Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents (including $1,448 and $3,192 from VIEs in 2016 and 2015, respectively) $ 26,950 $ 14,370
Receivables:    
Trade, net of allowance for doubtful accounts of $1,219 and $2,103 in 2016 and 2015, respectively (including $5,989 and $8,240 from VIEs in 2016 and 2015, respectively) 32,470 48,639
Tax receivables (including $3,448 and $0 from VIEs in 2016 and 2015, respectively) 3,461 6,085
Other (including $1,019 and $179 from VIEs in 2016 and 2015, respectively) 2,716 3,305
Inventories, net (including $46 and $2,240 from VIEs in 2016 and 2015, respectively) 25,417 27,994
Prepaid expenses (including $158 and $0 from VIEs in 2016 and 2015, respectively) 1,579 1,963
Escrow deposits 3,777 191
Total current assets 96,370 102,547
Property and equipment:    
Helicopters 947,804 970,095
Machinery, equipment and spares (including $504 and $568 from VIEs in 2016 and 2015, respectively) 50,579 76,490
Construction in progress 88,971 60,333
Buildings and leasehold improvements (including $89 and $50 from VIEs in 2016 and 2015, respectively) 44,177 45,861
Furniture, fixtures, vehicles and other (including $251 and $112 from VIEs in 2016 and 2015, respectively) 22,497 23,130
Property and equipment, at cost 1,154,028 1,175,909
Accumulated depreciation (including $98 and $30 from VIEs in 2016 and 2015, respectively) (332,219) (316,693)
Property and equipment, net 821,809 859,216
Equity investments and advances 29,266 28,898
Intangible assets 1,137 1,158
Other assets (including $48 and $3,367 from VIEs in 2016 and 2015, respectively) 6,591 12,532
Total assets 955,173 1,004,351
Current liabilities:    
Accounts payable and accrued expenses (including $1,788 and $1,709 from VIEs in 2016 and 2015, respectively) 8,876 12,000
Accrued wages and benefits (including $2,009 and $2,108 from VIEs in 2016 and 2015, respectively) 8,507 9,012
Accrued interest 529 562
Accrued income taxes 666 0
Current portion of long-term debt (including $615 and $1,632 from VIEs in 2016 and 2015, respectively) 2,139 3,386
Accrued other taxes (including $773 and $1,593 from VIEs in 2016 and 2015, respectively) 1,447 2,412
Accrued contingencies (including $1,237 and $2,358 from VIEs in 2016 and 2015, respectively) 1,237 2,358
Other current liabilities (including $8 and $450 from VIEs in 2016 and 2015, respectively) 2,222 2,300
Total current liabilities 25,623 32,030
Long-term debt (including $2,767 and $6,040 from VIEs in 2016 and 2015, respectively) 230,139 264,479
Deferred income taxes (225,472) (229,848)
Other liabilities 1,301 1,887
Total liabilities 482,535 528,244
Commitments and contingencies
Redeemable noncontrolling interest 4,221 4,804
Equity:    
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,936,636 and 20,495,694 outstanding in 2016 and 2015, respectively, exclusive of treasury shares 211 207
Additional paid-in capital 438,489 433,175
Retained earnings 32,524 40,502
Treasury shares, at cost, 175,350 and 154,549 shares in 2016 and 2015, respectively (2,899) (2,673)
Accumulated other comprehensive income, net of tax 92 92
Total equity 468,417 471,303
Total liabilities, redeemable noncontrolling interest and stockholders’ equity $ 955,173 $ 1,004,351