Hi, Pat: Thanks for all the advice and recommendations over the years—they’ve been very helpful! I was wondering if I could have your thoughts on Exchange Income Corp. Thanks once again.
Exchange Income Corp., $24.18, symbol EIF on Toronto (Shares outstanding: 23.2 million; Market cap: $560.9 million; www.exchangeincomecorp.ca), operates in two main areas: aviation and manufacturing.
The aviation business (77% of revenue) includes regional airlines Perimeter Aviation, Keewatin Air, Calm Air International, Bearskin Lake Air Service, Custom Helicopters and Regional One. These airlines serve communities in Manitoba, Ontario and Nunavut.
The manufacturing business (23% of revenue) includes WesTower Communications Canada (a maker and installer of wireless communication towers), Jasper Tank, Overlanders Manufacturing, Water Blast Manufacturing and Stainless Fabrication.
Exchange Income prefers to expand by acquisition. On January 2, 2015, it completed its biggest purchase to date: $244.4 million in cash and stock for St. John’s, Newfoundland-based Provincial Aerospace Ltd.
Provincial operates three distinct businesses:
Provincial Airlines has about 210 regularly scheduled flights a week in Newfoundland and Labrador, Quebec, New Brunswick and Nova Scotia. It also provides charter services across the region. The company’s fleet mainly consists of Dash 8s and Twin Otters. In addition, it…
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