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, 2016

Supplemental Condensed Consolidating Balance Sheet as of March 31, 2016



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	26,719		$	2,900		$	1,184		$	—		$	30,803
Receivables:
Trade, net of allowance for doubtful accounts of $2,089	39			30,546			6,395			—			36,980
Tax receivable	6,000			68			—			—			6,068
Other	—			3,135			572			—			3,707
Inventories, net	—			25,151			2,593			—			27,744
Prepaid expenses	692			2,503			79			—			3,274
Other current assets	190			1			—			—			191
Total current assets	33,640			64,304			10,823			—			108,767
Property and equipment	—			1,154,749			16,522			—			1,171,271
Accumulated depreciation	—			(324,482		)	(881		)	—			(325,363		)
Property and equipment, net	—			830,267			15,641			—			845,908
Equity investments and advances	—			28,795			—			—			28,795
Investments in consolidated subsidiaries	172,605			—			—			(172,605		)	—
Deferred taxes	5,360			—			—			(5,360		)	—
Intangible assets	—			—			1,153			—			1,153
Intercompany receivables	494,579			—			—			(494,579		)	—
Other assets	1,994			6,605			4,251			—			12,850
Total assets	$	708,178		$	929,971		$	31,868		$	(672,544	)	$	997,473
LIABILITIES, REDEEMABLE NONCONTROLLING INTREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	579		$	8,338		$	1,202		$	—		$	10,119
Accrued wages and benefits	—			4,574			1,670			—			6,244
Accrued interest	3,491			—			—			—			3,491
Accrued other taxes	59			1,132			714			—			1,905
Accrued contingencies	—			—			2,851			—			2,851
Current portion of long-term debt	—			1,524			767			—			2,291
Other current liabilities	360			1,354			61			—			1,775
Total current liabilities	4,489			16,922			7,265			—			28,676
Long-term debt	235,185			22,890			5,515			—			263,590
Deferred income taxes	—			233,765			678			(5,360		)	229,083
Intercompany payables	—			476,236			18,343			(494,579		)	—
Other liabilities	—			1,590			1,265			—			2,855
Total liabilities	239,674			751,403			33,066			(499,939		)	524,204
Redeemable noncontrolling interest	—			4			4,668			—			4,672
Equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,879,783 outstanding, exclusive of treasury shares	211			—			—			—			211
Additional paid-in capital	434,460			95,543			9,325			(104,868		)	434,460
Retained earnings	36,683			82,929			(15,191		)	(67,737		)	36,684
Treasury shares, at cost, 171,114 shares	(2,850		)	—			—			—			(2,850		)
Accumulated other comprehensive income, net of tax	—			92			—			—			92
Total equity	468,504			178,564			(5,866		)	(172,605		)	468,597
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	708,178		$	929,971		$	31,868		$	(672,544	)	$	997,473

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
Intercompany receivables	—			—			—			—			—
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 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 (loss)	(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 earnings, 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 non-controlling interest in subsidiary	—			—			132			—			132
Net income (loss) attributable to Era Group Inc.	$	(3,818	)	$	5,495		$	(5,224	)	$	(271	)	$	(3,818	)

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended March 31, 2015



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	67,415		$	—		$	—		$	67,415
Costs and expenses:
Operating	—			43,517			88			—			43,605
Administrative and general	1,374			8,369			—			—			9,743
Depreciation	—			11,456			146			—			11,602
Total costs and expenses	1,374			63,342			234			—			64,950
Gains on asset dispositions, net	—			3,388			—			—			3,388
Operating income	(1,374		)	7,461			(234		)	—			5,853
Other income (expense):
Interest income	5			245			1			—			251
Interest expense	(3,352		)	(193		)	—			—			(3,545		)
Derivative losses, net	—			(12		)	—			—			(12		)
Foreign currency gains (losses), net	542			(3,502		)	—			—			(2,960		)
Gain on debt extinguishment	264			—			—			—			264
Total other income (expense)	(2,541		)	(3,462		)	1			—			(6,002		)
Income (loss) before income taxes and equity earnings	(3,915		)	3,999			(233		)	—			(149		)
Income tax expense (benefit)	(1,482		)	1,427			—			—			(55		)
Income (loss) before equity earnings	(2,433		)	2,572			(233		)	—			(94		)
Equity losses, net of tax	—			(145		)	—			—			(145		)
Equity in earnings (losses) of subsidiaries	2,391			—			—			(2,391		)	—
Net income (loss)	(42		)	2,427			(233		)	(2,391		)	(239		)
Net loss attributable to non-controlling interest in subsidiary	—			197			—			—			197
Net income (loss) attributable to Era Group Inc.	$	(42	)	$	2,624		$	(233	)	$	(2,391	)	$	(42	)

Condensed Statement of Comprehensive Income

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 income (loss):
Foreign currency translation adjustments	—			—		—			—			—
Total other comprehensive income (loss)	—			—		—			—			—
Comprehensive income (loss)	(3,818		)	5,495		(5,356		)	(271		)	(3,950		)
Comprehensive loss attributable to non-controlling interest in subsidiary	—			—		132			—			132
Comprehensive income (loss) attributable to Era Group Inc.	$	(3,818	)	$	5,495	$	(5,224	)	$	(271	)	$	(3,818	)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2015



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	(42	)	$	2,427		$	(233	)	$	(2,391	)	$	(239	)
Other comprehensive loss:
Foreign currency translation adjustments	—			(3		)	—			—			(3		)
Income tax benefit	—			1			—			—			1
Total other comprehensive loss	—			(2		)	—			—			(2		)
Comprehensive income (loss)	(42		)	2,425			(233		)	(2,391		)	(241		)
Comprehensive income attributable to non-controlling interest in subsidiary	—			197			—			—			197
Comprehensive income (loss) attributable to Era Group Inc.	$	(42	)	$	2,622		$	(233	)	$	(2,391	)	$	(44	)

Condensed Cash Flow Statement

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 provided by (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

Supplemental Condensed Consolidating Statements of Cash Flows for the Three Months Ended March 31, 2015



	Parent			Guarantors			Non-guarantors		Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	(1,517	)	$	8,304		$	1	$	—		$	6,788
Cash flows from investing activities:
Purchases of property and equipment	—			(8,866		)	—		—			(8,866		)
Proceeds from disposition of property and equipment	—			5,379			—		—			5,379
Cash settlements on forward contracts, net	—			—			—		(1,103		)	(1,103		)
Principal payments on notes due from equity investees	—			169			—		—			169
Principal payments on third party notes receivable	—			25			—		—			25
Escrow deposits, net	—			(2,800		)	—		—			(2,800		)
Repayment of intercompany debt	—			(1,103		)	—		1,103			—
Net cash used in investing activities	—			(7,196		)	—		—			(7,196		)
Cash flows from financing activities:
Payments on long-term debt	—			(697		)	—		(15,000		)	(15,697		)
Proceeds from Revolving Credit Facility	—			—			—		20,000			20,000
Extinguishment of long-term debt	—			—			—		(9,297		)	(9,297		)
Proceeds from share award plans	—			—			—		612			612
Repayment of intercompany debt	—			(3,685		)	—		3,685			—
Net cash used in financing activities	—			(4,382		)	—		—			(4,382		)
Effects of exchange rate changes on cash and cash equivalents	—			(2,386		)	—		—			(2,386		)
Net increase (decrease) in cash and cash equivalents	(1,517		)	(5,660		)	1		—			(7,176		)
Cash and cash equivalents, beginning of period	16,481			22,188			2,198		—			40,867
Cash and cash equivalents, end of period	$	14,964		$	16,528		$	2,199	$	—		$	33,691