Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents (including $1,699 and $1,448 from VIEs in 2017 and 2016, respectively) $ 13,583 $ 26,950
Receivables:    
Trade, net of allowance for doubtful accounts of $1,196 and $1,219 in 2017 and 2016, respectively (including $5,854 and $5,989 from VIEs in 2017 and 2016, respectively) 38,964 32,470
Tax receivables (including $2,828 and $3,448 from VIEs in 2017 and 2016, respectively) 2,829 3,461
Other (including $257 and $1,019 from VIEs in 2017 and 2016, respectively) 1,623 2,716
Inventories, net (including $39 and $46 from VIEs in 2017 and 2016, respectively) 21,112 25,417
Prepaid expenses (including $40 and $158 from VIEs in 2017 and 2016, respectively) 1,203 1,579
Escrow deposits 3,250 3,777
Total current assets 82,564 96,370
Property and equipment:    
Helicopters 824,122 947,804
Machinery, equipment and spares (including $1,512 and $504 from VIEs in 2017 and 2016, respectively) 41,375 50,579
Construction in progress 37,605 88,971
Buildings and leasehold improvements (including $89 from VIEs in both 2017 and 2016) 43,839 44,177
Furniture, fixtures, vehicles and other (including $350 and $251 from VIEs in 2017 and 2016, respectively) 26,001 22,497
Property and equipment, at cost 972,942 1,154,028
Accumulated depreciation (including $487 and $98 from VIEs in 2017 and 2016, respectively) (299,028) (332,219)
Property and equipment, net 673,914 821,809
Equity investments and advances 30,056 29,266
Intangible assets 1,122 1,137
Other assets (including $61 and $48 from VIEs in 2017 and 2016, respectively) 4,441 6,591
Total assets 792,097 955,173
Current liabilities:    
Accounts payable and accrued expenses (including $1,807 and $1,788 from VIEs in 2017 and 2016, respectively) 16,421 8,876
Accrued wages and benefits (including $1,397 and $2,009 from VIEs in 2017 and 2016, respectively) 8,264 8,507
Accrued interest 606 529
Accrued income taxes 28 666
Current portion of long-term debt (including $1,073 and $615 from VIEs in 2017 and 2016, respectively) 2,736 2,139
Accrued other taxes (including $600 and $773 from VIEs in 2017 and 2016, respectively) 1,810 1,447
Accrued contingencies (including $858 and $1,237 from VIEs in 2017 and 2016, respectively) 859 1,237
Other current liabilities (including $8 from VIEs in both 2017 and 2016) 1,720 2,222
Total current liabilities 32,444 25,623
Long-term debt (including $1,903 and $2,767 from VIEs in 2017 and 2016, respectively) 202,174 230,139
Deferred income taxes 106,598 225,472
Other liabilities 1,434 1,301
Total liabilities 342,650 482,535
Commitments and contingencies
Redeemable noncontrolling interest 3,766 4,221
Equity:    
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,319,150 and 20,936,636 outstanding in 2017 and 2016, respectively, exclusive of treasury shares 215 211
Additional paid-in capital 443,944 438,489
Retained earnings 4,363 32,524
Treasury shares, at cost, 215,141 and 173,350 shares in 2017 and 2016, respectively (2,951) (2,899)
Accumulated other comprehensive income, net of tax 110 92
Total equity 445,681 468,417
Total liabilities, redeemable noncontrolling interest and stockholders’ equity $ 792,097 $ 955,173