2014 Annual Report

2014 Major Highlights


Total revenues amounted to $207.5 million, while adjusted EBITDAR amounted to $44.0 million or 21.2% and adjusted EBITDA came to $34.7 million or 16.7%. Our net income of $12.3 million translated into $0.94 per share. The elimination of $23 million of debt in 2014 underscores HNZ’s commitment to maintaining a strong financial position to meet its ongoing obligations. At the end of the year, the Company had working capital of $49.1 million, no long-term debt, and cash equivalents of $14.1 million.

Helicopter pilot


HNZ’s helicopter transportation operations in 2014 comprised 46,202 flight hours, and were conducted without a single accident, for the third consecutive year. This record reflects the training and operational discipline at the core of our organization. HNZ’s people are among the finest in the world.


HNZ continued to build expertise in the oil and gas sector by adding personnel in 2014. Larry Murphy joined the board of directors after a successful 40 year career in both oil and gas and engineering sectors. Rick Burt was hired as Vice President, Offshore Operations, Business Development and Strategy bringing 35 years of experience in offshore operations, management and technical expertise to the role. Christine Baird joined HNZ as Strategic Advisor after a 30 year career with a major helicopter provider.


HNZ’s new strategy led to the award of an offshore contract in early 2015 from Shell Canada to support Shell’s offshore oil and gas facilities in the North Atlantic. The 260-day drilling campaign based in Halifax, Nova Scotia, will start in mid-2015 and is expected to generate revenues of approximately $20 million. This contract represents a significant achievement for HNZ, and validates our capability to operate heavy aircraft for personnel transport and execute search and rescue missions in the North Atlantic.


Major HighlightsThe Company’s activities in Afghanistan in support of the US Military concluded after five and a half years of exemplary performance and a faultless safety record. With over 60,000 hours flown over the life of the contracts, it generated revenues in excess of $400 million and had a significant impact on the Company. Most importantly, there were no accidents or life threatening incidents incurred during this challenging mandate.