Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 14,370 $ 40,867
Receivables:    
Trade, net of allowance for doubtful accounts of $2,103 and $1,955 in 2015 and 2014, respectively 48,639 33,390
Tax receivables 6,085 380
Other, net of allowance for doubtful accounts of $0 and $437 in 2015 and 2014, respectively 3,305 1,682
Inventories, net 27,994 26,869
Prepaid expenses 1,963 2,661
Deferred income taxes 0 1,996
Other current assets 191 0
Total current assets 102,547 107,845
Property and equipment:    
Helicopters 970,095 920,412
Construction in progress 60,333 124,043
Machinery, equipment and spares 76,490 82,330
Buildings and leasehold improvements 45,861 30,535
Furniture, fixtures, vehicles and other 23,130 13,947
Property and equipment, at cost 1,175,909 1,171,267
Accumulated depreciation (316,693) (308,141)
Property and equipment, net 859,216 863,126
Equity investments and advances 28,898 31,753
Goodwill 0 352
Intangible assets 1,158 0
Other assets 15,272 14,098
Total assets 1,007,091 1,017,174
Current liabilities:    
Accounts payable and accrued expenses 12,000 15,120
Accrued wages and benefits 9,012 7,521
Accrued interest 562 949
Accrued income taxes 0 267
Derivatives 0 1,109
Current portion of long-term debt 3,278 27,426
Accrued other taxes 2,520 955
Accrued contingencies 2,410 0
Other current liabilities 2,300 2,207
Total current liabilities 32,082 55,554
Long-term debt 266,438 282,118
Deferred income taxes (229,848) (217,027)
Other liabilities 2,616 2,111
Total liabilities $ 530,984 $ 556,810
Commitments and Contingencies
Redeemable noncontrolling interest $ 4,804 $ 0
Era Group Inc. stockholders’ equity:    
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,495,694 and 20,371,672 outstanding in 2015 and 2014, respectively, exclusive of treasury shares 207 204
Additional paid-in capital 433,175 429,109
Retained earnings 40,502 31,797
Treasury shares, at cost, 154,549 and 18,609 shares in 2015 and 2014, respectively (2,673) (551)
Accumulated other comprehensive income, net of tax 92 95
Total Era Group Inc. stockholders’ equity 471,303 460,654
Noncontrolling interest in subsidiary 0 (290)
Total equity 471,303 460,364
Total liabilities, redeemable noncontrolling interest and stockholders’ equity $ 1,007,091 $ 1,017,174