Bristow Group Reports Financial Results For Its 2015 Fiscal First Quarter Ended June 30, 2014 - FOX 54 WZDX – Huntsville News, Weather and Sports

Bristow Group Reports Financial Results For Its 2015 Fiscal First Quarter Ended June 30, 2014

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SOURCE Bristow Group Inc.

- FIRST QUARTER GAAP NET INCOME OF $44.1 MILLION ($1.23 PER DILUTED SHARE)

- FIRST QUARTER ADJUSTED NET INCOME INCREASES 30% TO $47.4 MILLION ($1.32 PER DILUTED SHARE) COMPARED TO PRIOR YEAR QUARTER

- GAAP AND ADJUSTED NET INCOME BOTH INCLUDE THE REVERSAL OF A BAD DEBT ALLOWANCE OF $4.4 MILLION ($0.08 PER DILUTED SHARE)

- FIRST QUARTER ADJUSTED EBITDAR OF $127.6 MILLION, DRIVEN BY EXCELLENT REVENUE GROWTH

- FIRST QUARTER SHARE REPURCHASES TOTALING $20.2 MILLION WITH $102 MILLION REPURCHASED SINCE NOVEMBER 2013

- COMPANY REAFFIRMS GUIDANCE FOR FULL FISCAL YEAR 2015 ADJUSTED EPS OF $4.70 - $5.20

HOUSTON, Aug. 4, 2014 /PRNewswire/ -- Bristow Group Inc. (NYSE: BRS) today reported net income for the June 2014 quarter of $44.1 million, or $1.23 per diluted share on a GAAP basis, compared to net income of $26.9 million, or $0.74 per diluted share, in the same period a year ago.

Adjusted net income, which excludes special items and asset disposition effects, increased 30% to $47.4 million, or $1.32 per diluted share, for the June 2014 quarter, compared to $36.5 million, or $1.00 per diluted share, in the June 2013 quarter.

Adjusted earnings before interest, taxes, depreciation, amortization and rent ("adjusted EBITDAR"), which also excludes special items and asset disposition effects, increased 25% to $127.6 million for the June 2014 quarter compared to $102.5 million in the same period a year ago.  Net cash provided by operating activities increased 2.5% to $37.3 million for the three months ended June 30, 2014 compared to $36.4 million for the same period a year ago.

The increase in adjusted EBITDAR, adjusted net income and adjusted diluted earnings per share for the June 2014 quarter compared to the June 2013 quarter was primarily driven by:

  • An increase in activity in our Europe Business Unit, including the commencement of Search and Rescue ("SAR") work under the U.K. Gap SAR contract and the addition of Eastern Airways,
  • The startup of new contracts in Australia,
  • A favorable shift in the mix to larger aircraft under contract that benefited our operations in North America,
  • The recovery of $6.8 million from an original equipment manufacturer ("OEM") provided in the form of maintenance credits resulting from a settlement for aircraft performance issues and transportation costs and benefited our Europe and Australia Business Units,
  • The reversal of $4.4 million in bad debt expense in our North America Business Unit related to a client that had previously filed for bankruptcy for which we have now settled and collected funds, and
  • A favorable impact from changes in foreign currency exchange rates, which resulted in an increase to adjusted EBITDAR of $5.9 million.

Additionally, operating income, net income and diluted earnings per share, on an unadjusted and adjusted basis, were impacted by a $10.1 million increase in rent expense over the same quarter a year ago as we increased the number of leased aircraft.

"The strong operating performance we delivered in the first quarter is a true reflection of the passion and professionalism of our Bristow employees worldwide as we achieved Target Zero Safety while significantly growing revenue year over year and sequentially," said Jonathan E. Baliff, President and Chief Executive Officer of Bristow Group.  "Our fiscal first quarter also delivered respectable margin improvements as we introduced more new technology large aircraft in our Europe, Australia and North America Business Units.  This strong start has us positioned for an excellent fiscal year 2015 as we prepare for UK SAR operations in fiscal year 2016 while also being laser-focused on serving our existing and new energy clients with safe, value added services."

FIRST QUARTER FY2015 RESULTS

  • Operating revenue increased 22% to $437.3 million compared to $359.5 million in the same period a year ago.
  • Operating income increased 16% to $65.2 million compared to $56.1 million in the June 2013 quarter.
  • GAAP net income increased 64% to $44.1 million, or $1.23 per diluted share, compared to $26.9 million, or $0.74 per diluted share, in the June 2013 quarter. 
  • Cash as of June 30, 2014 totaled $133.8 million compared to $204.3 million as of March 31, 2014.  Our total liquidity, including cash on hand and availability on our revolving credit facility, was $331.3 million as of June 30, 2014 compared to $529.9 million as of March 31, 2014.
  • GAAP results for the June 2014 quarter were affected by the following special items that are excluded from our adjusted non-GAAP financial measures for the quarter:
    • $1.0 million in costs related to the restructuring of our North America Business Unit,
    • $3.7 million in expense related to CEO succession,
    • $0.9 million in premium and fees associated with the repurchase of some of our 6 ¼% Senior Notes due 2022, and
    • A gain on disposal of assets of $0.6 million compared to a loss of $1.7 million in the June 2013 quarter.

FIRST QUARTER FY2015 BUSINESS UNIT RESULTS

Europe Business Unit

The operations of our Europe Business Unit have continued to expand since the June 2013 quarter with the net addition of five large aircraft.  These additional aircraft, as well as an overall increase in activity with existing clients and under new contracts primarily in the Northern North Sea in the U.K. and Norway, resulted in $12.4 million of increased operating revenue. Additionally, we began operating the U.K. Gap SAR contract at two bases in June and July 2013 resulting in an increase of $12.0 million in operating revenue for the June 2014 quarter compared to the prior year quarter. Also, we acquired a 60% interest in Eastern Airways in February 2014, which contributed $39.8 million to the increase in operating revenue and $9.3 million in adjusted EBITDAR for the June 2014 quarter. Adjusted EBITDAR increased almost 66% year-over-year and adjusted EBITDAR margin increased to 34.1% in the June 2014 quarter compared to 30.3% in the June 2013 quarter primarily due to a benefit from the recovery of $4.8 million in maintenance credits from an OEM during the June 2014 quarter, partially offset by a decrease in earnings from unconsolidated affiliates of $2.7 million due to the sale of the FB Entities in July 2013. Sequential quarterly adjusted EBITDAR increased to $68.7 million in the June 2014 compared to $63.6 million in the March 2014 quarter while EBITDAR margins remained strong at 34.1% in June 2014 compared to 37.3% in the March 2014 quarter.

West Africa Business Unit

Pricing improvements drove revenue increases in our West Africa Business Unit, leading to a 5.5% increase in operating revenue for the June 2014 quarter compared to the June 2013 quarter.  However, an increase in salaries and benefits due to annual salary increases, training costs associated with the introduction of a new aircraft type into this market that are not expected to impact expense in future quarters, unplanned aircraft maintenance and an increase in value-added taxes, resulted in a 13.8% decrease in adjusted EBITDAR compared with the June 2013 quarter as well as a decrease in adjusted EBITDAR margin to 25.6% for the June 2014 quarter compared to 31.3% for the June 2013 quarter.

North America Business Unit

An increase in medium and large aircraft in this business unit, the decrease in small aircraft on contract in the U.S. Gulf of Mexico and the planned closure of Alaska operations drove the approximately flat revenue results in North America year over year.  However, North America's adjusted EBITDAR and adjusted EBITDAR margin improved to $22.9 million and 39.7%, respectively, in the June 2014 quarter compared to $17.0 million and 29.2%, respectively, in the June 2013 quarter, driven by this change in the mix of fleet on contract in the U.S. Gulf of Mexico to more medium and large aircraft.  A reversal of bad debt expense of $4.4 million also added to adjusted EBITDAR.  This bad debt expense reversal related to a client that had previously filed for bankruptcy for which we have now settled and collected funds.   These increases were partially offset by a decrease in earnings from unconsolidated affiliates, net of losses, related to our Canadian based Cougar investment. Sequentially, adjusted EBITDAR margin improved to 39.7% in the June 2014 quarter compared to 35.4% in the March 2014 quarter primarily due to similar year over year drivers.    Before the benefit of the reversal of bad debt expense of $4.4 million, adjusted EBITDAR margin was 32.2% for the June 2014 quarter.

Australia Business Unit

Operating revenue for our Australia Business Unit increased 21.7% to $46.5 million in the June 2014 quarter from $38.2 million in the June 2013 quarter due to the start of new contracts, including the INPEX contract. Also, during the June 2014 quarter, we were able to recover $2.0 million in credits for maintenance expense from an OEM as settlements for aircraft performance and transportation costs. As a result of these contracts and maintenance expense credits, adjusted EBITDAR and adjusted EBITDAR margin increased in the June 2014 quarter to $11.0 million and 23.7%, respectively, from $6.8 million and 17.7%, respectively, in the June 2013 quarter and remained flat sequentially from the March 2014 quarter margin of 24.0%. We continue to incur salaries and benefits, depreciation, insurance, training and lease costs related to the new contracts which led to slight declines in operating income and operating margin.  

Other International Business Unit

Operating revenue for our Other International Business Unit increased in the June 2014 quarter primarily due to increased activity in Trinidad and start-up of a contract in Tanzania, partially offset by a decline in aircraft on contract in Malaysia, Russia and Mexico. Adjusted EBITDAR and adjusted EBITDAR margin for the June 2014 quarter decreased to $14.7 million and 41.4%, respectively, compared to $22.2 million and 67.4%, respectively, in the June 2013 quarter, primarily due to a decrease in earnings from unconsolidated affiliates, net of losses, and the decline in activity in Malaysia, partially offset by increased activity in Trinidad and the new contract in Tanzania. The primary driver of the decrease in earnings from unconsolidated affiliates, net of losses, is a decrease in earnings from our investment in Lider in Brazil of $4.2 million in the June 2014 quarter resulting from a reduction in aircraft sales and higher income taxes as compared to the June 2013 quarter. Sequentially, earnings from our investment in Líder, excluding special items, decreased slightly as a result of foreign currency effects.

GUIDANCE

We are reaffirming our adjusted diluted earnings per share guidance for the full fiscal year 2015 of $4.70 to $5.20, reflecting our expectation of strong operating performance to continue through our fiscal year.

"The fiscal first quarter of 2015 exceeded our internal expectations as we delivered record results for a first quarter.  We experienced business growth in key markets, with an impressive increase of 22% in operating revenue over the same period a year ago and 8% sequentially.  Particularly impressive, is Bristow's ability to drive increases in Gross Cash Flow returns and BVA, while spending record amounts on capital expenditures for growth. Bristow has a talented team of professionals across the organization at all levels, all striving for excellence.  This dedication is represented in the strength of our results and the continued expectation for growth," said John H. Briscoe, Senior Vice President and Chief Financial Officer of Bristow Group.

As a reminder, our adjusted diluted earnings per share guidance excludes the effect of special items and asset dispositions because their timing and amounts are more variable and less predictable.  Further, this guidance is based on current foreign currency exchange rates.  In providing this guidance, we have not included the impact of any changes in accounting standards or significant acquisitions and divestitures.  Events or other circumstances that we do not currently anticipate or cannot predict, including any issues involved with the return to full revenue service of the EC225 aircraft and changes in the market and industry, could result in earnings per share for fiscal year 2015 that are significantly above or below this guidance.  Factors that could cause such changes are described below under the Forward-Looking Statements Disclosure and the Risk Factors in our quarterly report on Form 10-Q for the quarter ended June 30, 2014 and annual report on Form 10-K for the fiscal year ended March 31, 2014.

DIVIDEND AND SHARE REPURCHASE

On July 31, 2014, our Board of Directors approved our fourteenth consecutive quarterly dividend. This dividend of $0.32 per share will be paid on September 15, 2014 to shareholders of record on August 29, 2014 and is 113% higher than the first dividend paid in June 2011. Based on shares outstanding as of June 30, 2014, the total quarterly dividend payment will be approximately $11.4 million.  Additionally, during the June 2014 quarter, we spent $20.2 million to repurchase 270,598 shares of our Common Stock.  Subsequently, in July 2014, we spent an additional $3.8 million to repurchase another 52,428 shares of our Common Stock. Since we first commenced a share repurchase program in December 2011, we have repurchased over 5% of our Common Stock. As of July 31, 2014, we had $31.7 million of repurchase authority remaining from $133.4 million that was authorized for share repurchases between November 5, 2013 and November 5, 2014.

CONFERENCE CALL

Management will conduct a conference call starting at 10:00 a.m. EDT (9:00 a.m. CDT) on Tuesday, August 5, 2014 to review financial results for the fiscal year 2015 first quarter ended June 30, 2014.  This release and the most recent investor slide presentation are available in the investor relations area of our web page at www.bristowgroup.com.  The conference call can be accessed as follows:

Via Webcast:

  • Visit Bristow Group's investor relations Web page at www.bristowgroup.com
  • Live: Click on the link for "Bristow Group Fiscal 2015 First Quarter Earnings Conference Call"
  • Replay: A replay via webcast will be available approximately one hour after the call's completion and will be accessible for approximately 90 days

Via Telephone within the U.S.:

  • Live: Dial toll free 1-888-296-4204
  • Replay: A telephone replay will be available through August 19, 2014 and may be accessed by calling toll free 1-888-203-1112, passcode: 9991575#

Via Telephone outside the U.S.:

  • Live: Dial 1-719-457-2623
  • Replay: A telephone replay will be available through August 19, 2014 and may be accessed by calling 1-719-457-0820, passcode: 9991575#

ABOUT BRISTOW GROUP INC.

Bristow Group Inc. is the leading provider of helicopter services to the worldwide offshore energy industry based on the number of aircraft operated and one of two helicopter service providers to the offshore energy industry with global operations.  The Company has major transportation operations in the North Sea, Nigeria and the U.S. Gulf of Mexico, and in most of the other major offshore oil and gas producing regions of the world, including Australia, Brazil, Canada, Russia and Trinidad.  For more information, visit the Company's website at www.bristowgroup.com.

FORWARD-LOOKING STATEMENTS DISCLOSURE

Statements contained in this news release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements.  These forward-looking statements include statements regarding earnings guidance, EC225 return to service, capital deployment strategy, operational and capital performance, shareholder return, liquidity and market and industry conditions.  It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements.  Risks and uncertainties include without limitation:  fluctuations in the demand for our services; fluctuations in worldwide prices of and demand for oil and natural gas; fluctuations in levels of oil and natural gas production, exploration and development activities; the impact of competition; actions by clients; the risk of reductions in spending on helicopter services by governmental agencies; changes in tax and other laws and regulations; changes in foreign exchange rates and controls; risks associated with international operations; operating risks inherent in our business, including the possibility of declining safety performance; general economic conditions including the capital and credit markets; our ability to obtain financing; the risk of grounding of segments of our fleet for extended periods of time or indefinitely; our ability to re-deploy our aircraft to regions with greater demand; our ability to acquire additional aircraft and dispose of older aircraft through sales into the aftermarket; the possibility that we do not achieve the anticipated benefit of our fleet investment program; availability of employees; and political instability, war or acts of terrorism in any of the countries where we operate.  Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2014 and annual report on Form 10-K for the fiscal year ended March 31, 2014.  Bristow Group Inc. disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events or otherwise.

Linda McNeill
Investor Relations
(713) 267-7622

(financial tables follow)

 

BRISTOW GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts and percentages)

(Unaudited)




Three Months Ended
June 30,


2014


2013



Gross revenue:






Operating revenue from non-affiliates

$

415,905



$

336,248


Operating revenue from affiliates

21,430



23,299


Reimbursable revenue from non-affiliates

35,203



39,382


Reimbursable revenue from affiliates

-



65



472,538



398,994


Operating expense:






Direct cost

293,863



255,256


Reimbursable expense

32,608



36,743


Depreciation and amortization

25,334



22,819


General and administrative

60,432



40,308



412,237



355,126








Gain (loss) on disposal of assets

610



(1,721)


Earnings from unconsolidated affiliates, net of losses

4,281



13,972


Operating income

65,192



56,119








Interest expense, net

(7,127)



(20,251)


Other income (expense), net

(1,239)



(1,366)


Income before provision for income taxes

56,826



34,502


Provision for income taxes

(11,823)



(7,590)


Net income

45,003



26,912


Net income attributable to noncontrolling interests

(894)



(26)


Net income attributable to Bristow Group

$

44,109



$

26,886








Earnings per common share:






Basic

$

1.24



$

0.74


Diluted

$

1.23



$

0.74














Non-GAAP measures:






Adjusted operating income

$

69,304



$

57,840


Adjusted operating margin

15.8

%


16.1

%

Adjusted EBITDAR

$

127,623



$

102,473


Adjusted EBITDAR margin

29.2

%


28.5

%

Adjusted net income

$

47,369



$

36,504


Adjusted diluted earnings per share

$

1.32



$

1.00


 

BRISTOW GROUP INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)









June 30,
2014


March 31,
2014


ASSETS








Current assets:








Cash and cash equivalents


$

133,804



$

204,341



Accounts receivable from non-affiliates


303,580



292,650



Accounts receivable from affiliates


7,018



4,793



Inventories


150,913



137,463



Assets held for sale


30,293



29,276



Prepaid expenses and other current assets


54,787



53,084



Total current assets


680,395



721,607



Investment in unconsolidated affiliates


265,955



262,615



Property and equipment – at cost:








Land and buildings


149,829



145,973



Aircraft and equipment


2,828,915



2,646,150





2,978,744



2,792,123



Less – Accumulated depreciation and amortization


(536,362)



(523,372)





2,442,382



2,268,751



Goodwill


57,771



56,680



Other assets


94,215



88,604



Total assets


$

3,540,718



$

3,398,257



LIABILITIES AND STOCKHOLDERS' INVESTMENT








Current liabilities:








Accounts payable


$

102,278



$

89,818



Accrued wages, benefits and related taxes


68,430



71,192



Income taxes payable


62



13,588



Other accrued taxes


7,681



9,302



Deferred revenue


30,224



31,157



Accrued maintenance and repairs


18,493



17,249



Accrued interest


8,145



16,157



Other accrued liabilities


54,755



45,853



Deferred taxes


14,090



12,372



Short-term borrowings and current maturities of long-term debt


13,851



14,207



Deferred sale leaseback advance


152,347



136,930



Total current liabilities


470,356



457,825



Long-term debt, less current maturities


941,257



827,095



Accrued pension liabilities


82,365



86,823



Other liabilities and deferred credits


59,876



78,126



Deferred taxes


179,232



169,519



Temporary equity


24,245



22,283



Stockholders' investment:








Common stock


374



373



Additional paid-in capital


767,918



762,813



Retained earnings


1,277,976



1,245,220



Accumulated other comprehensive loss


(147,298)



(156,506)



Treasury shares


(124,122)



(103,965)



Total Bristow Group stockholders' investment


1,774,848



1,747,935



Noncontrolling interests


8,539



8,651



Total stockholders' investment


1,783,387



1,756,586



Total liabilities and stockholders' investment


$

3,540,718



$

3,398,257



 

BRISTOW GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)







Three Months Ended
June 30,




2014


2013


Cash flows from operating activities:








Net income


$

45,003



$

26,912



Adjustments to reconcile net income to net cash provided by operating activities:








Depreciation and amortization


25,334



22,819



Deferred income taxes


8,406



11,768



Write-off of deferred financing fees


164



12,733



Discount amortization on long-term debt


1,055



921



(Gain) loss on disposal of assets


(610)



1,721



Stock-based compensation


4,187



2,869



Equity in earnings from unconsolidated affiliates (in excess of) less than dividends received


(4,281)



(4,974)



Tax benefit related to stock-based compensation


(166)



(2,522)



Increase (decrease) in cash resulting from changes in:








Accounts receivable


(972)



(6,949)



Inventories


(11,033)



(4,112)



Prepaid expenses and other assets


(1,850)



(791)



Accounts payable


7,511



4,339



Accrued liabilities


(23,027)



(18,782)



Other liabilities and deferred credits


(12,376)



(9,539)



Net cash provided by operating activities


37,345



36,413



Cash flows from investing activities:








Capital expenditures


(200,447)



(179,532)



Proceeds from asset dispositions


6,643



1,893



Net cash used in investing activities


(193,804)



(177,639)



Cash flows from financing activities:








Proceeds from borrowings


148,044



103,357



Debt issuance costs


-



(12,733)



Repayment of debt


(35,848)



(1,733)



Partial prepayment of put/call obligation


(15)



(14)



Repurchase of common stock


(20,157)



-



Common stock dividends paid


(11,353)



(9,045)



Issuance of common stock


975



3,004



Tax benefit related to stock-based compensation


166



2,522



Net cash provided by financing activities


81,812



85,358



Effect of exchange rate changes on cash and cash equivalents


4,110



237



Net decrease in cash and cash equivalents


(70,537)



(55,631)



Cash and cash equivalents at beginning of period


204,341



215,623



Cash and cash equivalents at end of period


$

133,804



$

159,992



 

BRISTOW GROUP INC. AND SUBSIDIARIES

SELECTED OPERATING DATA

(In thousands, except flight hours and percentages)

(Unaudited)






Three Months Ended
June 30,



2014


2013

Flight hours (excluding Bristow Academy and unconsolidated affiliates):







Europe


24,038



16,294


West Africa


10,684



11,716


North America


11,820



15,922


Australia


2,845



2,794


Other International


3,791



3,365


Consolidated


53,178



50,091


Operating revenue:







Europe


$

201,681



$

137,159


West Africa


79,958



75,779


North America


57,515



58,235


Australia


46,516



38,213


Other International


35,533



32,893


Corporate and other


17,072



18,115


Intra-business unit eliminations


(940)



(847)


Consolidated


$

437,335



$

359,547


Operating income (loss):







Europe


$

40,369



$

20,021


West Africa


16,662



19,253


North America


12,546



8,123


Australia


2,253



3,280


Other International


10,402



18,442


Corporate and other


(17,650)



(11,279)


Gain (loss) on disposal of assets


610



(1,721)


Consolidated


$

65,192



$

56,119


Operating margin:







Europe


20.0

%


14.6

%

West Africa


20.8

%


25.4

%

North America


21.8

%


13.9

%

Australia


4.8

%


8.6

%

Other International


29.3

%


56.1

%

Consolidated


14.9

%


15.6

%

Adjusted EBITDAR:







Europe


$

68,677



$

41,492


West Africa


20,443



23,720


North America


22,860



17,023


Australia


11,008



6,774


Other International


14,708



22,185


Corporate and other


(10,073)



(8,721)


Consolidated


$

127,623



$

102,473


Adjusted EBITDAR margin:







Europe


34.1

%


30.3

%

West Africa


25.6

%


31.3

%

North America


39.7

%


29.2

%

Australia


23.7

%


17.7

%

Other International


41.4

%


67.4

%

Consolidated


29.2

%


28.5

%

 

BRISTOW GROUP INC. AND SUBSIDIARIES

AIRCRAFT COUNT

As of June 30, 2014

(Unaudited)













Aircraft in Consolidated Fleet





Percentage

of Current Quarter

Operating

Revenue


Helicopters







Small


Medium


Large


Training


Fixed

Wing



Unconsolidated

Affiliates(3)



Total (1)(2)

Total

Europe

46

%


-



8



62



-



30




100


-



100

West Africa

18

%


8



29



7



-



3




47


-



47

North America

13

%


33



23



13



-



-




69


-



69

Australia

11

%


2



8



19



-



-




29


-



29

Other International

8

%


2



33



10



-



-




45


131



176

Corporate and other

4

%


-



-



-



73



-




73


-



73

Total

100

%


45



101



111



73



33




363


131



494

Aircraft not currently in fleet:(4)





















On order




-



7



30



-



-




37




Under option




-



20



31



-



-




51






(1)

Includes 15 aircraft held for sale and 91 leased aircraft as follows:







Held for Sale Aircraft in Consolidated Fleet




Helicopters







Small


Medium


Large


Training


Fixed

Wing


Total


Europe


-




-




5




-




-




5



West Africa


-




2




-




-




-




2



North America


-




-




-




-




-




-



Australia


-




-




1




-




-




1



Other International


2




4




-




-




-




6



Corporate and other


-




-




-




1




-




1



Total


2




6




6




1




-




15


















Leased Aircraft in Consolidated Fleet




Helicopters








Small


Medium


Large


Training


Fixed

Wing


Total


Europe


-




1




20




-




13




34



West Africa


-




1




1




-




-




2



North America


1




13




4




-




-




18



Australia


2




2




4




-




-




8



Other International


-




-




-




-




-




-



Corporate and other


-




-




-




29




-




29



Total


3




17




29




29




13




91





(2)

The average age of our fleet, excluding training aircraft, was 10 years as of June 30, 2014.

(3)

The 131 aircraft operated by our unconsolidated affiliates do not include those aircraft leased from us. Includes 57 helicopters (primarily medium) and 29 fixed wing aircraft owned and managed by Líder, our unconsolidated affiliate in Brazil, which is included in our Other International business unit.

(4)

This table does not reflect aircraft which our unconsolidated affiliates may have on order or under option.

BRISTOW GROUP INC. AND SUBSIDIARIES
GAAP RECONCILIATIONS

These financial measures have not been prepared in accordance with generally accepted accounting principles ("GAAP") and have not been audited or reviewed by our independent auditor.  These financial measures are therefore considered non-GAAP financial measures.  A description of the adjustments to and reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measures is as follows:




Three Months Ended
June 30,










2014



2013






(In thousands, except

 per share amounts)








Adjusted operating income


$

69,304



$

57,840




Gain (loss) on disposal of assets


610



(1,721)




Special items


(4,722)



-




Operating income


$

65,192



$

56,119













Adjusted EBITDAR


$

127,623



$

102,473




Gain (loss) on disposal of assets


610



(1,721)




Special items


(5,594)



-




Depreciation and amortization


(25,334)



(22,819)




Rent expense


(33,116)



(23,061)




Interest expense


(7,363)



(20,370)




Provision for income taxes


(11,823)



(7,590)




Net income


$

45,003



$

26,912













Adjusted net income


$

47,369



$

36,504




Gain (loss) on disposal of assets


483



(1,342)




Special items


(3,743)



(8,276)




Net income attributable to Bristow Group


$

44,109



$

26,886













Adjusted diluted earnings per share


$

1.32



$

1.00




Gain (loss) on disposal of assets


0.01



(0.04)




Special items


(0.10)



(0.23)




Diluted earnings per share


1.23



0.74











Three Months Ended
June 30, 2014





Adjusted

Operating

Income


Adjusted

EBITDAR


Adjusted

Net Income


Adjusted

Diluted

Earnings

Per

Share





(In thousands, except per share amounts)



North America restructuring(1)


$

(1,033)



$

(1,033)



$

(671)



$

(0.02)




CEO succession(2)


(3,689)



(3,689)



(2,398)



(0.07)




Repurchase of 6 ¼% Senior Notes(3)


-



(872)



(674)



(0.02)




Total special items


$

(4,722)



$

(5,594)



$

(3,743)



(0.10)











Three Months Ended
June 30, 2013




Adjusted

Operating

Income


Adjusted

EBITDAR


Adjusted

Net Income


Adjusted

Diluted

Earnings

Per

Share





(In thousands, except per share amounts)



Cancellation of potential financing(4)


$

-



$

-



$

(8,276)



$

(0.23)




Total special items


$

-



$

-



$

(8,276)



(0.23)
















































(1)

Relates to a charges associated with the restructuring of our North America business unit and planned closure of our Alaska operations which related primarily to employee severance and retention costs.

(2)

Relates to CEO succession cost.

(3)

Relates to premium and fees associated with the repurchase of some of our 6 ¼% Senior Notes due 2022.

(4)

Relates to the cancellation of potential financing.

 

 

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