Annual report pursuant to Section 13 and 15(d)

GUARANTORS OF SECURITIES

v3.19.3.a.u2
GUARANTORS OF SECURITIES
 12 Months Ended
Dec. 31, 2019
Guarantees [Abstract]  
GUARANTORS OF SECURITIES
GUARANTORS OF SECURITIES
Era Group’s payment obligations under the 7.750% Senior Notes are jointly and severally guaranteed by all of its existing 100% owned U.S. subsidiaries that guarantee the Revolving Credit Facility and any future U.S. subsidiaries that guarantee the Revolving Credit Facility or other material indebtedness Era Group may incur in the future (the “Guarantors”). All the Guarantors currently guarantee the Revolving Credit Facility, and the guarantees of the Guarantors are full and unconditional and joint and several.
As a result of the agreement by the Guarantors to guarantee the 7.750% Senior Notes, the Company presents the following condensed consolidating balance sheets and statements of operations, comprehensive income and cash flows for Era Group (“Parent”), the Guarantors and the Company’s other subsidiaries (“Non-guarantors”). These statements should be read in conjunction with the accompanying consolidated financial statements and notes of the Company.
Supplemental Condensed Consolidating Balance Sheet as of December 31, 2019
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands, except share data)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
114,965

 
$
—

 
$
2,401

 
$
—

 
$
117,366

Receivables:
 
 
 
 
 
 
 
 
 
Trade, operating, net of allowance for doubtful accounts
—

 
27,230

 
5,500

 
—

 
32,730

Trade, dry leasing
—

 
5,234

 
—

 
—

 
5,234

Tax receivables
—

 
2

 
2,858

 
—

 
2,860

Other
—

 
15,136

 
285

 
—

 
15,421

Inventories, net
—

 
20,019

 
47

 
—

 
20,066

Prepaid expenses
488

 
1,480

 
216

 
—

 
2,184

Total current assets
115,453

 
69,101

 
11,307

 
—

 
195,861

Property and equipment
—

 
878,281

 
16,782

 
—

 
895,063

Accumulated depreciation
—

 
(333,788
)
 
(4,376
)
 
—

 
(338,164
)
Property and equipment, net
—

 
544,493

 
12,406

 
—

 
556,899

Operating lease right-of-use
—

 
7,694

 
1,774

 
—

 
9,468

Investments in consolidated subsidiaries
190,142

 
—

 
—

 
(190,142
)
 
—

Intangible assets
—

 
—

 
96

 
—

 
96

Deferred income taxes
9,909

 
—

 
—

 
(9,909
)
 
—

Intercompany receivables
288,023

 
—

 
—

 
(288,023
)
 
—

Other assets
670

 
1,082

 
439

 
—

 
2,191

Total assets
$
604,197

 
$
622,370

 
$
26,022

 
$
(488,074
)
 
$
764,515

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
405

 
$
10,937

 
$
1,581

 
$
—

 
$
12,923

Accrued wages and benefits
122

 
9,065

 
1,367

 
—

 
10,554

Accrued interest
468

 
52

 
—

 
—

 
520

Accrued income taxes
3,595

 
1

 
16

 
—

 
3,612

Accrued other taxes
—

 
487

 
450

 
—

 
937

Accrued contingencies
—

 
—

 
598

 
—

 
598

Current portion of long-term debt
—

 
18,317

 
—

 
—

 
18,317

Other current liabilities
1,053

 
1,866

 
396

 
—

 
3,315

Total current liabilities
5,643

 
40,725

 
4,408

 
—

 
50,776

Long-term debt
141,832

 
—

 
—

 
—

 
141,832

Deferred income taxes
—

 
112,795

 
907

 
(9,909
)
 
103,793

Intercompany payables
—

 
225,341

 
62,702

 
(288,043
)
 
—

Operating lease liabilities
—

 
6,434

 
1,381

 
—

 
7,815

Deferred gains and other liabilities
—

 
745

 
—

 
—

 
745

Total liabilities
147,475

 
386,040

 
69,398

 
(297,952
)
 
304,961

Redeemable noncontrolling interest
—

 
—

 
2,812

 
—

 
2,812

Equity:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,285,613 outstanding, exclusive of treasury shares
224

 
—

 
—

 
—

 
224

Additional paid-in capital
452,010

 
100,307

 
4,562

 
(104,870
)
 
452,009

Retained earnings
14,671

 
136,023

 
(50,750
)
 
(85,252
)
 
14,692

Treasury shares, at cost, 1,152,826 shares
(10,183
)
 
—

 
—

 
—

 
(10,183
)
Total equity
456,722

 
236,330

 
(46,188
)
 
(190,122
)
 
456,742

Total liabilities, redeemable noncontrolling interest and stockholders’ equity
$
604,197

 
$
622,370

 
$
26,022

 
$
(488,074
)
 
$
764,515

Supplemental Condensed Consolidating Balance Sheet as of December 31, 2018
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands, except share data)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
48,396

 
$
—

 
$
2,357

 
$
—

 
$
50,753

Receivables:
 
 
 
 
 
 
 
 
 
Trade, operating, net of allowance for doubtful accounts of $261
—

 
27,509

 
5,797

 
$
—

 
33,306

Trade, dry leasing
—

 
3,803

 
—

 
—

 
3,803

Tax receivables
—

 
6

 
3,181

 
—

 
3,187

Other
—

 
1,949

 
394

 
—

 
2,343

Inventories, net
—

 
20,633

 
40

 
—

 
20,673

Prepaid expenses
398

 
1,219

 
190

 
—

 
1,807

Total current assets
48,794

 
55,119

 
11,959

 
—

 
115,872

Property and equipment
—

 
900,611

 
16,550

 
—

 
917,161

Accumulated depreciation
—

 
(314,567
)
 
(3,400
)
 
—

 
(317,967
)
Property and equipment, net
—

 
586,044

 
13,150

 
—

 
599,194

Equity investments and advances
—

 
27,112

 
—

 
—

 
27,112

Investments in consolidated subsidiaries
172,950

 
—

 
—

 
(172,950
)
 
—

Intangible assets
—

 
—

 
1,107

 
—

 
1,107

Deferred income taxes
9,904

 
—

 
—

 
(9,904
)
 
—

Intercompany receivables
366,541

 
—

 
—

 
(366,541
)
 
—

Other assets
1,251

 
20,231

 
96

 
—

 
21,578

Total assets
$
599,440

 
$
688,506

 
$
26,312

 
$
(549,395
)
 
$
764,863

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
136

 
$
11,357

 
$
1,668

 
$
—

 
$
13,161

Accrued wages and benefits
43

 
7,743

 
1,481

 
—

 
9,267

Accrued interest
500

 
69

 
—

 
—

 
569

Accrued income taxes
918

 
6

 
49

 
—

 
973

Accrued other taxes
—

 
768

 
500

 
—

 
1,268

Accrued contingencies
—

 
—

 
630

 
—

 
630

Current portion of long-term debt
—

 
1,663

 
395

 
—

 
2,058

Other current liabilities
647

 
220

 
11

 
—

 
878

Total current liabilities
2,244

 
21,826

 
4,734

 
—

 
28,804

Long-term debt
133,900

 
26,317

 
—

 
—

 
160,217

Deferred income taxes
—

 
117,015

 
1,245

 
(9,903
)
 
108,357

Intercompany payables
—

 
310,727

 
55,847

 
(366,574
)
 
—

Deferred gains and other liabilities
—

 
720

 
27

 
—

 
747

Total liabilities
136,144

 
476,605

 
61,853

 
(376,477
)
 
298,125

Redeemable noncontrolling interest
—

 
3

 
3,299

 
—

 
3,302

Equity:
 
 
 
 
 
 
 
 
 
Era Group Inc. stockholders’ equity:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,765,404 outstanding, exclusive of treasury shares
219

 
—

 
—

 
—

 
219

Additional paid-in capital
447,299

 
100,306

 
4,562

 
(104,869
)
 
447,298

Retained earnings
18,254

 
111,482

 
(43,402
)
 
(68,049
)
 
18,285

Treasury shares, at cost, 156,737 shares
(2,476
)
 
—

 
—

 
—

 
(2,476
)
Accumulated other comprehensive income, net of tax
—

 
110

 
—

 
—

 
110

Total equity
463,296

 
211,898

 
(38,840
)
 
(172,918
)
 
463,436

Total liabilities, redeemable noncontrolling interest and stockholders’ equity
$
599,440

 
$
688,506

 
$
26,312

 
$
(549,395
)
 
$
764,863

Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2019
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Revenues
$
—

 
$
202,653

 
$
55,695

 
$
(32,289
)
 
$
226,059

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating
—

 
128,928

 
57,896

 
(32,278
)
 
154,546

Administrative and general
5,777

 
28,930

 
3,571

 
—

 
38,278

Depreciation
—

 
36,716

 
903

 
—

 
37,619

Total costs and expenses
5,777

 
194,574

 
62,370

 
(32,278
)
 
230,443

Gains on asset dispositions, net
—

 
3,657

 
—

 
—

 
3,657

Loss on impairment
—

 
(2,551
)
 
—

 
—

 
(2,551
)
Operating income (loss)
(5,777
)
 
9,185

 
(6,675
)
 
(11
)
 
(3,278
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
1,617

 
1,761

 
109

 
—

 
3,487

Interest expense
(13,007
)
 
(790
)
 
(77
)
 
—

 
(13,874
)
Loss on sale of investments
(569
)
 
—

 
—

 
—

 
(569
)
Foreign currency gains (losses), net
(40
)
 
81

 
(513
)
 
—

 
(472
)
Loss on debt extinguishment
(13
)
 
—

 
—

 
—

 
(13
)
Other, net
(20
)
 
1,010

 
(1,018
)
 
—

 
(28
)
Total other income (expense)
(12,032
)
 
2,062

 
(1,499
)
 
—

 
(11,469
)
Income (loss) before income taxes and equity earnings
(17,809
)
 
11,247

 
(8,174
)
 
(11
)
 
(14,747
)
Income tax expense (benefit)
2,964

 
(3,357
)
 
(338
)
 
—

 
(731
)
Income (loss) before equity earnings
(20,773
)
 
14,604

 
(7,836
)
 
(11
)
 
(14,016
)
Equity in earnings (losses) of subsidiaries
17,191

 
9,935

 
—

 
(17,191
)
 
9,935

Net income (loss)
(3,582
)
 
24,539

 
(7,836
)
 
(17,202
)
 
(4,081
)
Net loss attributable to non-controlling interest in subsidiary
—

 
—

 
488

 
—

 
488

Net income (loss) attributable to Era Group Inc.
$
(3,582
)
 
$
24,539

 
$
(7,348
)
 
$
(17,202
)
 
$
(3,593
)
Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2018
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Revenues
$
—

 
$
194,932

 
$
55,625

 
$
(28,881
)
 
$
221,676

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating
—

 
122,490

 
57,947

 
(28,914
)
 
151,523

Administrative and general
15,017

 
25,597

 
4,512

 
—

 
45,126

Depreciation
—

 
38,553

 
988

 
—

 
39,541

Total costs and expenses
15,017

 
186,640

 
63,447

 
(28,914
)
 
236,190

Gains on asset dispositions, net
—

 
1,618

 
(43
)
 
—

 
1,575

Litigation settlement proceeds
42,000

 
—

 
—

 
—

 
42,000

Loss on impairment
—

 
(991
)
 
—

 
—

 
(991
)
Operating income (loss)
26,983

 
8,919

 
(7,865
)
 
33

 
28,070

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
395

 
1,371

 
276

 
—

 
2,042

Interest expense
(14,149
)
 
(802
)
 
(180
)
 
—

 
(15,131
)
Foreign currency gains, net
(95
)
 
(178
)
 
(745
)
 
—

 
(1,018
)
Gain on debt extinguishment
—

 
—

 
175

 
—

 
175

Other, net
—

 
34

 
20

 
—

 
54

Total other income (expense)
(13,849
)
 
425

 
(454
)
 
—

 
(13,878
)
Income (loss) before income taxes and equity earnings
13,134

 
9,344

 
(8,319
)
 
33

 
14,192

Income tax expense (benefit)
10,845

 
(7,900
)
 
(5
)
 
—

 
2,940

Income (loss) before equity earnings
2,289

 
17,244

 
(8,314
)
 
33

 
11,252

Equity in earnings (losses) of subsidiaries
11,601

 
2,206

 
—

 
(11,601
)
 
2,206

Net income (loss)
13,890

 
19,450

 
(8,314
)
 
(11,568
)
 
13,458

Net loss attributable to non-controlling interest in subsidiary
—

 
—

 
464

 
—

 
464

Net income (loss) attributable to Era Group Inc.
$
13,890

 
$
19,450

 
$
(7,850
)
 
$
(11,568
)
 
$
13,922

Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2017
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Revenues
$
—

 
$
201,653

 
$
60,466

 
$
(30,798
)
 
$
231,321

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating
—

 
133,077

 
65,167

 
(30,798
)
 
167,446

Administrative and general
7,887

 
28,451

 
5,754

 
—

 
42,092

Depreciation
—

 
44,756

 
980

 
—

 
45,736

Total costs and expenses
7,887

 
206,284

 
71,901

 
(30,798
)
 
255,274

Gains on asset dispositions, net
—

 
4,364

 
143

 
—

 
4,507

Loss on impairment
—

 
(116,586
)
 
(432
)
 
—

 
(117,018
)
Operating loss
(7,887
)
 
(116,853
)
 
(11,724
)
 
—

 
(136,464
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
108

 
419

 
233

 
—

 
760

Interest expense
(14,495
)
 
(800
)
 
(1,468
)
 
—

 
(16,763
)
Foreign currency gains, net
256

 
330

 
(812
)
 
—

 
(226
)
Other, net
—

 
143

 
(155
)
 
—

 
(12
)
Total other income (expense)
(14,131
)
 
92

 
(2,202
)
 
—

 
(16,241
)
Income (loss) before income taxes and equity earnings
(22,018
)
 
(116,761
)
 
(13,926
)
 
—

 
(152,705
)
Income tax expense (benefit)
(7,338
)
 
(112,295
)
 
(3,032
)
 
—

 
(122,665
)
Income (loss) before equity earnings
(14,680
)
 
(4,466
)
 
(10,894
)
 
—

 
(30,040
)
Equity earnings, net of tax
—

 
1,425

 
—

 
—

 
1,425

Equity in earnings (losses) of subsidiaries
(13,481
)
 
—

 
—

 
13,481

 
—

Net income (loss)
(28,161
)
 
(3,041
)
 
(10,894
)
 
13,481

 
(28,615
)
Net income attributable to non-controlling interest in subsidiary
—

 
—

 
454

 
—

 
454

Net income (loss) attributable to Era Group Inc.
$
(28,161
)
 
$
(3,041
)
 
$
(10,440
)
 
$
13,481

 
$
(28,161
)
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2019
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
(3,582
)
 
$
24,539

 
$
(7,836
)
 
$
(17,202
)
 
$
(4,081
)
Comprehensive income (loss)
(3,582
)
 
24,539

 
(7,836
)
 
(17,202
)
 
(4,081
)
Comprehensive loss attributable to non-controlling interest in subsidiary
—

 
—

 
488

 
—

 
488

Comprehensive income (loss) attributable to Era Group Inc.
$
(3,582
)
 
$
24,539

 
$
(7,348
)
 
$
(17,202
)
 
$
(3,593
)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2018
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
13,890

 
$
19,450

 
$
(8,314
)
 
$
(11,568
)
 
$
13,458

Comprehensive income (loss)
13,890

 
19,450

 
(8,314
)
 
(11,568
)
 
13,458

Comprehensive loss attributable to non-controlling interest in subsidiary
—

 
—

 
464

 
—

 
464

Comprehensive income (loss) attributable to Era Group Inc.
$
13,890

 
$
19,450

 
$
(7,850
)
 
$
(11,568
)
 
$
13,922


Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2017
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
(28,161
)
 
$
(3,041
)
 
$
(10,894
)
 
$
13,481

 
$
(28,615
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
—

 
18

 
—

 
—

 
18

Total other comprehensive income (loss)
—

 
18

 
—

 
—

 
18

Comprehensive income (loss)
(28,161
)
 
(3,023
)
 
(10,894
)
 
13,481

 
(28,597
)
Comprehensive loss attributable to non-controlling interest in subsidiary
—

 
—

 
454

 
—

 
454

Comprehensive income (loss) attributable to Era Group Inc.
$
(28,161
)
 
$
(3,023
)
 
$
(10,440
)
 
$
13,481

 
$
(28,143
)
Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2019
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by (used in) operating activities
$
75,592

 
$
(48,747
)
 
$
706

 
$
—

 
$
27,551

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
—

 
(6,413
)
 
(145
)
 
—

 
(6,558
)
Proceeds from disposition of property and equipment
—

 
13,252

 
—

 
—

 
13,252

Purchase of investments
(5,000
)
 
—

 
—

 
—

 
(5,000
)
Proceeds from sale of investments
4,430

 
—

 
—

 
—

 
4,430

Proceeds from sale of equity investees
—

 
34,712

 
—

 
—

 
34,712

Principal payments on notes due from equity investees
—

 
2,334

 
—

 
—

 
2,334

Principal payments on third party notes receivable
—

 
5,447

 
—

 
—

 
5,447

Net cash provided by (used in) investing activities
(570
)
 
49,332

 
(145
)
 
—

 
48,617

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Payments on long-term debt
—

 
(1,662
)
 
(393
)
 
—

 
(2,055
)
Extinguishment of long-term debt
(740
)
 
—

 
—

 
—

 
(740
)
Proceeds from share award plans
—

 
—

 
—

 
1,077

 
1,077

Purchase of treasury shares
(7,707
)
 
—

 
—

 
—

 
(7,707
)
Borrowings and repayments of intercompany debt
—

 
1,077

 
—

 
(1,077
)
 
—

Net cash used in financing activities
(8,447
)
 
(585
)
 
(393
)
 
—

 
(9,425
)
Effects of exchange rate changes on cash, cash equivalents and restricted cash
—

 
—

 
(130
)
 
—

 
(130
)
Net increase (decrease) in cash, cash equivalents and restricted cash
66,575

 
—

 
38

 
—

 
66,613

Cash, cash equivalents and restricted cash, beginning of year
48,396

 
—

 
2,357

 
—

 
50,753

Cash, cash equivalents and restricted cash, end of year
$
114,971

 
$
—

 
$
2,395

 
$
—

 
$
117,366


Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2018
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by operating activities
$
37,596

 
$
14,639

 
$
2,119

 
$
—

 
$
54,354

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
—

 
(8,867
)
 
(349
)
 
—

 
(9,216
)
Proceeds from disposition of property and equipment
—

 
29,590

 
—

 
—

 
29,590

Dividends received from equity investees
—

 
1,000

 
—

 
—

 
1,000

Principal payments on notes due from equity investees
—

 
518

 
—

 
—

 
518

Principal payments on third party notes receivable
—

 
934

 
—

 
—

 
934

Net cash provided by (used in) investing activities
—

 
23,175

 
(349
)
 
—

 
22,826

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Long-term debt issuance costs
—

 
—

 
—

 
(1,295
)
 
(1,295
)
Payments on long-term debt
—

 
(1,662
)
 
(1,224
)
 
(39,000
)
 
(41,886
)
Proceeds from share award plans
—

 
—

 
—

 
893

 
893

Extinguishment of long-term debt
—

 
—

 
(1,221
)
 
—

 
(1,221
)
Borrowings and repayments of intercompany debt
—

 
(39,402
)
 
—

 
39,402

 
—

Net cash used in financing activities
—

 
(41,064
)
 
(2,445
)
 
—

 
(43,509
)
Effects of exchange rate changes on cash, cash equivalents and restricted cash
—

 
—

 
249

 
—

 
249

Net increase (decrease) in cash, cash equivalents and restricted cash
37,596

 
(3,250
)
 
(426
)
 
—

 
33,920

Cash, cash equivalents and restricted cash, beginning of year
10,800

 
3,250

 
2,783

 
—

 
16,833

Cash, cash equivalents and restricted cash, end of year
$
48,396

 
$
—

 
$
2,357

 
$
—

 
$
50,753



Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2017
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by (used in) operating activities
$
(14,706
)
 
$
32,601

 
$
2,201

 
$
—

 
$
20,096

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
—

 
(16,600
)
 
(170
)
 
—

 
(16,770
)
Proceeds from disposition of property and equipment
—

 
9,392

 
—

 
—

 
9,392

Principal payments on notes due from equity investees
—

 
761

 
—

 
—

 
761

Investments in and advances to equity investees
—

 
(126
)
 
—

 
—

 
(126
)
Principal payments on third party notes receivable
—

 
169

 
—

 
—

 
169

Escrow deposits on like-kind exchanges, net
—

 
—

 
—

 
—

 
—

Net cash used in investing activities
—

 
(6,404
)
 
(170
)
 
—

 
(6,574
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from Revolving Credit Facility
—

 
8,000

 
—

 
9,000

 
17,000

Payments on long-term debt
—

 
(1,526
)
 
(755
)
 
(43,000
)
 
(45,281
)
Proceeds from share award plans
—

 
—

 
—

 
836

 
836

Purchase of treasury shares
—

 
—

 
—

 
(52
)
 
(52
)
Borrowings and repayments of intercompany debt
—

 
(33,216
)
 
—

 
33,216

 
—

Net cash used in financing activities
—

 
(26,742
)
 
(755
)
 
—

 
(27,497
)
Effects of exchange rate changes on cash, cash equivalents and restricted cash
32

 
18

 
31

 
—

 
81

Net increase (decrease) in cash, cash equivalents and restricted cash
(14,674
)
 
(527
)
 
1,307

 
—

 
(13,894
)
Cash, cash equivalents and restricted cash, beginning of year
25,474

 
3,777

 
1,476

 
—

 
30,727

Cash, cash equivalents and restricted cash, end of year
$
10,800

 
$
3,250

 
$
2,783

 
$
—

 
$
16,833