|
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
|
6 Months Ended |
|
Jun. 30, 2013
|
| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
| Supplemental Condensed Consolidating Balance Sheet |
Supplemental Condensed Consolidating Balance Sheet as of June 30, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent Company Only |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
(in thousands, except share data) |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
16,437 |
|
|
$ |
9,547 |
|
|
$ |
1,361 |
|
|
$ |
— |
|
|
$ |
27,345 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
Trade, net of allowance for doubtful accounts of $3,010 |
|
— |
|
|
40,362 |
|
|
— |
|
|
— |
|
|
40,362 |
|
Other |
|
131 |
|
|
14,814 |
|
|
— |
|
|
(55 |
) |
|
14,890 |
|
Intercompany receivables |
|
558,767 |
|
|
— |
|
|
— |
|
|
(558,767 |
) |
|
— |
|
Inventories, net |
|
— |
|
|
26,223 |
|
|
— |
|
|
— |
|
|
26,223 |
|
Deferred income taxes |
|
6,043 |
|
|
— |
|
|
— |
|
|
(2,401 |
) |
|
3,642 |
|
Prepaid expenses and other |
|
47 |
|
|
2,807 |
|
|
— |
|
|
— |
|
|
2,854 |
|
Escrow deposits |
|
|
|
|
16,010 |
|
|
— |
|
|
— |
|
|
16,010 |
|
Total current assets |
|
581,425 |
|
|
109,763 |
|
|
1,361 |
|
|
(561,223 |
) |
|
131,326 |
|
Property and Equipment |
|
— |
|
|
1,001,161 |
|
|
11,500 |
|
|
— |
|
|
1,012,661 |
|
Accumulated depreciation |
|
— |
|
|
(250,233 |
) |
|
(1,380 |
) |
|
— |
|
|
(251,613 |
) |
Net property and equipment |
|
— |
|
|
750,928 |
|
|
10,120 |
|
|
— |
|
|
761,048 |
|
Investments, at Equity, and Advances to 50% or Less Owned Companies |
|
— |
|
|
35,529 |
|
|
— |
|
|
— |
|
|
35,529 |
|
Investments, at Equity in Consolidated Subsidiaries |
|
100,308 |
|
|
— |
|
|
— |
|
|
(100,308 |
) |
|
— |
|
Goodwill |
|
— |
|
|
352 |
|
|
— |
|
|
— |
|
|
352 |
|
Other Assets |
|
5,832 |
|
|
11,468 |
|
|
— |
|
|
— |
|
|
17,300 |
|
Total Assets |
|
$ |
687,565 |
|
|
$ |
908,040 |
|
|
$ |
11,481 |
|
|
$ |
(661,531 |
) |
|
$ |
945,555 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
217 |
|
|
$ |
15,376 |
|
|
$ |
203 |
|
|
$ |
— |
|
|
$ |
15,796 |
|
Accrued wages and benefits |
|
— |
|
|
6,976 |
|
|
— |
|
|
— |
|
|
6,976 |
|
Accrued interest |
|
752 |
|
|
18 |
|
|
— |
|
|
— |
|
|
770 |
|
Intercompany payables |
|
10,739 |
|
|
535,018 |
|
|
11,284 |
|
|
(557,041 |
) |
|
— |
|
Current portion of long-term debt |
|
— |
|
|
2,787 |
|
|
— |
|
|
— |
|
|
2,787 |
|
Other current liabilities |
|
1,232 |
|
|
4,075 |
|
|
— |
|
|
(54 |
) |
|
5,253 |
|
Total current liabilities |
|
12,940 |
|
|
564,250 |
|
|
11,487 |
|
|
(557,095 |
) |
|
31,582 |
|
Long-Term Debt |
|
246,750 |
|
|
28,917 |
|
|
— |
|
|
— |
|
|
275,667 |
|
Deferred Income Taxes |
|
— |
|
|
207,460 |
|
|
— |
|
|
(2,973 |
) |
|
204,487 |
|
Deferred Gains and Other Liabilities |
|
— |
|
|
4,384 |
|
|
— |
|
|
1,563 |
|
|
5,947 |
|
Total liabilities |
|
259,690 |
|
|
805,011 |
|
|
11,487 |
|
|
(558,505 |
) |
|
517,683 |
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
|
|
Era Group Inc. stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,181,559 issued and outstanding in 2013 (exclusive of 2,500 treasury shares) |
|
202 |
|
|
— |
|
|
— |
|
|
— |
|
|
202 |
|
Additional paid-in capital |
|
420,056 |
|
|
99,845 |
|
|
496 |
|
|
(100,341 |
) |
|
420,056 |
|
Retained earnings (accumulated deficit) |
|
7,724 |
|
|
3,187 |
|
|
(502 |
) |
|
(2,685 |
) |
|
7,724 |
|
Treasury shares, at cost (2,500 in 2013) |
|
(63 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(63 |
) |
Accumulated other comprehensive loss, net of tax |
|
(44 |
) |
|
— |
|
|
|
|
|
— |
|
|
(44 |
) |
|
|
427,875 |
|
|
103,032 |
|
|
(6 |
) |
|
(103,026 |
) |
|
427,875 |
|
Noncontrolling interest in subsidiary |
|
— |
|
|
(3 |
) |
|
— |
|
|
— |
|
|
(3 |
) |
Total equity |
|
427,875 |
|
|
103,029 |
|
|
(6 |
) |
|
(103,026 |
) |
|
427,872 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
687,565 |
|
|
$ |
908,040 |
|
|
$ |
11,481 |
|
|
$ |
(661,531 |
) |
|
$ |
945,555 |
|
Supplemental Condensed Consolidating Balance Sheet as of December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent Company Only |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
(in thousands, except share data) |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,258 |
|
|
$ |
8,558 |
|
|
$ |
689 |
|
|
$ |
— |
|
|
$ |
11,505 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
Trade, net of allowance for doubtful accounts of $2,668 |
|
— |
|
|
48,217 |
|
|
310 |
|
|
— |
|
|
48,527 |
|
Other |
|
971 |
|
|
3,742 |
|
|
— |
|
|
— |
|
|
4,713 |
|
Due from SEACOR and affiliates |
|
560,327 |
|
|
— |
|
|
— |
|
|
(560,327 |
) |
|
— |
|
Inventories, net |
|
— |
|
|
26,650 |
|
|
— |
|
|
— |
|
|
26,650 |
|
Deferred income taxes |
|
4,625 |
|
|
— |
|
|
— |
|
|
(983 |
) |
|
3,642 |
|
Prepaid expenses and other |
|
— |
|
|
1,803 |
|
|
— |
|
|
— |
|
|
1,803 |
|
Total current assets |
|
568,181 |
|
|
88,970 |
|
|
999 |
|
|
(561,310 |
) |
|
96,840 |
|
Property and Equipment |
|
— |
|
|
1,018,776 |
|
|
11,500 |
|
|
— |
|
|
1,030,276 |
|
Accumulated depreciation |
|
— |
|
|
(241,436 |
) |
|
(1,035 |
) |
|
— |
|
|
(242,471 |
) |
Net property and equipment |
|
— |
|
|
777,340 |
|
|
10,465 |
|
|
— |
|
|
787,805 |
|
Investments, at Equity, and Advances to 50% or Less Owned Companies |
|
— |
|
|
34,696 |
|
|
— |
|
|
— |
|
|
34,696 |
|
Investments, at Equity in Consolidated Subsidiaries |
|
100,101 |
|
|
9,782 |
|
|
— |
|
|
(109,883 |
) |
|
— |
|
Goodwill |
|
— |
|
|
352 |
|
|
— |
|
|
— |
|
|
352 |
|
Other Assets |
|
5,958 |
|
|
24,374 |
|
|
— |
|
|
(12,461 |
) |
|
17,871 |
|
Total Assets |
|
$ |
674,240 |
|
|
$ |
935,514 |
|
|
$ |
11,464 |
|
|
$ |
(683,654 |
) |
|
$ |
937,564 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
— |
|
|
$ |
15,618 |
|
|
$ |
85 |
|
|
$ |
— |
|
|
$ |
15,703 |
|
Accrued wages and benefits |
|
— |
|
|
4,576 |
|
|
— |
|
|
— |
|
|
4,576 |
|
Accrued interest |
|
1,357 |
|
|
44 |
|
|
— |
|
|
— |
|
|
1,401 |
|
Intercompany payables |
|
5,491 |
|
|
560,323 |
|
|
10,965 |
|
|
(576,779 |
) |
|
— |
|
Current portion of long-term debt |
|
— |
|
|
2,787 |
|
|
— |
|
|
— |
|
|
2,787 |
|
Other current liabilities |
|
1,445 |
|
|
3,787 |
|
|
— |
|
|
— |
|
|
5,232 |
|
Total current liabilities |
|
8,293 |
|
|
587,135 |
|
|
11,050 |
|
|
(576,779 |
) |
|
29,699 |
|
Long-Term Debt |
|
246,637 |
|
|
30,311 |
|
|
— |
|
|
— |
|
|
276,948 |
|
Deferred Income Taxes |
|
— |
|
|
204,520 |
|
|
— |
|
|
(984 |
) |
|
203,536 |
|
Deferred Gains and Other Liabilities |
|
— |
|
|
7,864 |
|
|
— |
|
|
— |
|
|
7,864 |
|
Total liabilities |
|
254,930 |
|
|
829,830 |
|
|
11,050 |
|
|
(577,763 |
) |
|
518,047 |
|
Series A Preferred Stock, at redemption value; $0.01 par value, 10,000,000 shares authorized; none issued and outstanding in 2013; 1,400,000 shares issued and outstanding in 2012 |
|
144,232 |
|
|
— |
|
|
— |
|
|
— |
|
|
144,232 |
|
Equity: |
|
|
|
|
|
|
|
|
|
|
Era Group Inc. stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
Class B common stock, $0.01 par value, 60,000,000 shares authorized; 24,500,000 issued and outstanding |
|
245 |
|
|
— |
|
|
— |
|
|
— |
|
|
245 |
|
Additional paid-in capital |
|
278,838 |
|
|
109,674 |
|
|
496 |
|
|
(110,170 |
) |
|
278,838 |
|
Accumulated deficit |
|
(4,025 |
) |
|
(4,217 |
) |
|
(82 |
) |
|
4,299 |
|
|
(4,025 |
) |
Accumulated other comprehensive income, net of tax |
|
20 |
|
|
20 |
|
|
— |
|
|
(20 |
) |
|
20 |
|
|
|
275,078 |
|
|
105,477 |
|
|
414 |
|
|
(105,891 |
) |
|
275,078 |
|
Noncontrolling interest in subsidiary |
|
— |
|
|
207 |
|
|
— |
|
|
— |
|
|
207 |
|
Total equity |
|
275,078 |
|
|
105,684 |
|
|
414 |
|
|
(105,891 |
) |
|
275,285 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
674,240 |
|
|
$ |
935,514 |
|
|
$ |
11,464 |
|
|
$ |
(683,654 |
) |
|
$ |
937,564 |
|
|
| Supplemental Condensed Consolidating Statement of Operations |
Supplemental Condensed Consolidating Statement of Operations for the Three Months Ended June 30, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent Company Only |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
(in thousands) |
Operating Revenues |
|
$ |
— |
|
|
$ |
73,913 |
|
|
$ |
324 |
|
|
$ |
— |
|
|
$ |
74,237 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
Operating |
|
— |
|
|
46,742 |
|
|
203 |
|
|
— |
|
|
46,945 |
|
Administrative and general |
|
1,602 |
|
|
7,942 |
|
|
1 |
|
|
— |
|
|
9,545 |
|
Depreciation |
|
— |
|
|
11,259 |
|
|
172 |
|
|
— |
|
|
11,431 |
|
|
|
1,602 |
|
|
65,943 |
|
|
376 |
|
|
— |
|
|
67,921 |
|
Gains on Asset Dispositions, Net |
|
— |
|
|
4,476 |
|
|
— |
|
|
— |
|
|
4,476 |
|
Operating Income (Loss) |
|
(1,602 |
) |
|
12,446 |
|
|
(52 |
) |
|
— |
|
|
10,792 |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
Interest income |
|
19 |
|
|
130 |
|
|
1 |
|
|
— |
|
|
150 |
|
Interest expense |
|
(4,384 |
) |
|
(229 |
) |
|
— |
|
|
— |
|
|
(4,613 |
) |
Intercompany interest |
|
8,102 |
|
|
(7,944 |
) |
|
(158 |
) |
|
— |
|
|
— |
|
Derivative gains, net |
|
— |
|
|
21 |
|
|
— |
|
|
— |
|
|
21 |
|
Foreign currency gains, net |
|
— |
|
|
315 |
|
|
— |
|
|
— |
|
|
315 |
|
Other, net |
|
6 |
|
|
2 |
|
|
1 |
|
|
— |
|
|
9 |
|
|
|
3,743 |
|
|
(7,705 |
) |
|
(156 |
) |
|
— |
|
|
(4,118 |
) |
Income (Loss) Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies and Subsidiaries |
|
2,141 |
|
|
4,741 |
|
|
(208 |
) |
|
— |
|
|
6,674 |
|
Income Tax Expense |
|
778 |
|
|
1,620 |
|
|
— |
|
|
— |
|
|
2,398 |
|
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies and Subsidiaries |
|
1,363 |
|
|
3,121 |
|
|
(208 |
) |
|
— |
|
|
4,276 |
|
Equity in Earnings of 50% or Less Owned Companies, Net of Tax |
|
— |
|
|
674 |
|
|
— |
|
|
— |
|
|
674 |
|
Equity in Earnings (Losses) of Subsidiaries |
|
3,587 |
|
|
— |
|
|
— |
|
|
(3,587 |
) |
|
— |
|
Net Income (Loss) |
|
4,950 |
|
|
3,795 |
|
|
(208 |
) |
|
(3,587 |
) |
|
4,950 |
|
Net Loss attributable to Noncontrolling Interest in Subsidiary |
|
— |
|
|
105 |
|
|
— |
|
|
— |
|
|
105 |
|
Net Income (Loss) attributable to Era Group Inc. |
|
4,950 |
|
|
3,900 |
|
|
(208 |
) |
|
(3,587 |
) |
|
5,055 |
|
Net Income (Loss) attributable to Common Shares |
|
$ |
4,950 |
|
|
$ |
3,900 |
|
|
$ |
(208 |
) |
|
$ |
(3,587 |
) |
|
$ |
5,055 |
|
Supplemental Condensed Consolidating Statement of Operations for the Six Months Ended June 30, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent Company Only |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
(in thousands) |
Operating Revenues |
|
$ |
— |
|
|
$ |
141,285 |
|
|
$ |
679 |
|
|
$ |
— |
|
|
$ |
141,964 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
Operating |
|
— |
|
|
89,624 |
|
|
437 |
|
|
— |
|
|
90,061 |
|
Administrative and general |
|
2,898 |
|
|
15,780 |
|
|
1 |
|
|
— |
|
|
18,679 |
|
Depreciation |
|
— |
|
|
22,747 |
|
|
345 |
|
|
— |
|
|
23,092 |
|
|
|
2,898 |
|
|
128,151 |
|
|
783 |
|
|
— |
|
|
131,832 |
|
Gains on Asset Dispositions, Net |
|
— |
|
|
15,277 |
|
|
— |
|
|
— |
|
|
15,277 |
|
Operating Income (Loss) |
|
(2,898 |
) |
|
28,411 |
|
|
(104 |
) |
|
— |
|
|
25,409 |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
Interest income |
|
35 |
|
|
260 |
|
|
2 |
|
|
— |
|
|
297 |
|
Interest expense |
|
(8,857 |
) |
|
(488 |
) |
|
— |
|
|
— |
|
|
(9,345 |
) |
Intercompany interest |
|
16,500 |
|
|
(16,182 |
) |
|
(318 |
) |
|
— |
|
|
— |
|
SEACOR management fees |
|
(168 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(168 |
) |
Derivative gains, net |
|
— |
|
|
18 |
|
|
— |
|
|
— |
|
|
18 |
|
Foreign currency (losses) gains, net |
|
(1 |
) |
|
57 |
|
|
— |
|
|
— |
|
|
56 |
|
Other, net |
|
6 |
|
|
6 |
|
|
— |
|
|
— |
|
|
12 |
|
|
|
7,515 |
|
|
(16,329 |
) |
|
(316 |
) |
|
— |
|
|
(9,130 |
) |
Income (Loss) Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies and Subsidiaries |
|
4,617 |
|
|
12,082 |
|
|
(420 |
) |
|
— |
|
|
16,279 |
|
Income Tax Expense |
|
289 |
|
|
5,687 |
|
|
— |
|
|
— |
|
|
5,976 |
|
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies and Subsidiaries |
|
4,328 |
|
|
6,395 |
|
|
(420 |
) |
|
— |
|
|
10,303 |
|
Equity in Earnings of 50% or Less Owned Companies, Net of Tax |
|
— |
|
|
1,236 |
|
|
— |
|
|
— |
|
|
1,236 |
|
Equity in Earnings (Losses) of Subsidiaries |
|
7,211 |
|
|
— |
|
|
— |
|
|
(7,211 |
) |
|
— |
|
Net Income (Loss) |
|
11,539 |
|
|
7,631 |
|
|
(420 |
) |
|
(7,211 |
) |
|
11,539 |
|
Net Loss attributable to Noncontrolling Interest in Subsidiary |
|
— |
|
|
210 |
|
|
— |
|
|
— |
|
|
210 |
|
Net Income (Loss) attributable to Era Group Inc. |
|
11,539 |
|
|
7,841 |
|
|
(420 |
) |
|
(7,211 |
) |
|
11,749 |
|
Accretion of redemption value on Series A Preferred Stock |
|
721 |
|
|
— |
|
|
— |
|
|
— |
|
|
721 |
|
Net Income (Loss) attributable to Common Shares |
|
$ |
10,818 |
|
|
$ |
7,841 |
|
|
$ |
(420 |
) |
|
$ |
(7,211 |
) |
|
$ |
11,028 |
|
Supplemental Condensed Consolidating Statement of Operations for the Three Months Ended June 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent Company Only |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
(in thousands) |
Operating Revenues |
|
$ |
— |
|
|
$ |
62,985 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
62,985 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
Operating |
|
— |
|
|
39,002 |
|
|
— |
|
|
— |
|
|
39,002 |
|
Administrative and general |
|
289 |
|
|
6,906 |
|
|
— |
|
|
— |
|
|
7,195 |
|
Depreciation |
|
— |
|
|
10,464 |
|
|
— |
|
|
— |
|
|
10,464 |
|
|
|
289 |
|
|
56,372 |
|
|
— |
|
|
— |
|
|
56,661 |
|
Gains on Asset Dispositions, Net |
|
— |
|
|
1,077 |
|
|
— |
|
|
— |
|
|
1,077 |
|
Operating Income (Loss) |
|
(289 |
) |
|
7,690 |
|
|
— |
|
|
— |
|
|
7,401 |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
Interest income |
|
16 |
|
|
233 |
|
|
— |
|
|
— |
|
|
249 |
|
Interest expense |
|
(2,100 |
) |
|
(280 |
) |
|
— |
|
|
— |
|
|
(2,380 |
) |
Intercompany interest |
|
4,275 |
|
|
(4,275 |
) |
|
— |
|
|
— |
|
|
— |
|
SEACOR management fees |
|
(500 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(500 |
) |
Derivative losses, net |
|
— |
|
|
(180 |
) |
|
— |
|
|
— |
|
|
(180 |
) |
Foreign currency losses, net |
|
— |
|
|
(12 |
) |
|
— |
|
|
— |
|
|
(12 |
) |
|
|
1,691 |
|
|
(4,514 |
) |
|
— |
|
|
— |
|
|
(2,823 |
) |
Income Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies and Subsidiaries |
|
1,402 |
|
|
3,176 |
|
|
— |
|
|
— |
|
|
4,578 |
|
Income Tax Expense |
|
691 |
|
|
995 |
|
|
— |
|
|
— |
|
|
1,686 |
|
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies and Subsidiaries |
|
711 |
|
|
2,181 |
|
|
— |
|
|
— |
|
|
2,892 |
|
Equity in Earnings of 50% or Less Owned Companies, Net of Tax |
|
— |
|
|
757 |
|
|
— |
|
|
— |
|
|
757 |
|
Equity in Earnings (Losses) of Subsidiaries |
|
2,938 |
|
|
— |
|
|
— |
|
|
(2,938 |
) |
|
— |
|
Net Income attributable to Era Group Inc. |
|
3,649 |
|
|
2,938 |
|
|
— |
|
|
(2,938 |
) |
|
3,649 |
|
Accretion of redemption value on Series A Preferred Stock |
|
2,135 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,135 |
|
Net Income attributable to Common Shares |
|
$ |
1,514 |
|
|
$ |
2,938 |
|
|
$ |
— |
|
|
$ |
(2,938 |
) |
|
$ |
1,514 |
|
Supplemental Condensed Consolidating Statement of Operations for the Six Months Ended June 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent Company Only |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
(in thousands) |
Operating Revenues |
|
$ |
— |
|
|
$ |
124,037 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
124,037 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
Operating |
|
— |
|
|
78,678 |
|
|
— |
|
|
— |
|
|
78,678 |
|
Administrative and general |
|
2,908 |
|
|
13,964 |
|
|
— |
|
|
— |
|
|
16,872 |
|
Depreciation |
|
— |
|
|
20,094 |
|
|
— |
|
|
— |
|
|
20,094 |
|
|
|
2,908 |
|
|
112,736 |
|
|
— |
|
|
— |
|
|
115,644 |
|
Gains on Asset Dispositions, Net |
|
— |
|
|
2,842 |
|
|
— |
|
|
— |
|
|
2,842 |
|
Operating Income (Loss) |
|
(2,908 |
) |
|
14,143 |
|
|
— |
|
|
— |
|
|
11,235 |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
Interest income |
|
50 |
|
|
531 |
|
|
— |
|
|
— |
|
|
581 |
|
Interest expense |
|
(3,771 |
) |
|
(577 |
) |
|
— |
|
|
— |
|
|
(4,348 |
) |
Intercompany interest |
|
8,009 |
|
|
(8,009 |
) |
|
— |
|
|
— |
|
|
— |
|
SEACOR management fees |
|
(1,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,000 |
) |
Derivative losses, net |
|
— |
|
|
(304 |
) |
|
— |
|
|
— |
|
|
(304 |
) |
Foreign currency gains, net |
|
— |
|
|
905 |
|
|
— |
|
|
— |
|
|
905 |
|
Other, net |
|
— |
|
|
30 |
|
|
— |
|
|
— |
|
|
30 |
|
|
|
3,288 |
|
|
(7,424 |
) |
|
— |
|
|
— |
|
|
(4,136 |
) |
Income Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies and Subsidiaries |
|
380 |
|
|
6,719 |
|
|
— |
|
|
— |
|
|
7,099 |
|
Income Tax Expense |
|
335 |
|
|
2,085 |
|
|
— |
|
|
— |
|
|
2,420 |
|
Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies and Subsidiaries |
|
45 |
|
|
4,634 |
|
|
— |
|
|
— |
|
|
4,679 |
|
Equity in Losses of 50% or Less Owned Companies, Net of Tax |
|
— |
|
|
(5,663 |
) |
|
— |
|
|
— |
|
|
(5,663 |
) |
Equity in Earnings (Losses) of Subsidiaries |
|
(1,029 |
) |
|
— |
|
|
— |
|
|
1,029 |
|
|
— |
|
Net Loss attributable to Era Group Inc. |
|
(984 |
) |
|
(1,029 |
) |
|
— |
|
|
1,029 |
|
|
(984 |
) |
Accretion of redemption value on Series A Preferred Stock |
|
4,235 |
|
|
— |
|
|
— |
|
|
— |
|
|
4,235 |
|
Net Loss attributable to Common Shares |
|
$ |
(5,219 |
) |
|
$ |
(1,029 |
) |
|
$ |
— |
|
|
$ |
1,029 |
|
|
$ |
(5,219 |
) |
|
| Supplemental Statement of Comprehensive Income (Loss) |
Supplemental Statement of Comprehensive Income (Loss) for the Three Months Ended June 30, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent Company Only |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
(in thousands) |
Net Income (Loss) |
|
$ |
4,950 |
|
|
$ |
3,795 |
|
|
$ |
(208 |
) |
|
$ |
(3,587 |
) |
|
$ |
4,950 |
|
Other Comprehensive Income (Loss): |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
64 |
|
|
64 |
|
|
— |
|
|
(64 |
) |
|
64 |
|
Income tax expense |
|
(23 |
) |
|
(23 |
) |
|
— |
|
|
23 |
|
|
(23 |
) |
|
|
41 |
|
|
41 |
|
|
— |
|
|
(41 |
) |
|
41 |
|
Comprehensive Income (Loss) |
|
4,991 |
|
|
3,836 |
|
|
(208 |
) |
|
(3,628 |
) |
|
4,991 |
|
Comprehensive Loss attributable to Noncontrolling Interest in Subsidiary |
|
105 |
|
|
105 |
|
|
— |
|
|
(105 |
) |
|
105 |
|
Comprehensive Income (Loss) attributable to Era Group Inc. |
|
$ |
5,096 |
|
|
$ |
3,941 |
|
|
$ |
(208 |
) |
|
$ |
(3,733 |
) |
|
$ |
5,096 |
|
Supplemental Statement of Comprehensive Income (Loss) for the Six Months Ended June 30, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent Company Only |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
(in thousands) |
Net Income (Loss) |
|
$ |
11,539 |
|
|
$ |
7,631 |
|
|
$ |
(420 |
) |
|
$ |
(7,211 |
) |
|
$ |
11,539 |
|
Other Comprehensive Income (Loss): |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
(98 |
) |
|
(98 |
) |
|
— |
|
|
98 |
|
|
$ |
(98 |
) |
Income tax benefit |
|
34 |
|
|
34 |
|
|
— |
|
|
(34 |
) |
|
$ |
34 |
|
|
|
(64 |
) |
|
(64 |
) |
|
— |
|
|
64 |
|
|
(64 |
) |
Comprehensive Income (Loss) |
|
11,475 |
|
|
7,567 |
|
|
(420 |
) |
|
(7,147 |
) |
|
11,475 |
|
Comprehensive Loss attributable to Noncontrolling Interest in Subsidiary |
|
210 |
|
|
210 |
|
|
— |
|
|
(210 |
) |
|
$ |
210 |
|
Comprehensive Income (Loss) attributable to Era Group Inc. |
|
$ |
11,685 |
|
|
$ |
7,777 |
|
|
$ |
(420 |
) |
|
$ |
(7,357 |
) |
|
$ |
11,685 |
|
Supplemental Statement of Comprehensive Income (Loss) for the Three Months Ended June 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent Company Only |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
(in thousands) |
Net Income |
|
$ |
3,649 |
|
|
$ |
2,938 |
|
|
$ |
— |
|
|
$ |
(2,938 |
) |
|
$ |
3,649 |
|
Other Comprehensive Income (Loss): |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
(294 |
) |
|
(294 |
) |
|
— |
|
|
294 |
|
|
(294 |
) |
Income tax benefit |
|
103 |
|
|
103 |
|
|
— |
|
|
(103 |
) |
|
103 |
|
|
|
(191 |
) |
|
(191 |
) |
|
— |
|
|
191 |
|
|
(191 |
) |
Comprehensive Income (Loss) attributable to Era Group Inc. |
|
$ |
3,458 |
|
|
$ |
2,747 |
|
|
$ |
— |
|
|
$ |
(2,747 |
) |
|
$ |
3,458 |
|
Supplemental Statement of Comprehensive Income (Loss) for the Six Months Ended June 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent Company Only |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
(in thousands) |
Net Income (Loss) |
|
$ |
(984 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(984 |
) |
Other Comprehensive Income (Loss): |
|
|
|
|
|
|
|
|
|
$ |
— |
|
Foreign currency translation adjustments |
|
686 |
|
|
686 |
|
|
— |
|
|
(686 |
) |
|
$ |
686 |
|
Income tax expense |
|
(240 |
) |
|
(240 |
) |
|
— |
|
|
240 |
|
|
$ |
(240 |
) |
|
|
446 |
|
|
446 |
|
|
— |
|
|
(446 |
) |
|
446 |
|
Comprehensive Income (Loss) attributable to Era Group Inc. |
|
$ |
(538 |
) |
|
$ |
446 |
|
|
$ |
— |
|
|
$ |
(446 |
) |
|
$ |
(538 |
) |
|
| Supplemental Condensed Consolidating Statement of Cash Flows |
Supplemental Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent Company Only |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
(in thousands) |
Net cash provided by operating activities |
|
$ |
17,955 |
|
|
$ |
9,147 |
|
|
$ |
672 |
|
|
$ |
— |
|
|
$ |
27,774 |
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
— |
|
|
(30,643 |
) |
|
— |
|
|
— |
|
|
(30,643 |
) |
Proceeds from disposition of property and equipment |
|
— |
|
|
38,492 |
|
|
— |
|
|
— |
|
|
38,492 |
|
Principal payments on notes due from equity investees |
|
— |
|
|
713 |
|
|
— |
|
|
— |
|
|
713 |
|
Principal payments on third party notes receivable, net |
|
— |
|
|
551 |
|
|
— |
|
|
— |
|
|
551 |
|
Net increase in escrow deposits |
|
— |
|
|
(16,010 |
) |
|
— |
|
|
— |
|
|
(16,010 |
) |
Net cash used in investing activities |
|
— |
|
|
(6,897 |
) |
|
— |
|
|
— |
|
|
(6,897 |
) |
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of long-term debt |
|
15,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
15,000 |
|
Payments on long-term debt |
|
(15,000 |
) |
|
(1,394 |
) |
|
— |
|
|
— |
|
|
(16,394 |
) |
Dividends paid on Series A preferred stock |
|
(4,953 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(4,953 |
) |
Proceeds and tax benefits from share award plans |
|
535 |
|
|
— |
|
|
— |
|
|
— |
|
|
535 |
|
Settlement of SEACOR options with Era Group options |
|
706 |
|
|
— |
|
|
— |
|
|
— |
|
|
706 |
|
Net cash used in financing activities |
|
(3,712 |
) |
|
(1,394 |
) |
|
— |
|
|
— |
|
|
(5,106 |
) |
Effects of Exchange Rate Changes on Cash and Cash Equivalents |
|
(64 |
) |
|
133 |
|
|
— |
|
|
|
|
|
69 |
|
Net Increase in Cash and Cash Equivalents |
|
14,179 |
|
|
989 |
|
|
672 |
|
|
— |
|
|
15,840 |
|
Cash and Cash Equivalents, Beginning of Year |
|
2,258 |
|
|
8,558 |
|
|
689 |
|
|
— |
|
|
11,505 |
|
Cash and Cash Equivalents, End of Year |
|
$ |
16,437 |
|
|
$ |
9,547 |
|
|
$ |
1,361 |
|
|
$ |
— |
|
|
$ |
27,345 |
|
Supplemental Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent Company Only |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
|
|
(in thousands) |
Net cash (used in) provided by operating activities |
|
$ |
(93,603 |
) |
|
$ |
68,637 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(24,966 |
) |
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
— |
|
|
(87,034 |
) |
|
— |
|
|
— |
|
|
(87,034 |
) |
Proceeds from disposition of property and equipment |
|
— |
|
|
4,526 |
|
|
— |
|
|
— |
|
|
4,526 |
|
Cash settlements on derivative transactions, net |
|
— |
|
|
(202 |
) |
|
— |
|
|
— |
|
|
(202 |
) |
Investments in and advances to 50% or less owned companies |
|
— |
|
|
(825 |
) |
|
— |
|
|
— |
|
|
(825 |
) |
Principal payments on notes due from equity investees |
|
— |
|
|
780 |
|
|
— |
|
|
— |
|
|
780 |
|
Principal payments on third party notes receivable, net |
|
— |
|
|
566 |
|
|
— |
|
|
— |
|
|
566 |
|
Net cash used in investing activities |
|
— |
|
|
(82,189 |
) |
|
— |
|
|
— |
|
|
(82,189 |
) |
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
|
— |
|
Proceeds from issuance of long-term debt |
|
38,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
38,000 |
|
Payments on long-term debt |
|
(30,000 |
) |
|
(1,394 |
) |
|
— |
|
|
— |
|
|
(31,394 |
) |
Issuance of Series B preferred stock |
|
30,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
30,000 |
|
Net cash provided by (used in) financing activities |
|
38,000 |
|
|
(1,394 |
) |
|
— |
|
|
— |
|
|
36,606 |
|
Effects of Exchange Rate Changes on Cash and Cash Equivalents |
|
— |
|
|
548 |
|
|
— |
|
|
— |
|
|
548 |
|
Net Decrease in Cash and Cash Equivalents |
|
(55,603 |
) |
|
(14,398 |
) |
|
— |
|
|
— |
|
|
(70,001 |
) |
Cash and Cash Equivalents, Beginning of Year |
|
63,044 |
|
|
16,078 |
|
|
— |
|
|
— |
|
|
79,122 |
|
Cash and Cash Equivalents, End of Year |
|
$ |
7,441 |
|
|
$ |
1,680 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,121 |
|
|