Helicopters Magazine

Goodwill charge drags down HNZ Group results

November 13, 2013  By Carey Fredericks

Nov. 13, 2013, Montreal - HNZ Group Inc. says a goodwill impairment charge of $23.5 million resulted in a net loss for the third quarter.

The helicopter operator reported a net loss of $5.8 million or 44 cents a share, compared with $16.1 million or $1.23 per share in the same quarter in 2012.

Without the goodwill impairment charge, the company says net income was $17.7 million or $1.36 per share.

The company says the charge related to reduced future cash flows expected from declining USTRANSCOM revenues in Afghanistan.



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