Bristow Group Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

GUARANTORS OF SECURITIES (Tables)

GUARANTORS OF SECURITIES (Tables)

9 Months Ended

Sep. 30, 2015

Supplemental Condensed Consolidating Balance Sheet as of September 30, 2015



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	10,877		$	—		$	2,931		$	—		$	13,808
Receivables:
Trade, net of allowance for doubtful accounts of $1,999	40			39,364			94			—			39,498
Other	—			2,460			43			10			2,513
Inventories, net	—			24,735			197			—			24,932
Deferred income taxes	4,134			—			—			(1,858		)	2,276
Prepaid expenses and other	607			2,326			122			—			3,055
Escrow deposits	190			2,107			—			—			2,297
Total current assets	15,848			70,992			3,387			(1,848		)	88,379
Property and equipment	—			1,150,020			25,673			—			1,175,693
Accumulated depreciation	—			(308,103		)	(2,967		)	—			(311,070		)
Net property and equipment	—			841,917			22,706			—			864,623
Equity investments and advances	—			30,256			—			—			30,256
Investments in consolidated subsidiaries	198,957			—			—			(198,957		)	—
Goodwill	—			352			1,237			—			1,589
Intangible assets	—			—			1,411			—			1,411
Intercompany receivables	501,929			—			1,199			(503,128		)	—
Other assets	5,704			6,818			—			—			12,522
Total assets	$	722,438		$	950,335		$	29,940		$	(703,933	)	$	998,780
LIABILITIES, REDEEMABLE NONCONTROLLING INTREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	449		$	10,895		$	693		$	—		$	12,037
Accrued wages and benefits	—			7,828			33			—			7,861
Accrued interest	3,977			15			—			—			3,992
Current portion of long-term debt	—			25,335			—			—			25,335
Derivative instruments	—			71			—			—			71
Accrued income taxes	—			7,404			1			10			7,415
Other current liabilities	960			3,767			8			—			4,735
Total current liabilities	5,386			55,315			735			10			61,446
Long-term debt	242,754			—			119			—			242,873
Deferred income taxes	—			215,038			818			(1,858		)	213,998
Intercompany payables	—			481,130			21,998			(503,128		)	—
Other liabilities	—			1,956			—			—			1,956
Total liabilities	248,140			753,439			23,670			(504,976		)	520,273
Redeemable noncontrolling interest	—			—			4,783			—			4,783
Equity:
Era Group Inc. stockholders’ equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,499,050 outstanding, exclusive of treasury shares	207			—			—			—			207
Additional paid-in capital	432,774			99,812			5,056			(104,868		)	432,774
Retained earnings	43,949			97,658			(3,569		)	(94,089		)	43,949
Treasury shares, at cost, 151,193 shares	(2,632		)	—			—			—			(2,632		)
Accumulated other comprehensive income, net of tax	—			92			—			—			92
Total Era Group Inc. stockholders’ equity	474,298			197,562			1,487			(198,957		)	474,390
Noncontrolling interest in subsidiary	—			(666		)	—			—			(666		)
Total equity	474,298			196,896			1,487			(198,957		)	473,724
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	722,438		$	950,335		$	29,940		$	(703,933	)	$	998,780

Supplemental Condensed Consolidating Balance Sheet as of December 31, 2014



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	16,481		$	22,188		$	2,198		$	—		$	40,867
Receivables:
Trade, net of allowance for doubtful accounts of $1,955	39			33,351			—			—			33,390
Other, net of allowance for doubtful accounts of $437	65			1,997			—			—			2,062
Inventories, net	—			26,869			—			—			26,869
Deferred income taxes	4,083			—			—			(2,087		)	1,996
Prepaid expenses and other	424			2,237			—			—			2,661
Total current assets	21,092			86,642			2,198			(2,087		)	107,845
Property and equipment	—			1,161,330			9,937			—			1,171,267
Accumulated depreciation	—			(306,010		)	(2,131		)	—			(308,141		)
Net property and equipment	—			855,320			7,806			—			863,126
Equity investments and advances	—			31,753			—			—			31,753
Investments in consolidated subsidiaries	182,294			—			—			(182,294		)	—
Goodwill	—			352			—			—			352
Intercompany receivables	616,932			12,258			1,395			(630,585		)	—
Other assets	6,914			7,184			—			—			14,098
Total assets	$	827,232		$	993,509		$	11,399		$	(814,966	)	$	1,017,174
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	299		$	14,817		$	4		$	—		$	15,120
Accrued wages and benefits	—			7,521			—			—			7,521
Accrued interest	930			19			—			—			949
Current portion of long-term debt	—			27,426			—			—			27,426
Derivative instruments	784			325			—			—			1,109
Accrued income taxes	—			267			—			—			267
Other current liabilities	556			2,606			—			—			3,162
Total current liabilities	2,569			52,981			4			—			55,554
Long-term debt	282,118			—			—			—			282,118
Deferred income taxes	—			219,114			—			(2,087		)	217,027
Intercompany payables	81,986			536,341			12,258			(630,585		)	—
Other liabilities	—			2,111			—			—			2,111
Total liabilities	366,673			810,547			12,262			(632,672		)	556,810
Equity:
Era Group Inc. stockholders’ equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,371,672 outstanding, exclusive of treasury shares	204			—			—			—			204
Additional paid-in capital	429,109			99,845			496			(100,341		)	429,109
Retained earnings	31,797			83,312			(1,359		)	(81,953		)	31,797
Treasury shares, at cost, 18,609 shares	(551		)	—			—			—			(551		)
Accumulated other comprehensive income, net of tax	—			95			—			—			95
Total Era Group Inc. stockholders’ equity	460,559			183,252			(863		)	(182,294		)	460,654
Noncontrolling interest in subsidiary	—			(290		)	—			—			(290		)
Total equity	460,559			182,962			(863		)	(182,294		)	460,364
Total liabilities and stockholders’ equity	$	827,232		$	993,509		$	11,399		$	(814,966	)	$	1,017,174

Condensed Income Statement

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended September 30, 2015



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	69,491		$	655		$	(405	)	$	69,741
Costs and expenses:
Operating	—			42,812			600			(405		)	43,007
Administrative and general	1,773			9,329			136			—			11,238
Depreciation	—			11,674			512			—			12,186
Total costs and expenses	1,773			63,815			1,248			(405		)	66,431
Gains on asset dispositions, net	—			1,813			—			—			1,813
Operating income (loss)	(1,773		)	7,489			(593		)	—			5,123
Other income (expense):
Interest income	4			228			—			—			232
Interest expense	(2,801		)	(298		)	(22		)	—			(3,121		)
Intercompany interest income (expense)	—			165			(165		)	—			—
Gain on debt extinguishment	(16		)	—			—			—			(16		)
Derivative losses, net	—			8			—			—			8
Foreign currency gains, net	4			75			67			—			146
Total other income (expense)	(2,809		)	178			(120		)	—			(2,751		)
Income (loss) before income taxes and equity earnings	(4,582		)	7,667			(713		)	—			2,372
Income tax expense (benefit)	(2,593		)	4,340			(404		)	—			1,343
Income (loss) before equity earnings	(1,989		)	3,327			(309		)	—			1,029
Equity losses, net of tax	—			(376		)	—			—			(376		)
Equity in earnings (losses) of subsidiaries	2,850			—			—			(2,850		)	—
Net income (loss)	861			2,951			(309		)	(2,850		)	653
Net loss attributable to non-controlling interest in subsidiary	—			49			159			—			208
Net income (loss) attributable to Era Group Inc.	$	861		$	3,000		$	(150	)	$	(2,850	)	$	861

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended September 30, 2014



	Parent			Guarantors			Non-guarantors		Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	90,120		$	527	$	(137	)	$	90,510
Costs and expenses:
Operating	—			54,289			58		(65		)	54,282
Administrative and general	2,047			10,966			—		(72		)	12,941
Depreciation	—			11,601			145		—			11,746
Total costs and expenses	2,047			76,856			203		(137		)	78,969
Gains on asset dispositions, net	—			42			—		—			42
Operating income	(2,047		)	13,306			324		—			11,583
Other income (expense):
Interest income	18			111			1		—			130
Interest expense	(3,444		)	(185		)	—		—			(3,629		)
Derivative losses, net	(1,605		)	(98		)	—		—			(1,703		)
Foreign currency losses, net	(188		)	(297		)	—		—			(485		)
Other, net	(2		)	(1		)	—		—			(3		)
Total other income (expense)	(5,221		)	(470		)	1		—			(5,690		)
Income (loss) before income taxes and equity earnings	(7,268		)	12,836			325		—			5,893
Income tax expense (benefit)	(3,540		)	6,250			158		—			2,868
Income (loss) before equity earnings	(3,728		)	6,586			167		—			3,025
Equity earnings, net of tax	—			1,286			—		—			1,286
Equity in earnings (losses) of subsidiaries	7,994			—			—		(7,994		)	—
Net income (loss)	4,266			7,872			167		(7,994		)	4,311
Net income attributable to non-controlling interest in subsidiary	—			(45		)	—		—			(45		)
Net income (loss) attributable to Era Group Inc.	$	4,266		$	7,827		$	167	$	(7,994	)	$	4,266

Supplemental Condensed Consolidating Statements of Operations for the Nine Months Ended September 30, 2015



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	207,550		$	1,087		$	(743	)	$	207,894
Costs and expenses:
Operating	—			125,886			1,253			(743		)	126,396
Administrative and general	4,889			26,582			289			—			31,760
Depreciation	—			34,341			845			—			35,186
Total costs and expenses	4,889			186,809			2,387			(743		)	193,342
Gains on asset dispositions, net	—			7,564			(2,605		)	—			4,959
Operating income (loss)	(4,889		)	28,305			(3,905		)	—			19,511
Other income (expense):
Interest income	12			786			2			—			800
Interest expense	(8,909		)	(605		)	(33		)	—			(9,547		)
Intercompany interest income (expense)	—			489			(489		)	—			—
Gain on debt extinguishment	248			—			—			—			248
Derivative losses, net	—			(14		)	—			—			(14		)
Foreign currency gains (losses), net	620			(2,958		)	67			—			(2,271		)
Gain on sale of FBO	12,946			—			—			—			12,946
Other, net	—			—			(9		)	—			(9		)
Total other income (expense)	4,917			(2,302		)	(462		)	—			2,153
Income (loss) before income taxes and equity earnings	28			26,003			(4,367		)	—			21,664
Income tax expense (benefit)	12			11,314			(1,900		)	—			9,426
Income (loss) before equity earnings	16			14,689			(2,467		)	—			12,238
Equity losses, net of tax	—			(719		)	—			—			(719		)
Equity in earnings (losses) of subsidiaries	12,136			—			—			(12,136		)	—
Net income (loss)	12,152			13,970			(2,467		)	(12,136		)	11,519
Net loss attributable to non-controlling interest in subsidiary	—			376			257			—			633
Net income (loss) attributable to Era Group Inc.	$	12,152		$	14,346		$	(2,210	)	$	(12,136	)	$	12,152

Supplemental Condensed Consolidating Statements of Operations for the Nine Months Ended September 30, 2014



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	256,013		$	1,034		$	(514	)	$	256,533
Costs and expenses:
Operating	—			158,686			212			(297		)	158,601
Administrative and general	5,496			29,061			—			(217		)	34,340
Depreciation	—			34,021			437			—			34,458
Total costs and expenses	5,496			221,768			649			(514		)	227,399
Gains on asset dispositions, net	—			6,072			—			—			6,072
Operating income	(5,496		)	40,317			385			—			35,206
Other income (expense):
Interest income	63			351			4			—			418
Interest expense	(10,617		)	(605		)	—			—			(11,222		)
Intercompany interest income (expense)	—			254			(254		)	—			—
Derivative losses, net	(1,605		)	(139		)	—			—			(1,744		)
Note receivable impairment	(2,457		)	—			—			—			(2,457		)
Foreign currency losses, net	2,257			(2,778		)	—			—			(521		)
Other, net	10			—			—			—			10
Total other income (expense)	(12,349		)	(2,917		)	(250		)	—			(15,516		)
Income (loss) before income taxes and equity earnings	(17,845		)	37,400			135			—			19,690
Income tax expense (benefit)	(7,370		)	15,444			56			—			8,130
Income (loss) before equity earnings	(10,475		)	21,956			79			—			11,560
Equity earnings, net of tax	—			2,321			—			—			2,321
Equity in earnings (losses) of subsidiaries	24,407			—			—			(24,407		)	—
Net income (loss)	13,932			24,277			79			(24,407		)	13,881
Net loss attributable to non-controlling interest in subsidiary	—			51			—			—			51
Net income (loss) attributable to Era Group Inc.	$	13,932		$	24,328		$	79		$	(24,407	)	$	13,932

Condensed Statement of Comprehensive Income

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2015



	Parent		Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	861	$	2,951		$	(309	)	$	(2,850	)	$	653
Other comprehensive income (loss):
Foreign currency translation adjustments	—		(1		)	137			—			136
Total other comprehensive income (loss)	—		(1		)	137			—			136
Comprehensive income (loss)	861		2,950			(172		)	(2,850		)	789
Comprehensive loss attributable to non-controlling interest in subsidiary	—		49			159			—			208
Comprehensive income (loss) attributable to Era Group Inc.	$	861	$	2,999		$	(13	)	$	(2,850	)	$	997

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2014



	Parent		Guarantors			Non-guarantors		Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	4,266	$	7,872		$	167	$	(7,994	)	$	4,311
Other comprehensive loss:
Foreign currency translation adjustments	—		(65		)	—		—			(65		)
Income tax benefit	—		18			—		—			18
Total other comprehensive loss	—		(47		)	—		—			(47		)
Comprehensive income (loss)	4,266		7,825			167		(7,994		)	4,264
Comprehensive income attributable to non-controlling interest in subsidiary	—		(45		)	—		—			(45		)
Comprehensive income (loss) attributable to Era Group Inc.	$	4,266	$	7,780		$	167	$	(7,994	)	$	4,219

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2015



	Parent		Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	12,152	$	13,970		$	(2,467	)	$	(12,136	)	$	11,519
Other comprehensive loss:
Foreign currency translation adjustments	—		(4		)	—			—			(4		)
Income tax benefit	—		1			—			—			1
Total other comprehensive loss	—		(3		)	—			—			(3		)
Comprehensive income (loss)	12,152		13,967			(2,467		)	(12,136		)	11,516
Comprehensive loss attributable to non-controlling interest in subsidiary	—		376			257			—			633
Comprehensive income (loss) attributable to Era Group Inc.	$	12,152	$	14,343		$	(2,210	)	$	(12,136	)	$	12,149

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2014



	Parent		Guarantors			Non-guarantors		Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	13,932	$	24,277		$	79	$	(24,407	)	$	13,881
Other comprehensive loss:
Foreign currency translation adjustments	—		(119		)	—		—			(119		)
Income tax benefit	—		42			—		—			42
Total other comprehensive loss	—		(77		)	—		—			(77		)
Comprehensive income (loss)	13,932		24,200			79		(24,407		)	13,804
Comprehensive loss attributable to non-controlling interest in subsidiary	—		51			—		—			51
Comprehensive income (loss) attributable to Era Group Inc.	$	13,932	$	24,251		$	79	$	(24,407	)	$	13,855

Condensed Cash Flow Statement

Supplemental Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30, 2015



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	(5,604	)	$	25,718		$	15,729		$	—		$	35,843
Cash flows from investing activities:
Purchases of property and equipment	—			(47,257		)	(11,773		)	11,770			(47,260		)
Proceeds from disposition of property and equipment	—			32,401			—			(11,770		)	20,631
Cash settlements on forward contracts, net	—			—			—			(1,103		)	(1,103		)
Business acquisitions, net of cash acquired	—			—			(3,165		)	—			(3,165		)
Proceeds from sale of FBO	—			—			—			14,252			14,252
Principal payments on notes due from equity investees	—			514			—			—			514
Principal payments on third party notes receivable	—			25			—			—			25
Escrow deposits, net	—			(2,007		)	—			(190		)	(2,197		)
Repayment of intercompany debt	—			12,959			—			(12,959		)	—
Net cash used in investing activities	—			(3,365		)	(14,938		)	—			(18,303		)
Cash flows from financing activities:
Payments on long-term debt	—			(2,091		)	(58		)	(50,000		)	(52,149		)
Proceeds from Revolving Credit Facility	—			—			—			35,000			35,000
Extinguishment of long-term debt	—			—			—			(24,335		)	(24,335		)
Proceeds from share award plans	—			—			—			1,096			1,096
Purchase of treasury shares	—			—			—			(2,069		)	(2,069		)
Tax expense on vested restricted stock	—			—			—			(114		)	(114		)
Repayment of intercompany debt	—			(40,422		)	—			40,422			—
Net cash used in financing activities	—			(42,513		)	(58		)	—			(42,571		)
Effects of exchange rate changes on cash and cash equivalents	—			(2,028		)	—			—			(2,028		)
Net increase (decrease) in cash and cash equivalents	(5,604		)	(22,188		)	733			—			(27,059		)
Cash and cash equivalents, beginning of period	16,481			22,188			2,198			—			40,867
Cash and cash equivalents, end of period	$	10,877		$	—		$	2,931		$	—		$	13,808

Supplemental Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30, 2014



	Parent			Guarantors			Non-guarantors		Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	(2,296	)	$	63,542		$	720	$	—		$	61,966
Cash flows from investing activities:
Purchases of property and equipment	—			(63,966		)	—		—			(63,966		)
Proceeds from disposition of property and equipment	—			7,020			—		—			7,020
Investments in and advances to equity investees	—			(125		)	—		—			(125		)
Proceeds from sale of interest in equity investees	—			6,381			—		—			6,381
Principal payments on notes due from equity investees	—			474			—		—			474
Principal payments on third party notes receivable	—			424			—		—			424
Net cash used in investing activities	—			(49,792		)	—		—			(49,792		)
Cash flows from financing activities:
Payments on long-term debt	—			(2,187		)	—		—			(2,187		)
Revolving Credit Facility issuance costs	—			—			—		(2,446		)	(2,446		)
Proceeds from share award plans	—			—			—		1,458			1,458
Repayment of intercompany debt	—			(988		)	—		988			—
Net cash used in financing activities	—			(3,175		)	—		—			(3,175		)
Effects of exchange rate changes on cash and cash equivalents	—			23			—		—			23
Net decrease in cash and cash equivalents	(2,296		)	10,598			720		—			9,022
Cash and cash equivalents, beginning of period	24,635			5,403			1,297		—			31,335
Cash and cash equivalents, end of period	$	22,339		$	16,001		$	2,017	$	—		$	40,357