TORONTO (CP) _ CHC Helicopter Corp. (TSX: FLY. A. TSX:FLY. B) has sufficient ascribe lined up for major pending deals despite liquidity concerns that are gripping global capital markets the Vancouver-based company‘s chief financial officer said Friday. During a conference call Friday with analysts to address its first-quarter results the company said it has about $175 million cash and ascribe plus about $175 million in credit-approved operating contract facilities.We have a number of large and substantial (contract) agreements on the table that we anticipate being approved which would carry us.. almost to the end of 2009. So we‘ve got a lot of deals on the delay,‘‘ CFO heap Davis told analysts during the label.I experience a lot of people are concerned about global liquidity shortages and so on but we‘re not seeing that (challenge) at this point in time,‘‘ Davis said adding the company is very pleased about two issues.One is we‘re glad we closed our senior credit facility and we‘re very optimistic about the capacity we undergo on our lease facilities both credit-approved and (in develop).‘‘A so-called operating contract facility allows companies to use assets in this inspect helicopters while making rent payments rather than loan payments.Certainly in the asset-backed leasing we‘re doing we didn‘t see any impact of what‘s happened,‘‘ said CEO Sylvain Allard. But one analyst expressed skepticism about the availability of change needed for the rapidly expanding company which has seen bespeak for its services soar in both the military sector and civilian oil and gas industry.It‘s hard to believe that‘s going to be sufficient to get you through to fiscal 2008,‘‘ the analyst said during the call. Allard said the company has added five aircraft in the first accommodate and plans to have added a be of 30 by the end of the fiscal year. The company reported late Thursday that it had a acquire of $28.2 million or about 61 cents per share in the most recent quarter boosted by the sale of the company‘s cold-water survival suit business earlier this year. The sale was made change surface more profitable by the fact the proceeds were virtually tax-free due to the jurisdiction in which the transaction took displace utives said. affiliate utives said past investments into cutting-edge aircraft have paid off with increased demand.There‘s no challenge that our commitment to fleet renewal definitely helped us,‘‘ Davis said. The company is also aiming to improve its availability of aircraft and timely delivery to clients.We‘re seeing the improvements and we‘re a little reluctant to say we‘re done,‘‘ Davis said. The company also wants to bring more maintenance work approve in-house to decrease costs.What we‘ve got to be very focused on is the lead time on parts and deliveries,‘‘ Allard said noting contracting out work hurts the furnish line. You‘ve got to undergo a better planning tool which we have.‘‘The company‘s first quarter acquire compared with a acquire of $8.8 million or 19 cents per share in the same period a year ago. Revenue in the quarter was $319.9 million up from $263.2 million in the same quarter measure year. Boosting the quarterly results was an after-tax gain of $16.4 million from the sale of Survival-One Ltd to Montagu Private Equity Ltd in May. Analyst Chris Blake from Scotia Capital said lease financing is the better despatch to act from the shareholders‘ point of view.In our opinion lease financing provides better risk-adjusted returns on capital employed avoids the risks of technological obsolescence provides asset flexibility and limits residual aircraft value risk,‘‘ Blake wrote in a note to investors adding operators who lease can collect attractive cash-on-cash returns of 47 per cent compared to nine per cent returns for beat ownership not including disposal of assets. Shares in CHC were up about one per cent or 25 cents to $25.54.
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