Bristow Group Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

GUARANTORS OF SECURITIES (Tables)

GUARANTORS OF SECURITIES (Tables)

6 Months Ended

Jun. 30, 2016

Supplemental Condensed Consolidating Balance Sheet as of June 30, 2016



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	36,030		$	1,768		$	1,362		$	—		$	39,160
Receivables:
Trade, net of allowance for doubtful accounts of $1,036	39			28,906			7,885			—			36,830
Tax receivable	6,000			11			—			—			6,011
Other	—			2,825			816			—			3,641
Inventories, net	—			26,838			926			—			27,764
Prepaid expenses	565			1,858			140			—			2,563
Other current assets	190			1			—			—			191
Total current assets	42,824			62,207			11,129			—			116,160
Property and equipment	—			1,155,702			16,540			—			1,172,242
Accumulated depreciation	—			(335,631		)	(1,091		)	—			(336,722		)
Property and equipment, net	—			820,071			15,449			—			835,520
Equity investments and advances	—			29,299			—			—			29,299
Investments in consolidated subsidiaries	178,291			—			—			(178,291		)	—
Intangible assets	—			—			1,148			—			1,148
Deferred taxes	5,876			—			—			(5,876		)	—
Intercompany receivables	474,859			—			—			(474,859		)	—
Other assets	1,828			6,169			4,722			—			12,719
Total assets	$	703,678		$	917,746		$	32,448		$	(659,026	)	$	994,846
LIABILITIES, REDEEMABLE NONCONTROLLING INTREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	410		$	13,793		$	1,270		$	—		$	15,473
Accrued wages and benefits	—			6,906			2,659			—			9,565
Accrued interest	612			—			—			—			612
Accrued other taxes	30			1,275			1,210			—			2,515
Accrued contingencies	—			—			1,280			—			1,280
Current portion of long-term debt	—			1,524			45			—			1,569
Other current liabilities	468			1,685			31			—			2,184
Total current liabilities	1,520			25,183			6,495			—			33,198
Long-term debt	230,466			22,474			—			—			252,940
Deferred income taxes	—			233,132			677			(5,876		)	227,933
Intercompany payables	—			444,054			30,805			(474,859		)	—
Other liabilities	—			1,301			3,117			—			4,418
Total liabilities	231,986			726,144			41,094			(480,735		)	518,489
Redeemable noncontrolling interest	—			4			4,569			—			4,573
Equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,879,283 outstanding, exclusive of treasury shares	211			—			—			—			211
Additional paid-in capital	435,714			100,306			4,562			(104,868		)	435,714
Retained earnings	38,622			91,200			(17,777		)	(73,423		)	38,622
Treasury shares, at cost, 171,614 shares	(2,855		)	—			—			—			(2,855		)
Accumulated other comprehensive income, net of tax	—			92			—			—			92
Total equity	471,692			191,598			(13,215		)	(178,291		)	471,784
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	703,678		$	917,746		$	32,448		$	(659,026	)	$	994,846

Supplemental Condensed Consolidating Balance Sheet as of December 31, 2015



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	7,565		$	3,334		$	3,471		$	—		$	14,370
Receivables:
Trade, net of allowance for doubtful accounts of $2,103	39			40,345			8,255			—			48,639
Tax receivables	6,013			72			—			—			6,085
Other	—			3,089			216			—			3,305
Inventories, net	—			25,557			2,437			—			27,994
Prepaid expenses	458			1,411			94			—			1,963
Other current assets	190			1			—			—			191
Total current assets	14,265			73,809			14,473			—			102,547
Property and equipment	—			1,159,441			16,468			—			1,175,909
Accumulated depreciation	—			(316,090		)	(603		)	—			(316,693		)
Net property and equipment	—			843,351			15,865			—			859,216
Equity investments and advances	—			28,898			—			—			28,898
Investments in consolidated subsidiaries	172,335			—			—			(172,335		)	—
Intangible assets	—			—			1,158			—			1,158
Deferred income taxes	3,823			—			—			(3,823		)	—
Intercompany receivables	515,255			—			—			(515,255		)	—
Other assets	2,166			6,999			3,367			—			12,532
Total assets	$	707,844		$	953,057		$	34,863		$	(691,413	)	$	1,004,351
LIABILITIES, REDEEMABLE NONCONTROLLING INTREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	386		$	9,635		$	1,979		$	—		$	12,000
Accrued wages and benefits	—			6,875			2,137			—			9,012
Accrued interest	549			13			—			—			562
Current portion of long-term debt	—			1,663			1,615			—			3,278
Accrued other taxes	30			789			1,701			—			2,520
Accrued contingencies	—			—			2,410			—			2,410
Other current liabilities	534			1,311			455			—			2,300
Total current liabilities	1,499			20,286			10,297			—			32,082
Long-term debt	235,134			23,305			5,259			—			263,698
Deferred income taxes	—			232,994			677			(3,823		)	229,848
Intercompany payables	—			501,512			13,743			(515,255		)	—
Other liabilities	—			1,887			729			—			2,616
Total liabilities	236,633			779,984			30,705			(519,078		)	528,244
Redeemable noncontrolling interest	—			4			4,800			—			4,804
Equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,495,694 outstanding, exclusive of treasury shares	207			—			—			—			207
Additional paid-in capital	433,175			95,543			9,325			(104,868		)	433,175
Retained earnings	40,502			77,434			(9,967		)	(67,467		)	40,502
Treasury shares, at cost, 154,549 shares	(2,673		)	—			—			—			(2,673		)
Accumulated other comprehensive income, net of tax	—			92			—			—			92
Total equity	471,211			173,069			(642		)	(172,335		)	471,303
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	707,844		$	953,057		$	34,863		$	(691,413	)	$	1,004,351

Condensed Income Statement

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2016



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	57,392		$	17,788		$	(11,829	)	$	63,351
Costs and expenses:
Operating	—			38,760			20,465			(11,829		)	47,396
Administrative and general	871			6,875			394			—			8,140
Depreciation	—			12,414			277			—			12,691
Total costs and expenses	871			58,049			21,136			(11,829		)	68,227
Gains on asset dispositions, net	—			1,367			—			—			1,367
Operating income (loss)	(871		)	710			(3,348		)	—			(3,509		)
Other income (expense):
Interest income	9			119			275			—			403
Interest expense	(3,841		)	(136		)	(153		)	—			(4,130		)
Foreign currency gains (losses), net	(52		)	(110		)	491			—			329
Gain on debt extinguishment	518			—			—			—			518
Other, net	—			1			45			—			46
Total other income (expense)	(3,366		)	(126		)	658			—			(2,834		)
Income (loss) before income taxes and equity earnings	(4,237		)	584			(2,690		)	—			(6,343		)
Income tax expense (benefit)	(490		)	(742		)	—			—			(1,232		)
Income (loss) before equity earnings	(3,747		)	1,326			(2,690		)	—			(5,111		)
Equity earnings, net of tax	—			601			—			—			601
Equity in earnings (losses) of subsidiaries	5,685			—			—			(5,685		)	—
Net income (loss)	1,938			1,927			(2,690		)	(5,685		)	(4,510		)
Net loss attributable to noncontrolling interest in subsidiary	—			6,349			99			—			6,448
Net income (loss) attributable to Era Group Inc.	$	1,938		$	8,276		$	(2,591	)	$	(5,685	)	$	1,938

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2015



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	70,550		$	431		$	(243	)	$	70,738
Costs and expenses:
Operating	—			39,463			564			(243		)	39,784
Administrative and general	1,742			8,885			152			—			10,779
Depreciation	—			11,212			186			—			11,398
Total costs and expenses	1,742			59,560			902			(243		)	61,961
Gains on asset dispositions, net	—			2,363			(2,605		)	—			(242		)
Operating income	(1,742		)	13,353			(3,076		)	—			8,535
Other income (expense):
Interest income	4			312			1			—			317
Interest expense	(2,756		)	(114		)	(11		)	—			(2,881		)
Derivative losses, net	—			(10		)	—			—			(10		)
Foreign currency gains (losses), net	74			469			—			—			543
Gain on sale of FBO	12,946			—			—			—			12,946
Other, net	—			—			(9		)	—			(9		)
Total other income (expense)	10,268			657			(19		)	—			10,906
Income (loss) before income taxes and equity earnings	8,526			14,010			(3,095		)	—			19,441
Income tax expense (benefit)	(2,078		)	10,216			—			—			8,138
Income (loss) before equity earnings	10,604			3,794			(3,095		)	—			11,303
Equity losses, net of tax	—			(198		)	—			—			(198		)
Equity in earnings (losses) of subsidiaries	729			—			—			(729		)	—
Net income (loss)	11,333			3,596			(3,095		)	(729		)	11,105
Net loss attributable to noncontrolling interest in subsidiary	—			130			98			—			228
Net income (loss) attributable to Era Group Inc.	$	11,333		$	3,726		$	(2,997	)	$	(729	)	$	11,333

Condensed Statement of Comprehensive Income

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2016



	Parent		Guarantors		Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	1,938	$	1,927	$	(2,690	)	$	(5,685	)	$	(4,510	)
Other comprehensive income (loss):
Foreign currency translation adjustments	—		—		—			—			—
Income tax benefit	—		—		—			—			—
Total other comprehensive income (loss)	—		—		—			—			—
Comprehensive income (loss)	1,938		1,927		(2,690		)	(5,685		)	(4,510		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—		6,349		99			—			6,448
Comprehensive income (loss) attributable to Era Group Inc.	$	1,938	$	8,276	$	(2,591	)	$	(5,685	)	$	1,938

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2015



	Parent		Guarantors		Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	11,333	$	3,596	$	(3,095	)	$	(729	)	$	11,105
Other comprehensive loss:
Foreign currency translation adjustments	—		—		(137		)	—			(137		)
Income tax benefit	—		—		—			—			—
Total other comprehensive loss	—		—		(137		)	—			(137		)
Comprehensive income (loss)	11,333		3,596		(3,232		)	(729		)	10,968
Comprehensive income attributable to noncontrolling interest in subsidiary	—		130		98			—			228
Comprehensive income (loss) attributable to Era Group Inc.	$	11,333	$	3,726	$	(3,134	)	$	(729	)	$	11,196

Condensed Cash Flow Statement

Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2016



	Parent		Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	28,465	$	1,126		$	(1,030	)	$	—		$	28,561
Cash flows from investing activities:
Purchases of property and equipment	—		(4,974		)	(132		)	—			(5,106		)
Proceeds from disposition of property and equipment	—		5,910			—			—			5,910
Return of helicopter deposit	—		544			—			—			544
Principal payments on notes due from equity investees	—		357			—			—			357
Principal payments on third party notes receivable	—		136			—			—			136
Net cash provided by (used in) investing activities	—		1,973			(132		)	—			1,841
Cash flows from financing activities:
Payments on long-term debt	—		(970		)	(1,123		)	(7,000		)	(9,093		)
Proceeds from Revolving Credit Facility	—		—			—			7,000			7,000
Extinguishment of long-term debt	—		—			—			(4,331		)	(4,331		)
Proceeds from share award plans	—		—			—			477			477
Purchase of treasury shares	—		—			—			(161		)	(161		)
Borrowings and repayments of intercompany debt	—		(4,015		)	—			4,015			—
Net cash used in financing activities	—		(4,985		)	(1,123		)	—			(6,108		)
Effects of exchange rate changes on cash and cash equivalents	—		320			176			—			496
Net increase (decrease) in cash and cash equivalents	28,465		(1,566		)	(2,109		)	—			24,790
Cash and cash equivalents, beginning of period	7,565		3,334			3,471			—			14,370
Cash and cash equivalents, end of period	$	36,030	$	1,768		$	1,362		$	—		$	39,160

Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2015



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	(12,627	)	$	18,030		$	15,324		$	—		$	20,727
Cash flows from investing activities:
Purchases of property and equipment	—			(39,663		)	(11,770		)	11,770			(39,663		)
Proceeds from disposition of property and equipment	—			20,154			—			(11,770		)	8,384
Cash settlements on forward contracts, net	—			—			—			(1,103		)	(1,103		)
Business acquisitions, net of cash acquired	—			—			(3,165		)	—			(3,165		)
Proceeds from sale of FBO	—			14,252			—			—			14,252
Principal payments on notes due from equity investees	—			340			—			—			340
Principal payments on third party notes receivable	—			25			—			—			25
Escrow deposits, net	—			(150		)	—			(350		)	(500		)
Escrow deposits on like-kind exchanges, net	—			(6,174		)	—			—			(6,174		)
Borrowings and repayments of intercompany debt	—			(1,453		)	—			1,453			—
Net cash used in investing activities	—			(12,669		)	(14,935		)	—			(27,604		)
Cash flows from financing activities:
Payments on long-term debt	—			(1,296		)	(24		)	(30,000		)	(31,320		)
Proceeds from Revolving Credit Facility	—			—			—			25,000			25,000
Extinguishment of long-term debt	—			—			—			(9,297		)	(9,297		)
Proceeds from share award plans	—			—			—			612			612
Borrowings and repayments of intercompany debt	—			(13,685		)	—			13,685			—
Net cash used in financing activities	—			(14,981		)	(24		)	—			(15,005		)
Effects of exchange rate changes on cash and cash equivalents	—			(1,991		)	8			—			(1,983		)
Net increase (decrease) in cash and cash equivalents	(12,627		)	(11,611		)	373			—			(23,865		)
Cash and cash equivalents, beginning of period	16,481			22,188			2,198			—			40,867
Cash and cash equivalents, end of period	$	3,854		$	10,577		$	2,571		$	—		$	17,002