| Schedule of Equity Method Investments |
Equity investments and advances as of December 31, 2014 and 2013 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership |
|
2014 |
|
2013 |
Dart |
|
50% |
|
$ |
25,942 |
|
|
$ |
25,264 |
|
Aeróleo (1)
|
|
50% |
|
— |
|
|
— |
|
Era do Brazil (2)
|
|
50% |
|
— |
|
|
— |
|
Era Training Center |
|
50% |
|
5,722 |
|
|
6,236 |
|
Lake Palma(3)
|
|
51% |
|
— |
|
|
3,411 |
|
Heli-Union Era Australia |
|
45% |
|
89 |
|
|
75 |
|
|
|
|
|
$ |
31,753 |
|
|
$ |
34,986 |
|
_______________
|
|
(1) |
Investment was impaired in 2012. |
|
|
(2) |
Consolidated entity as of September 30, 2012 as this is a VIE in which the Company is the primary beneficiary. |
|
|
(3) |
The Company owned a 51% financial interest in Lake Palma; however, it did not consolidate as it only controlled 50% of the venture’s voting rights. Effective July 24, 2014, the Company sold its interest in Lake Palma to its joint venture partner (see further discussion below).
|
Combined Condensed Financial Statements
Summarized financial information for the Company’s equity investments and advances in Dart as of December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
2013 |
|
|
Current assets |
|
$ |
22,447 |
|
|
$ |
19,231 |
|
|
|
Non-current assets |
|
34,309 |
|
|
37,636 |
|
|
|
Current liabilities |
|
4,386 |
|
|
8,613 |
|
|
|
Non-current liabilities |
|
8,907 |
|
|
6,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
2013 |
|
2012 |
Operating revenues |
|
$ |
40,174 |
|
|
$ |
39,185 |
|
|
$ |
42,870 |
|
Costs and expenses: |
|
|
|
|
|
|
Operating and administrative |
|
31,755 |
|
|
31,538 |
|
|
33,706 |
|
Depreciation and amortization |
|
4,129 |
|
|
5,213 |
|
|
5,375 |
|
Total costs and expenses |
|
35,884 |
|
|
36,751 |
|
|
39,081 |
|
Operating income |
|
$ |
4,290 |
|
|
$ |
2,434 |
|
|
$ |
3,789 |
|
Net income |
|
$ |
2,172 |
|
|
$ |
789 |
|
|
$ |
1,245 |
|
Summarized financial information for the Company’s equity investments and advances in all other investees as of December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
2013 |
|
|
Current assets |
|
$ |
1,151 |
|
|
$ |
4,378 |
|
|
|
Non-current assets |
|
5,899 |
|
|
20,018 |
|
|
|
Current liabilities |
|
465 |
|
|
2,789 |
|
|
|
Non-current liabilities |
|
4,298 |
|
|
7,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
2013 |
|
2012 |
Operating revenues |
|
$ |
2,737 |
|
|
$ |
4,682 |
|
|
$ |
20,009 |
|
Costs and expenses: |
|
|
|
|
|
|
Operating and administrative |
|
750 |
|
|
1,035 |
|
|
16,221 |
|
Depreciation and amortization |
|
2,370 |
|
|
3,450 |
|
|
3,165 |
|
Total costs and expenses |
|
3,120 |
|
|
4,485 |
|
|
19,386 |
|
Operating income |
|
$ |
(383 |
) |
|
$ |
197 |
|
|
$ |
623 |
|
Net income (loss) |
|
$ |
(749 |
) |
|
$ |
(476 |
) |
|
$ |
540 |
|
|