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Winnipeg Free Press - ONLINE EDITION
Record revenues for Exchange Income Corp. in second quarter
Mike Pyle, President & CEO of Exchange Income Corporation (JOHN WOODS / POSTMEDIA NEWS ARCHIVES)
WINNIPEG — A strong performance by its manufacturing division helped to offset some turbulence in its aviation operations and propel Exchange Income Corp. to record revenues and earnings for the second quarter of 2012.
The Winnipeg-based firm, which owns a number of local regional airlines and several manufacturing businesses in Canada and the United States, has reported a 46 per cent increase in revenue for the three months ended June 30, and a 72 per cent jump in profit, or net earnings.
Consolidated revenue for the quarter was $201.6 million, versus $138 million in the same period in 2011. Net earnings jumped to $7.8 million, or 38 cents per share, from $4.5 million, or 27 cents per share.
"The strength of our diversification model was made evident by the record results we achieved in each of our key financial metrics," president and CEO Mike Pile said today in releasing the Q2 financial results.
Exchange’s aviation operations include Perimeter Aviation, Keewatin Air, Calm Air, Bearskin Air and Custom Helicopters. Its manufacturing businesses include cellphone-tower maker WesTower Communications and several Alberta oilsands service companies.
murray.mcneill@freepress.mb.ca
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