|By Marketwired .||
|January 12, 2017 05:57 PM EST|
OTTAWA, ON--(Marketwired - January 12, 2017) - NAV CANADA today released its financial results for the three months ended November 30, 2016. The results reflect growth in air traffic volumes as measured by weighted charging units of 5.5 per cent over the same period in the prior fiscal year and demonstrate the Company's continued success in controlling costs and making strategic investments in its core services while maintaining safe and efficient air navigation.
The Company's fiscal year runs from September 1 to August 31. In the first quarter of fiscal 2017, the Company had cash of $224 million, a positive free cash flow
The Company's revenue for the first quarter of fiscal 2017 was $332 million, compared to $342 million over the same period in fiscal 2016, mainly due to the lower revised service charges (7.6% on average) that became effective September 1, 2016 partially offset by a 5.5% growth in air traffic volumes.
"Strong traffic growth continued into the first quarter of fiscal 2017," said Neil Wilson President & CEO. "The reduction in revenues as a result of the lowering of our customer service charges at the beginning of the fiscal year was foreseen and planned for to achieve balance between revenues and expenses."
Operating expenses for the first quarter of fiscal 2017 were $321 million as compared to $296 million over the same period in fiscal 2016, mainly due to higher compensation costs.
Net other income and expenses for the first quarter of fiscal 2017 were an expense of $22 million as compared to an expense of $30 million over the same period in fiscal 2016, primarily due to higher positive fair value adjustments on ABCP investments and higher foreign exchange gains, partially offset by higher interest expense mainly related to the early redemption premium of the MTN 2009-1 General Obligation Notes. During the first quarter of fiscal 2017 the Company received $80 million in proceeds from its ABCP investments. The early partial redemption of our series MTN 2009-1 General Obligation Notes was financed out of proceeds from the ABCP investments along with surplus cash.
The Company had a net loss (before net movement in regulatory deferral accounts including rate stabilization) of $12 million in the first quarter of fiscal 2017 as compared to a net income of $16 million for the first quarter of fiscal 2016.
The Company is subject to legislation that regulates the level of its charges. The timing of the recognition of certain revenue and expenses recovered through charges is recorded through movements in regulatory deferral accounts. The net movement in regulatory deferral accounts for the first quarter of fiscal 2017 was an income of $12 million as compared to a loss of $18 million over the same period in fiscal 2016. This change in regulatory deferrals of $30 million as compared to the same period in fiscal 2016 is due to lower deferrals of favourable results through rate stabilization adjustments of $14 million and a $16 million net increase in regulatory deferral adjustments to adjust the accounting recognition of certain transactions to the periods in which they will be considered for rate setting.
The Company's Financial Statements and Management's Discussion and Analysis for the three months ended November 30, 2016 can be found at:
NAV CANADA is the country's private sector civil air navigation services provider. 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.
- Free cash flow is a non-GAAP financial measure used by the Company to enhance the overall understanding of its financial and operating performance. Non-GAAP financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines free cash flow as cash generated from operations, less capital expenditures and investments in Aireon LLC and other subsidiaries. Management places importance on this indicator as it assists in measuring the impact of its investment program on the Company's financial resources.
- A positive balance in the rate stabilization account represents a regulatory credit balance on the Company's statement of financial position, reflecting amounts returnable to 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.
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