Bristow Group Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

GUARANTORS OF SECURITIES (Tables)

GUARANTORS OF SECURITIES (Tables)

12 Months Ended

Dec. 31, 2016

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 $2,103	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:
Era Group Inc. stockholders’ equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,936,636 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, 175,350 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

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
Escrow deposits	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 INTEREST 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			1,723			—			3,386
Accrued other taxes	30			789			1,593			—			2,412
Accrued contingencies	—			—			2,358			—			2,358
Other current liabilities	534			1,311			455			—			2,300
Total current liabilities	1,499			20,286			10,245			—			32,030
Long-term debt	235,134			23,305			6,040			—			264,479
Deferred income taxes	—			232,994			677			(3,823		)	229,848
Intercompany payables	—			501,512			13,743			(515,255		)	—
Other liabilities	—			1,887			—			—			1,887
Total liabilities	236,633			779,984			30,705			(519,078		)	528,244
Redeemable noncontrolling interest	—			4			4,800			—			4,804
Equity:
Era Group Inc. stockholders’ 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
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 Year Ended December 31, 2016



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	225,773		$	61,514		$	(40,059	)	$	247,228
Costs and expenses:
Operating	—			138,350			71,572			(40,059		)	169,863
Administrative and general	3,744			27,834			4,628			—			36,206
Depreciation	—			48,248			1,067			—			49,315
Total costs and expenses	3,744			214,432			77,267			(40,059		)	255,384
Gains on asset dispositions, net	—			5,035			(248		)	—			4,787
Operating income (loss)	(3,744		)	16,376			(16,001		)	—			(3,369		)
Other income (expense):
Interest income	56			472			213			—			741
Interest expense	(16,033		)	(809		)	(483		)	—			(17,325		)
Derivative losses, net	—			—			—			—			—
Foreign currency gains, net	(77		)	(879		)	963			—			7
Gain on debt extinguishment	518			—			—			—			518
Other, net	—			11			58			—			69
Total other income (expense)	(15,536		)	(1,205		)	751			—			(15,990		)
Income (loss) before income taxes and equity earnings	(19,280		)	15,171			(15,250		)	—			(19,359		)
Income tax expense (benefit)	(8,807		)	4,971			479			—			(3,357		)
Income (loss) before equity earnings	(10,473		)	10,200			(15,729		)	—			(16,002		)
Equity earnings, net of tax	—			1,092			—			—			1,092
Equity in earnings (losses) of subsidiaries	2,495			—			—			(2,495		)	—
Net income (loss)	(7,978		)	11,292			(15,729		)	(2,495		)	(14,910		)
Net loss attributable to non-controlling interest in subsidiary	—			6,349			583			—			6,932
Net income (loss) attributable to Era Group Inc.	$	(7,978	)	$	17,641		$	(15,146	)	$	(2,495	)	$	(7,978	)

Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2015



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	262,898		$	18,952		$	(13	)	$	281,837
Costs and expenses:
Operating	—			149,702			21,792			(13		)	171,481
Administrative and general	6,484			33,326			3,002			—			42,812
Depreciation	—			46,722			615			—			47,337
Total costs and expenses	6,484			229,750			25,409			(13		)	261,630
Gains on asset dispositions, net	—			8,582			(2,629		)	—			5,953
Goodwill impairment	—			(352		)	(1,514		)				(1,866		)
Operating income	(6,484		)	41,378			(10,600		)	—			24,294
Other income (expense):
Interest income	16			900			275			—			1,191
Interest expense	(12,479		)	(773		)	(274		)	—			(13,526		)
Derivative losses, net	—			(18		)	—			—			(18		)
Foreign currency gains (losses), net	569			(3,119		)	(40		)	—			(2,590		)
Gain on debt extinguishment	1,617			—			—			—			1,617
Gain on sale of FBO	12,946			—			—			—			12,946
Other, net	(3		)	63			(15		)	—			45
Total other income (expense)	2,666			(2,947		)	(54		)	—			(335		)
Income (loss) before income taxes and equity earnings	(3,818		)	38,431			(10,654		)	—			23,959
Income tax expense (benefit)	(3,368		)	17,625			(140		)	—			14,117
Income (loss) before equity earnings	(450		)	20,806			(10,514		)	—			9,842
Equity earnings, net of tax	—			(1,943		)	—			—			(1,943		)
Equity in earnings (losses) of subsidiaries	9,155			—			—			(9,155		)	—
Net income (loss)	8,705			18,863			(10,514		)	(9,155		)	7,899
Net income attributable to non-controlling interest in subsidiary	—			376			430			—			806
Net income (loss) attributable to Era Group Inc.	$	8,705		$	19,239		$	(10,084	)	$	(9,155	)	$	8,705

Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2014



	Parent			Guarantors			Non-guarantors		Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	330,393		$	1,227	$	(398	)	$	331,222
Costs and expenses:
Operating	—			204,271			213		(111		)	204,373
Administrative and general	7,132			37,139			3		(287		)	43,987
Depreciation	—			45,772			540		—			46,312
Total costs and expenses	7,132			287,182			756		(398		)	294,672
Gains on asset dispositions, net	—			6,101			—		—			6,101
Operating income (loss)	(7,132		)	49,312			471		—			42,651
Other income (expense):
Interest income	75			460			5		—			540
Interest expense	(13,957		)	(821		)	—		—			(14,778		)
Derivative losses, net	(785		)	(159		)	—		—			(944		)
Foreign currency gains (losses), net	2,163			(4,540		)	—		—			(2,377		)
Note receivable impairment	(2,457		)	—			—		—			(2,457		)
Other, net	10			(14		)	—		—			(4		)
Total other income (expense)	(14,951		)	(5,074		)	5		—			(20,020		)
Income (loss) before income taxes and equity earnings	(22,083		)	44,238			476		—			22,631
Income tax expense (benefit)	(8,081		)	16,192			174		—			8,285
Income (loss) before equity earnings	(14,002		)	28,046			302		—			14,346
Equity losses, net of tax	—			2,675			—		—			2,675
Equity in earnings (losses) of subsidiaries	31,119			—			—		(31,119		)	—
Net income (loss)	17,117			30,721			302		(31,119		)	17,021
Net loss attributable to non-controlling interest in subsidiary	—			96			—		—			96
Net income (loss) attributable to Era Group Inc.	$	17,117		$	30,817		$	302	$	(31,119	)	$	17,117

Condensed Statement of Comprehensive Income

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2016



	Parent			Guarantors		Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	(7,978	)	$	11,292	$	(15,729	)	$	(2,495	)	$	(14,910	)
Other comprehensive income (loss):
Foreign currency translation adjustments	—			—		—			—			—
Income tax benefit	—			—		—			—			—
Total other comprehensive income (loss)	—			—		—			—			—
Comprehensive income (loss)	(7,978		)	11,292		(15,729		)	(2,495		)	(14,910		)
Comprehensive loss attributable to non-controlling interest in subsidiary	—			6,349		583			—			6,932
Comprehensive income (loss) attributable to Era Group Inc.	$	(7,978	)	$	17,641	$	(15,146	)	$	(2,495	)	$	(7,978	)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2015



	Parent		Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	8,705	$	18,863		$	(10,514	)	$	(9,155	)	$	7,899
Other comprehensive loss:
Foreign currency translation adjustments	—		(4		)	—			—			(4		)
Income tax benefit	—		1			—			—			1
Total other comprehensive loss	—		(3		)	—			—			(3		)
Comprehensive income (loss)	8,705		18,860			(10,514		)	(9,155		)	7,896
Comprehensive loss attributable to non-controlling interest in subsidiary	—		376			430			—			806
Comprehensive income (loss) attributable to Era Group Inc.	$	8,705	$	19,236		$	(10,084	)	$	(9,155	)	$	8,702

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2014



	Parent		Guarantors			Non-guarantors		Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	17,117	$	30,721		$	302	$	(31,119	)	$	17,021
Other comprehensive loss:
Foreign currency translation adjustments	—		(123		)	—		—			(123		)
Income tax benefit	—		42			—		—			42
Total other comprehensive loss	—		(81		)	—		—			(81		)
Comprehensive income (loss)	17,117		30,640			302		(31,119		)	16,940
Comprehensive loss attributable to non-controlling interest in subsidiary	—		96			—		—			96
Comprehensive income (loss) attributable to Era Group Inc.	$	17,117	$	30,736		$	302	$	(31,119	)	$	17,036

Condensed Cash Flow Statement

Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2016



	Parent		Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	17,909	$	41,239		$	(644	)	$	—		$	58,504
Cash flows from investing activities:
Purchases of property and equipment	—		(39,020		)	(180		)	—			(39,200		)
Proceeds from disposition of property and equipment	—		28,381			228			—			28,609
Return of helicopter deposits	—		544			—			—			544
Principal payments on notes due from equity investees	—		723			—			—			723
Principal payments on third party notes receivable	—		208			—			—			208
Escrow deposits, net	—		(3,848		)	—			190			(3,658		)
Repayment of intercompany debt	—		190			—			(190		)	—
Net cash used in investing activities	—		(12,822		)	48			—			(12,774		)
Cash flows from financing activities:
Proceeds from Revolving Credit Facility	—		—			—			12,000			12,000
Long-term debt issuance costs	—		—			—			(886		)	(886		)
Payments on long-term debt	—		(1,803		)	(1,641		)	(37,000		)	(40,444		)
Extinguishment of long-term debt	—		—			—			(4,331		)	(4,331		)
Proceeds from share award plans	—		—			—			836			836
Purchase of treasury shares	—		—			—			(161		)	(161		)
Repayment of intercompany debt	—		(29,542		)	—			29,542			—
Net cash used in financing activities	—		(31,345		)	(1,641		)	—			(32,986		)
Effects of exchange rate changes on cash and cash equivalents	—		(406		)	242			—			(164		)
Net increase (decrease) in cash and cash equivalents	17,909		(3,334		)	(1,995		)	—			12,580
Cash and cash equivalents, beginning of period	7,565		3,334			3,471			—			14,370
Cash and cash equivalents, end of period	$	25,474	$	—		$	1,476		$	—		$	26,950

Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2015



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	(8,916	)	$	38,111		$	15,261		$	—		$	44,456
Cash flows from investing activities:
Purchases of property and equipment	—			(60,046		)	(11,774		)	11,770			(60,050		)
Proceeds from disposition of property and equipment	—			37,098			—			(11,770		)	25,328
Cash settlements on forward contracts, net	—			(1,103		)	—			—			(1,103		)
Business acquisitions, net of cash acquired	—			—			(1,747		)				(1,747		)
Investments in and advances to equity investees	—			(36		)	—			—			(36		)
Proceeds from sale of FBO	—			—			—			14,252			14,252
Principal payments on notes due from equity investees	—			688			—			—			688
Principal payments on third party notes receivable	—			52			—			—			52
Escrow deposits, net	—			(1		)	—			(190		)	(191		)
Repayment of intercompany debt	—			14,062			—			(14,062		)	—
Net cash used in investing activities	—			(9,286		)	(13,521		)	—			(22,807		)
Cash flows from financing activities:
Proceeds from Revolving Credit Facility	—			—			—			60,000			60,000
Long-term debt issuance costs	—			(71		)	—			—			(71		)
Payments on long-term debt	—			(2,458		)	(467		)	(55,000		)	(57,925		)
Extinguishment of long-term debt	—			—			—			(46,920		)	(46,920		)
Proceeds from share award plans	—			—			—			1,096			1,096
Tax expense on vested restricted stock	—			—			—			(127		)	(127		)
Purchase of treasury shares	—			—			—			(2,079		)	(2,079		)
Repayment of intercompany debt	—			(43,030		)	—			43,030			—
Net cash provided by financing activities	—			(45,559		)	(467		)	—			(46,026		)
Effects of exchange rate changes on cash and cash equivalents	—			(2,120		)	—			—			(2,120		)
Net increase (decrease) in cash and cash equivalents	(8,916		)	(18,854		)	1,273			—			(26,497		)
Cash and cash equivalents, beginning of period	16,481			22,188			2,198			—			40,867
Cash and cash equivalents, end of period	$	7,565		$	3,334		$	3,471		$	—		$	14,370

Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2014



	Parent			Guarantors			Non-guarantors		Eliminations			Consolidated
	(in thousands)
Net cash provided by operating activities	$	(8,154	)	$	85,539		$	901	$	—		$	78,286
Cash flows from investing activities:
Purchases of property and equipment	—			(106,732		)	—		—			(106,732		)
Proceeds from disposition of property and equipment	—			7,051			—		—			7,051
Cash settlements on forward contracts, net	—			(1,545		)	—		—			(1,545		)
Investments in and advances to equity investees	—			(125		)	—		—			(125		)
Proceeds from sale of interest in equity investees	—			6,381			—		—			6,381
Principal payments on notes due from equity investees	—			638			—		—			638
Principal payments on third party notes receivable	—			460			—		—			460
Net cash used in investing activities	—			(93,872		)	—		—			(93,872		)
Cash flows from financing activities:
Payments on long-term debt	—			(2,885		)	—		—			(2,885		)
Proceeds from Revolving Credit Facility	—			—			—		30,000			30,000
Long-term debt issuance costs	—			—			—		(2,446		)	(2,446		)
Proceeds and tax benefits from share award plans	—			—			—		1,458			1,458
Repayment of intercompany debt	—			29,012			—		(29,012		)	—
Net cash used in financing activities	—			26,127			—		—			26,127
Effects of exchange rate changes on cash and cash equivalents	—			(1,009		)	—		—			(1,009		)
Net increase (decrease) in cash and cash equivalents	(8,154		)	16,785			901		—			9,532
Cash and cash equivalents, beginning of period	24,635			5,403			1,297		—			31,335
Cash and cash equivalents, end of period	$	16,481		$	22,188		$	2,198	$	—		$	40,867