GUARANTORS OF SECURITIES (Tables)
|
6 Months Ended |
Jun. 30, 2018 |
Guarantees [Abstract] |
|
Condensed Balance Sheet |
Supplemental Condensed Consolidating Balance Sheet as of June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands, except share data) |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
12,837 |
|
|
$ |
— |
|
|
$ |
2,220 |
|
|
$ |
— |
|
|
$ |
15,057 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
Trade, operating, net of allowance for doubtful accounts of $903 |
— |
|
|
29,552 |
|
|
5,794 |
|
|
— |
|
|
35,346 |
|
Trade, dry-leasing |
— |
|
|
3,940 |
|
|
— |
|
|
— |
|
|
3,940 |
|
Tax receivable |
1 |
|
|
— |
|
|
3,205 |
|
|
— |
|
|
3,206 |
|
Other |
— |
|
|
1,002 |
|
|
449 |
|
|
— |
|
|
1,451 |
|
Inventories, net |
— |
|
|
20,808 |
|
|
56 |
|
|
— |
|
|
20,864 |
|
Prepaid expenses |
698 |
|
|
1,610 |
|
|
240 |
|
|
— |
|
|
2,548 |
|
Total current assets |
13,536 |
|
|
56,912 |
|
|
11,964 |
|
|
— |
|
|
82,412 |
|
Property and equipment |
— |
|
|
906,839 |
|
|
16,410 |
|
|
— |
|
|
923,249 |
|
Accumulated depreciation |
— |
|
|
(302,649 |
) |
|
(3,096 |
) |
|
— |
|
|
(305,745 |
) |
Property and equipment, net |
— |
|
|
604,190 |
|
|
13,314 |
|
|
— |
|
|
617,504 |
|
Equity investments and advances |
— |
|
|
30,982 |
|
|
— |
|
|
— |
|
|
30,982 |
|
Investments in consolidated subsidiaries |
167,751 |
|
|
— |
|
|
— |
|
|
(167,751 |
) |
|
— |
|
Intangible assets |
— |
|
|
— |
|
|
1,115 |
|
|
— |
|
|
1,115 |
|
Deferred income taxes |
22,456 |
|
|
— |
|
|
— |
|
|
(22,456 |
) |
|
— |
|
Intercompany receivables |
379,788 |
|
|
— |
|
|
— |
|
|
(379,788 |
) |
|
— |
|
Other assets |
1,543 |
|
|
17,055 |
|
|
82 |
|
|
— |
|
|
18,680 |
|
Total assets |
$ |
585,074 |
|
|
$ |
709,139 |
|
|
$ |
26,475 |
|
|
$ |
(569,995 |
) |
|
$ |
750,693 |
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
$ |
183 |
|
|
$ |
14,804 |
|
|
$ |
2,259 |
|
|
$ |
— |
|
|
$ |
17,246 |
|
Accrued wages and benefits |
— |
|
|
5,995 |
|
|
1,521 |
|
|
— |
|
|
7,516 |
|
Accrued interest |
480 |
|
|
65 |
|
|
— |
|
|
— |
|
|
545 |
|
Accrued income taxes |
— |
|
|
12 |
|
|
28 |
|
|
— |
|
|
40 |
|
Accrued other taxes |
— |
|
|
1,593 |
|
|
372 |
|
|
— |
|
|
1,965 |
|
Accrued contingencies |
— |
|
|
— |
|
|
946 |
|
|
— |
|
|
946 |
|
Current portion of long-term debt |
— |
|
|
1,663 |
|
|
594 |
|
|
— |
|
|
2,257 |
|
Other current liabilities |
2,876 |
|
|
327 |
|
|
21 |
|
|
— |
|
|
3,224 |
|
Total current liabilities |
3,539 |
|
|
24,459 |
|
|
5,741 |
|
|
— |
|
|
33,739 |
|
Long-term debt |
145,590 |
|
|
27,148 |
|
|
49 |
|
|
— |
|
|
172,787 |
|
Deferred income taxes |
— |
|
|
124,509 |
|
|
1,250 |
|
|
(22,456 |
) |
|
103,303 |
|
Intercompany payables |
— |
|
|
329,056 |
|
|
50,732 |
|
|
(379,788 |
) |
|
— |
|
Other liabilities |
— |
|
|
1,350 |
|
|
— |
|
|
— |
|
|
1,350 |
|
Total liabilities |
149,129 |
|
|
506,522 |
|
|
57,772 |
|
|
(402,244 |
) |
|
311,179 |
|
Redeemable noncontrolling interest |
— |
|
|
3 |
|
|
3,463 |
|
|
— |
|
|
3,466 |
|
Equity: |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,688,959 outstanding, exclusive of treasury shares |
219 |
|
|
— |
|
|
— |
|
|
— |
|
|
219 |
|
Additional paid-in capital |
445,885 |
|
|
100,306 |
|
|
4,562 |
|
|
(104,868 |
) |
|
445,885 |
|
Retained earnings (accumulated deficit) |
(7,208 |
) |
|
102,203 |
|
|
(39,322 |
) |
|
(62,883 |
) |
|
(7,210 |
) |
Treasury shares, at cost, 215,141 shares |
(2,951 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,951 |
) |
Accumulated other comprehensive income, net of tax |
|
|
|
105 |
|
|
— |
|
|
— |
|
|
105 |
|
Total equity |
435,945 |
|
|
202,614 |
|
|
(34,760 |
) |
|
(167,751 |
) |
|
436,048 |
|
Total liabilities, redeemable noncontrolling interest and stockholders’ equity |
$ |
585,074 |
|
|
$ |
709,139 |
|
|
$ |
26,475 |
|
|
$ |
(569,995 |
) |
|
$ |
750,693 |
|
Supplemental Condensed Consolidating Balance Sheet as of December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands, except share data) |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
10,800 |
|
|
$ |
— |
|
|
$ |
2,783 |
|
|
$ |
— |
|
|
$ |
13,583 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
Trade, operating, net of allowance for doubtful accounts of $1,196 |
— |
|
|
27,968 |
|
|
5,872 |
|
|
— |
|
|
33,840 |
|
Trade, dry-leasing |
— |
|
|
5,124 |
|
|
— |
|
|
— |
|
|
5,124 |
|
Tax receivables |
— |
|
|
— |
|
|
2,829 |
|
|
— |
|
|
2,829 |
|
Other |
— |
|
|
1,126 |
|
|
497 |
|
|
— |
|
|
1,623 |
|
Inventories, net |
— |
|
|
20,746 |
|
|
366 |
|
|
— |
|
|
21,112 |
|
Prepaid expenses |
349 |
|
|
721 |
|
|
133 |
|
|
— |
|
|
1,203 |
|
Escrow deposits |
— |
|
|
3,250 |
|
|
— |
|
|
— |
|
|
3,250 |
|
Total current assets |
11,149 |
|
|
58,935 |
|
|
12,480 |
|
|
— |
|
|
82,564 |
|
Property and equipment |
— |
|
|
956,918 |
|
|
16,024 |
|
|
— |
|
|
972,942 |
|
Accumulated depreciation |
— |
|
|
(296,573 |
) |
|
(2,455 |
) |
|
— |
|
|
(299,028 |
) |
Net property and equipment |
— |
|
|
660,345 |
|
|
13,569 |
|
|
— |
|
|
673,914 |
|
Equity investments and advances |
— |
|
|
30,056 |
|
|
— |
|
|
— |
|
|
30,056 |
|
Investments in consolidated subsidiaries |
161,350 |
|
|
— |
|
|
— |
|
|
(161,350 |
) |
|
— |
|
Intangible assets |
— |
|
|
— |
|
|
1,122 |
|
|
— |
|
|
1,122 |
|
Deferred income taxes |
19,600 |
|
|
— |
|
|
— |
|
|
(19,600 |
) |
|
— |
|
Intercompany receivables |
426,806 |
|
|
— |
|
|
— |
|
|
(426,806 |
) |
|
— |
|
Other assets |
1,011 |
|
|
3,370 |
|
|
60 |
|
|
— |
|
|
4,441 |
|
Total assets |
$ |
619,916 |
|
|
$ |
752,706 |
|
|
$ |
27,231 |
|
|
$ |
(607,756 |
) |
|
$ |
792,097 |
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
$ |
638 |
|
|
$ |
13,655 |
|
|
$ |
2,128 |
|
|
$ |
— |
|
|
$ |
16,421 |
|
Accrued wages and benefits |
— |
|
|
6,804 |
|
|
1,460 |
|
|
— |
|
|
8,264 |
|
Accrued interest |
549 |
|
|
57 |
|
|
— |
|
|
— |
|
|
606 |
|
Accrued income taxes |
— |
|
|
24 |
|
|
4 |
|
|
— |
|
|
28 |
|
Accrued other taxes |
18 |
|
|
1,192 |
|
|
600 |
|
|
— |
|
|
1,810 |
|
Accrued contingencies |
— |
|
|
— |
|
|
859 |
|
|
— |
|
|
859 |
|
Current portion of long-term debt |
— |
|
|
1,663 |
|
|
1,073 |
|
|
— |
|
|
2,736 |
|
Other current liabilities |
848 |
|
|
835 |
|
|
37 |
|
|
— |
|
|
1,720 |
|
Total current liabilities |
2,053 |
|
|
24,230 |
|
|
6,161 |
|
|
— |
|
|
32,444 |
|
Long-term debt |
172,292 |
|
|
27,979 |
|
|
1,903 |
|
|
— |
|
|
202,174 |
|
Deferred income taxes |
— |
|
|
124,948 |
|
|
1,250 |
|
|
(19,600 |
) |
|
106,598 |
|
Intercompany payables |
— |
|
|
381,660 |
|
|
45,146 |
|
|
(426,806 |
) |
|
— |
|
Other liabilities |
— |
|
|
1,435 |
|
|
(1 |
) |
|
— |
|
|
1,434 |
|
Total liabilities |
174,345 |
|
|
560,252 |
|
|
54,459 |
|
|
(446,406 |
) |
|
342,650 |
|
Redeemable noncontrolling interest |
— |
|
|
4 |
|
|
3,762 |
|
|
— |
|
|
3,766 |
|
Equity: |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,319,150 shares outstanding, exclusive of treasury shares
|
215 |
|
|
— |
|
|
— |
|
|
— |
|
|
215 |
|
Additional paid-in capital |
443,944 |
|
|
100,306 |
|
|
4,562 |
|
|
(104,868 |
) |
|
443,944 |
|
Retained earnings |
4,363 |
|
|
92,034 |
|
|
(35,552 |
) |
|
(56,482 |
) |
|
4,363 |
|
Treasury shares, at cost, 215,141 shares |
(2,951 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,951 |
) |
Accumulated other comprehensive income, net of tax |
— |
|
|
110 |
|
|
— |
|
|
— |
|
|
110 |
|
Total equity |
445,571 |
|
|
192,450 |
|
|
(30,990 |
) |
|
(161,350 |
) |
|
445,681 |
|
Total liabilities, redeemable noncontrolling interest and stockholders’ equity |
$ |
619,916 |
|
|
$ |
752,706 |
|
|
$ |
27,231 |
|
|
$ |
(607,756 |
) |
|
$ |
792,097 |
|
|
Condensed Income Statement |
Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Operating revenues |
$ |
— |
|
|
$ |
50,049 |
|
|
$ |
14,162 |
|
|
$ |
(6,483 |
) |
|
$ |
57,728 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Operating |
— |
|
|
32,659 |
|
|
14,156 |
|
|
(6,483 |
) |
|
40,332 |
|
Administrative and general |
8,873 |
|
|
4,852 |
|
|
1,081 |
|
|
— |
|
|
14,806 |
|
Depreciation |
— |
|
|
9,873 |
|
|
243 |
|
|
— |
|
|
10,116 |
|
Total costs and expenses |
8,873 |
|
|
47,384 |
|
|
15,480 |
|
|
(6,483 |
) |
|
65,254 |
|
Losses on asset dispositions, net |
— |
|
|
(1,997 |
) |
|
— |
|
|
— |
|
|
(1,997 |
) |
Operating loss |
(8,873 |
) |
|
668 |
|
|
(1,318 |
) |
|
— |
|
|
(9,523 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest income |
5 |
|
|
334 |
|
|
7 |
|
|
— |
|
|
346 |
|
Interest expense |
(3,292 |
) |
|
(209 |
) |
|
(20 |
) |
|
— |
|
|
(3,521 |
) |
Foreign currency losses, net |
(111 |
) |
|
(155 |
) |
|
(809 |
) |
|
— |
|
|
(1,075 |
) |
Other, net |
— |
|
|
10 |
|
|
4 |
|
|
— |
|
|
14 |
|
Total other income (expense) |
(3,398 |
) |
|
(20 |
) |
|
(818 |
) |
|
— |
|
|
(4,236 |
) |
Loss before income taxes and equity earnings |
(12,271 |
) |
|
648 |
|
|
(2,136 |
) |
|
— |
|
|
(13,759 |
) |
Income tax expense (benefit) |
(1,317 |
) |
|
(1,257 |
) |
|
— |
|
|
— |
|
|
(2,574 |
) |
Loss before equity earnings |
(10,954 |
) |
|
1,905 |
|
|
(2,136 |
) |
|
— |
|
|
(11,185 |
) |
Equity in earnings (losses) of subsidiaries |
575 |
|
|
669 |
|
|
— |
|
|
(575 |
) |
|
669 |
|
Net income (loss) |
(10,379 |
) |
|
2,574 |
|
|
(2,136 |
) |
|
(575 |
) |
|
(10,516 |
) |
Net loss attributable to noncontrolling interest in subsidiary |
— |
|
|
— |
|
|
137 |
|
|
— |
|
|
137 |
|
Net income (loss) attributable to Era Group Inc. |
$ |
(10,379 |
) |
|
$ |
2,574 |
|
|
$ |
(1,999 |
) |
|
$ |
(575 |
) |
|
$ |
(10,379 |
) |
Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Operating revenues |
$ |
— |
|
|
$ |
51,598 |
|
|
$ |
14,003 |
|
|
$ |
(7,723 |
) |
|
$ |
57,878 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Operating |
— |
|
|
33,178 |
|
|
15,880 |
|
|
(7,723 |
) |
|
41,335 |
|
Administrative and general |
1,110 |
|
|
7,304 |
|
|
1,488 |
|
|
— |
|
|
9,902 |
|
Depreciation |
— |
|
|
11,727 |
|
|
251 |
|
|
— |
|
|
11,978 |
|
Total costs and expenses |
1,110 |
|
|
52,209 |
|
|
17,619 |
|
|
(7,723 |
) |
|
63,215 |
|
Gains on asset dispositions, net |
— |
|
|
5,061 |
|
|
— |
|
|
— |
|
|
5,061 |
|
Operating income (loss) |
(1,110 |
) |
|
4,450 |
|
|
(3,616 |
) |
|
— |
|
|
(276 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest income |
28 |
|
|
107 |
|
|
50 |
|
|
— |
|
|
185 |
|
Interest expense |
(3,721 |
) |
|
(159 |
) |
|
(54 |
) |
|
— |
|
|
(3,934 |
) |
Foreign currency gains (losses), net |
129 |
|
|
160 |
|
|
(425 |
) |
|
— |
|
|
(136 |
) |
Other, net |
— |
|
|
1 |
|
|
(9 |
) |
|
— |
|
|
(8 |
) |
Total other income (expense) |
(3,564 |
) |
|
109 |
|
|
(438 |
) |
|
— |
|
|
(3,893 |
) |
Income (loss) before income taxes and equity earnings |
(4,674 |
) |
|
4,559 |
|
|
(4,054 |
) |
|
— |
|
|
(4,169 |
) |
Income tax expense (benefit) |
(1,307 |
) |
|
10 |
|
|
571 |
|
|
— |
|
|
(726 |
) |
Income (loss) before equity earnings |
(3,367 |
) |
|
4,549 |
|
|
(4,625 |
) |
|
— |
|
|
(3,443 |
) |
Equity earnings, net of tax |
— |
|
|
371 |
|
|
— |
|
|
— |
|
|
371 |
|
Equity in earnings (losses) of subsidiaries |
580 |
|
|
— |
|
|
— |
|
|
(580 |
) |
|
— |
|
Net income (loss) |
(2,787 |
) |
|
4,920 |
|
|
(4,625 |
) |
|
(580 |
) |
|
(3,072 |
) |
Net loss attributable to noncontrolling interest in subsidiary |
— |
|
|
— |
|
|
285 |
|
|
— |
|
|
285 |
|
Net income (loss) attributable to Era Group Inc. |
$ |
(2,787 |
) |
|
$ |
4,920 |
|
|
$ |
(4,340 |
) |
|
$ |
(580 |
) |
|
$ |
(2,787 |
) |
Supplemental Condensed Consolidating Statements of Operations for the Six Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Revenues |
$ |
— |
|
|
$ |
99,881 |
|
|
$ |
28,629 |
|
|
$ |
(13,460 |
) |
|
$ |
115,050 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Operating |
— |
|
|
62,429 |
|
|
29,023 |
|
|
(13,460 |
) |
|
77,992 |
|
Administrative and general |
13,186 |
|
|
11,225 |
|
|
2,466 |
|
|
— |
|
|
26,877 |
|
Depreciation |
— |
|
|
19,967 |
|
|
503 |
|
|
— |
|
|
20,470 |
|
Total costs and expenses |
13,186 |
|
|
93,621 |
|
|
31,992 |
|
|
(13,460 |
) |
|
125,339 |
|
Gains on asset dispositions, net |
— |
|
|
2,417 |
|
|
— |
|
|
— |
|
|
2,417 |
|
Operating income (loss) |
(13,186 |
) |
|
8,677 |
|
|
(3,363 |
) |
|
— |
|
|
(7,872 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest income |
9 |
|
|
430 |
|
|
53 |
|
|
— |
|
|
492 |
|
Interest expense |
(7,595 |
) |
|
(391 |
) |
|
(111 |
) |
|
— |
|
|
(8,097 |
) |
Foreign currency losses, net |
(56 |
) |
|
(125 |
) |
|
(820 |
) |
|
— |
|
|
(1,001 |
) |
Gain on debt extinguishment |
— |
|
|
— |
|
|
175 |
|
|
— |
|
|
175 |
|
Other, net |
— |
|
|
10 |
|
|
(4 |
) |
|
— |
|
|
6 |
|
Total other income (expense) |
(7,642 |
) |
|
(76 |
) |
|
(707 |
) |
|
— |
|
|
(8,425 |
) |
Income (loss) before income taxes and equity earnings |
(20,828 |
) |
|
8,601 |
|
|
(4,070 |
) |
|
— |
|
|
(16,297 |
) |
Income tax expense (benefit) |
(2,853 |
) |
|
(459 |
) |
|
— |
|
|
— |
|
|
(3,312 |
) |
Income (loss) before equity earnings |
(17,975 |
) |
|
9,060 |
|
|
(4,070 |
) |
|
— |
|
|
(12,985 |
) |
Equity in earnings (losses) of subsidiaries |
6,402 |
|
|
1,112 |
|
|
— |
|
|
(6,402 |
) |
|
1,112 |
|
Net income (loss) |
(11,573 |
) |
|
10,172 |
|
|
(4,070 |
) |
|
(6,402 |
) |
|
(11,873 |
) |
Net loss attributable to noncontrolling interest in subsidiary |
— |
|
|
— |
|
|
300 |
|
|
— |
|
|
300 |
|
Net income (loss) attributable to Era Group Inc. |
$ |
(11,573 |
) |
|
$ |
10,172 |
|
|
$ |
(3,770 |
) |
|
$ |
(6,402 |
) |
|
$ |
(11,573 |
) |
Supplemental Condensed Consolidating Statements of Operations for the Six Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Revenues |
$ |
— |
|
|
$ |
99,631 |
|
|
$ |
29,403 |
|
|
$ |
(16,629 |
) |
|
$ |
112,405 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Operating |
— |
|
|
62,291 |
|
|
33,430 |
|
|
(16,629 |
) |
|
79,092 |
|
Administrative and general |
2,975 |
|
|
14,342 |
|
|
2,966 |
|
|
— |
|
|
20,283 |
|
Depreciation |
— |
|
|
23,047 |
|
|
485 |
|
|
— |
|
|
23,532 |
|
Total costs and expenses |
2,975 |
|
|
99,680 |
|
|
36,881 |
|
|
(16,629 |
) |
|
122,907 |
|
Gains on asset dispositions, net |
— |
|
|
5,170 |
|
|
— |
|
|
— |
|
|
5,170 |
|
Operating income (loss) |
(2,975 |
) |
|
5,121 |
|
|
(7,478 |
) |
|
— |
|
|
(5,332 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest income |
49 |
|
|
218 |
|
|
168 |
|
|
— |
|
|
435 |
|
Interest expense |
(6,962 |
) |
|
(457 |
) |
|
(104 |
) |
|
— |
|
|
(7,523 |
) |
Foreign currency gains (losses), net |
154 |
|
|
168 |
|
|
(430 |
) |
|
— |
|
|
(108 |
) |
Other, net |
— |
|
|
1 |
|
|
3 |
|
|
— |
|
|
4 |
|
Total other income (expense) |
(6,759 |
) |
|
(70 |
) |
|
(363 |
) |
|
— |
|
|
(7,192 |
) |
Income (loss) before income taxes and equity earnings |
(9,734 |
) |
|
5,051 |
|
|
(7,841 |
) |
|
— |
|
|
(12,524 |
) |
Income tax expense (benefit) |
(3,183 |
) |
|
(6 |
) |
|
360 |
|
|
— |
|
|
(2,829 |
) |
Income (loss) before equity earnings |
(6,551 |
) |
|
5,057 |
|
|
(8,201 |
) |
|
— |
|
|
(9,695 |
) |
Equity earnings, net of tax |
— |
|
|
836 |
|
|
— |
|
|
— |
|
|
836 |
|
Equity in earnings (losses) of subsidiaries |
(1,856 |
) |
|
— |
|
|
— |
|
|
1,856 |
|
|
— |
|
Net income (loss) |
(8,407 |
) |
|
5,893 |
|
|
(8,201 |
) |
|
1,856 |
|
|
(8,859 |
) |
Net loss attributable to noncontrolling interest in subsidiary |
— |
|
|
— |
|
|
452 |
|
|
— |
|
|
452 |
|
Net income (loss) attributable to Era Group Inc. |
$ |
(8,407 |
) |
|
$ |
5,893 |
|
|
$ |
(7,749 |
) |
|
$ |
1,856 |
|
|
$ |
(8,407 |
) |
|
Condensed Statement of Comprehensive Income |
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net income (loss) |
$ |
(10,379 |
) |
|
$ |
2,574 |
|
|
$ |
(2,136 |
) |
|
$ |
(575 |
) |
|
$ |
(10,516 |
) |
Comprehensive income (loss) |
(10,379 |
) |
|
2,574 |
|
|
(2,136 |
) |
|
(575 |
) |
|
(10,516 |
) |
Comprehensive income attributable to noncontrolling interest in subsidiary |
— |
|
|
— |
|
|
137 |
|
|
— |
|
|
137 |
|
Comprehensive income (loss) attributable to Era Group Inc. |
$ |
(10,379 |
) |
|
$ |
2,574 |
|
|
$ |
(1,999 |
) |
|
$ |
(575 |
) |
|
$ |
(10,379 |
) |
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net income (loss) |
$ |
(2,787 |
) |
|
$ |
4,920 |
|
|
$ |
(4,625 |
) |
|
$ |
(580 |
) |
|
$ |
(3,072 |
) |
Comprehensive income (loss) |
(2,787 |
) |
|
4,920 |
|
|
(4,625 |
) |
|
(580 |
) |
|
(3,072 |
) |
Comprehensive loss attributable to noncontrolling interest in subsidiary |
— |
|
|
— |
|
|
285 |
|
|
— |
|
|
285 |
|
Comprehensive income (loss) attributable to Era Group Inc. |
$ |
(2,787 |
) |
|
$ |
4,920 |
|
|
$ |
(4,340 |
) |
|
$ |
(580 |
) |
|
$ |
(2,787 |
) |
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Six Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net income (loss) |
$ |
(11,573 |
) |
|
$ |
10,172 |
|
|
$ |
(4,070 |
) |
|
$ |
(6,402 |
) |
|
$ |
(11,873 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
— |
|
|
(5 |
) |
|
— |
|
|
— |
|
|
(5 |
) |
Total other comprehensive loss |
— |
|
|
(5 |
) |
|
— |
|
|
— |
|
|
(5 |
) |
Comprehensive income (loss) |
(11,573 |
) |
|
10,167 |
|
|
(4,070 |
) |
|
(6,402 |
) |
|
(11,878 |
) |
Comprehensive loss attributable to noncontrolling interest in subsidiary |
— |
|
|
— |
|
|
300 |
|
|
— |
|
|
300 |
|
Comprehensive income (loss) attributable to Era Group Inc. |
$ |
(11,573 |
) |
|
$ |
10,167 |
|
|
$ |
(3,770 |
) |
|
$ |
(6,402 |
) |
|
$ |
(11,578 |
) |
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Six Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net income (loss) |
$ |
(8,407 |
) |
|
$ |
5,893 |
|
|
$ |
(8,201 |
) |
|
$ |
1,856 |
|
|
$ |
(8,859 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
— |
|
|
(2 |
) |
|
— |
|
|
— |
|
|
(2 |
) |
Total other comprehensive loss |
— |
|
|
(2 |
) |
|
— |
|
|
— |
|
|
(2 |
) |
Comprehensive income (loss) |
(8,407 |
) |
|
5,891 |
|
|
(8,201 |
) |
|
1,856 |
|
|
(8,861 |
) |
Comprehensive loss attributable to noncontrolling interest in subsidiary |
— |
|
|
— |
|
|
452 |
|
|
— |
|
|
452 |
|
Comprehensive income (loss) attributable to Era Group Inc. |
$ |
(8,407 |
) |
|
$ |
5,891 |
|
|
$ |
(7,749 |
) |
|
$ |
1,856 |
|
|
$ |
(8,409 |
) |
|
Condensed Cash Flow Statement |
Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net cash provided by provided by operating activities |
$ |
2,037 |
|
|
$ |
922 |
|
|
$ |
2,179 |
|
|
$ |
— |
|
|
$ |
5,138 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
— |
|
|
(5,779 |
) |
|
(179 |
) |
|
— |
|
|
(5,958 |
) |
Proceeds from disposition of property and equipment |
— |
|
|
29,497 |
|
|
— |
|
|
— |
|
|
29,497 |
|
Principal payments on notes due from equity investees |
— |
|
|
186 |
|
|
— |
|
|
— |
|
|
186 |
|
Principal payments on third party notes receivable |
— |
|
|
571 |
|
|
— |
|
|
— |
|
|
571 |
|
Net cash used in investing activities |
— |
|
|
24,475 |
|
|
(179 |
) |
|
— |
|
|
24,296 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Long-term debt issuance costs |
— |
|
|
— |
|
|
— |
|
|
(1,295 |
) |
|
(1,295 |
) |
Payments on long-term debt |
— |
|
|
(831 |
) |
|
(2,181 |
) |
|
(27,000 |
) |
|
(30,012 |
) |
Proceeds from share award plans |
— |
|
|
— |
|
|
— |
|
|
484 |
|
|
484 |
|
Borrowings and repayments of intercompany debt |
— |
|
|
(27,811 |
) |
|
— |
|
|
27,811 |
|
|
— |
|
Net cash used in financing activities |
— |
|
|
(28,642 |
) |
|
(2,181 |
) |
|
— |
|
|
(30,823 |
) |
Effects of exchange rate changes on cash and cash equivalents |
— |
|
|
(5 |
) |
|
(382 |
) |
|
— |
|
|
(387 |
) |
Net increase (decrease) in cash and cash equivalents |
2,037 |
|
|
(3,250 |
) |
|
(563 |
) |
|
— |
|
|
(1,776 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
10,800 |
|
|
3,250 |
|
|
2,783 |
|
|
— |
|
|
16,833 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
12,837 |
|
|
$ |
— |
|
|
$ |
2,220 |
|
|
$ |
— |
|
|
$ |
15,057 |
|
Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net cash provided by (used in) operating activities |
$ |
1,967 |
|
|
$ |
11,086 |
|
|
$ |
321 |
|
|
$ |
— |
|
|
$ |
13,374 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
— |
|
|
(12,490 |
) |
|
(34 |
) |
|
— |
|
|
(12,524 |
) |
Proceeds from disposition of property and equipment |
— |
|
|
5,689 |
|
|
— |
|
|
— |
|
|
5,689 |
|
Investments in and advances to equity investees |
— |
|
|
(126 |
) |
|
— |
|
|
— |
|
|
(126 |
) |
Principal payments on notes due from equity investees |
— |
|
|
375 |
|
|
— |
|
|
— |
|
|
375 |
|
Principal payments on third party notes receivable |
— |
|
|
94 |
|
|
— |
|
|
— |
|
|
94 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(6,458 |
) |
|
(34 |
) |
|
— |
|
|
(6,492 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from Revolving Credit Facility |
— |
|
|
— |
|
|
— |
|
|
9,000 |
|
|
9,000 |
|
Payments on long-term debt |
— |
|
|
(832 |
) |
|
(330 |
) |
|
(17,000 |
) |
|
(18,162 |
) |
Proceeds from share award plans |
— |
|
|
— |
|
|
— |
|
|
463 |
|
|
463 |
|
Purchase of treasury shares |
— |
|
|
— |
|
|
— |
|
|
(51 |
) |
|
(51 |
) |
Borrowings and repayments of intercompany debt |
— |
|
|
(7,588 |
) |
|
— |
|
|
16,588 |
|
|
9,000 |
|
Net cash used in financing activities |
— |
|
|
(8,420 |
) |
|
(330 |
) |
|
— |
|
|
(8,750 |
) |
Effects of exchange rate changes on cash and cash equivalents |
— |
|
|
15 |
|
|
4 |
|
|
— |
|
|
19 |
|
Net increase (decrease) in cash and cash equivalents |
1,967 |
|
|
(3,777 |
) |
|
(39 |
) |
|
— |
|
|
(1,849 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
25,474 |
|
|
3,777 |
|
|
1,476 |
|
|
— |
|
|
30,727 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
27,441 |
|
|
$ |
— |
|
|
$ |
1,437 |
|
|
$ |
— |
|
|
$ |
28,878 |
|
|