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CHC Helicopter's Fiscal-2013 Third Quarter Marks Eighth Straight of Revenue, EBITDAR Growth

- Revenue of $442M Up 9 Percent Year-Over-Year

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/13/13 -- CHC Helicopter marked the eighth consecutive quarter of revenue and earnings growth in its fiscal third-quarter 2013. Results included double-digit EBITDAR gains in both the flying and maintenance, repair and overhaul (MRO) businesses.

Consolidated revenue rose 9 percent, to $442 million, for the quarter that ended Jan. 31. CHC recorded a net loss of $63 million for the period, including a non-cash, deferred tax-asset write-off of $28 million.

EBITDAR - earnings before interest, taxes, depreciation, amortization and aircraft rental costs (EBITDAR), a leading measure of CHC's operational profitability - was $121 million, up 18 percent.


                             Third Quarter               Year-to-Date      
(U.S. $ in millions)     FY13    FY12 Change(ii)    FY13    FY12 Change(ii)
Revenue                  $442    $407         9%  $1,305  $1,240         5%
EBITDAR(i)               $121    $102        18%    $348    $309        12%
EBITDA(i)                 $68     $56        22%    $198    $180        10%
                                                                           
(i) Non-GAAP financial measure. See reconciliation to applicable GAAP      
measure below.                                                             
(ii) All growth rates in this release are year-over-year unless otherwise  
noted.                                                                     

Revenue for CHC's flying segment was up 10 percent; EBITDAR for the unit rose 13 percent.

Heli-One, the company's MRO business, continued to expand the sales backlog for its services, which are often contracted for and recognized over several years. In the most recent quarter, total revenue was up 5 percent. Higher sales and enhanced operational efficiency contributed to an EBITDAR increase of 23 percent.

"We're delivering solid operating results at the same time we're streamlining and making other improvements that are strengthening CHC for the long haul," said William Amelio, the company's president and chief executive officer. "That's what good companies do."

"We're better positioning ourselves to serve customers by meeting their changing requirements, and doing it with ever-higher levels of safety."

BUSINESS HIGHLIGHTS

Helicopter Services (flying)


--  Revenue gains in CHC's flying business were largest in Brazil,
    Australia, and the Western North Sea. EBITDAR was up sharply in all of
    those locations along with the Eastern North Sea; in Brazil, the measure
    nearly doubled. 
--  Contract wins in the quarter were broadly distributed around the world -
    in places including Thailand, Norway, the U.K. and Australia. 
--  CHC was recently chosen for contracts in the strategically important
    Africa region: one with Shell, providing two heavy aircraft to follow a
    mobile deepwater exploration rig along the Sub-Saharan coast; and a
    second in Nigeria through Atlantic Aviation, the first for the newly
    formed partnership with Jagal Group that represents CHC's return to that
    country.

Heli-One (MRO)


--  During Q3 Heli-One negotiated and has since completed major new
    contracts with: 
    --  The U.K. Ministry of Defense, to service dozens of Turbomeca Makila
        engines over more than 10 years, and 
    --  Brazil-based Omni Taxi Aereo, to increase the range of airframes
        covered by and extend into 2018 a power-by-the-hour, or PBH,
        services agreement between the companies.

About CHC

CHC Helicopter is a leader in enabling customers to go further, do more and come home safely, including oil and gas companies, government search-and-rescue agencies and organizations requiring helicopter maintenance, repair and overhaul services through the Heli-One division. The company is headquartered in Vancouver and operates more than 240 aircraft in about 30 countries around the world.


Segment Performance (Unaudited)                                            
(US$, in thousands)                                                        
---------------------------------------------------------------------------
                                                                           
Segment Third Party                                                        
Revenue                                                                    
                       For the three months ended For the nine months ended
                               January 31,               January 31,       
                       ----------------------------------------------------
                                2013         2012         2013         2012
---------------------------------------------------------------------------
                                                                           
Helicopter Services          410,950      375,306    1,203,471    1,131,879
MRO                           29,469       30,410       96,503      103,707
Corporate and Other            1,420        1,217        4,720        3,996
                       ----------------------------------------------------
 Consolidated totals        $441,839     $406,933   $1,304,694   $1,239,582
                       ----------------------------------------------------
                       ----------------------------------------------------
                                                                           
EBITDAR and EBITDA                                                         
 Summary                                                                   
                       For the three months ended For the nine months ended
                               January 31,               January 31,       
                       ----------------------------------------------------
                                2013         2012         2013         2012
                       ----------------------------------------------------
                                                                           
Helicopter Services          122,941      108,494      346,495      311,182
MRO                           17,793       14,525       59,539       54,474
Corporate and Other         (20,198)     (21,197)     (58,502)     (56,303)
                       ----------------------------------------------------
Consolidated EBITDAR                                                       
 (i)                         120,536      101,822      347,532      309,353
                                                                           
Less: aircraft lease                                                       
 and associated costs       (52,163)     (45,868)    (149,390)    (128,968)
                       ----------------------------------------------------
Consolidated EBITDA (i)      $68,373      $55,954     $198,142     $180,385
                       ----------------------------------------------------
                       ----------------------------------------------------
                                                                           
(i) See reconciliations to GAAP measures below.                            
                                                                           
                                                                           
Consolidated Statement of Operations (Unaudited)                           
(US$, in thousands)                                                        
---------------------------------------------------------------------------
                                                                           
                       For the three months ended For the nine months ended
                       ----------------------------------------------------
                         January 31,  January 31,  January 31,  January 31,
                                2013         2012         2013         2012
---------------------------------------------------------------------------
                                                                           
Revenue                     $441,839     $406,933   $1,304,694   $1,239,582
                                                                           
Operating Expenses                                                         
 Direct costs              (355,645)    (333,369)  (1,053,129)  (1,013,356)
 Earnings from equity                                                      
  accounted investees            850          421        2,687        1,642
 General and                                                               
  administration costs      (18,671)     (18,031)     (56,110)     (47,483)
 Amortization               (28,701)     (28,359)     (84,646)     (80,891)
 Restructuring costs         (4,890)      (3,728)      (8,617)     (15,612)
 Impairment of                                                             
  receivables and                                                          
  funded residual value                                                    
  guarantees                   (464)        (208)      (1,036)        (161)
 Impairment of                                                             
  intangible assets          (1,125)        (887)      (6,943)      (2,712)
 Impairment of assets                                                      
  held for sale              (2,160)        (922)     (11,457)     (12,554)
                                                                           
 Impairment of assets                                                      
  held for use               (4,064)            -      (4,724)            -
 Gain (loss) on                                                            
  disposal of assets         (4,402)        (795)      (9,019)        2,946
---------------------------------------------------------------------------
                           (419,272)    (385,878)  (1,232,994)  (1,168,181)
                                                                           
Operating income              22,567       21,055       71,700       71,401
                                                                           
Interest on long-term                                                      
 debt                       (33,991)     (29,070)     (93,949)     (89,256)
Foreign exchange gain                                                      
 (loss)                        3,854     (10,437)        7,015      (7,798)
Other financing charges     (10,862)      (7,782)     (22,465)     (14,017)
---------------------------------------------------------------------------
                                                                           
Loss from continuing                                                       
 operations before tax      (18,432)     (26,234)     (37,699)     (39,670)
                                                                           
Income tax recovery                                                        
 (expense)                  (44,303)     (10,603)     (50,606)        1,882
---------------------------------------------------------------------------
                                                                           
Loss from continuing                                                       
 operations                 (62,735)     (36,837)     (88,305)     (37,788)
                                                                           
Income (loss) from                                                         
 discontinued                                                              
 operations, net of tax          212      (1,216)        1,024      (9,528)
---------------------------------------------------------------------------
Net loss                   ($62,523)    ($38,053)    ($87,281)    ($47,316)
---------------------------------------------------------------------------
                                                                           
Net income (loss)                                                          
 attributable to:                                                          
                                                                           
Controlling interest      $ (58,250)   $ (38,325)   $ (84,356)   $ (58,118)
Non-controlling                                                            
 interest                    (4,273)          272      (2,925)       10,802
---------------------------------------------------------------------------
Net loss                   ($62,523)    ($38,053)    ($87,281)    ($47,316)
---------------------------------------------------------------------------
                                                                           
                                                                           
Consolidated Statement of Cash Flows                                       
(Unaudited)                                                                
(US$, in thousands)                                                        
---------------------------------------------------------------------------
                       For the three months ended For the nine months ended
                       ----------------------------------------------------
                         January 31,  January 31,  January 31,  January 31,
                                2013         2012         2013         2012
---------------------------------------------------------------------------
Cash provided by (used                                                     
 in):                                                                      
Operating activities:                                                      
Net loss                  $ (62,523)   $ (38,053)   $ (87,281)   $ (47,316)
Less: income (loss)                                                        
 from discontinued                                                         
 operations, net of tax          212      (1,216)        1,024      (9,528)
---------------------------------------------------------------------------
Loss from continuing                                                       
 operations                 (62,735)     (36,837)     (88,305)     (37,788)
Adjustments to                                                             
 reconcile net loss to                                                     
 cash flows provided by                                                    
 (used in) operating                                                       
 activities:                                                               
Amortization                  28,701       28,359       84,646       80,891
Loss (gain) on disposal                                                    
 of assets                     4,402          795        9,019      (2,946)
Asset impairments              7,813        2,017       24,160       15,427
Earnings from equity                                                       
 accounted investees           (850)        (421)      (2,687)      (1,642)
Deferred income taxes         29,196        4,845       22,944      (9,108)
Non-cash leasing and                                                       
 debt costs                      350        (569)           46      (1,875)
Increase to deferred                                                       
 lease financing costs       (1,262)      (1,192)      (2,751)      (8,680)
Pension contributions,                                                     
 net of pension expense     (11,502)     (11,210)     (28,938)     (26,770)
Foreign exchange loss                                                      
 (gain)                      (4,278)        7,282      (1,896)        9,350
Other                        (1,347)      (1,707)        3,972      (3,347)
Increase (decrease) in                                                     
 cash resulting from                                                       
 changes in operating                                                      
 assets and liabilities        8,987       18,464     (46,493)     (13,762)
---------------------------------------------------------------------------
Cash provided by (used                                                     
 in) operating                                                             
 activities                  (2,525)        9,826     (26,283)        (250)
---------------------------------------------------------------------------
                                                                           
Financing activities:                                                      
Sold interest in                                                           
 accounts receivable,                                                      
 net of collections         (14,938)        2,575      (6,021)       42,657
Proceeds from issuance                                                     
 of capital stock                  -       20,000            -       80,000
Proceeds from issuance                                                     
 of senior secured                                                         
 notes                             -            -      202,000            -
Long-term debt proceeds      422,220      195,000      812,449      600,000
Long-term debt                                                             
 repayments                (345,770)    (175,204)    (817,594)    (565,743)
Increase in deferred                                                       
 financing costs                                                           
 relating to the notes             -            -      (3,793)            -
---------------------------------------------------------------------------
Cash provided by                                                           
 financing activities         61,512       42,371      187,041      156,914
---------------------------------------------------------------------------
                                                                           
Investing activities:                                                      
Property and equipment                                                     
 additions                 (176,291)     (88,297)    (318,558)    (253,048)
Proceeds from disposal                                                     
 of property and                                                           
 equipment                   114,483       74,118      207,896      165,238
Aircraft deposits, net                                                     
 of lease inception                                                        
 refunds                     (8,591)     (23,245)     (49,517)     (59,360)
Restricted cash              (2,977)     (13,731)        2,407     (12,978)
Distribution from                                                          
 equity investments              745            -          745          936
---------------------------------------------------------------------------
Cash used in investing                                                     
 activities                 (72,631)     (51,155)    (157,027)    (159,212)
                                                                           
---------------------------------------------------------------------------
Cash provided by (used                                                     
 in) continuing                                                            
 operations                 (13,644)        1,042        3,731      (2,548)
                                                                           
Cash flows provided by                                                     
 (used in) discontinued                                                    
 operations:                                                               
  Cash flows provided                                                      
   by (used in)                                                            
   operating activities          212        (207)        1,024      (1,695)
  Cash flows provided                                                      
   by (used in)                                                            
   financing activities        (212)          207      (1,024)        1,695
---------------------------------------------------------------------------
Cash provided by (used                                                     
 in) discontinued                                                          
 operations                        -            -            -            -
Effect of exchange rate                                                    
 changes on cash and                                                       
 cash equivalents              4,186      (8,895)           42     (19,699)
---------------------------------------------------------------------------
Change in cash and cash                                                    
 equivalents during the                                                    
 period                      (9,458)      (7,853)        3,773     (22,247)
Cash and cash                                                              
 equivalents, beginning                                                    
 of period                    68,778       54,527       55,547       68,921
---------------------------------------------------------------------------
Cash and cash                                                              
 equivalents, end of                                                       
 period                      $59,320      $46,674      $59,320      $46,674
---------------------------------------------------------------------------
                                                                           
                                                                           
                                                                           
                                                                           
Consolidated Balance Sheets (Unaudited)                                    
(US$, in thousands)                                                        
---------------------------------------------------------------------------
                                         January 31, 2013    April 30, 2012
---------------------------------------------------------------------------
Assets                                                                     
                                                                           
Current Assets:                                                            
  Cash and cash equivalents                       $59,320           $55,547
  Receivables, net of allowance for                                        
   doubtful accounts                              287,751           266,115
  Income taxes receivable                          27,310            20,747
  Deferred income tax assets                            -             8,542
  Inventories                                     105,774            90,013
  Prepaid expenses                                 24,394            21,183
  Other assets                                     38,714            33,195
---------------------------------------------------------------------------
                                                  543,263           495,342
                                                                           
Property and equipment, net                     1,186,376         1,026,860
Investments                                        25,739            24,226
Intangible assets                                 202,591           217,890
Goodwill                                          437,359           433,811
Restricted cash                                    23,538            25,994
Other assets                                      406,920           363,103
Deferred income tax assets                         10,884            48,943
Assets held for sale                               42,174            79,813
                                                                           
---------------------------------------------------------------------------
                                               $2,878,844        $2,715,982
---------------------------------------------------------------------------
                                                                           
Liabilities and Shareholder's Equity                                       
                                                                           
Current Liabilities:                                                       
  Payables and accruals                         $ 394,238          $363,064
  Deferred revenue                                 20,951            23,737
  Income taxes payable                             46,658            43,581
  Deferred income tax liabilities                   2,020            11,729
  Current facility secured by accounts                                     
   receivable                                      41,259            45,566
  Other liabilities                                23,164            23,648
  Current portion of long-term debt                24,104            17,701
---------------------------------------------------------------------------
                                                  552,394           529,026
Long-term debt                                  1,479,222         1,269,379
Deferred revenue                                   52,633            43,517
Other liabilities                                 194,662           191,521
Deferred income tax liabilities                    11,830            20,072
---------------------------------------------------------------------------
Total liabilities                               2,290,741         2,053,515
                                                                           
Redeemable non-controlling interests              (1,646)             1,675
Capital stock: Par value 1 Euro;                                           
  Authorized and issued:                                                   
    1,228,377,770 and 1,228,377,770,                                       
     respectively                               1,607,101         1,607,101
Contributed surplus                                55,652            55,318
Deficit                                       (1,024,387)         (940,031)
Accumulated other comprehensive loss             (48,617)          (61,596)
---------------------------------------------------------------------------
Total shareholder's equity                        589,749           660,792
                                                                           
---------------------------------------------------------------------------
                                               $2,878,844        $2,715,982
---------------------------------------------------------------------------

Non-GAAP Financial Measures:

This press release includes non-GAAP financial measures, segment earnings before interest, taxes, depreciation, amortization and aircraft lease rent and associated costs ("segment EBITDAR (adjusted)") referred to above as EBITDAR and earnings before interest, taxes, depreciation and amortization ("EBITDA") that are not required by, or presented in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP measures are not performance measures under GAAP and should not be considered as alternatives to net earnings (loss) or any other performance or liquidity measures derived in accordance with GAAP. In addition, these measures may not be comparable to similarly titled measures of other companies. CHC has provided a reconciliation of these non-GAAP measures to the most directly comparable GAAP measure below. CHC has chosen to include segment EBITDAR (adjusted) as we consider this to be a significant indicator of our financial performance and use this measure to assist us in allocating available capital resources. We have also included EBITDA as this measure is useful to our debt holders as it is a proxy of Adjusted EBITDA, a non-GAAP measure. Adjusted EBITDA provides useful information to investors as it is a measure to calculate certain financial covenants related to our revolving credit facility and certain covenants in the indenture. CHC has provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure below and has presented a detailed discussion of its reasons for including non-GAAP financial measures and the limitations associated with those measures as part of the "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in our Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. CHC encourages investors to review the reconciliation and the non-GAAP discussion in conjunction with our presentation of these non-GAAP financial measures.


Reconciliation of Non-GAAP Financial Measures                              
(US$, in thousands)                                                        
---------------------------------------------------------------------------
                       For the three months ended For the nine months ended
                                      January 31,               January 31,
                       ----------------------------------------------------
                                2013         2012         2013         2012
                       ----------------------------------------------------
                                                                           
 Helicopter Services        $122,941     $108,494     $346,495     $311,182
 MRO                          17,793       14,525       59,539       54,474
 Corporate and Other        (20,198)     (21,197)     (58,502)     (56,303)
                       ----------------------------------------------------
Consolidated EBITDAR         120,536      101,822      347,532      309,353
Less: aircraft lease                                                       
 and associated costs       (52,163)     (45,868)    (149,390)    (128,968)
                       ----------------------------------------------------
Consolidated EBITDA           68,373       55,954      198,142      180,385
 Amortization               (28,701)     (28,359)     (84,646)     (80,891)
 Restructuring costs         (4,890)      (3,728)      (8,617)     (15,612)
 Impairment of                                                             
  receivables and                                                          
  funded residual value                                                    
  guarantees                   (464)        (208)      (1,036)        (161)
 Impairment of                                                             
  intangible assets          (1,125)        (887)      (6,943)      (2,712)
 Impairment of assets                                                      
  held for sale              (2,160)        (922)     (11,457)     (12,554)
 Impairment of assets                                                      
  held for use               (4,064)            -      (4,724)            -
 Gain (loss) on                                                            
  disposal of assets         (4,402)        (795)      (9,019)        2,946
---------------------------------------------------------------------------
Operating income              22,567       21,055       71,700       71,401
                                                                           
Interest on long-term                                                      
 debt                       (33,991)     (29,070)     (93,949)     (89,256)
Foreign exchange gain                                                      
 (loss)                        3,854     (10,437)        7,015      (7,798)
Other financing charges     (10,862)      (7,782)     (22,465)     (14,017)
---------------------------------------------------------------------------
Loss from continuing                                                       
 operations before tax      (18,432)     (26,234)     (37,699)     (39,670)
Income tax recovery                                                        
 (expense)                  (44,303)     (10,603)     (50,606)        1,882
---------------------------------------------------------------------------
Loss from continuing                                                       
 operations                 (62,735)     (36,837)     (88,305)     (37,788)
Income (loss) from                                                         
 discontinued                                                              
 operations, net of tax          212      (1,216)        1,024      (9,528)
---------------------------------------------------------------------------
Net loss                   ($62,523)    ($38,053)    ($87,281)    ($47,316)
---------------------------------------------------------------------------

Cautionary Note on Forward-Looking Statements:

This press release contains forward-looking statements and information within the meaning of certain securities laws, including the "safe harbor" provision of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. All statements, other than statements of historical fact included in this press release, regarding our strategy, future operations, projections, conclusions, forecasts and other statements are "forward-looking statements". While these forward-looking statements represent our best current judgment, the actual results could differ materially from the conclusions, forecasts or projections contained in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection in the forward-looking information contained herein. Such factors include, but are not limited to, the following: exchange rate fluctuations, industry exposure, inflation, inability to enter into new contracts or the loss of existing contracts, inability to maintain government issued licenses, inability to obtain necessary aircraft or insurance, competition, political, economic and regulatory uncertainty, loss of key personnel, work stoppages due to labor disputes, accidents, mechanical failures, regulatory actions and future material acquisitions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. The Company disclaims any intentions or obligations to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Please refer to our annual report on Form 10-K, our quarterly reports on Form 10-Q, and our other filings, in particular any discussion of risk factors or forward-looking statements, which are filed with the SEC and available free of charge at the SEC's website (www.sec.gov), for a full discussion of the risks and other factors that may impact any estimates or forward-looking statements made herein.

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