Exhibit 99.1

PRESS RELEASE

ERA GROUP INC. REPORTS
FOURTH QUARTER AND FULL YEAR 2013 RESULTS

Full year 2013 net income of $18.7 million on operating revenues of $299.0 million compared to net income of $7.8 million on operating revenues of $272.9 million in 2012
Fourth quarter net income of $1.8 million on operating revenues of $76.0 million compared to net income of $3.6 million on operating revenues of $70.9 million in the prior year quarter
Adjusted EBITDA of $95.3 million in full year 2013 compared to $78.8 million in 2012
Adjusted EBITDA of $20.0 million in fourth quarter 2013 compared to $21.2 million in the prior year quarter
In the fourth quarter, higher revenues due to the EC225 heavy helicopters resuming operations, increased utilization and rates for single engine helicopters in the U.S. Gulf of Mexico and new search and rescue customers were offset by lower dry-leasing revenues, an increase in headcount and compensation expenses and losses on equity investments
The increase in headcount, compensation expense and other administrative and general expenses is related to being an independent public company, which was not the case in the fourth quarter of 2012
As of December 31, 2013, unfunded capital commitments totaled $341.7 million of which $98.7 million is payable during 2014
Total long-term debt was $279.4 million as of December 31, 2013
As of December 31, 2013, cash balances were $31.3 million and remaining availability under our revolving credit facility was $136.1 million

Houston, Texas
March 17, 2014

FOR IMMEDIATE RELEASE — Era Group Inc. (NYSE: ERA) today reported net income for its fourth quarter ended December 31, 2013 of $1.8 million on operating revenues of $76.0 million compared to net income of $3.6 million on operating revenues of $70.9 million in the prior year quarter. The Company also reported net income for its fiscal year ended December 31, 2013 of $18.7 million on operating revenues of $299.0 million compared to net income of $7.8 million on operating revenues of $272.9 million in the prior fiscal year.
Operating income for the current quarter was $9.6 million compared to $9.7 million in the prior year quarter. Operating income for fiscal year 2013 was $46.2 million compared to $32.1 million in the prior fiscal year. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $20.0 million in the current quarter compared to $20.7 million in the prior year quarter. EBITDA for fiscal year 2013 was $93.1 million compared to $67.3 million in the prior fiscal year. Fourth quarter and full year 2013 results included $0.5 million and $18.3 million in gains on asset dispositions, respectively, compared to $0.2 million and $3.6 million of gains in the fourth quarter and full year 2012.
Adjusted EBITDA for fiscal year 2013, which excludes a one-time charge of $2.0 million related to operating leases on certain helicopters configured for air medical services, was $95.3 million. Adjusted EBITDA for fiscal year 2012, which excludes an impairment charge of $5.9 million on our Brazilian joint venture, $2.9 million of expenses related to non-prosecution of our initial public offering, $2.0 million in SEACOR

1


Management Fees, and $0.7 million in severance expense related to prior changes in executive management, was $78.8 million. The $16.4 million increase in Adjusted EBITDA in fiscal year 2013 is primarily due to the $14.7 million increase in gains on asset dispositions compared to fiscal year 2012.

"2013 was a record year for Era. Operating revenues and Adjusted EBITDA increased by 10% and 21%, respectively, over the prior fiscal year. This record financial performance was achieved despite the suspension of flight operations of the EC225 heavy helicopters for more than half the year, which represent almost 25% of our fleet value," said Sten Gustafson, Chief Executive Officer of Era Group. "The significant gains recognized from asset dispositions during the year not only represent a continuation of our returns-focused strategy to deliver value for our shareholders but also further validate our strategy of owning our equipment. We have continued to deploy capital to selectively expand and upgrade our helicopter fleet as evidenced by our orders for new S92 and AW189 heavy helicopters and AW139 medium helicopters."

"Operating revenues of $76.0 million were also a record for the fourth quarter, representing a 7% increase over the prior year quarter. Fourth quarter Adjusted EBITDA of $20.0 million represented a decrease of $1.2 million from the prior year quarter. Our policy of recognizing revenue from our Brazilian joint venture and our customer in India only when cash is remitted resulted in a $2.8 million negative impact to revenues and EBITDA in the fourth quarter of 2013 compared to the fourth quarter of 2012."

Fourth Quarter Results
Operating revenues in the fourth quarter ended December 31, 2013 increased $5.1 million over the prior year quarter primarily due to the resumption of operations of the EC225 helicopters, increased utilization and higher rates for single engine helicopters in the U.S. Gulf of Mexico, and new search and rescue customers. These increases were partially offset by a decrease in dry-leasing revenues primarily due to lower cash receipts from our Brazilian joint venture and our customer in India and dry-leases that ended since the prior year quarter when the helicopters were sold or reassigned to our oil and gas operations. We collected cash receipts of $6.4 million from our Brazilian joint venture and our customer in India in the fourth quarter of 2013, which represents a $2.8 million decrease from the $9.2 million of cash collected in the prior year quarter.

Operating expenses were $2.9 million higher in the current quarter. Repairs and maintenance expenses were $1.6 million higher primarily due to the timing of repairs and an increase in power-by-hour expense as a result of an increase in flight hours and the resumption of the EC225 helicopter operations. Personnel costs increased $1.2 million primarily due to an increase in personnel to support the increased activity with oil and gas customers.
Administrative and general expenses were $3.0 million higher in the current quarter. Compensation and employee costs were $1.8 million higher primarily due to an increase in personnel, management bonus awards and share-based compensation related to incentive equity awards granted following our spin-off from SEACOR Holdings Inc. ("SEACOR"). Legal, professional and other expenses increased $0.6 million as a result of being an independent public company. Allowance for doubtful accounts increased $0.5 million due to collection issues related to a note with a customer that purchased parts in a previous year.
Depreciation expense was $11.1 million in the current quarter, a decrease of $0.3 million, primarily due to helicopters and related parts sold in 2013.
Losses from equity investments were $0.9 million in the current year quarter, which was $0.8 million lower than in the prior year quarter.

2


Sequential Quarter Results
Fourth quarter operating revenues decreased $5.0 million compared to the third quarter ended September 30, 2013, primarily due to the end of seasonal activities. Fourth quarter net income decreased $3.5 million. Operating income and Adjusted EBITDA for the fourth quarter decreased by $1.6 million and $5.4 million, respectively. In addition to the impact of seasonality factors, the decreases in net income, operating income and Adjusted EBITDA in the fourth quarter were also due to lower gains on asset dispositions and losses from equity investments.
Full Year Results
Operating revenues in 2013 increased $26.0 million compared to 2012 primarily due to higher utilization of medium helicopters related to an increase in oil and gas activities in the U.S. Gulf of Mexico and Alaska, the commencement of international oil and gas operations in 2013, and an increase in search and rescue activities. These increases were partially offset by a decrease in dry-leasing and air medical revenues.
Operating expenses were $19.4 million higher in 2013 compared to 2012. Repairs and maintenance expenses increased $12.9 million primarily due to the timing of repairs and the prior year benefit from vendor credits. Personnel costs increased $4.4 million primarily due to increased headcount to support the increase in oil and gas activities discussed above. In addition, lease expense was $1.5 million higher in the current year due to a one-time charge related to operating leases on certain air medical helicopters.
Administrative and general expenses increased $4.1 million in 2013 compared to 2012 primarily due to an increase in compensation and employee costs and expenses related to being an independent public company. Depreciation expense was $3.1 million higher in the current year primarily due to the addition of new and higher cost helicopters.
Gains on asset dispositions were $18.3 million in fiscal year 2013, a $14.7 million increase from the prior year.
Interest expense increased $7.4 million primarily due to the placement of the Company's 7.75% Senior Notes in December 2012. Income tax expense increased $4.4 million due to higher income before taxes and equity earnings in the current year.
Earnings from equity investments were $0.9 million in the current year, an increase of $6.4 million compared to the prior year loss of $5.5 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 December 31, 2013, the Company's capital expenditures were $61.9 million, which consisted primarily of deposits on future helicopter deliveries. The Company records helicopter acquisitions in property and equipment and places helicopters in service once all completion work has been finalized and the helicopters are ready for use. The Company accepted delivery of two new AW139 helicopters in January 2014, and placed both of them into service in late February.
Capital Commitments
The Company’s unfunded capital commitments as of December 31, 2013 consisted primarily of orders for helicopters and totaled $341.7 million, of which $98.7 million is payable during 2014 with the balance payable through 2017. The Company also had $2.3 million of deposits paid on options not yet exercised. The Company may terminate $164.4 million of its total commitments (inclusive of deposits paid on options not yet exercised) without further liability other than liquidated damages of $11.1 million in the aggregate.
Included in these capital commitments are agreements to purchase ten AW189 heavy helicopters, four S92 heavy helicopters, two AW139 medium helicopters, and five AW169 light twin helicopters. The AW189 helicopters are scheduled to be delivered beginning in late 2014 through 2017. The S92 helicopters are scheduled to be delivered in 2016 and 2017. The AW139 helicopters are scheduled to be delivered in 2014.

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Delivery dates for the AW169 helicopters have yet to be determined. In addition, we had outstanding options to purchase up to an additional ten AW189 helicopters, five S92 helicopters and four AW139 helicopters.
Liquidity Update
As of December 31, 2013, the Company had a cash balance of $31.3 million and remaining availability under its senior secured revolving credit facility of $136.1 million.
Brazilian Joint Venture
On February 15, 2014, definitive agreements were executed with respect to the transfer to a third party of the 50% economic interest and 80% voting interest held by the Company’s partner in Aeróleo Taxi Aero S/A (“Aeróleo”), its Brazilian joint venture. As consideration for the transfer of interests and the other terms and conditions of the transaction, Aeróleo will be required to make payment to affiliates of the transferring partner in the form of severance and partial repayment of shareholder loans that will likely require a capital infusion by the Company of approximately $2 million. The transaction remains subject to customary closing conditions, including receipt of required local regulatory approval, and is expected to close in the second half of 2014.  On February 19, 2014, in connection with execution of the definitive agreements, the Company and its partner filed a joint motion to dismiss their ongoing arbitration.
As a result of the transaction, the Company may be required to consolidate the financial results of Aeróleo in its financial statements following the consummation of the transactions. 
Conference Call
Management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Tuesday, March 18, 2014, to review the results for the fourth quarter and fiscal year ended December 31, 2013. The conference call can be accessed as follows:
All callers will need to reference the access code 12521582
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 March 31, 2014 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, Mexico, Norway, Spain, Sweden, the United Kingdom and Uruguay. Era Group's helicopters 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

4


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; 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; the ongoing need to replace aging aircraft; the Company's dependence on the used aircraft market; 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; operational and financial difficulties of our joint ventures, partners and customers; 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, in our subsequent Quarterly Reports on Form 10-Q and in our periodic reporting on From 8-K (if any), 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.

5


ERA GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts, unaudited)
 
 
Three Months Ended December 31,
 
Year Ended
December 31,
 
 
 
2013
 
2012
 
2013
 
2012
 
Operating Revenues
 
$
75,998

 
$
70,895

 
$
298,959

 
$
272,921

 
Costs and Expenses:
 
 
 
 
 
 
 
 
 
Operating
 
45,213

 
42,282

 
186,612

 
167,195

 
Administrative and general
 
10,562

 
7,575

 
38,924

 
34,785

 
Depreciation
 
11,129

 
11,471

 
45,561

 
42,502

 
 
 
66,904

 
61,328

 
271,097

 
244,482

 
Gains on Asset Dispositions, Net
 
464

 
157

 
18,301

 
3,612

 
Operating Income
 
9,558

 
9,724

 
46,163

 
32,051

 
Other Income (Expense):
 
 
 
 
 
 
 
 
 
Interest income
 
139

 
145

 
591

 
910

 
Interest expense
 
(4,311
)
 
(3,757
)
 
(18,050
)
 
(10,648
)
 
SEACOR management fees
 

 
(500
)
 
(168
)
 
(2,000
)
 
Derivative (losses) gains, net
 
(26
)
 
2

 
(104
)
 
(490
)
 
Foreign currency gains, net
 
233

 
87

 
698

 
720

 
Other, net
 

 

 
19

 
30

 
 
 
(3,965
)
 
(4,023
)
 
(17,014
)
 
(11,478
)
 
Income Before Income Tax Expense and Equity In Earnings (Losses) of 50% or Less Owned Companies
 
5,593

 
5,701

 
29,149

 
20,573

 
Income Tax Expense
 
3,036

 
2,086

 
11,727

 
7,298

 
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies
 
2,557

 
3,615

 
17,422

 
13,275

 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
 
(880
)
 
(84
)
 
882

 
(5,528
)
 
Net Income
 
1,677

 
3,531

 
18,304

 
7,747

 
Net Loss Attributable to Noncontrolling Interest in Subsidiary
 
75

 
40

 
401

 
40

 
Net Income Attributable to Era Group Inc.
 
1,752

 
3,571

 
18,705

 
7,787

 
Accretion of Redemption Value on Series A Preferred Stock
 

 
2,135

 
721

 
8,469

 
Net Income (Loss) Attributable to Common Shares
 
$
1,752

 
$
1,436

 
$
17,984

 
$
(682
)
 
 
 
 
 
 
 
 
 
 
 
Basic Earnings (Loss) Per Common Share
 
$
0.09

 
$
0.06

 
$
0.88

 
$
(0.03
)
 
Diluted Earnings (Loss) Per Common Share
 
$
0.09

 
$
0.06

 
$
0.88

 
$
(0.03
)
 
 
 
 
 
 
 
 
 
 
 
EBITDA
 
$
20,014

 
$
20,700

 
$
93,051

 
$
67,285

 
Adjusted EBITDA
 
$
20,014

 
$
21,200

 
$
95,264

 
$
78,837

 



6


ERA GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts, unaudited)
 
 
Three Months Ended
 
 
 
Dec. 31, 2013
 
Sep. 30, 2013
 
Jun. 30, 2013
 
Mar. 31, 2013
 
Dec. 31, 2012
 
Operating Revenues
 
$
75,998

 
$
80,997

 
$
74,237

 
$
67,727

 
$
70,895

 
Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
 
Operating
 
45,213

 
51,338

 
46,945

 
43,116

 
42,282

 
Administrative and general
 
10,562

 
9,683

 
9,545

 
9,134

 
7,575

 
Depreciation
 
11,129

 
11,340

 
11,431

 
11,661

 
11,471

 
 
 
66,904

 
72,361

 
67,921

 
63,911

 
61,328

 
Gains on Asset Dispositions, Net
 
464

 
2,560

 
4,476

 
10,801

 
157

 
Operating Income
 
9,558

 
11,196

 
10,792

 
14,617

 
9,724

 
Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
139

 
155

 
150

 
147

 
145

 
Interest expense
 
(4,311
)
 
(4,394
)
 
(4,613
)
 
(4,732
)
 
(3,757
)
 
SEACOR management fees
 

 

 

 
(168
)
 
(500
)
 
Derivative (losses) gains, net
 
(26
)
 
(96
)
 
21

 
(3
)
 
2

 
Foreign currency gains (losses), net
 
233

 
409

 
315

 
(259
)
 
87

 
Other, net
 

 
7

 
9

 
3

 

 
 
 
(3,965
)
 
(3,919
)
 
(4,118
)
 
(5,012
)
 
(4,023
)
 
Income Before Income Tax Expense and Equity In Earnings (Losses) of 50% or Less Owned Companies
 
5,593

 
7,277

 
6,674

 
9,605

 
5,701

 
Income Tax Expense
 
3,036

 
2,715

 
2,398

 
3,578

 
2,086

 
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies
 
2,557

 
4,562

 
4,276

 
6,027

 
3,615

 
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
 
(880
)
 
526

 
674

 
562

 
(84
)
 
Net Income
 
1,677

 
5,088

 
4,950

 
6,589

 
3,531

 
Net Loss Attributable to Noncontrolling Interest in Subsidiary
 
75

 
116

 
105

 
105

 
40

 
Net Income Attributable to Era Group Inc.
 
1,752

 
5,204

 
5,055

 
6,694

 
3,571

 
Accretion of Redemption Value on Series A Preferred Stock
 

 

 

 
721

 
2,135

 
Net Income Attributable to Common Shares
 
$
1,752

 
$
5,204

 
$
5,055

 
$
5,973

 
$
1,436

 
 
 

 
 
 
 
 
 
 
 
 
Basic Earnings Per Common Share
 
$
0.09

 
$
0.26

 
$
0.25

 
$
0.28

 
$
0.06

 
Diluted Earnings Per Common Share
 
$
0.09

 
$
0.25

 
$
0.25

 
$
0.28

 
$
0.06

 
 
 
 
 
 
 
 
 
 
 
 
 
EBITDA
 
$
20,014

 
$
23,382

 
$
23,242

 
$
26,413

 
$
20,700

 
Adjusted EBITDA
 
$
20,014

 
$
25,427

 
$
23,242

 
$
26,581

 
$
21,200

 



7


ERA GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 
 
Dec. 31, 2013
 
Sep. 30, 2013
 
Jun. 30, 2013
 
Mar. 31, 2013
 
Dec. 31, 2012
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
31,335

 
$
22,517

 
$
27,345

 
$
25,032

 
$
11,505

 
Receivables:
 
 
 
 
 
 
 
 
 
 
 
Trade, net of allowance for doubtful accounts
 
38,137

 
48,435

 
40,645

 
41,044

 
48,810

 
Other
 
4,374

 
2,961

 
14,607

 
16,133

 
4,430

 
Inventories, net
 
26,853

 
26,692

 
26,223

 
26,696

 
26,650

 
Prepaid expenses and other
 
2,167

 
1,278

 
2,854

 
2,715

 
1,803

 
Deferred income taxes
 
2,347

 
3,642

 
3,642

 
3,642

 
3,642

 
Escrow deposits
 

 
9,900

 
16,010

 

 

 
Total current assets
 
105,213

 
115,425

 
131,326

 
115,262

 
96,840

 
Property and Equipment
 
1,066,958

 
1,014,907

 
1,012,661

 
1,021,453

 
1,030,276

 
Accumulated depreciation
 
(263,306
)
 
(255,299
)
 
(251,613
)
 
(246,498
)
 
(242,471
)
 
Net property and equipment
 
803,652

 
759,608

 
761,048

 
774,955

 
787,805

 
Investments, at Equity, and Advances to 50% or Less Owned Companies
 
34,986

 
36,113

 
35,529

 
34,705

 
34,696

 
Goodwill
 
352

 
352

 
352

 
352

 
352

 
Other Assets
 
14,380

 
16,071

 
17,300

 
17,830

 
17,871

 
Total Assets
 
$
958,583

 
$
927,569

 
$
945,555

 
$
943,104

 
$
937,564

 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
 
$
12,946

 
$
16,606

 
$
15,585

 
$
13,126

 
$
15,703

 
Accrued wages and benefits
 
8,792

 
8,937

 
6,976

 
7,662

 
4,576

 
Accrued interest
 
772

 
4,625

 
770

 
5,213

 
1,401

 
Accrued income taxes
 
613

 

 

 

 

 
Derivatives
 
621

 

 

 

 

 
Due to SEACOR
 
347

 
190

 
211

 
270

 

 
Current portion of long-term debt
 
2,787

 
2,787

 
2,787

 
2,787

 
2,787

 
Other current liabilities
 
3,267

 
6,894

 
5,253

 
4,309

 
5,232

 
Total current liabilities
 
30,145

 
40,039

 
31,582

 
33,367

 
29,699

 
Deferred Income Taxes
 
209,574

 
208,483

 
204,487

 
203,343

 
203,536

 
Long-Term Debt
 
279,391

 
240,029

 
275,667

 
276,307

 
276,948

 
Deferred Gains and Other Liabilities
 
3,412

 
5,343

 
5,947

 
8,164

 
7,864

 
Total liabilities
 
522,522

 
493,894

 
517,683

 
521,181

 
518,047

 
Preferred Stock:
 
 
 
 
 
 
 
 
 
 
 
Series A Preferred Stock
 

 

 

 

 
144,232

 
Series B Preferred Stock
 

 

 

 

 

 
Total preferred stock
 

 

 

 

 
144,232

 
Equity:
 
 
 
 
 
 
 
 
 
 
 
Era Group Inc. Stockholders' Equity:
 
 
 
 
 
 
 
 
 
 
 
Common stock
 
202

 
202

 
202

 
201

 

 
Class B common stock
 

 

 

 

 
245

 
Additional paid-in capital
 
421,310

 
420,650

 
420,056

 
419,036

 
278,838

 
Retained earnings (accumulated deficit)
 
14,680

 
12,928

 
7,724

 
2,669

 
(4,025
)
 
Treasury shares, at cost
 
(113
)
 
(94
)
 
(63
)
 

 

 
Accumulated other comprehensive income (loss), net of tax
 
176

 
108

 
(44
)
 
(85
)
 
20

 
 
 
436,255

 
433,794

 
427,875

 
421,821

 
275,078

 
Noncontrolling interest in subsidiary
 
(194
)
 
(119
)
 
(3
)
 
102

 
207

 
Total equity
 
436,061

 
433,675

 
427,872

 
421,923

 
275,285

 
Total Liabilities and Stockholders' Equity
 
$
958,583

 
$
927,569

 
$
945,555

 
$
943,104

 
$
937,564

 

8


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. Neither EBITDA nor Adjusted EBITDA 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 and Adjusted EBITDA 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 and Adjusted EBITDA (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, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA.
 
 
Three Months Ended
 
Year Ended
December 31,
 
 
Dec. 31, 2013
 
Sep. 30, 2013
 
Jun. 30, 2013
 
Mar. 31, 2013
 
Dec. 31, 2012
 
2013
 
2012
 
 
(in thousands)
Net Income
 
$
1,677

 
$
5,088

 
$
4,950

 
$
6,589

 
$
3,531

 
$
18,304

 
$
7,747

Depreciation
 
11,129

 
11,340

 
11,431

 
11,661

 
11,471

 
45,561

 
42,502

Interest Income
 
(139
)
 
(155
)
 
(150
)
 
(147
)
 
(145
)
 
(591
)
 
(910
)
Interest Expense
 
4,311

 
4,394

 
4,613

 
4,732

 
3,757

 
18,050

 
10,648

Income Tax Expense
 
3,036

 
2,715

 
2,398

 
3,578

 
2,086

 
11,727

 
7,298

EBITDA
 
$
20,014

 
$
23,382

 
$
23,242

 
$
26,413

 
$
20,700

 
$
93,051

 
$
67,285

SEACOR Management Fees
 

 

 

 
168

 
500

 
168

 
2,000

Special Items (1)
 

 
2,045

 

 

 

 
2,045

 
9,552

Adjusted EBITDA
 
$
20,014

 
$
25,427

 
$
23,242

 
$
26,581

 
$
21,200

 
$
95,264

 
$
78,837

Gains on Asset Dispositions, Net ("Gains")
 
(464
)
 
(2,560
)
 
(4,476
)
 
(10,801
)
 
(157
)
 
(18,301
)
 
(3,612
)
Adjusted EBITDA Excluding Gains
 
$
19,550

 
$
22,867

 
$
18,766

 
$
15,780

 
$
21,043

 
$
76,963

 
$
75,225


(1) Special items include the following:
Severance expense of $0.7 million for the year ended December 31, 2012, due to prior changes in executive management;
Expenses incurred in connection with our abandoned initial public offering of $2.9 million for the year ended December 31, 2012;
An impairment charge of $5.9 million, net of tax, for the year ended December 31, 2012, on our investment in Aeróleo Taxi Aéreo S/A; and
A one-time charge of $2.0 million related to operating leases on certain air medical helicopters for the three months ended September 30, 2013 and the year ended December 31, 2013.



9



ERA GROUP INC.
FLEET COUNTS (1) 
(unaudited)
 
 
Dec. 31, 2013 (2)
 
Sep. 30, 2013
 
Jun. 30, 2013
 
Mar. 31, 2013
 
Dec. 31, 2012
 
Heavy:
 
 
 
 
 
 
 
 
 
 
 
EC225
 
9

 
9

 
9

 
9

 
10

 
 
 
 
 
 
 
 
 
 
 
 
 
Medium:
 
 
 
 
 
 
 
 
 
 
 
AW139
 
35

 
36

 
35

 
35

 
33

 
B212
 
11

 
11

 
11

 
11

 
13

 
B412
 
6

 
6

 
6

 
6

 
6

 
S76 A/A++
 
3

 
3

 
6

 
6

 
7

 
S76 C+/C++
 
6

 
6

 
7

 
9

 
10

 
 
 
61

 
62

 
65

 
67

 
69

 
 
 
 
 
 
 
 
 
 
 
 
 
Light—twin engine:
 
 
 
 
 
 
 
 
 
 
 
A109
 
9

 
9

 
9

 
9

 
9

 
BK-117
 
3

 
6

 
6

 
6

 
6

 
EC135
 
20

 
20

 
20

 
20

 
19

 
EC145
 
4

 
4

 
3

 
3

 
3

 
 
 
36

 
39

 
38

 
38

 
37

 
 
 
 
 
 
 
 
 
 
 
 
 
Light—single engine:
 
 
 
 
 
 
 
 
 
 
 
A119
 
24

 
24

 
24

 
24

 
24

 
AS350
 
35

 
35

 
35

 
35

 
35

 
 
 
59

 
59

 
59

 
59

 
59

 
Total Helicopters
 
165

 
169

 
171

 
173

 
175

 
____________________
(1) Includes all owned, joint ventured, leased-in and managed helicopters.
(2) The Company accepted delivery of two new AW139 helicopters in January 2014, and placed both of them into service in late February.

10