February 20, 2014

Chorus Aviation reports fourth quarter earnings of $48.9m

For the fourth quarter 2013, Chorus reported earnings before interest, taxes, depreciation and amortization (‘EBITDA1′) of $48.9m compared to $39.9m in the same quarter 2012, an increase of $9.0m. Operating income was $32.5m, $7.3m higher than the same period 2012. Adjusted net income of $20.8m, was up by $3.1m over fourth quarter 2012. For the year ended December 31, 2013 , EBITDA, operating income, and adjusted net income were impacted by $9.9m in voluntary employee severance costs which were offset by savings of $2.7m in reduced salaries, benefits, training and other costs. Operating income of $124.3m was down $3.1m year-over-year due to severance cost and the one-time Thomas Cook termination settlement of $9.0m recorded as revenue in 2012. In 2013, Chorus reported adjusted net income of $84.7m compared to an adjusted net income of $94.6m in 2012, a decrease of $9.9m, including the above noted items.



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