NAV CANADA Announces First Quarter Financial Results
(firmenpresse) - OTTAWA, ONTARIO -- (Marketwire) -- 01/11/12 -- NAV CANADA today released its financial results for the three months ended November 30, 2011. The results show continued success in controlling costs while maintaining safe and efficient air navigation services, as well as growth in air traffic volumes that were up 1.9 per cent from the same period in the prior year.
In the first quarter of fiscal 2012, the Company had an excess of revenues and other income over expenses of $ 1 million, and ended the quarter with a $ 3 million negative(i) balance in the rate stabilization account. However, when adjusted for rate setting purposes, there is a positive(i) "notional" balance of $ 92 million in the rate stabilization account, which is equal to its target balance. Cash and cash equivalents increased during the quarter by $ 48 million.
"While traffic and revenues are up slightly in the first quarter of our fiscal year, it is clear that growth is slowing in the face of global economic uncertainty," said John Crichton, President & CEO. "We will be paying close attention to underlying economic conditions and their impact on our financial situation, which remains strong due to the efforts of employees, in collaboration with our customers and partners.
"We will continue to take whatever action is required to maintain our global leadership in the provision of safe, efficient and cost effective air navigation services, with continued emphasis on control of our own costs, consistent with safety."
The Company's revenues before rate stabilization for the first quarter of fiscal 2012 were $ 305 million, compared to $ 299 million for the previous year.
Operating expenses before rate stabilization for the first quarter were $ 241 million, which was $ 4 million higher than in the first quarter of last year.
Interest, depreciation and amortization expense before rate stabilization totalling $ 62 million was $ 3 million lower than in the comparable period in the previous year.
Negative fair value adjustments in the first quarter contributed to a $ 6 million other loss before rate stabilization. As at November 30, 2011, the fair value of the Company's investments in ABCP restructured and non-restructured notes is $ 204 million on holdings with a face value of $ 307 million. Of the total fair value variances from face value of $ 103 million, $ 95 million is considered recoverable over the term of the notes.
Based on the above, the Company had a shortfall of revenues and other income over expenses before rate stabilization of $ 4 million for the quarter.
The Company's financial statements and Management's Discussion and Analysis for the three months ended November 30, 2011 can be found at:
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NAV CANADA, the country's civil air navigation services provider, is a private sector, non-share capital corporation financed through publicly-traded debt. With operations from coast to coast to coast, NAV CANADA provides air traffic control, flight information, weather briefings, aeronautical information services, airport advisory services and electronic aids to navigation.
(i) A positive/negative balance in the rate stabilization account represents a liability/asset on the Company's consolidated balance sheet, reflecting amounts returnable to/recoverable from customers through future customer service charges.
This press release contains certain forward-looking statements that are subject to important risks and uncertainties. Actual results may differ materially from the results indicated in these statements for a number of reasons. NAV CANADA disclaims any intention to update any forward-looking statements
Contacts:
John Morris
Director, Communications
(613) 563-7032
Ron Singer
Manager, Media Relations
(613) 563-7303
Media Information Line:
1-888-562-8226
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Datum: 11.01.2012 - 15:01 Uhr
Sprache: Deutsch
News-ID 1072150
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