The aviation company announced fourth-quarter losses of $2.5 million.
BY JACOB PALMER | OB DIGITAL NEWS EDITOR
A shifting global economy spelled bad news for Erickson in the final three months of 2014.
The company reported losses of $2.5 million in the fourth quarter, the Mail Tribune writes:
In addition to downsizing of U.S. military activity in the Middle East, diminished wildfire activity throughout the year and global oil and energy exploration stomping on the brakes, Erickson is saddled with $371.9 million in long-term debt. For all of 2014, Erickson saw an 8.9 percent revenue increase to $346.6 million, but the company lost $10.2 million after earning nearly $9.9 million in 2013. The company announced a major restructuring earlier this month, laying off 150 employees — primarily in Medford and Central Point. Erickson formed four divisions: Government, energy, commercial flight services, and manufacturing, maintenance, repair and overhaul (MRO).
“The recently completed business reorganization provides for an increased focus on our end markets and additional investment in business development,” Rieder said. “The reorganization enables us to better leverage our competitive strengths and enhance our leadership position. This completes the integration of the … acquisitions (Evergreen Helicopters and Air Amazonia Serviços Aeronauticos Ltda., of Brazil) we made over the past 18 months. We’ve gone through the rougher part of transitioning, it doesn’t change our strategy.”
