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|Articles - March 2011|
|Wednesday, March 02, 2011|
Erickson filed for a $75 million IPO in May 2010. But its revenues have been shrinking rather than growing in recent years, from $142 million in 2007 to $137 million in 2008, to $114 million in 2009. The company provides services and maintenance for heavy-lift helicopters used for logging, construction and firefighting. It has subsidiaries in Italy, Canada and Malaysia and seasonal contracts in Australia and Greece. It also manufactures helicopters in Oregon, but not many of them — selling just nine since 2002 and none in 2010.
Between falling revenues and heavy borrowing, Erickson had $88 million in debts as of Sept. 30, 2010. “We anticipate that we will not be in compliance with certain financial debt covenants,” the company wrote in a Dec. 27 SEC filing.
So landing an agreement to export five helicopters to China was a huge deal. Erickson entered into a non-binding agreement in December with China Taicang Aircrane, a subsidiary of Wan Yu Industries Groups. The White House mentioned the deal in a Jan. 19 document stressing the economic importance of exports to China. Erickson officials could not comment because of the mandatory “quiet period” that accompanies IPOs, to avoid inflating the stock price with hype.
If the deal goes through, it will bring new life to Erickson’s Central Point operation, where most of the company’s 700 employees work. (The company moved its headquarters from Southern Oregon to Portland prior to filing for an IPO.) But future manufacturing may take place in China instead of Oregon. One element of the deal outlined in SEC documents calls for “cooperation with and support of Taicang in developing the capabilities and facilities required for the manufacture, marketing and support of the Aircrane in China.”
Erickson is one of two Oregon-based companies wading through the complex process of going public since filing last May. The other is the Portland-based IT security and compliance business Tripwire. In contrast to Erickson’s falling fortunes in recent years, Tripwire has been growing revenues by more than 20% per year and has over 5,600 customers in 89 countries. Tripwire is also restricted from commenting during its quiet period.
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Named after the 2010 experiment by Thomas Ryan, "Robin Sages" are fake social media profiles designed to encourage linking and divulging valuable information.
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BY MARY SPILDE | OB GUEST CONTRIBUTOR
Faced with the aftermath of the “great recession,” increasing concern about the environment and dwindling family wage jobs, we have some very important choices to make about our future.
Monday, August 18, 2014
Portland is in the middle of another construction boom, with residential and office projects springing up downtown, in the Pearl and Old Town. OB Web Editor Jessica Ridgway documents the new wave.
Monday, August 25, 2014
BY JASON NORRIS | OB GUEST BLOGGER
Ferguson Wellman’s investment views on the economy and capital markets.
Friday, August 15, 2014
In this week's poll, we asked readers: "Who should pay for the troubled Cover Oregon website?" Here are the results.
Wednesday, August 06, 2014
BY LINDA BAKER | OB EDITOR
Portland startup Green Endeavor strikes gold, inking a partnership with Underwriters Laboratories, an Illinois-based consulting and certification company with offices in 46 countries.
Thursday, July 24, 2014
BY CLIFF HOCKLEY | OB GUEST CONTRIBUTOR
With the increasing retirements of Baby Boomers, a massive real estate shift has created a significant increase in demand for NNN properties. The result? Increased demand has triggered higher prices and lower yields.
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