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)

3 Months Ended

Mar. 31, 2017

Supplemental Condensed Consolidating Balance Sheet as of March 31, 2017



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	24,835		$	—		$	1,504		$	—		$	26,339
Receivables:
Trade, net of allowance for doubtful accounts of $1,295	39			27,094			7,707			—			34,840
Tax receivable	9			3			3,154			—			3,166
Other	—			1,523			873			—			2,396
Inventories, net	—			24,898			334			—			25,232
Prepaid expenses	667			1,732			136			—			2,535
Escrow deposits	—			3,779			—			—			3,779
Total current assets	25,550			59,029			13,708			—			98,287
Property and equipment	—			1,138,773			16,062			—			1,154,835
Accumulated depreciation	—			(341,925		)	(1,734		)	—			(343,659		)
Property and equipment, net	—			796,848			14,328			—			811,176
Equity investments and advances	—			29,727			—			—			29,727
Investments in consolidated subsidiaries	172,394			—			—			(172,394		)	—
Intangible assets	—			—			1,133			—			1,133
Deferred taxes	14,137			—			—			(14,137		)	—
Intercompany receivables	457,486			—			—			(457,486		)	—
Other assets	1,617			4,414			65			—			6,096
Total assets	$	671,184		$	890,018		$	29,234		$	(644,017	)	$	946,419
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	616		$	5,717		$	2,699		$	—		$	9,032
Accrued wages and benefits	—			5,197			1,684			—			6,881
Accrued interest	3,365			—			—			—			3,365
Accrued income taxes	—			656			33			—			689
Accrued other taxes	66			749			632			—			1,447
Accrued contingencies	—			—			1,189			—			1,189
Current portion of long-term debt	—			1,524			675			—			2,199
Other current liabilities	956			1,544			346			—			2,846
Total current liabilities	5,003			15,387			7,258			—			27,648
Long-term debt	201,866			21,227			2,853			—			225,946
Deferred income taxes	—			237,118			461			(14,137		)	223,442
Intercompany payables	—			418,914			38,572			(457,486		)	—
Other liabilities	—			924			—			—			924
Total liabilities	206,869			693,570			49,144			(471,623		)	477,960
Redeemable noncontrolling interest	—			4			4,050			—			4,054
Equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,270,272 outstanding, exclusive of treasury shares	215			—			—			—			215
Additional paid-in capital	440,164			100,306			4,562			(104,868		)	440,164
Retained earnings	26,904			96,048			(28,522		)	(67,526		)	26,904
Treasury shares, at cost, 179,730 shares	(2,968		)	—			—			—			(2,968		)
Accumulated other comprehensive income, net of tax	—			90			—			—			90
Total equity	464,315			196,444			(23,960		)	(172,394		)	464,405
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	671,184		$	890,018		$	29,234		$	(644,017	)	$	946,419

Supplemental Condensed Consolidating Balance Sheet as of December 31, 2016



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	25,474		$	—		$	1,476		$	—		$	26,950
Receivables:
Trade, net of allowance for doubtful accounts of $1,219	39			26,118			6,313			—			32,470
Tax receivables	9			4			3,448			—			3,461
Other	—			1,658			1,058			—			2,716
Inventories, net	—			25,156			261			—			25,417
Prepaid expenses	359			976			244			—			1,579
Escrow deposits	—			3,777			—			—			3,777
Total current assets	25,881			57,689			12,800			—			96,370
Property and equipment	—			1,138,020			16,008			—			1,154,028
Accumulated depreciation	—			(330,735		)	(1,484		)	—			(332,219		)
Net property and equipment	—			807,285			14,524			—			821,809
Equity investments and advances	—			29,266			—			—			29,266
Investments in consolidated subsidiaries	174,830			—			—			(174,830		)	—
Intangible assets	—			—			1,137			—			1,137
Deferred income taxes	12,262			—			—			(12,262		)	—
Intercompany receivables	460,623			—			—			(460,623		)	—
Other assets	1,820			4,723			48			—			6,591
Total assets	$	675,416		$	898,963		$	28,509		$	(647,715	)	$	955,173
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	322		$	6,273		$	2,281		$	—		$	8,876
Accrued wages and benefits	—			6,446			2,061			—			8,507
Accrued interest	529			—			—			—			529
Accrued income taxes	—			653			13			—			666
Current portion of long-term debt	—			1,524			615			—			2,139
Accrued other taxes	29			645			773			—			1,447
Accrued contingencies	—			—			1,237			—			1,237
Other current liabilities	481			1,525			216			—			2,222
Total current liabilities	1,361			17,066			7,196			—			25,623
Long-term debt	205,730			21,642			2,767			—			230,139
Deferred income taxes	—			237,067			667			(12,262		)	225,472
Intercompany payables	—			426,410			34,213			(460,623		)	—
Other liabilities	—			1,301			—			—			1,301
Total liabilities	207,091			703,486			44,843			(472,885		)	482,535
Redeemable noncontrolling interest	—			4			4,217			—			4,221
Equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,936,636 shares outstanding, exclusive of treasury shares	211			—			—			—			211
Additional paid-in capital	438,489			100,306			4,562			(104,868		)	438,489
Retained earnings	32,524			95,075			(25,113		)	(69,962		)	32,524
Treasury shares, at cost, 154,549 shares	(2,899		)	—			—			—			(2,899		)
Accumulated other comprehensive income, net of tax	—			92			—			—			92
Total equity	468,325			195,473			(20,551		)	(174,830		)	468,417
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	675,416		$	898,963		$	28,509		$	(647,715	)	$	955,173

Condensed Income Statement

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended March 31, 2017



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	48,033		$	15,400		$	(8,906	)	$	54,527
Costs and expenses:
Operating	—			29,113			17,550			(8,906		)	37,757
Administrative and general	1,865			7,038			1,478			—			10,381
Depreciation	—			11,320			234			—			11,554
Total costs and expenses	1,865			47,471			19,262			(8,906		)	59,692
Gains on asset dispositions, net	—			109			—			—			109
Operating income (loss)	(1,865		)	671			(3,862		)	—			(5,056		)
Other income (expense):
Interest income	21			111			118			—			250
Interest expense	(3,241		)	(298		)	(50		)	—			(3,589		)
Foreign currency gains (losses), net	25			8			(5		)	—			28
Other, net	—			—			12			—			12
Total other income (expense)	(3,195		)	(179		)	75			—			(3,299		)
Income (loss) before income taxes and equity earnings	(5,060		)	492			(3,787		)	—			(8,355		)
Income tax expense (benefit)	(1,876		)	(16		)	(211		)	—			(2,103		)
Income (loss) before equity earnings	(3,184		)	508			(3,576		)	—			(6,252		)
Equity earnings, net of tax	—			465			—			—			465
Equity in earnings (losses) of subsidiaries	(2,436		)	—			—			2,436			—
Net income (loss)	(5,620		)	973			(3,576		)	2,436			(5,787		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			167			—			167
Net income (loss) attributable to Era Group Inc.	$	(5,620	)	$	973		$	(3,409	)	$	2,436		$	(5,620	)

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended March 31, 2016



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	48,487		$	14,095		$	—		$	62,582
Costs and expenses:
Operating	—			26,010			18,297			—			44,307
Administrative and general	1,048			7,084			1,095			—			9,227
Depreciation	—			12,486			280			—			12,766
Total costs and expenses	1,048			45,580			19,672			—			66,300
Gains on asset dispositions, net	—			2,913			—			—			2,913
Operating income	(1,048		)	5,820			(5,577		)	—			(805		)
Other income (expense):
Interest income	4			123			174			—			301
Interest expense	(4,343		)	(148		)	(257		)	—			(4,748		)
Foreign currency gains (losses), net	69			(109		)	321			—			281
Other, net	—			—			(17		)	—			(17		)
Total other income (expense)	(4,270		)	(134		)	221			—			(4,183		)
Income (loss) before income taxes and equity earnings	(5,318		)	5,686			(5,356		)	—			(4,988		)
Income tax expense (benefit)	(1,229		)	215			—			—			(1,014		)
Income (loss) before equity earnings	(4,089		)	5,471			(5,356		)	—			(3,974		)
Equity losses, net of tax	—			24			—			—			24
Equity in earnings (losses) of subsidiaries	271			—			—			(271		)	—
Net income (loss)	(3,818		)	5,495			(5,356		)	(271		)	(3,950		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			132			—			132
Net income (loss) attributable to Era Group Inc.	$	(3,818	)	$	5,495		$	(5,224	)	$	(271	)	$	(3,818	)

Condensed Statement of Comprehensive Income

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2017



	Parent			Guarantors			Non-guarantors			Eliminations		Consolidated
	(in thousands)
Net income (loss)	$	(5,620	)	$	973		$	(3,576	)	$	2,436	$	(5,787	)
Other comprehensive income (loss):
Foreign currency translation adjustments	—			(2		)	—			—		(2		)
Income tax benefit	—			—			—			—		—
Total other comprehensive income (loss)	—			(2		)	—			—		(2		)
Comprehensive income (loss)	(5,620		)	971			(3,576		)	2,436		(5,789		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			—			167			—		167
Comprehensive income (loss) attributable to Era Group Inc.	$	(5,620	)	$	971		$	(3,409	)	$	2,436	$	(5,622	)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2016



	Parent			Guarantors		Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	(3,818	)	$	5,495	$	(5,356	)	$	(271	)	$	(3,950	)
Other comprehensive loss:
Foreign currency translation adjustments	—			—		—			—			—
Income tax benefit	—			—		—			—			—
Total other comprehensive loss	—			—		—			—			—
Comprehensive income (loss)	(3,818		)	5,495		(5,356		)	(271		)	(3,950		)
Comprehensive income attributable to noncontrolling interest in subsidiary	—			—		132			—			132
Comprehensive income (loss) attributable to Era Group Inc.	$	(3,818	)	$	5,495	$	(5,224	)	$	(271	)	$	(3,818	)

Condensed Cash Flow Statement

Supplemental Condensed Consolidating Statements of Cash Flows for the Three Months Ended March 31, 2017



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	(639	)	$	4,718		$	174		$	—		$	4,253
Cash flows from investing activities:
Purchases of property and equipment	—			(971		)	(34		)	—			(1,005		)
Proceeds from disposition of property and equipment	—			126			—			—			126
Investments in and advances to equity method investees	—			(114		)	—			—			(114		)
Principal payments on notes due from equity investees	—			185			—			—			185
Principal payments on third party notes receivable	—			56			—			—			56
Net cash provided by (used in) investing activities	—			(718		)	(34		)	—			(752		)
Cash flows from financing activities:
Payments on long-term debt	—			(415		)	(166		)	(6,000		)	(6,581		)
Proceeds from Revolving Credit Facility	—			—			—			2,000			2,000
Proceeds from share award plans	—			—			—			463			463
Purchase of treasury shares	—			—			—			(51		)	(51		)
Borrowings and repayments of intercompany debt	—			(3,588		)	—			3,588			—
Net cash used in financing activities	—			(4,003		)	(166		)	—			(4,169		)
Effects of exchange rate changes on cash and cash equivalents	—			3			54			—			57
Net increase (decrease) in cash and cash equivalents	(639		)	—			28			—			(611		)
Cash and cash equivalents, beginning of period	25,474			—			1,476			—			26,950
Cash and cash equivalents, end of period	$	24,835		$	—		$	1,504		$	—		$	26,339

Supplemental Condensed Consolidating Statements of Cash Flows for the Three Months Ended March 31, 2016



	Parent		Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	19,154	$	(3,220	)	$	(1,491	)	$	350		$	14,793
Cash flows from investing activities:
Purchases of property and equipment	—		(2,090		)	(55		)	—			(2,145		)
Proceeds from disposition of property and equipment	—		3,980			—			—			3,980
Return of helicopter deposit	—		544			—			—			544
Principal payments on notes due from equity investees	—		177			—			—			177
Principal payments on third party notes receivable	—		46			—			—			46
Net cash used in investing activities	—		2,657			(55		)	—			2,602
Cash flows from financing activities:
Payments on long-term debt	—		(555		)	(1,096		)	(7,000		)	(8,651		)
Proceeds from Revolving Credit Facility	—		—			—			7,000			7,000
Proceeds from share award plans	—		—			—			477			477
Purchase of treasury shares	—		—			—			(161		)	(161		)
Borrowings and repayments of intercompany debt	—		316			350			(666		)	—
Net cash used in financing activities	—		(239		)	(746		)	(350		)	(1,335		)
Effects of exchange rate changes on cash and cash equivalents	—		368			5			—			373
Net increase (decrease) in cash and cash equivalents	19,154		(434		)	(2,287		)	—			16,433
Cash and cash equivalents, beginning of period	7,565		3,334			3,471			—			14,370
Cash and cash equivalents, end of period	$	26,719	$	2,900		$	1,184		$	—		$	30,803