/C O R R E C T I O N -- Bristow Group Inc./

In the news release, Bristow Group Reports Financial Results for Its Quarter and Fiscal Year Ended March 31, 2010, issued earlier today by Bristow Group Inc. over PR Newswire, we are advised by the company that there have been several minor corrections to certain of the figures presented in the release related to the calculation of diluted earnings per share from continuing operations, excluding special items, for the March 2010 quarter and the fiscal year ended March 31, 2009. Complete, corrected release follows:

Bristow Group Reports Financial Results for Its Quarter and Fiscal Year Ended March 31, 2010

- Diluted EPS of $0.78 for the quarter ($0.73 excluding special items) and $3.10 for the fiscal year ($3.02 excluding special items)

- Diluted EPS for fiscal 2010, excluding special items in both periods, increased nine percent

HOUSTON, May 19 /PRNewswire-FirstCall/ -- Bristow Group Inc. (NYSE: BRS) today reported financial results for its March 2010 quarter and full fiscal year ended March 31, 2010.

"We are proud of the positive results we achieved both during the March 2010 quarter and for fiscal 2010, which continued to be a difficult one for the oil services industry," said William E. Chiles, President and Chief Executive Officer of Bristow Group.  "Our performance benefited from solid operating results in West Africa and Australia and from our ongoing commitment to taking costs out of our operations.  Also, the comparability of our results was affected by special items in both fiscal years, which added $0.08 and $0.79 to our fiscal 2010 and 2009 earnings per share results, respectively.  Excluding these special items, our fiscal 2010 earnings per share increased nine percent to $3.02 from $2.78 in fiscal 2009."

MARCH 2010 QUARTER RESULTS

March 2010 quarter revenues totaled $282.4 million compared to $275.0 million in the March 2009 quarter, an increase of three percent.

Operating income in the March 2010 quarter was $42.8 million compared to $47.8 million in the March 2009 quarter.  Excluding the special items which occurred in both years as discussed below, operating income improved slightly to $39.9 million in the March 2010 quarter versus $39.7 million in the March 2009 quarter.

Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") totaled $59.4 million in the March 2010 quarter compared to $67.6 million in the March 2009 quarter.  Excluding the special items which occurred in both years as discussed below, EBITDA increased to $60.4 million in the March 2010 quarter versus to $59.5 million in the March 2009 quarter.  EBITDA is a measure that has not been prepared in accordance with Accounting Principles Generally Accepted in the United States of America ("GAAP").  Please refer to disclosures contained at the end of this news release for additional information about EBITDA.  

Net income from continuing operations totaled $28.7 million in the March 2010 quarter, or $0.78 per diluted share, compared to $26.0 million, or $0.72 per diluted share, in the March 2009 quarter.  Excluding the special items which occurred in both years as discussed below, net income from continuing operations was $26.9 million, or $0.73 per diluted share, compared to $25.4 million, or $0.71 per diluted share, in the March 2009 quarter.

"Our March 2010 quarterly results benefitted from activity levels that remained robust in Nigeria, despite a challenging political environment," Chiles continued. "In Australia, our local team continues to make improvements in operations and cost structure and we're experiencing higher activity levels.

"In Europe, overall activity levels declined. In our emerging market business unit, Other International, we were negatively impacted by soft results in Brazil, collection issues in Mexico and exit costs in Kazakhstan.  Our North America operations remained weak, as we continue to see lower levels of activity in the U.S. Gulf of Mexico.  However, our efforts to maintain stable pricing and to upgrade our fleet to larger, more efficient and more profitable aircraft serving facilities farther offshore in deeper water has us well-positioned for opportunities that might arise once market conditions improve.

"Most of our larger customers are primarily national and international oil companies, and with oil prices appearing to stabilize above $70 per barrel, we expect capital spending on both exploration and development to improve this year.  Some large projects that were put on hold last year are being restarted, and we see additional opportunities in new and existing markets in the future.  In the U.S. Gulf of Mexico, we are watching to see whether regulatory agencies or Congress will act to delay deepwater activities in response to the loss of the Deepwater Horizon drilling rig and the resulting environmental impact.

"We expect to generate stronger results in fiscal 2011 in terms of revenues and earnings per share compared to fiscal 2010 as we put additional newer-technology aircraft to work for our customers and realize the benefit of cost efficiencies from our recently reorganized structure.  We expect fiscal 2011 results to be back-end loaded with the first quarter of fiscal 2011 being the weakest quarter of the year.  Our strength in production-related activity and our contracting formula – which is designed to provide approximately 70% of our operating income whether or not we fly – reduces the volatility in our financial results as compared with the traditional drilling companies."

Business Unit Highlights:

Beginning in the March 2010 quarter, the following changes in presentation have been reflected:

    --  The U.S. Gulf of Mexico and Arctic business units were combined into the
        North America business unit.
    --  There are no longer Latin America, Western Hemisphere ("WH") Centralized
        Operations and Eastern Hemisphere ("EH") Centralized Operations business
        units. The Latin America business unit is now included in the Other
        International business unit.
    --  The Bristow Academy business unit and the technical services business
        previously included with the WH Centralized Operations and EH
        Centralized Operations business units are now aggregated for reporting
        purposes in Corporate and Other. The remainder of the costs within WH
        Centralized Operations and EH Centralized Operations are included in
        Corporate and Other for reporting purposes or have been allocated to our
        other business units to the extent these operations support those
        business units.


The following is a summary of our results for our primary business units:

Australia operating income increased $2.7 million in the March 2010 quarter primarily as a result of an improved cost structure, additional aircraft earning higher rates, and a favorable impact from strengthening in the Australian dollar.

West Africa operating income increased $2.2 million in the March 2010 quarter primarily as a result of improved rates, a reduction in training and certain other costs and lower bad debt expense.  

Europe operating income was essentially flat at $19.0 million in the March 2010 quarter as a decline in overall activity was offset by the reduction in depreciation expense, which is discussed under "special items impacting results" below and a favorable impact from the strengthening British pound sterling.

North America operating income decreased $2.9 million in the March 2010 quarter primarily as a result of decreased demand for aircraft driven by a reduction in drilling activity.

Other International operating income decreased $8.9 million in the March 2010 quarter primarily as a result of our exit from Kazakhstan, equity losses for Lider in Brazil and the recording of a bad debt allowance in Mexico.

In addition to the business unit highlights discussed above, March 2010 quarter results were impacted by gains on disposal of assets of $5.3 million compared to $1.7 million in the March 2009 quarter and a decrease in our effective tax rate to 8.2% from 35% in the March 2009 quarter.  These items were partially offset by a $1.6 million increase in net interest expense.  The decrease in tax rate primarily resulted from our having a larger portion of earnings in tax jurisdictions where our overall tax rate is low, as well as the impact on the March 2009 quarter's tax rate from the tax items also discussed below.  

FISCAL YEAR ENDED MARCH 31, 2010 RESULTS

Revenue for the 2010 fiscal year totaled $1.2 billion compared to $1.1 billion in the prior fiscal year, an increase of three percent.

Operating income was $180.9 million in the 2010 fiscal year compared to $201.8 million in fiscal 2009.  Excluding the special items which occurred in both years as discussed below, operating income increased 13 percent to $181.5 million compared to $160.8 million in the prior fiscal year.

EBITDA totaled $259.6 million in the 2010 fiscal year compared to $276.7 million in fiscal 2009.  Excluding the special items which occurred in both years as discussed below, EBITDA rose 11 percent year-over-year to $259.6 million compared to $234.7 million in the prior fiscal year.

Net income from continuing operations totaled $113.5 million in the 2010 fiscal year, or $3.10 per diluted share, compared to $125.5 million, or $3.57 per diluted share, in the prior fiscal year.  Excluding the special items which occurred in both years as discussed below, net income from continuing operations was $110.6 million, or $3.02 per diluted share, compared to $98.3 million, or $2.78 per diluted share, in the prior fiscal year.

Results for the 2010 fiscal year were positively impacted by improved pricing and exchange rates in West Africa, cost reductions and the addition of higher margin aircraft in Australia, a full period's contribution from our Bristow Norway operations, which were consolidated beginning October 31, 2008, and a decrease in our effective tax rate to 20.4% from 28.7% in the prior fiscal year.  Negative factors impacting the fiscal 2010 period include decreased demand in the U.S. Gulf of Mexico, weakening in the British pound sterling impacting the results in Europe, the impact on results for our Other International business unit of our exit from Kazakhstan and an allowance recorded against receivables in Mexico not probable of collection, and a $12.3 million increase in net interest expense.

SPECIAL ITEMS IMPACTING RESULTS

The following items impacted the comparability of our results between the March 2010 and March 2009 quarters:




                            March 2010 Quarter

                                                                    Diluted
                                                                    Earnings
                                                      Net Income    Per
                                                      from          Share from
                              Operating               Continuing    Continuing
                              Income       EBITDA     Operations    Operations

                            (In thousands, except per share amounts)

Allowance for receivables
(1)                         $ (2,200)    $ (2,200)  $ (1,430)     $ (0.04)

Depreciation correction (2)   3,872        —        2,463         0.07

Australia local tax (3)       1,200        1,200      780           0.02

Total                       $ 2,872      $ (1,000)  $ 1,813         0.05

                            March 2009 Quarter

                                                                    Diluted
                                                                    Earnings
                                                      Net Income    Per
                                                      from          Share from
                              Operating               Continuing    Continuing
                              Income       EBITDA     Operations    Operations

                            (In thousands, except per share amounts)

Australia local tax (3)     $ 1,258      $ 1,258    $ 818         $ 0.02

Power by the hour credit
(4)                           6,800        6,800      4,419         0.12

Income tax items (5)          —          —        (4,673)       (0.13)

Total                       $ 8,058      $ 8,058    $ 564           0.01



(1) Represents a $3.6 million bad debt allowance recorded for accounts
receivable due from our unconsolidated affiliate in Mexico, which we have
determined are not probable of collection, which is partially offset by a $1.4
million reduction in a bad debt allowance for accounts receivable due from a
customer in Nigeria; these items are included in direct cost.



(2) Represents a reduction in depreciation expense recorded in the March 2010
quarter for errors in the calculation of depreciation on certain aircraft in
prior quarters; this correction reduced depreciation expense.



(3) Represents a net reduction in direct cost in Australia upon resolution of
local tax matters in the March 2010 and March 2009 quarters.



(4) Represents a reduction in maintenance expense associated with a credit
resulting from the renegotiation of a "power by the hour" contract for aircraft
maintenance with a third party provider; this credit is included in direct
cost.



(5) Represents the unfavorable impact on our provision for income taxes in the
March 2009 quarter resulting from a one time provision for potential foreign
taxes and a settlement of tax contingencies related to certain foreign income
taxes.





The following special items impacted the comparability of our results between the fiscal years ended March 31, 2010 and 2009:




                               Fiscal Year Ended

                               March 31, 2010

                                                                 Diluted
                                                                 Earnings
                                                     Net Income  Per
                                                     from        Share from
                               Operating             Continuing  Continuing
                               Income     EBITDA     Operations  Operations

                               (In thousands, except per share amounts)

Allowance for receivables (1)  $ (1,100)  $ (1,100)  $ (715)     $ (0.02)

Depreciation correction (2)      3,250      —        2,898       0.08

Australia local tax (3)          2,041      2,041      1,327       0.04

Departure of officers (4)        (4,874)    (4,874)    (3,168)     (0.09)

Hedging gains (5)                —        3,936      2,558       0.07

Total                          $ (683)    $ 3        $ 2,900       0.08

                               Fiscal Year Ended

                               March 31, 2009

                                                                 Diluted
                                                                 Earnings
                                                     Net Income  Per
                                                     from        Share from
                               Operating             Continuing  Continuing
                               Income     EBITDA     Operations  Operations

                               (In thousands, except per share amounts)

GOM Asset Sale (6)             $ 36,216   $ 36,216   $ 23,406    $ 0.68

Australia items (7)              (4,071)    (4,071)    (2,899)     (0.08)

Power by the hour credit (8)     6,800      6,800      4,843       0.14

Hurricanes in the U.S. Gulf of
Mexico (9)                       (2,400)    (2,826)    (1,837)     (0.05)

Mexico restructuring (10)        4,429      5,867      3,700       0.11

Total                          $ 40,974   $ 41,986   $ 27,213      0.79



(1) Represents a $3.6 million bad debt allowance recorded for accounts
receivable due from our unconsolidated affiliate in Mexico, which we have
determined are not probable of collection, which was partially offset by a
$2.5 million reduction in a bad debt allowance for accounts receivable due
from a customer in Kazakhstan; these items are included in direct cost.



(2) Represents a reduction in depreciation expense recorded in the March
2010 quarter for errors in the calculation of depreciation on certain
aircraft in prior periods; this correction reduced depreciation expense.



(3) Represents a net expense reduction in Australia upon resolution of local
tax matters in the fiscal years ended March 31, 2010 and 2009; the reduction
in the fiscal year ended March 31, 2010 reduced direct cost by $1.1 million
and general and administrative expense by $0.9 million, and the reduction in
the fiscal year ended March 31, 2009 reduced direct cost.



(4) Represents compensation costs associated with the departure of three of
the Company's officers during the fiscal year ended March 31, 2010; these
costs are included in general and administrative costs.



(5) Represents the impact of pre-tax hedging gains of $3.9 million realized
during the fiscal year ended March 31, 2010 due to termination of forward
contracts on euro-denominated aircraft purchase commitments; these gains are
included in other income (expense), net.



(6) Represents the impact on the fiscal year ended March 31, 2009 of the
gain generated from the sale of 53 small aircraft and related assets
operating in the U.S. Gulf of Mexico on October 30, 2008.



(7) Represents expense recorded during the fiscal year ended March 31, 2009
in Australia related to local tax matters, increases in compensation costs
retroactive to prior fiscal years and one time costs associated with
introducing new aircraft into this market and moving aircraft within this
market; these costs are included in direct cost.



(8) Represents a reduction in maintenance expense associated with a credit
resulting from the renegotiation of a "power by the hour" contract for
aircraft maintenance with a third party provider; this credit is included in
direct cost.



(9) Represents the impact of hurricanes in the U.S. Gulf of Mexico during
the fiscal year ended March 31, 2009, which resulted in a decrease in flight
activity (reducing revenue by 1.9 million), an increase in direct cost by
$0.5 million and a charge of $0.4 million which reduced gain on disposal of
other assets.



(10) Represents the impact of the April 2008 restructuring of our ownership
interests in affiliates in Mexico, which increased revenue by $0.8 million,
earnings from unconsolidated affiliates, net of losses by $3.7 million and
other income (expense), net by $1.4 million.





CAPITAL AND LIQUIDITY

In the March 2010 quarter net cash generated by operating activities was $32.3 million and net cash used in investing activities was $57.5 million.  Net cash generated by operating activities for the quarter included the annual U.K. pension funding payment of $19.9 million.  For the fiscal year ended March 31, 2010, net cash generated by operating activities was $195.4 million and net cash used in investing activities was $411.7 million.  At March 31, 2010, we had:

    --  $1.4 billion in stockholders' investment and $717 million of
        indebtedness,
    --  $78 million in cash and a $100 million undrawn revolving credit
        facility, and
    --  $125 million in aircraft purchase commitments for nine aircraft.


CONFERENCE CALL

Management will conduct a conference call starting at 9:00 a.m. EDT (8:00 a.m. CDT) on Thursday, May 20, 2010, to review financial results for the 2010 fourth quarter and year-ended March 31, 2010.  This release and the most recent investor slide presentation are available in the investor relations area of our web page at www.bristowgroup.com.  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 Fourth 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 1-877-941-2928
    --  Replay: A telephone replay will be available through June 3, 2010 and
        may be accessed by calling toll free 1-800-406-7325, passcode: 4297370#


Via Telephone outside the U.S.:

    --  Live: Dial 480-629-9725
    --  Replay: A telephone replay will be available through June 3, 2010 and
        may be accessed by calling 303-590-3030, passcode: 4297370#


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, fiscal 2011 results, industry capital spending and other market and industry conditions.  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.


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      Fiscal Year Ended

                               March 31,               March 31,

                               2010        2009        2010         2009



Gross revenue:

Operating revenue from
non-affiliates                 $ 241,809   $ 237,909   $ 999,249    $ 964,060

Operating revenue from
affiliates                       15,199      12,412      61,842       64,904

Reimbursable revenue from
non-affiliates                   24,805      23,412      103,019      99,608

Reimbursable revenue from
affiliates                       570         1,272       3,646        5,231

                                 282,383     275,005     1,167,756    1,133,803

Operating expense:

Direct cost                      173,653     166,971     717,178      718,375

Reimbursable expense             24,673      23,550      105,853      102,987

Depreciation and amortization    17,365      18,411      74,684       65,514

General and administrative       30,455      24,880      119,701      103,656

                                 246,146     233,812     1,017,416    990,532



Gain (loss) on GOM Asset Sale    —         (1,564)     —          36,216

Gain on disposal of other
assets                           5,328       3,224       18,665       9,089

Earnings from unconsolidated
affiliates, net of losses        1,227       4,947       11,852       13,224

Operating Income                 42,792      47,800      180,857      201,800



Interest income                  215         265         1,012        6,004

Interest expense                 (10,781)    (9,206)     (42,412)     (35,149)

Other income (expense), net      (987)       1,128       3,036        3,368

Income from continuing
operations before provision
for income taxes                 31,239      39,987      142,493      176,023

Provision for income taxes       (2,571)     (13,999)    (28,998)     (50,493)

Net income from continuing
operations                       28,668      25,988      113,495      125,530

Loss from discontinued
operations, net of tax           —         —         —          (246)

Net income                       28,668      25,988      113,495      125,284

Net income attributable to
noncontrolling interests         (225)       (137)       (1,481)      (2,327)

Net income attributable to
Bristow Group                    28,443      25,851      112,014      122,957

Preferred stock dividends        —         (3,163)     (6,325)      (12,650)

Net income available to common
stockholders                   $ 28,443    $ 22,688    $ 105,689    $ 110,307



Basic earnings per common
share:

Earnings from continued
operations                     $ 0.79      $ 0.78      $ 3.23       $ 3.96

Loss from discontinued
operations                       —         —         —          —

Net earnings                   $ 0.79      $ 0.78      $ 3.23       $ 3.96



Diluted earnings per common
share:

Earnings from continued
operations                     $ 0.78      $ 0.72      $ 3.10       $ 3.57

Loss from discontinued
operations                       —         —         —          (0.01)

Net earnings                   $ 0.78      $ 0.72      $ 3.10       $ 3.56



Weighted average number of
common shares outstanding:

Basic                            35,942      29,110      32,729       27,884

Diluted                          36,335      35,748      36,119       34,542



EBITDA                         $ 59,385    $ 67,604    $ 259,589    $ 276,686







In addition to segment information for the three months ended March 31, 2010 and 2009, we have presented in the tables below the revised segment information for the fiscal years ended March 31, 2010 and 2009 based on the business unit presentation changes discussed above.


BRISTOW GROUP INC. AND SUBSIDIARIES

SELECTED OPERATING DATA

(In thousands, except flight hours and percentages)

(Unaudited)



                         Three Months Ended       Fiscal Year Ended

                         March 31,                March 31,

                         2010         2009        2010           2009



Flight hours (excludes
Bristow Academy and
unconsolidated
affiliates):

North America              18,301       20,594      79,345         125,980

Europe                     11,843       13,681      54,537         47,493

West Africa                8,547        9,898       35,142         39,027

Australia                  3,324        3,585       12,302         15,087

Other International        10,704       13,044      44,373         50,553

Consolidated total         52,719       60,802      225,699        278,140





Gross revenue:

North America            $ 45,453     $ 47,643    $ 189,730      $ 239,426

Europe                     104,730      105,314     452,998        402,858

West Africa                54,207       51,639      219,212        192,427

Australia                  34,014       26,433      130,698        113,801

Other International        32,080       35,197      135,426        147,395

Intrasegment
eliminations               (274)        (497)       (4,123)        (1,990)

Corporate and other        12,173       9,276       43,815         39,886

Consolidated total       $ 282,383    $ 275,005   $ 1,167,756    $ 1,133,803





Operating income (loss):

North America            $ 1,002      $ 3,857     $ 11,655       $ 29,059

Europe                     18,973       19,076      77,053         77,617

West Africa                18,770       16,553      62,410         41,420

Australia                  8,349        5,601       30,374         6,758

Other International        601          9,466       25,972         39,827

Gain (loss) on GOM Asset
Sale                       —          (1,564)     —            36,216

Gain on disposal of
other assets               5,328        3,224       18,665         9,089

Corporate and other        (10,231)     (8,413)     (45,272)       (38,186)

Consolidated total       $ 42,792     $ 47,800    $ 180,857      $ 201,800





Operating margin:

North America              2.2      %   8.1     %   6.1       %     12.1     %

Europe                     18.1     %   18.1    %   17.0      %     19.3     %

West Africa                34.6     %   32.1    %   28.5      %     21.5     %

Australia                  24.5     %   21.2    %   23.2      %     5.9      %

Other International        1.9      %   26.9    %   19.2      %     27.0     %

Consolidated total         15.2     %   17.4    %   15.5      %     17.8     %









BRISTOW GROUP INC. AND SUBSIDIARIES

AIRCRAFT COUNT

AS OF MARCH 31, 2010



               Aircraft in Consolidated Fleet

               Helicopters

                                               Fixed  Total  Unconsolidated
               Small  Medium  Large  Training  Wing   (1)    Affiliates(2)   Total

North America  75     29      7      —       1      112    —             112

Europe         —    11      39     —       —    50     63              113

West Africa    12     34      5      —       3      54     —             54

Australia      2      10      18     —       —    30     —             30

Other
International  5      46      12     —       —    63     141             204

Bristow
Academy        —    —     —    81        —    81     —             81

Total          94     130     81     81        4      390    204             594

Aircraft not
currently in
fleet: (3)

On order       —    4       5      —       —    9

Under option   —    26      13     —       —    39

(1) Includes 15 aircraft held for sale.



(2) The 204 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.





The following tables present our selected operating data for all four quarters within the fiscal year ended March 31, 2010 for comparison purposes based on the business unit presentation changes discussed above.

 ____________________________________________________________________________
|BRISTOW GROUP INC. AND SUBSIDIARIES                                        ||
|                                                                           ||
|SELECTED OPERATING DATA                                                    ||
|                                                                           ||
|(In thousands, except flight hours and percentages)                        ||
|                                                                           ||
|(Unaudited)                                                                ||
|                                                                           ||
|                                                                           ||
|___________________________________________________________________________||
|                   ||Three Months Ended                                  | ||
|___________________||____________________________________________________|_||
|                   ||June 30,  | ||Sept. 30, | ||Dec. 31,  | ||March 31, | ||
|                   ||2009      | ||2009      | ||2009      | ||2010      | ||
|___________________||__________|_||__________|_||__________|_||__________|_||
|                   ||                                                    | ||
|___________________||____________________________________________________|_||
|Flight hours       || |        | || |        | || |        | || |        | ||
|(excludes Bristow  || |        | || |        | || |        | || |        | ||
|Academy and        || |        | || |        | || |        | || |        | ||
|unconsolidated     || |        | || |        | || |        | || |        | ||
|affiliates):       || |        | || |        | || |        | || |        | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|North America      || |22,117  | || |21,215  | || |17,712  | || |18,301  | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Europe             || |14,855  | || |14,242  | || |13,597  | || |11,843  | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|West Africa        || |8,950   | || |8,470   | || |9,175   | || |8,547   | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Australia          || |2,880   | || |2,794   | || |3,304   | || |3,324   | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Other International|| |11,125  | || |11,810  | || |10,734  | || |10,704  | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Consolidated total || |59,927  | || |58,531  | || |54,522  | || |52,719  | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|                                                                           ||
|___________________________________________________________________________||
|                                                                           ||
|___________________________________________________________________________||
|Gross Revenue:     || |        | || |        | || |        | || |        | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|North America      ||$|49,856  | ||$|48,737  | ||$|45,684  | ||$|45,453  | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Europe             || |115,065 | || |113,913 | || |119,290 | || |104,730 | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|West Africa        || |54,817  | || |51,452  | || |58,736  | || |54,207  | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Australia          || |28,163  | || |30,333  | || |38,188  | || |34,014  | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Other International|| |32,994  | || |37,007  | || |33,345  | || |32,080  | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Intrasegment       || |        | || |        | || |        | || |        | ||
|eliminations       || |(2,259) | || |(1,189) | || |(401)   | || |(274)   | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Corporate and other|| |11,816  | || |11,362  | || |8,464   | || |12,173  | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Consolidated total ||$|290,452 | ||$|291,615 | ||$|303,306 | ||$|282,383 | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|                                                                           ||
|___________________________________________________________________________||
|                                                                           ||
|___________________________________________________________________________||
|Operating income   || |        | || |        | || |        | || |        | ||
|(loss):            || |        | || |        | || |        | || |        | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|North America      ||$|4,426   | ||$|4,716   | ||$|1,511   | ||$|1,002   | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Europe             || |19,778  | || |19,063  | || |19,239  | || |18,973  | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|West Africa        || |13,663  | || |15,064  | || |14,913  | || |18,770  | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Australia          || |5,656   | || |7,011   | || |9,358   | || |8,349   | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Other International|| |7,212   | || |12,978  | || |5,181   | || |601     | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Intrasegment       || |        | || |        | || |        | || |        | ||
|eliminations       || |6,009   | || |4,880   | || |2,448   | || |5,328   | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Corporate and other|| |(11,972)| || |(10,145)| || |(12,924)| || |(10,231)| ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Consolidated total ||$|44,772  | ||$|53,567  | ||$|39,726  | ||$|42,792  | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|                                                                           ||
|___________________________________________________________________________||
|                                                                           ||
|___________________________________________________________________________||
|Operating margin:  || |        | || |        | || |        | || |        | ||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|North America      || |8.9     |%|| |9.7     |%|| |3.3     |%|| |2.2     |%||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Europe             || |17.2    |%|| |16.7    |%|| |16.1    |%|| |18.1    |%||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|West Africa        || |24.9    |%|| |29.3    |%|| |25.4    |%|| |34.6    |%||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Australia          || |20.1    |%|| |23.1    |%|| |24.5    |%|| |24.5    |%||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Other International|| |21.9    |%|| |35.1    |%|| |15.5    |%|| |1.9     |%||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|Consolidated total || |15.4    |%|| |18.4    |%|| |13.1    |%|| |15.2    |%||
|___________________||_|________|_||_|________|_||_|________|_||_|________|_||
|                                                                           ||
|___________________________________________________________________________||





BRISTOW GROUP INC. AND SUBSIDIARIES

GAAP RECONCILIATIONS





EBITDA is a measure that has not been prepared in accordance with GAAP and has not been audited or reviewed by our independent auditors.  EBITDA is therefore considered a non-GAAP financial measure.  A description of adjustments and a reconciliation to net income from continuing operations, the most comparable GAAP financial measure to EBITDA, is as follows (in thousands):  




                              Three Months Ended    Fiscal Year Ended

                              March 31,             March 31,

                              2010       2009       2010        2009

                              (Unaudited)

Net income from continuing
operations                    $ 28,668   $ 25,988   $ 113,495   $ 125,530

Provision for income taxes      2,571      13,999     28,998      50,493

Interest expense                10,781     9,206      42,412      35,149

Depreciation and amortization   17,365     18,411     74,684      65,514

EBITDA                        $ 59,385   $ 67,604   $ 259,589   $ 276,686







A reconciliation of our operating income, EBITDA, net income from continuing operations and diluted earnings per share from continuing operations as reported to the calculations of each of these items excluding the special items described earlier in this earnings release is as follows:





          March 2010 Quarter                                 March 2009 Quarter

                                                                                                     Diluted
                                                 Diluted                                             Earnings
                                                 Earnings                                            Per
                                   Net Income    Per                                   Net Income    Share from
                                   from          Share from                            from
            Operating              Continuing    Continuing    Operating               Continuing    Continuing
            Income       EBITDA    Operations    Operations    Income       EBITDA     Operations    Operations

          (In thousands, except per share amounts)

As
reported  $ 42,792     $ 59,385  $ 28,668      $ 0.78        $ 47,800     $ 67,604   $ 25,988      $ 0.72

Adjust
for
special
items       (2,872)      1,000     (1,813)       (0.05)        (8,058)      (8,058)    (564)         (0.01)

Excluding
special
items     $ 39,920     $ 60,385  $ 26,855      $ 0.73        $ 39,742     $ 59,546   $ 25,424      $ 0.71







          Fiscal Year Ended

          March 31, 2010                                      March 31, 2009

                                                  Diluted                                              Diluted
                                                  Earnings                                             Earnings
                                    Net Income    Per                                    Net Income    Per
                                    from          Share from                             from          Share from
            Operating               Continuing    Continuing    Operating                Continuing    Continuing
            Income       EBITDA     Operations    Operations    Income       EBITDA      Operations    Operations

          (In thousands, except per share amounts)

As
reported  $ 180,857    $ 259,589  $ 113,495     $ 3.10        $ 201,800    $ 276,686   $ 125,530     $ 3.57

Adjust
for
special
items       683          (3)        (2,900)       (0.08)        (40,974)     (41,986)    (27,213)      (0.79)

Excluding
special
items     $ 181,540    $ 259,586  $ 110,595     $ 3.02        $ 160,826    $ 234,700   $ 98,317      $ 2.78







SOURCE Bristow Group Inc.