Leading global provider of aviation services, Erickson, Inc. (NASDAQ:EAC), extends its long-term helicopter support contract with Chugach Electric Association for two additional years.
PORTLAND, Ore., Sept. 29, 2016 (GLOBE NEWSWIRE) — Erickson Incorporated (EAC), a leading global provider of aviation services, has a long-term helicopter support contract with Chugach Electric Association (CEA), which has been extended for two additional years as permitted in the original contract award. The extension will retain Erickson through December 31, 2018. The assigned mission will be to fly essential crew and contractors into remote locations, conduct powerline patrols, mountaintop microwave repeater servicing, and emergency earthquake inspections of substations, dams and transmission lines. Selection criteria for the contract extension included safety, past performance, customer service, crew expertise and pricing.
The companies will cooperate in remote and often mountainous terrain in south central Alaska. The scope of work will help provide an AS350B2 “A-star” helicopter to communities as well as access to facilities not connected to the highway system. Chugach Electric provides electric service to 81,000 metered locations for its members and essential transmission interconnection to other municipal and cooperative utilities from Fairbanks in the north to Homer and Seward on the Kenai Peninsula.
“Erickson has been a safe and reliable helicopter support contractor and we are pleased that we were able to reach an agreement on extending the contract for two more years. We look forward to continued safe, efficient and reliable service from Erickson,” said Bill Bernier, Vice President, Power Delivery for Chugach Electric Association, Inc.
Andrew Mills, Vice President of Global Business Development for Erickson added, “We value our partnership with Chugach Electric and are very committed to the Alaska constituents we serve who have relied on us for their helicopter needs. Erickson is one of the last global providers of helicopter services in Alaska, a market we have served for more than 55 years.”
Erickson is a leading global provider of aviation services and operates, maintains and manufactures utility aircraft to safely transport and place people and cargo around the world. The Company is self-reliant, multifaceted and operates in remote locations under challenging conditions specializing in Global Defense and Security, Manufacturing and MRO, and Commercial Services (comprised of firefighting, HVAC, power line, construction, timber harvesting, oil and gas and specialty lift). With roots dating back to 1960, Erickson operates a fleet of approximately 69 aircraft, is headquartered in Portland, Oregon, USA, and operates in North America, South America, Europe, the Middle East, Africa, Asia Pacific, and Australia. For more information, please visit our new website at www.ericksoninc.com.
This press release contains certain statements relating to future results (including, without limitation, “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “predict”), which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on beliefs of Company management, as well as assumptions and estimates based on information currently available to the Company, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, including certain other risks or uncertainties more fully described under the heading “Risk Factors” in our most recently filed Annual Report on Form 10-K as well as in the other reports we file with the SEC from time to time, which are available at the SEC’s web site located at http://www.sec.gov. You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Erickson, Inc. (NASDAQ:EAC) shares are moving +3.7882% on the news today and have traded in the range of $0.4100 – 0.5400 during the current trading session. A number of brokerage analysts have recently weighed in on the stock, providing price target projections. The covering firms currently have a consensus one-year price target of $2.0000 on the stock. This is according to brokerage analysts polled by Thomson Reuters First Call. This is the average number from the individual targets provided by the firms. Analysts are projecting earnings per share of $0.0000 for the next fiscal quarter. For the current year, analysts are predicting earnings of $-2.6500 per share according to First Call.
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In looking at where Erickson Incorporated is trading on a technical level, the stock is trading -2.5346% away from its 50-day moving average of $0.4526. Based on the most recent available data, the equity is -87.6096% off of its 52-week high of $3.5600 and +29.7353% away from its 52-week low which is $0.3400.
Today, the stock opened at $0.4145 and the last bid at the time of writing stood at $0.4411. During the session thus far, the equity dipped down to $0.4100 and touched $0.5400 as the high point. Erickson, Inc. (NASDAQ:EAC) has a market cap of $6.13M and has seen an average daily volume of 325003 over the past three months.
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