Annual report pursuant to Section 13 and 15(d)

VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES (Tables)

v2.4.1.9
VARIABLE INTEREST ENTITIES AND EQUITY INVESTMENTS AND ADVANCES (Tables)
12 Months Ended
Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
Equity investments and advances as of December 31, 2014 and 2013 were as follows (in thousands):
 
 
Ownership
 
2014
 
2013
Dart
 
50%
 
$
25,942

 
$
25,264

Aeróleo (1)
 
50%
 

 

Era do Brazil (2)
 
50%
 

 

Era Training Center
 
50%
 
5,722

 
6,236

Lake Palma(3)
 
51%
 

 
3,411

Heli-Union Era Australia
 
45%
 
89

 
75

 
 
 
 
$
31,753

 
$
34,986

_______________
(1)
Investment was impaired in 2012.
(2)
Consolidated entity as of September 30, 2012 as this is a VIE in which the Company is the primary beneficiary.
(3)
The Company owned a 51% financial interest in Lake Palma; however, it did not consolidate as it only controlled 50% of the venture’s voting rights. Effective July 24, 2014, the Company sold its interest in Lake Palma to its joint venture partner (see further discussion below).



Combined Condensed Financial Statements
Summarized financial information for the Company’s equity investments and advances in Dart as of December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012 was as follows (in thousands):
 
 
2014
 
2013
 
 
Current assets
 
$
22,447

 
$
19,231

 
 
Non-current assets
 
34,309

 
37,636

 
 
Current liabilities
 
4,386

 
8,613

 
 
Non-current liabilities
 
8,907

 
6,963

 
 
 
 
2014
 
2013
 
2012
Operating revenues
 
$
40,174

 
$
39,185

 
$
42,870

Costs and expenses:
 
 
 
 
 
 
Operating and administrative
 
31,755

 
31,538

 
33,706

Depreciation and amortization
 
4,129

 
5,213

 
5,375

Total costs and expenses
 
35,884

 
36,751

 
39,081

Operating income
 
$
4,290

 
$
2,434

 
$
3,789

Net income
 
$
2,172

 
$
789

 
$
1,245

Summarized financial information for the Company’s equity investments and advances in all other investees as of December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012 was as follows (in thousands):
 
 
2014
 
2013
 
 
Current assets
 
$
1,151

 
$
4,378

 
 
Non-current assets
 
5,899

 
20,018

 
 
Current liabilities
 
465

 
2,789

 
 
Non-current liabilities
 
4,298

 
7,918

 
 
 
 
2014
 
2013
 
2012
Operating revenues
 
$
2,737

 
$
4,682

 
$
20,009

Costs and expenses:
 
 
 
 
 
 
Operating and administrative
 
750

 
1,035

 
16,221

Depreciation and amortization
 
2,370

 
3,450

 
3,165

Total costs and expenses
 
3,120

 
4,485

 
19,386

Operating income
 
$
(383
)
 
$
197

 
$
623

Net income (loss)
 
$
(749
)
 
$
(476
)
 
$
540