I have been very critical of CHC's Human Resources Department way of doing business.....how long will it be before CHC catches on to improvements are needed?
As every recruiter knows....every person "retained" eliminates having to find a replacement. Is it a retention problem or a recruiting problem?
Recruiting costs hurt incomes Company Earnings
Jul. 15, 2006. 01:00 AM
CHC Helicopter Corp. says it earned a lower fourth-quarter profit than a year earlier as the company spent more to recruit and train new pilots to meet the growing demands of the offshore oil and gas industry.
The Vancouver-based flight-services company earned $10.8 million, or 23 cents per share, for the three months ended April 30.
That compared with a profit of $17.2 million, or 38 cents per share, a year earlier.
In the fourth quarter, sales hit $250.6 million, up from $242.2 million.
The average analyst estimate for the fourth quarter according to Thomson Financial was for a profit of 46 cents per share, based on four analyst estimates with a range from 32 cents to 66 cents.
The average analyst revenue estimate was $264 million, based on three analysts with a range of $261 million to $267 million.
CHC supplies helicopter services to the offshore oil and gas industry around the world.
In addition to spending about $2.9 million or five cents per share on recruiting, relocation, training, business development and aircraft introduction, CHC also took a charge of $3.6 million or five cents per share related to restructuring.
The company said strength in the Canadian dollar also shaved $2.2 million, or four cents per share, from its bottom line.
Talks earlier this year between Craig Dobbin, chairman and founder of CHC Helicopter, and two private-equity firms about a potential takeover offer ended without an agreement.
The company said it spent about $1 million, or 2 cents per share, related to the talks.
CHC earned $90.7 million, or $1.97 per share, for the financial year ended April 30 on revenue of $1.01 billion. That compared with a profit of $56.5 million, or $1.23 per share, on revenue of $967.2 million in the same period a year earlier.
canadian press