Bristow Group Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income	$ 17,021us-gaap_ProfitLoss	$ 18,304us-gaap_ProfitLoss	$ 7,747us-gaap_ProfitLoss
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	46,312us-gaap_Depreciation	45,561us-gaap_Depreciation	42,502us-gaap_Depreciation
Amortization of deferred financing costs	931us-gaap_AmortizationOfFinancingCosts	610us-gaap_AmortizationOfFinancingCosts	1,663us-gaap_AmortizationOfFinancingCosts
Shared-based compensation	5,769us-gaap_ShareBasedCompensation	1,815us-gaap_ShareBasedCompensation	0us-gaap_ShareBasedCompensation
Debt discount amortization	251	231	15
Note receivable impairment	2,457us-gaap_AssetImpairmentCharges	0us-gaap_AssetImpairmentCharges	0us-gaap_AssetImpairmentCharges
Bad debt expense, net	215us-gaap_ProvisionForDoubtfulAccounts	885us-gaap_ProvisionForDoubtfulAccounts	2,798us-gaap_ProvisionForDoubtfulAccounts
Gains on asset dispositions, net	(6,101)us-gaap_GainLossOnDispositionOfAssets	(18,301)us-gaap_GainLossOnDispositionOfAssets	(3,612)us-gaap_GainLossOnDispositionOfAssets
Gain on sale of interest in equity investees	(1,518)	0	0
Derivative losses, net	944us-gaap_GainLossOnSaleOfDerivatives	104us-gaap_GainLossOnSaleOfDerivatives	490us-gaap_GainLossOnSaleOfDerivatives
Cash settlements on derivative transactions, net	(471)	(478)	(419)
Foreign currency gains (losses), net	1,089	(698)	(720)
Deferred	7,050us-gaap_DeferredIncomeTaxExpenseBenefit	7,136us-gaap_DeferredIncomeTaxExpenseBenefit	58,511us-gaap_DeferredIncomeTaxExpenseBenefit
Non-cash settlement of current tax benefit	0	0	(50,000)
Equity earnings, including impairment, net of tax	(1,157)	(882)	5,528
Dividends received from equity investees	0	0	(16)
Changes in operating assets and liabilities:
Decrease (increase) in receivables	6,228us-gaap_IncreaseDecreaseInReceivables	9,668us-gaap_IncreaseDecreaseInReceivables	320us-gaap_IncreaseDecreaseInReceivables
Decrease (increase) in prepaid expenses and other assets	802	1,250	(2,153)
Increase (decrease) in accounts payable, accrued expenses and other liabilities	(1,536)	(834)	(48,739)
Net cash provided by operating activities	78,286	64,371	13,915
Cash flows from investing activities:
Purchases of property and equipment	(106,732)	(110,105)	(112,986)
Proceeds from disposition of property and equipment	7,051	65,151	5,188
Cash settlements on forward contracts, net	(1,545)	0	0
Investments in and advances to equity investees	(125)	0	(10,627)
Proceeds from sale of interest in equity investees	6,381	0	0
Principal payments on notes due from equity investees	638	863	2,574
Principal payments on third party notes receivable	460	632	1,086
Net cash used in investing activities	(93,872)	(43,459)	(114,765)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	0	0	284,622
Proceeds from secured credit facility	30,000	55,000	0
Long-term debt issuance costs	(2,446)us-gaap_PaymentsOfDebtIssuanceCosts	0us-gaap_PaymentsOfDebtIssuanceCosts	(4,754)us-gaap_PaymentsOfDebtIssuanceCosts
Payments on long-term debt	(2,885)	(52,788)	(292,787)
Issuance of Series B preferred stock	0	0	100,000
Settlement of Series B preferred stock	0	0	(50,000)
Dividends paid on Series A preferred stock	0	(4,953)	(4,447)
Proceeds and tax benefits from share award plans	1,458	527	0
Proceeds from SEACOR on the settlement of stock options	0	706	0
Net cash provided by (used in) financing activities	26,127	(1,508)	32,634
Effects of exchange rate changes on cash and cash equivalents	(1,009)	426	599
Net increase (decrease) in cash and cash equivalents	9,532	19,830	(67,617)
Cash and cash equivalents, beginning of year	31,335	11,505	79,122
Cash and cash equivalents, end of year	$ 40,867	$ 31,335	$ 11,505