
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