Exhibit 99.1

PRESS RELEASE

ERA GROUP INC. ANNOUNCES
FIRST QUARTER 2013 RESULTS

Houston, Texas
May 14, 2013

FOR IMMEDIATE RELEASE — Era Group Inc. (NYSE: ERA) today announced its results for the quarter ended March 31, 2013. On January 31, 2013, the shares of Era Group Inc., then a wholly-owned subsidiary of SEACOR Holdings Inc. ("SEACOR"), were distributed on a pro-rata basis to the shareholders of SEACOR (the "Spin-off"). As a result, Era Group Inc. became an independent public company with its common stock listed on the New York Stock Exchange under the symbol "ERA". 
The Company today reported net income attributable to Era Group Inc. for the quarter ended March 31, 2013 of $6.7 million on operating revenues of $67.7 million compared to a net loss attributable to Era Group Inc. of $4.6 million on operating revenues of $61.1 million in the prior year period. In addition to the increase in operating revenues in the current quarter and the larger contribution from gains on asset dispositions discussed below, the improvement in net income was also impacted by the recognition in the prior year period of a $5.9 million impairment charge, net of tax, on the Company's investment in its Brazilian joint venture. A comparison of results for the quarter ended March 31, 2013 with the quarter ended March 31, 2012 is included in the “Highlights for the Quarter” discussion below.

Highlights for the Quarter
Operating income for the current quarter was $14.6 million compared to operating income of $3.8 million in the prior year period.  Earnings before interest, taxes, depreciation and amortization, adjusted to exclude SEACOR management fees and certain other items (“Adjusted EBITDA”), was $26.6 million for the quarter ended March 31, 2013 compared to $16.3 million for the prior year period. First quarter results for the current year included $10.8 million in gains on asset dispositions compared with $1.8 million in gains in the first quarter of 2012. 
The $6.7 million increase in operating revenues as compared with the prior year period relates to a $10.9 million increase in operating revenues from oil and gas activities primarily due to newly delivered medium helicopters being placed in service and the associated increase in flight hours; a new international contract that commenced in January 2013; and an increase in activity in Alaska, namely short-term work associated with a drillship running aground and the resumption of services with a major customer. This improvement was partially offset by a $1.1 million reduction in operating revenues from contract-leasing, primarily due to the deferral of revenue resulting from the financial difficulties experienced by two of our customers, and a $3.2 million reduction in operating revenues from air medical services due to the conclusion of two long-term hospital contracts in the second and fourth quarters of 2012.
Operating expenses were $3.4 million higher as compared to the prior year period primarily due to an increase in personnel and fuel costs, consistent with the increase in activity, and an increase in repairs and maintenance costs, primarily due to vendor credits recognized in the prior year period.
Administrative and general expenses were $0.5 million lower, primarily due to legal and professional expenses associated with a contemplated initial public offering of our common stock recognized in the prior year period. This decrease was partially offset by the recognition of bonus awards for executive management and severance costs associated with changes in senior management in the first quarter of 2013. Depreciation

1


expense was $11.7 million in the first quarter of 2013, an increase of $2.0 million compared to the prior year period, primarily due to fleet additions.
Gains on asset dispositions, net were $10.8 million in the first quarter of 2013. These amounts included: a gain of $5.4 million on the sale of an EC225 helicopter that was damaged in an incident in May 2012 while under contract-lease to a customer and subsequently sold to that customer; a gain of $1.2 million on the recognition of insurance proceeds of $2.1 million related to a Sikorsky S76A helicopter involved in an incident in the current period; gains of $4.1 million on the sale of helicopters and other equipment in the normal course of business; and previously deferred gains of $0.1 million.
Equity in Earnings (Losses) of 50% or Less Owned Companies was $0.6 million in the first quarter of 2013, an increase of $7.0 million compared to the prior year period loss of $6.4 million, primarily due to the recognition of a loss of $0.6 million and an impairment charge of $5.9 million, net of tax, on our investment in our Brazilian joint venture in the first quarter of 2012.
Equipment Acquisitions
During the quarter ended March 31, 2013, the Company's capital expenditures were $19.4 million and consisted primarily of a helicopter acquisition and deposits on future helicopter deliveries. During the period, the Company placed two medium helicopters in service.
Capital Commitments
The Company’s unfunded capital commitments as of March 31, 2013 consisted primarily of orders for helicopters and totaled $131.1 million, of which $13.4 million is payable during the remainder of 2013 with the balance payable through 2016. Of these commitments, $124.3 million may be terminated without further liability other than liquidated damages of $3.3 million in the aggregate.
Conference Call
Management will conduct a conference call starting at 10.00 a.m. ET (9.00 a.m. CT) on Wednesday, May 15, 2013, to review the results for the first quarter ended March 31, 2013. The conference call can be accessed as follows:
All callers will need to reference the access code 12974310.
Within the U.S.:
Operator Assisted Toll-Free Dial-In Number:    (866) 607-0535
Outside the U.S.:
Operator Assisted International Dial-In Number:    (832) 445-1827
Replay
A telephone replay will be available through May 31, 2013 and may be accessed by calling (855) 859-2056 for domestic callers or (404) 537-3406 for international callers. An audio replay will also be available on the Company's website at www.eragroupinc.com shortly after the call and will be accessible for approximately 90 days.

* * * * *
About Era Group
Era Group is one of the largest helicopter operators in the world and the longest serving helicopter transport operator in the U.S. In addition to servicing its U.S. customers, Era Group also provides helicopters and related services to third-party helicopter operators and customers in other countries, including Brazil, Canada, India, Indonesia, Mexico, Norway, Spain, Sweden, the United Kingdom and Uruguay. Era Group's helicopters

2


are primarily used to transport personnel to, from and between offshore installations, drilling rigs and platforms.
This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others the effect of the Spin-off, including the ability of the Company to recognize the expected benefits from the Spin-off and the Company's dependence on SEACOR's performance under various agreements; decreased demand and loss of revenues resulting from developments that may adversely impact the offshore oil and gas industry, including the issuance of new safety and environmental guidelines or regulations that could increase the costs of exploration and production, reduce the area of operations and result in permitting delays, U.S. government implemented moratoriums directing operators to cease certain drilling activities and any extension of such moratoriums that may result in unplanned customer suspensions, cancellations, rate reductions or non-renewals of aviation equipment contracts or failures to finalize commitments to contract aviation equipment; safety issues experienced by a particular helicopter model that could result in customers refusing to use that helicopter model or a regulatory body grounding that helicopter model, which could also permanently devalue that helicopter model; the cyclical nature of the oil and gas industry; increased U.S. and foreign government legislation and regulation, including environmental and aviation laws and regulations, and the Company's compliance therewith and the costs thereof; dependence on the activity in the U.S. Gulf of Mexico and Alaska and the Company's ability to expand into other markets; liability, legal fees and costs in connection with providing emergency response services, including involvement in response to the oil spill that resulted from the sinking of the Deepwater Horizon in April 2010; decreased demand for the Company's services as a result of declines in the global economy; declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations; activity in foreign countries and changes in foreign political, military and economic conditions; the failure to maintain an acceptable safety record; the dependence on small number of customers; consolidation of the Company's customer base; industry fleet capacity; restrictions imposed by the U.S. federal aviation laws and regulations on the amount of foreign ownership of the Company's common stock; operational risks; risks associated with our debt structure; effects of adverse weather conditions and seasonality; adequacy of insurance coverage; the attraction and retention of qualified personnel; and various other matters and factors, many of which are beyond the Company's control. In addition, these statements constitute Era Group's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the foregoing should not be considered a complete discussion of all potential risks or uncertainties. The words “estimate,” “project,” “intend,” “believe,” “plan” and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. Era Group disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in Era Group's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect Era Group's businesses, particularly those mentioned under “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and its other SEC filings, which are incorporated by reference.
For additional information concerning Era Group, contact Christopher Bradshaw at (281) 606-4871 or visit Era Group's website at www.eragroupinc.com.

3


ERA GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts, unaudited)
 
 
Three Months Ended March 31,
 
 
 
2013
 
2012
 
Operating Revenues
 
$
67,727

 
$
61,052

 
Costs and Expenses:
 
 
 
 
 
Operating
 
43,116

 
39,676

 
Administrative and general
 
9,134

 
9,677

 
Depreciation
 
11,661

 
9,630

 
 
 
63,911

 
58,983

 
Gains on Asset Dispositions, Net
 
10,801

 
1,765

 
Operating Income
 
14,617

 
3,834

 
Other Income (Expense):
 
 
 
 
 
Interest income
 
147

 
332

 
Interest expense
 
(4,732
)
 
(1,968
)
 
SEACOR management fees
 
(168
)
 
(500
)
 
Derivative losses, net
 
(3
)
 
(124
)
 
Foreign currency gains (losses), net
 
(259
)
 
917

 
Other, net
 
3

 
30

 
 
 
(5,012
)
 
(1,313
)
 
Income from Continuing Operations Before Income Tax Expense and Equity In Earnings (Losses) of 50% or Less Owned Companies
 
9,605

 
2,521

 
Income Tax Expense
 
3,578

 
734

 
Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies
 
6,027

 
1,787

 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
 
562

 
(6,420
)
 
Net Income (Loss)
 
6,589

 
(4,633
)
 
Net Loss attributable to Noncontrolling Interest
 
105

 

 
Net Income (Loss) attributable to Era Group Inc.
 
6,694

 
(4,633
)
 
Accretion of Redemption Value on Series A Preferred Stock
 
721

 
2,100

 
Net Income (Loss) attributable to Common Shares
 
$
5,973

 
$
(6,733
)
 
 
 
 
 
 
 
Basic and Diluted Earnings (Loss) Per Common Share
 
$
0.28

 
$
(0.27
)
 
EBITDA
 
$
26,413

 
$
7,367

 
Adjusted EBITDA
 
$
26,581

 
$
16,303

 
Adjusted EBITDAR
 
$
27,729

 
$
17,342

 



4


ERA GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts, unaudited)
 
 
Three Months Ended
 
 
 
Mar. 31, 2013
 
Dec. 31, 2012
 
Sep. 30, 2012
 
Jun. 30, 2012
 
Mar. 31, 2012
 
Operating Revenues
 
$
67,727

 
$
70,895

 
$
77,989

 
$
62,985

 
$
61,052

 
Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
 
Operating
 
43,116

 
42,282

 
46,235

 
39,002

 
39,676

 
Administrative and general
 
9,134

 
7,575

 
10,338

 
7,195

 
9,677

 
Depreciation
 
11,661

 
11,471

 
10,937

 
10,464

 
9,630

 
 
 
63,911

 
61,328

 
67,510

 
56,661

 
58,983

 
Gains on Asset Dispositions, Net
 
10,801

 
157

 
613

 
1,077

 
1,765

 
Operating Income
 
14,617

 
9,724

 
11,092

 
7,401

 
3,834

 
Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
147

 
145

 
184

 
249

 
332

 
Interest expense
 
(4,732
)
 
(3,757
)
 
(2,543
)
 
(2,380
)
 
(1,968
)
 
SEACOR management fees
 
(168
)
 
(500
)
 
(500
)
 
(500
)
 
(500
)
 
Derivative gains (losses), net
 
(3
)
 
2

 
(188
)
 
(180
)
 
(124
)
 
Foreign currency gains (losses), net
 
(259
)
 
87

 
(272
)
 
(12
)
 
917

 
Other, net
 
3

 

 

 

 
30

 
 
 
(5,012
)
 
(4,023
)
 
(3,319
)
 
(2,823
)
 
(1,313
)
 
Income from Continuing Operations Before Income Tax Expense and Equity In Earnings (Losses) of 50% or Less Owned Companies
 
9,605

 
5,701

 
7,773

 
4,578

 
2,521

 
Income Tax Expense
 
3,578

 
2,086

 
2,792

 
1,686

 
734

 
Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies
 
6,027

 
3,615

 
4,981

 
2,892

 
1,787

 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
 
562

 
(84
)
 
219

 
757

 
(6,420
)
 
Net Income (Loss)
 
6,589

 
3,531

 
5,200

 
3,649

 
(4,633
)
 
Net Loss attributable to Noncontrolling Interest
 
105

 
40

 

 

 

 
Net Income (Loss) attributable to Era Group Inc.
 
6,694

 
3,571

 
5,200

 
3,649

 
(4,633
)
 
Accretion of Redemption Value on Series A Preferred Stock
 
721

 
2,135

 
2,099

 
2,135

 
2,100

 
Net Income (Loss) attributable to Common Shares
 
$
5,973

 
$
1,436

 
$
3,101

 
$
1,514

 
$
(6,733
)
 
 
 

 
 
 
 
 
 
 
 
 
Basic and Diluted Earnings (Loss) Per Common Share
 
$
0.28

 
$
0.06

 
$
0.13

 
$
0.06

 
$
(0.27
)
 
EBITDA
 
$
26,413

 
$
20,700

 
$
21,288

 
$
17,930

 
$
7,367

 
Adjusted EBITDA
 
$
26,581

 
$
21,200

 
$
22,822

 
$
18,512

 
$
16,303

 
Adjusted EBITDAR
 
$
27,729

 
$
22,297

 
$
23,792

 
$
19,430

 
$
17,342

 



5


ERA GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 
 
Mar. 31, 2013
 
Dec. 31, 2012
 
Sep. 30, 2012
 
Jun. 30, 2012
 
Mar. 31, 2012
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
25,032

 
$
11,505

 
$
9,232

 
$
9,121

 
$
26,873

 
Receivables:
 
 
 
 
 
 
 
 
 
 
 
Trade, net of allowance for doubtful accounts
 
40,761

 
48,527

 
55,753

 
43,233

 
49,060

 
Other
 
16,416

 
3,742

 
6,491

 
9,752

 
9,783

 
Due from SEACOR
 

 
971

 

 

 

 
Inventories, net
 
26,696

 
26,650

 
26,590

 
26,496

 
25,876

 
Prepaid expenses and other
 
2,715

 
1,803

 
1,443

 
2,843

 
2,663

 
Deferred income taxes
 
3,642

 
3,642

 
51,979

 
40,977

 

 
Total current assets
 
115,262

 
96,840

 
151,488

 
132,422

 
114,255

 
Property and Equipment
 
1,021,453

 
1,030,276

 
1,008,804

 
993,244

 
963,847

 
Accumulated depreciation
 
(246,498
)
 
(242,471
)
 
(231,098
)
 
(219,360
)
 
(211,245
)
 
Net property and equipment
 
774,955

 
787,805

 
777,706

 
773,884

 
752,602

 
Investments, at Equity, and Advances to 50% or Less Owned Companies
 
34,705

 
34,696

 
35,755

 
41,882

 
40,841

 
Goodwill
 
352

 
352

 
352

 
352

 
352

 
Other Assets
 
17,830

 
17,871

 
15,480

 
14,684

 
15,850

 
Total Assets
 
$
943,104

 
$
937,564

 
$
980,781

 
$
963,224

 
$
923,900

 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
 
$
13,126

 
$
15,703

 
$
20,084

 
$
16,976

 
$
21,606

 
Accrued wages and benefits
 
7,662

 
4,576

 
6,810

 
5,488

 
6,060

 
Accrued interest
 
5,213

 
1,401

 
416

 
459

 
396

 
Due to SEACOR
 
270

 

 
3,275

 
3,767

 
1,752

 
Current portion of long-term debt
 
2,787

 
2,787

 
2,787

 
2,787

 
2,787

 
Other current liabilities
 
4,309

 
5,232

 
4,215

 
5,354

 
8,702

 
Total current liabilities
 
33,367

 
29,699

 
37,587

 
34,831

 
41,303

 
Deferred Income Taxes
 
203,343

 
203,536

 
198,068

 
184,105

 
141,460

 
Long-Term Debt
 
276,307

 
276,948

 
221,008

 
291,704

 
322,401

 
Deferred Gains and Other Liabilities
 
8,164

 
7,864

 
8,226

 
7,764

 
7,351

 
Total liabilities
 
521,181

 
518,047

 
464,889

 
518,404

 
512,515

 
Preferred Stock:
 
 
 
 
 
 
 
 
 
 
 
Series A Preferred Stock
 

 
144,232

 
142,097

 
144,445

 
142,310

 
Series B Preferred Stock
 

 

 
100,000

 
30,000

 

 
Total preferred stock
 

 
144,232

 
242,097

 
174,445

 
142,310

 
Equity:
 
 
 
 
 
 
 
 
 
 
 
Era Group Inc. Stockholder Equity:
 
 
 
 
 
 
 
 
 
 
 
Common stock
 
201

 

 

 

 

 
Class B common stock
 

 
245

 
245

 
245

 
245

 
Additional paid-in capital
 
419,036

 
278,838

 
280,973

 
283,072

 
285,207

 
Retained earnings (accumulated deficit)
 
2,669

 
(4,025
)
 
(7,596
)
 
(12,795
)
 
(16,445
)
 
Accumulated other comprehensive income (loss), net of tax
 
(85
)
 
20

 
(74
)
 
(147
)
 
68

 

 
421,821

 
275,078

 
273,548

 
270,375

 
269,075

 
Noncontrolling interest
 
102

 
207

 
247

 

 

 
Total equity
 
421,923

 
275,285

 
273,795

 
270,375

 
269,075

 
Total Liabilities and Stockholders' Equity
 
$
943,104

 
$
937,564

 
$
980,781

 
$
963,224

 
$
923,900

 

6


Our management uses EBITDA and Adjusted EBITDA to assess the performance and operating results of our business. EBITDA is defined as Earnings before Interest (includes interest income, interest expense and interest expense on advances from SEACOR), Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for SEACOR Management Fees and certain other items that occur during the reported period. We include EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of our operating performance. We also present Adjusted EBITDAR, which is defined as Adjusted EBITDA further adjusted for rent expense (included as components of operating expense and general and administrative) because we believe that research analysts and investment bankers use this metric to assess our and others in our peer group's performance. Neither EBITDA, Adjusted EBITDA nor Adjusted EBITDAR is a recognized term under generally accepted accounting principles in the U.S. (“GAAP”). Accordingly, they should not be used as an indicator of, or an alternative to, net income as a measure of operating performance. In addition, EBITDA, Adjusted EBITDA and Adjusted EBITDAR are not intended to be measures of free cash flow available for management’s discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definitions of EBITDA, Adjusted EBITDA and Adjusted EBITDAR (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies.
The following table provides a reconciliation of Net Income (Loss), the most directly comparable GAAP measure, to EBITDA, Adjusted EBITDA and Adjusted EBITDAR.
 
 
Three Months Ended
 
 
 
Mar. 31, 2013
 
Dec. 31, 2012
 
Sep. 30, 2012
 
Jun. 30, 2012
 
Mar. 31, 2012
 
 
 
(in thousands)
Net Income (Loss)
 
$
6,589

 
$
3,531

 
$
5,200

 
$
3,649

 
$
(4,633
)
 
Depreciation
 
11,661

 
11,471

 
10,937

 
10,464

 
9,630

 
Interest Income
 
(147
)
 
(145
)
 
(184
)
 
(249
)
 
(332
)
 
Interest Expense
 
4,732

 
3,757

 
2,543

 
2,380

 
1,968

 
Income Tax Expense
 
3,578

 
2,086

 
2,792

 
1,686

 
734

 
EBITDA
 
26,413

 
20,700

 
21,288

 
17,930

 
7,367

 
SEACOR Management Fees
 
168

 
500

 
500

 
500

 
500

 
Special Items (1)
 

 

 
1,034

 
82

 
8,436

 
Adjusted EBITDA
 
26,581

 
21,200

 
22,822

 
18,512

 
16,303

 
Rent
 
1,148

 
1,097

 
970

 
918

 
1,039

 
Adjusted EBITDAR
 
$
27,729

 
$
22,297

 
$
23,792

 
$
19,430

 
$
17,342

 

(1) Special items include the following:
Severance expense of $0.7 million for the three months ended September 30, 2012, due to prior changes in executive management;
Expenses incurred in connection with our abandoned initial public offering of $2.5 million for the three months ended March 31, 2012, $0.1 million for the three months ended June 30, 2012 and $0.3 million for the three months ended September 30, 2012; and
An impairment charge of $5.9 million, net of tax, for the three months ended March 31, 2012, on our investment in Aeróleo Taxi Aéreo S/A.

7



ERA GROUP INC.
FLEET COUNTS
(unaudited)
 
 
Mar. 31, 2013
 
Dec. 31, 2012
 
Sep. 30, 2012
 
Jun. 30, 2012
 
Mar. 31, 2012
 
Heavy:
 
 
 
 
 
 
 
 
 
 
 
EC225
 
9

 
10

 
10

 
9

 
8

 
 
 
 
 
 
 
 
 
 
 
 
 
Medium:
 
 
 
 
 
 
 
 
 
 
 
AW139
 
35

 
33

 
32

 
30

 
28

 
B212
 
11

 
13

 
13

 
13

 
13

 
B412
 
6

 
6

 
6

 
6

 
6

 
S76 A/A++
 
6

 
7

 
8

 
9

 
9

 
S76 C/C++
 
9

 
10

 
10

 
10

 
10

 
 
 
67

 
69

 
69

 
68

 
66

 
 
 
 
 
 
 
 
 
 
 
 
 
Light—twin engine:
 
 
 
 
 
 
 
 
 
 
 
A109
 
9

 
9

 
9

 
9

 
9

 
BO-105
 

 

 

 
2

 
4

 
BK-117
 
6

 
6

 
8

 
9

 
12

 
EC135
 
20

 
19

 
19

 
18

 
15

 
EC145
 
3

 
3

 
5

 
6

 
6

 
 
 
38

 
37

 
41

 
44

 
46

 
 
 
 
 
 
 
 
 
 
 
 
 
Light—single engine:
 
 
 
 
 
 
 
 
 
 
 
A119
 
24

 
24

 
24

 
24

 
23

 
AS350
 
35

 
35

 
35

 
35

 
35

 
 
 
59

 
59

 
59

 
59

 
58

 
Total Helicopters
 
173

 
175

 
179

 
180

 
178

 


8