Bristow Group Reports Fiscal 2010 Third Quarter Financial Results
HOUSTON, Feb. 3 /PRNewswire-FirstCall/ -- Bristow Group Inc. (NYSE: BRS) today reported financial results for its fiscal 2010 third quarter ended December 31, 2009.
For the December 2009 quarter:
-- Revenue was $303.3 million, an increase of 7% from the December 2008
quarter and 4% from the September 2009 quarter.
-- Operating income was $39.7 million, a decrease of 45% from the December
2008 quarter and 26% from the September 2009 quarter.
-- Net income was $27.1 million, a decrease of 43% from the December 2008
quarter and 20% from the September 2009 quarter.
-- Diluted earnings per share was $0.74, a decrease of $0.58 from the
December 2008 quarter and $0.18 from the September 2009 quarter.
-- The following items impacted the comparability of our results between
the December 2009 and December 2008 quarters:
December 2009 Quarter December 2008 Quarter
--------------------- ---------------------
Diluted Diluted
Earnings Earnings
Operating Net Per Operating Net Per
Income Income Share Income Income Share
--------- ------ -------- --------- ------ -------
(In thousands, except per share amounts)
GOM Asset
Sale(1) $ - $ - $ - $37,780 $24,417 $0.69
Departure of
two officers(2) (1,744) (1,448) (0.04) - - -
Aircraft
incident
charge(3) (1,978) (1,642) (0.05) - - -
Hedging
gains(4) - 2,328 0.06 - - -
Tax items(5) - (1,000) (0.03) - 4,001 0.11
--- ------- ------ --- ----- ----
Total $(3,722) $(1,762) $(0.06) $37,780 $28,418 $0.80
======== ======== ======= ======= ======= =====
----
(1) Represents the impact on the December 2008 quarter of the gain
generated from the sale of 53 aircraft, related inventory, spare
parts and offshore fuel equipment in the U.S. Gulf of Mexico (the
"GOM Asset Sale") on October 30, 2008 included in gain on GOM Asset
Sale on the consolidated statements of income.
(2) Represents compensation costs associated with the departure of two of
the Company's officers during the December 2009 quarter included in
general and administrative costs on the consolidated statements of
income.
(3) Represents a charge in the December 2009 quarter related to damage to
an aircraft operating in Nigeria as a result of a flight incident
included in direct cost on the consolidated statements of income.
(4) Represents the impact of pre-tax hedging gains of $2.8 million
realized during the December 2009 quarter due to termination of
forward contracts on euro-denominated aircraft purchase commitments
included in other income (expense), net on the consolidated
statements of income.
(5) Represents the unfavorable impact on our provision for income taxes in
the December 2009 quarter from tax contingency items and changes in
our expected foreign tax credit utilization and the favorable impact
on our provision for income taxes in the December 2008 quarter of a
benefit related to tax elections filed in the December 2008 quarter
as part of an internal reorganization and the resolution of uncertain
tax positions.
-- In addition to the items impacting comparability of results in the table
above, operating income, net income and diluted earnings per share were
also impacted by:
o A $6.9 million increase in operating income in Australia primarily
resulting from an improvement in our cost structure in this market
since the December 2008 quarter, the addition of aircraft earning
higher rates and a favorable impact from changes in exchange rates,
o A $4.3 million increase in operating income in Eastern Hemisphere
("EH") Centralized Operations primarily resulting from an increase in
cost allocations to other business units and a shift since the
December 2008 quarter to allocate exchange rate exposures to other
operating business units, partially offset by a charge of $1.1 million
to reduce the carrying value of obsolete inventory,
o A $5.2 million increase in other income (expense), net, which includes
the hedging gains of $2.8 million discussed above,
o A decrease in our effective tax rate to 17.3% in the December 2009
quarter from 25.0% in the December 2008 quarter primarily resulting
from the indefinite reinvestment outside the U.S. of foreign earnings
and our ability to realize foreign tax credits,
o A $4.2 million decrease in operating income in the U.S. Gulf of Mexico
primarily resulting from decreased demand for aircraft in this market
driven by decreased drilling activity,
o A $3.7 million decrease in operating income in our Other International
business unit that primarily resulted from the grounding of our
aircraft in Kazakhstan since mid-October 2009, and
o A $4.1 million increase in net interest expense that resulted from
lower cash amounts invested and reduced investment performance as well
as less capitalized interest.
-- Additionally, our results for the December 2009 quarter were favorably
impacted by changes in exchange rates versus the December 2008 quarter,
which resulted in an increase in operating income of $5.2 million, net
income of $6.2 million and diluted earnings per share of $0.17. These
increases are primarily reflected in our results for Europe, West Africa
and Australia and in other income (expense), net.
-- The following items impacted the comparability of our results between
the December 2009 and September 2009 quarters:
December 2009 Quarter September 2009 Quarter
--------------------- ----------------------
Diluted Diluted
Earnings Earnings
Operating Net Per Operating Net Per
Income Income Share Income Income Share
--------- ------ -------- --------- ------ -------
(In thousands, except per share amounts)
Departure of two
officers(1) $(1,744) $(1,448) $(0.04) $ - $ - $ -
Aircraft
incident charge(2) (1,978) (1,642) (0.05) - - -
Hedging gains(3) - 2,328 0.06 - 849 0.02
Tax items(4) - (1,000) (0.03) - (2,075) (0.06)
Reversal of bad
debt(5) - - - 2,500 1,875 0.05
Mexico earnings
change(6) - - - 1,300 1,075 0.03
--- --- --- ----- ----- ----
Total $(3,722) $(1,762) $(0.06) $3,800 $1,724 $0.04
======== ======== ======= ======= ======= =====
----
(1) Represents compensation costs associated with the departure of two of
the Company's officers during the December 2009 quarter included in
general and administrative costs on the consolidated statements of
income.
(2) Represents a charge in the December 2009 quarter related to damage to
an aircraft operating in Nigeria as a result of a flight incident
included in direct cost on the consolidated statements of income.
(3) Represents the impact of pre-tax hedging gains of $2.8 million and
$1.1 million realized during the December 2009 and September 2009
quarters, respectively, due to termination of forward contracts on
euro-denominated aircraft purchase commitments included in other
income (expense), net on the consolidated statements of income.
(4) Represents the unfavorable impact on our provision for income taxes in
the December 2009 and September 2009 quarters from tax contingency
items and changes in our expected foreign tax credit utilization.
(5) Represents the reversal of a bad debt reserve in Kazakhstan in the
September 2009 quarter included in direct cost on the consolidated
statements of income.
(6) Represents out of period earnings from our unconsolidated affiliate in
Mexico realized in the September 2009 quarter included in earnings
(losses) from unconsolidated affiliates, net on our consolidated
statements of income.
-- In addition to the items impacting comparability of results in the table
above, operating income, net income and diluted earnings per share were
also impacted by:
o A decrease in our effective tax rate to 17.3% in the December 2009
quarter from 25.0% in the September 2009 quarter primarily resulting
from the indefinite reinvestment outside the U.S. of foreign earnings
and our ability to realize foreign tax credits, and
o A $4.9 million decrease in operating income in our Other International
business unit primarily resulting from the grounding of our aircraft
in Kazakhstan since mid-October 2009.
For the nine months ended December 31, 2009:
-- Revenue was $885.4 million, an increase of 3% from the nine months ended
December 31, 2008.
-- Operating income was $138.1 million, a decrease of 10% from the nine
months ended December 31, 2008.
-- Net income was $84.8 million, a decrease of 15% from the nine months
ended December 31, 2008.
-- Diluted earnings per share was $2.32, a decrease of $0.52 from the nine
months ended December 31, 2008.
-- The following items impacted the comparability of our results between
the nine months ended December 31, 2009 and 2008:
Nine Months Ended
----------------------------------------------------------
December 31, 2009 December 31, 2008
------------------------------ --------------------------
Diluted Diluted
Earnings Earnings
Operating Net Per Operating Net Per
Income Income Share Income Income Share
--------- ------ -------- --------- ------ -------
(In thousands, except per share amounts)
GOM Asset
Sale(1) $ - $ - $ - $37,780 $24,417 $0.71
Departure of
three
officers(2) (4,874) (3,720) (0.10) - - -
Hedging gains(3) - 3,004 0.08 - - -
Tax items(4) - (5,200) (0.14) - 4,700 0.14
--- ------ ----- --- ----- ----
Total $(4,874) $(5,916) $(0.16) $37,780 $29,117 $0.85
======== ======== ======= ======= ======= =====
----
(1) Represents the impact on the nine months ended December 31, 2008 of
the gain generated from the GOM Asset Sale on October 30, 2008
included in gain on GOM Asset Sale on the consolidated statements of
income.
(2) Represents compensation costs associated with the departure of three
of the Company's officers during the nine months ended December 31,
2009 included in general and administrative costs on the consolidated
statements of income.
(3) Represents the impact of pre-tax hedging gains of $3.9 million
realized during the nine months ended December 31, 2009 due to
termination of forward contracts on euro-denominated aircraft
purchase commitments included in other income (expense), net on the
consolidated statements of income.
(4) Represents the unfavorable impact on our provision for income taxes in
the nine months ended December 31, 2009 from tax contingency items
and changes in our expected foreign tax credit utilization and the
favorable impact on our provision for income taxes in the nine months
ended December 31, 2008 of a benefit related to tax elections filed
in the December 2008 quarter as part of an internal reorganization
and the resolution of uncertain tax positions.
-- In addition to the items impacting comparability of results in the table
above, operating income, net income and diluted earnings per share were
also impacted by:
o A $16.1 million increase in operating income in West Africa primarily
resulting from a favorable impact from changes in exchange rates and
improved pricing,
o A $19.0 million increase in operating income in Australia primarily
resulting from cost reductions in this market and the addition of
aircraft earning higher rates,
o A $11.3 million increase in operating income in EH Centralized
Operations primarily resulting from an increase in cost allocations to
other business units and a shift in the current fiscal year to
allocate exchange rate exposures to other operating business units,
o A decrease in our effective tax rate to 23.8% in the nine months ended
December 31, 2009 from 26.8% the same period a year ago primarily
resulting from the indefinite reinvestment outside the U.S. of foreign
earnings and our ability to realize foreign tax credits,
o An $8.7 million decrease in operating income in the U.S. Gulf of
Mexico primarily resulting from decreased demand for aircraft in this
market driven by decreased drilling activity,
o A $9.3 million decrease in operating income in Western Hemisphere
("WH") Centralized Operations primarily resulting from an under
recovery of maintenance costs from other Western Hemisphere business
units driven by lower flight hours,
o A $6.5 million decrease in operating income in Europe primarily
resulting from an unfavorable impact of changes in exchange rates
versus the same period a year ago, partially offset by a full period's
contribution of operating income from our Bristow Norway operations
which were consolidated beginning October 31, 2008, and
o A $10.6 million increase in net interest expense primarily resulting
from lower cash amounts invested and reduced investment performance,
increased interest expense from our issuance of $115 million of
convertible senior notes in June 2008 and less capitalized interest.
Capital and Liquidity
-- At December 31, 2009, key balance sheet items, capital commitments and
liquidity sources were:
o $1.4 billion in stockholders' investment and $717 million of
indebtedness,
o $107 million in cash and a $100 million undrawn revolving credit
facility, and
o $117 million in aircraft purchase commitments for 11 aircraft.
-- Net cash generated by operating activities was $69 million and net cash
used in investing activities was $110 million in the December 2009
quarter.
CEO Remarks
"We realized solid operating results in Europe, West Africa and Australia during our third fiscal 2010 quarter," said William E. Chiles, President and Chief Executive Officer of Bristow Group.
"In Latin America, our investment in Lider in Brazil contributed to these positive results but was offset by poor performance from our joint venture in Mexico. In Europe, overall activity levels were strong. We're also seeing robust activity levels in Nigeria despite a challenging political environment. In Australia, our local team continues to make improvements in operations and cost structure and in our activity level.
"The U.S. Gulf of Mexico saw continued weakness, but we have not been impacted to as large a degree as other offshore service companies. Our efforts to maintain stable pricing and to upgrade our fleet to larger, more efficient and more profitable aircraft serving larger projects farther offshore in deeper water has us well positioned for opportunities that might arise.
"As previously announced, we changed our management organization structure to better focus on winning and doing work more effectively. Some aspects of the reorganization will take time to fully implement. We believe that this reorganization coupled with financial flexibility and adequate liquidity have positioned us well to weather the current uncertain market in order to benefit from a turnaround in industry conditions which we believe is likely over the next year or two," Chiles added.
CONFERENCE CALL
Management will conduct a conference call starting at 9:00 a.m. EST (8:00 a.m. CST) on Thursday, February 4, 2010, to review financial results for the December 2009 quarter. The conference call can be accessed as follows:
Via Webcast:
-- Visit Bristow Group's investor relations Web page at
www.bristowgroup.com
-- Live: Click on the link for "Bristow Group Fiscal 2010 Third Quarter
Earnings Conference Call"
-- Replay: A replay via webcast will be available approximately one hour
after the call's completion and will be accessible for approximately 90
days
Via Telephone within the U.S.:
-- Live: Dial toll free (877) 941-8610
-- Replay: A telephone replay will be available through February 18, 2010
and may be accessed by calling toll free (800) 406-7325, passcode:
4201643#
Via Telephone outside the U.S.:
-- Live: Dial (480) 629-9819
-- Replay: A telephone replay will be available through February 18, 2010
and may be accessed by calling (303) 590-3030, passcode: 4201643#
ABOUT BRISTOW GROUP INC.
Bristow Group Inc. is a leading provider of helicopter services to the worldwide offshore energy industry and one of two helicopter service providers to the offshore energy industry with global operations. Through its subsidiaries, affiliates and joint ventures, the Company has significant operations in most major offshore oil and gas producing regions of the world, including the North Sea, the U.S. Gulf of Mexico, Nigeria, Australia and Latin America. For more information, visit the Company's website at www.bristowgroup.com.
FORWARD-LOOKING STATEMENTS DISCLOSURE
Statements contained in this news release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. These forward-looking statements include statements regarding the impact of activity levels, business performance, turnaround timing, market and industry conditions, liquidity and financial flexibility. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's quarterly report on Form 10-Q for the quarter ended December 31, 2009 and annual report on Form 10-K for the fiscal year ended March 31, 2009. Bristow Group Inc. disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events or otherwise.
CONTACT: Linda McNeill Investor Relations (713) 267-7622
(financial tables follow)
BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
------------------ -----------------
December 31, September 30, December 31,
------------ ------------- ------------
2009 2008 2009 2009 2008
---- ---- ---- ---- ----
Gross revenue:
Operating revenue
from non-affiliates $260,907 $236,491 $247,642 $757,440 $726,151
Operating revenue
from affiliates 14,581 16,792 17,460 46,643 52,492
Reimbursable
revenue from non-
affiliates 27,615 28,617 24,746 78,214 76,196
Reimbursable
revenue from
affiliates 203 1,087 1,767 3,076 3,959
--- ----- ----- ----- -----
303,306 282,987 291,615 885,373 858,798
------- ------- ------- ------- -------
Operating expense:
Direct cost 189,456 176,038 173,392 543,525 551,404
Reimbursable
expense 28,219 28,689 26,304 81,180 79,437
Depreciation and
amortization 20,663 16,663 18,470 57,319 47,103
General and
administrative 30,758 25,586 29,686 89,246 78,776
------ ------ ------ ------ ------
269,096 246,976 247,852 771,270 756,720
------- ------- ------- ------- -------
Gain on GOM Asset
Sale - 37,780 - - 37,780
Gain on disposal
of assets 2,448 (102) 4,880 13,337 5,865
Earnings from
unconsolidated
affiliates, net
of losses 3,068 (1,417) 4,924 10,625 8,277
----- ------- ----- ------ -----
Operating Income 39,726 72,272 53,567 138,065 154,000
Interest income 365 1,087 210 797 5,739
Interest expense (10,979) (8,276) (10,640) (31,631) (25,943)
Other income
(expense), net 3,695 (1,522) 1,809 4,023 2,240
----- ------- ----- ----- -----
Income before
provision for
income taxes 32,807 63,561 44,946 111,254 136,036
Provision for
income taxes (5,681) (15,861) (11,236) (26,427) (36,494)
------- -------- -------- -------- --------
Net income from
continuing
operations 27,126 47,700 33,710 84,827 99,542
Loss from
discontinued
operations,
net of tax - - - - (246)
--- --- --- --- -----
Net income 27,126 47,700 33,710 84,827 99,296
Net income
attributable to
noncontrolling
interests (448) (535) (540) (1,256) (2,190)
----- ----- ----- ------- -------
Net income
attributable to
Bristow 26,678 47,165 33,170 83,571 97,106
Preferred stock
dividends - (3,162) (3,163) (6,325) (9,487)
--- ------- ------- ------- -------
Net income
available to
common stockholders $26,678 $44,003 $30,007 $77,246 $87,619
======= ======= ======= ======= =======
Basic earnings per
common share:
Earnings from
continued
operations $0.74 $1.51 $0.98 $2.43 $3.18
Loss from
discontinued
operations - - - - (0.01)
--- --- --- --- -----
Net earnings $0.74 $1.51 $0.98 $2.43 $3.17
===== ===== ===== ===== =====
Diluted earnings
per common share:
Earnings from
continued
operations $0.74 $1.32 $0.92 $2.32 $2.85
Loss from
discontinued
operations - - - - (0.01)
--- --- --- --- ------
Net earnings $0.74 $1.32 $0.92 $2.32 $2.84
===== ===== ===== ===== =====
Weighted average
number of common
shares outstanding:
Basic 35,896 29,101 30,491 31,733 27,635
Diluted 36,271 35,628 36,101 36,070 34,185
BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, March 31,
2009 2009
---- ----
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $107,059 $300,969
Accounts receivable from non-affiliates 196,927 194,030
Accounts receivable from affiliates 34,710 22,644
Inventories 187,220 165,438
Prepaid expenses and other current assets 26,582 20,226
------ ------
Total current assets 552,498 703,307
Investment in unconsolidated affiliates 203,916 20,265
Property and equipment – at cost:
Land and buildings 93,241 68,961
Aircraft and equipment 2,014,147 1,823,011
--------- ---------
2,107,388 1,891,972
Less – Accumulated depreciation and
amortization (400,475) (350,515)
--------- ---------
1,706,913 1,541,457
Goodwill 46,971 44,654
Other assets 23,261 24,888
------ ------
$2,533,559 $2,334,571
========== ==========
LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current liabilities:
Accounts payable $50,434 $44,892
Accrued wages, benefits and related taxes 39,486 39,939
Income taxes payable 3,429 -
Other accrued taxes 2,528 3,357
Deferred revenues 22,697 17,593
Accrued maintenance and repairs 13,352 10,317
Accrued interest 8,609 6,434
Other accrued liabilities 18,406 20,164
Deferred taxes 9,348 6,195
Short-term borrowings and current
maturities of long-term debt 19,211 8,948
------ -----
Total current liabilities 187,500 157,839
Long-term debt, less current maturities 698,144 714,965
Accrued pension liabilities 99,276 81,380
Other liabilities and deferred credits 27,151 16,741
Deferred taxes 149,389 127,266
Stockholders' investment:
5.50% mandatory convertible preferred stock - 222,554
Common stock 359 291
Additional paid-in capital 669,174 436,296
Retained earnings 795,739 718,493
Noncontrolling interests 10,261 11,200
Accumulated other comprehensive loss (103,434) (152,454)
--------- ---------
1,372,099 1,236,380
--------- ---------
$2,533,559 $2,334,571
========== ==========
BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended
-----------------
December 31,
------------
2009 2008
---- ----
Cash flows from operating activities:
Net income $84,827 $99,296
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 57,319 47,103
Deferred income taxes 18,892 13,802
Loss on disposal of discontinued operations - 379
Discount amortization on long-term debt 2,213 1,504
Gain on asset dispositions (13,337) (5,865)
Gain on GOM Asset Sale - (37,780)
Gain on Heliservicio investment sale - (1,438)
Stock-based compensation expense 9,914 7,697
Equity in earnings from unconsolidated affiliates
(in excess of) below dividends received (6,853) 7,910
Tax benefit related to stock-based compensation (409) (242)
Increase (decrease) in cash resulting from
changes in:
Accounts receivable 794 (9,342)
Inventories (11,382) (16,600)
Prepaid expenses and other assets 14,555 (22,887)
Accounts payable 4,638 5,657
Accrued liabilities 3,216 20,855
Other liabilities and deferred credits (1,370) (6,177)
------ ------
Net cash provided by operating activities 163,017 103,872
Cash flows from investing activities:
Capital expenditures (250,272) (388,007)
Proceeds from asset dispositions 74,973 86,681
Acquisitions, net of cash received (178,961) (15,590)
--------- --------
Net cash used in investing activities (354,260) (316,916)
Cash flows from financing activities:
Proceeds from borrowings - 115,000
Debt issuance costs - (3,768)
Repayment of debt and debt redemption premiums (10,068) (20,996)
Partial prepayment of put/call obligation (52) (184)
Preferred stock dividends paid (6,325) (9,487)
Issuance of common stock 1,336 225,260
Tax benefit related to stock-based compensation 409 242
--- ---
Net cash provided by (used in) financing
activities (14,700) 306,067
Effect of exchange rate changes on
cash and cash equivalents 12,033 (18,420)
------ -------
Net increase (decrease) in cash and
cash equivalents (193,910) 74,603
Cash and cash equivalents at beginning
of period 300,969 290,050
------- -------
Cash and cash equivalents at end of period $107,059 $364,653
======== ========
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest $31,830 $30,446
Income taxes $9,904 $17,109
Non-cash investing activities:
Contribution of note receivable and
aircraft to RLR $ - $(6,551)
Aircraft received for investment in
Heliservicio $ - $2,410
BRISTOW GROUP INC. AND SUBSIDIARIES
SELECTED OPERATING DATA
(In thousands, except flight hours and percentages)
(Unaudited)
Three Months Ended Nine Months Ended
----------------------------- ------------
December 31, September 30, December 31,
-------------- ------------- ------------
2009 2008 2009 2009 2008
---- ---- ---- ---- ----
Flight hours
(excludes Bristow
Academy and
unconsolidated
affiliates):
U.S. Gulf of Mexico 16,452 25,445 18,372 54,593 97,975
Arctic 1,260 1,279 2,843 6,451 7,411
Latin America 7,906 10,836 9,228 25,766 28,970
Europe 13,597 13,241 14,242 42,694 33,812
West Africa 9,175 9,884 8,470 26,595 29,129
Australia 3,304 3,649 2,794 8,978 11,502
Other International 2,828 2,793 2,582 7,903 8,539
----- ----- ----- ----- -----
Consolidated total 54,522 67,127 58,531 172,980 217,338
====== ====== ====== ======= =======
Gross revenue:
U.S. Gulf of Mexico $42,456 $53,695 $42,614 $130,531 $177,695
Arctic 3,228 3,005 6,123 13,746 14,088
Latin America 19,076 20,707 20,786 59,421 59,964
WH Centralized
Operations 1,461 3,134 791 3,737 8,303
Europe 119,267 102,477 113,890 348,200 296,210
West Africa 58,736 50,478 51,452 165,005 140,788
Australia 38,188 25,029 30,333 96,684 87,368
Other International 14,269 17,076 16,221 43,925 52,234
EH Centralized
Operations 2,653 2,797 4,559 10,871 9,169
Bristow Academy 6,026 5,563 7,151 20,470 17,286
Intrasegment
eliminations (2,054) (974) (2,303) (7,217) (4,335)
Corporate - - (2) - 28
--- --- --- --- ---
Consolidated total $303,306 $282,987 $291,615 $885,373 $858,798
======== ======== ======== ======== ========
Operating income (loss):
U.S. Gulf of Mexico $4,488 $8,721 $5,509 $16,237 $24,973
Arctic 22 184 2,085 2,712 2,603
Latin America 4,695 5,501 7,314 16,788 19,175
WH Centralized
Operations (4,216) (2,509) (4,156) (11,581) (2,281)
Europe 15,968 13,757 14,172 48,918 55,434
West Africa 15,092 13,167 14,466 43,796 27,707
Australia 9,727 2,850 6,869 22,771 3,777
Other International 1,695 5,429 6,611 11,593 12,672
EH Centralized
Operations (422) (4,705) 2,247 (1,068) (12,370)
Bristow Academy (385) (168) 723 1,269 219
Gain on GOM Asset Sale - 37,780 - - 37,780
Gain on disposal of
assets 2,448 (102) 4,880 13,337 5,865
Corporate (9,386) (7,633) (7,153) (26,707) (21,554)
------ ------ ------ ------- -------
Consolidated total $39,726 $72,272 $53,567 $138,065 $154,000
======= ======= ======= ======== ========
Operating margin:
U.S. Gulf of Mexico 10.6% 16.2% 12.9% 12.4% 14.1%
Arctic 0.7% 6.1% 34.1% 19.7% 18.5%
Latin America 24.6% 26.6% 35.2% 28.3% 32.0%
Europe 13.4% 13.4% 12.4% 14.0% 18.7%
West Africa 25.7% 26.1% 28.1% 26.5% 19.7%
Australia 25.5% 11.4% 22.6% 23.6% 4.3%
Other International 11.9% 31.8% 40.8% 26.4% 24.3%
Bristow Academy (6.4)% (3.0)% 10.1% 6.2% 1.3%
Consolidated total 13.1% 25.5% 18.4% 15.6% 17.9%
BRISTOW GROUP INC. AND SUBSIDIARIES
AIRCRAFT COUNT
AS OF DECEMBER 31, 2009
Aircraft in Consolidated Fleet
------------------------------
Helicopters
-----------
Unconsolidated
Fixed Total Affiliates
Small Medium Large Training Wing (1) (2) Total
----- ------ ----- -------- ---- ----- ----------- -----
U.S.
Gulf
of
Mexico 62 26 7 - - 95 - 95
Arctic 13 2 - - 1 16 - 16
Latin
America 5 32 2 - - 39 89 128
Europe - 11 40 - - 51 - 51
West
Africa 12 32 5 - 4 53 - 53
Australia 2 10 18 - - 30 - 30
Other
International - 11 10 - - 21 44 65
EH
Centralized
Operations - - - - - - 63 63
Bristow
Academy - - - 74 - 74 - 74
--- --- --- --- --- --- --- ---
Total 94 124 82 74 5 379 196 575
=== === === === === === === ===
Aircraft
not
currently
in
fleet:(3)
On order - 6 5 - - 11
Under
option - 41 13 - - 54
----
(1) Includes 11 aircraft held for sale.
(2) The 196 aircraft operated or managed by our unconsolidated affiliates
are in addition to those aircraft leased from us.
(3) This table does not reflect aircraft which our unconsolidated
affiliates may have on order or under option.
SOURCE Bristow Group Inc.
Released February 3, 2010