Erickson reports second quarter loss - News - MailTribune.com - Medford, OR

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2015-10-21

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0 of 3 Premium Clicks used this month SUBSCRIBE Print + Online Subscriber Activation  |  Register x Forgot Password | Need an Account? e-edition | subscribe | newsletter | deals Classifieds Jobs Autos Real Estate FEATURED   » NEWS NOW   Since You Asked: Pedestrians can be cited for carelessness       ...       Wolf once believed to be dead shows up near Crater Lake       ...       One of Oregon's two health insurance co-ops says it will shut down       ...       Since You Asked: Pedestrians can be cited for carelessness       ...       Wolf once believed to be dead shows up near Crater Lake       ...       One of Oregon's two health insurance co-ops says it will shut down       ...           Erickson reports second quarter loss Comment By Greg Stiles Mail Tribune MailTribune.com By Greg Stiles Mail Tribune Posted Aug. 6, 2015 at 3:02 PM By Greg Stiles Mail Tribune Posted Aug. 6, 2015 at 3:02 PM »  Social News Aviation firm Erickson saw a drop in second-quarter revenue, but managed to narrow its losses compared with the similar quarter in 2014. Erickson, which has major operations in Central Point and the Medford airport, saw revenue fall to $69.3 million from $80.9 million a year ago, but the company lowered its quarterly loss to $10.2 million from $17.2 million. “Our second quarter results were below expectations as a result of challenges in the oil and gas market, our government business and a slower than expected start to the firefighting season," Chief Executive Officer Jeff Roberts said during a Wednesday conference call. "It's still early in the fire season, and it got off to a slow start," Roberts said. "You wouldn't know it from what you see on TV, but the season started slow in the southwest United State. The first three-quarters of July was a bit slow, but now there are 43 of what I would call large fires in the Western U.S.; activity has certainly picked up." He said Defense Department spending has been soft in 2015, reducing revenue in an "extremely competitive" field. "Oil and gas are under pressure from lower global prices, but we can move to break even to modest positive cash flow," Roberts said. "Increasingly we're moving to land-based activity rather than offshore energy work." As part of cost-cutting efforts, Erickson said it will close its McMinnville operations, relocating the positions to Southern Oregon and Portland. In June, Erickson gained a contract to support Repsol's oil and gas operations to provide crew and cargo transport on the North Slope of Alaska. The company renewed a one-year contract with the U.S. Transportation Department, providing weekly, passenger and cargo service between Nome, Wales, and Little Diomede, Alaska. Also in June it was awarded a contract by Chilcott Inc. to provide training for Uruguayan Air Force helicopter pilots. Under the agreement, Erickson will train pilots for work on the United Nations Stabilization Mission in the Democratic Republic of the Congo. "We're transforming and streamlining our organizational structure," Roberts said. "We're casting a wider net to find opportunities helping to increase proposal activity. The manufacturing and maintenance unit located in Jackson County saw improved revenue, increasing to $6.6 million compared with $3.4 million in a year earlier. That reflected increased aircraft sales, as well as parts sales to support the global fleet of Bell 214 helicopters. Reach reporter Greg Stiles at 541-776-4463 or [email protected] . Follow him on Twitter at www.twitter.com/GregMTBusiness , on Facebook at https://www.facebook.com/greg.stiles.31 , and read his blog at www.mailtribune.com/EconomicEdge By Greg Stiles Mail Tribune MailTribune.com By Greg Stiles Mail Tribune Posted Aug. 6, 2015 at 3:02 PM » Comment or view comments   Reader Reaction »  STAY INFORMED   Email NewsLetter   Sign Up Today   Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. 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