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, 2015

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	4,906			6,999			3,367			—			15,272
Total assets	$	710,584		$	953,057		$	34,863		$	(691,413	)	$	1,007,091
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	237,874			23,305			5,259			—			266,438
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	239,373			779,984			30,705			(519,078		)	530,984
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	$	710,584		$	953,057		$	34,863		$	(691,413	)	$	1,007,091

Supplemental Condensed Consolidating Balance Sheet as of December 31, 2014



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	16,481		$	22,188		$	2,198		$	—		$	40,867
Receivables:
Trade, net of allowance for doubtful accounts of $1,955	39			33,351			—			—			33,390
Tax receivables	65			315			—			—			380
Other, net of allowance for doubtful accounts of $437	—			1,682			—			—			1,682
Inventories, net	—			26,869			—			—			26,869
Deferred income taxes	4,083			—			—			(2,087		)	1,996
Prepaid expenses	424			2,237			—			—			2,661
Total current assets	21,092			86,642			2,198			(2,087		)	107,845
Property and equipment	—			1,161,330			9,937			—			1,171,267
Accumulated depreciation	—			(306,010		)	(2,131		)	—			(308,141		)
Net property and equipment	—			855,320			7,806			—			863,126
Equity investments and advances	—			31,753			—			—			31,753
Investments in consolidated subsidiaries	158,653			—			—			(158,653		)	—
Goodwill	—			352			—			—			352
Intercompany receivables	558,588			—			—			(558,588		)	—
Other assets	6,914			7,184			—			—			14,098
Total assets	$	745,247		$	981,251		$	10,004		$	(719,328	)	$	1,017,174
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	299		$	14,818		$	3		$	—		$	15,120
Accrued wages and benefits	—			7,521			—			—			7,521
Accrued interest	930			19			—			—			949
Accrued income taxes	—			267			—			—			267
Derivative instruments	785			324			—			—			1,109
Current portion of long-term debt	—			27,426			—			—			27,426
Accrued other taxes	32			923			—			—			955
Other current liabilities	524			1,683			—			—			2,207
Total current liabilities	2,570			52,981			3			—			55,554
Long-term debt	282,118			—			—			—			282,118
Deferred income taxes	—			219,114			—			(2,087		)	217,027
Intercompany payables	—			549,200			9,388			(558,588		)	—
Other liabilities	—			2,111			—			—			2,111
Total liabilities	284,688			823,406			9,391			(560,675		)	556,810
Equity:
Era Group Inc. stockholders’ equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,371,672 outstanding, exclusive of treasury shares	204			—			—			—			204
Additional paid-in capital	429,109			99,845			496			(100,341		)	429,109
Retained earnings	31,797			58,195			117			(58,312		)	31,797
Treasury shares, at cost, 18,609 shares	(551		)	—			—			—			(551		)
Accumulated other comprehensive income, net of tax	—			95			—			—			95
Total Era Group Inc. stockholders’ equity	460,559			158,135			613			(158,653		)	460,654
Noncontrolling interest in subsidiary	—			(290		)	—			—			(290		)
Total equity	460,559			157,845			613			(158,653		)	460,364
Total liabilities and stockholders’ equity	$	745,247		$	981,251		$	10,004		$	(719,328	)	$	1,017,174

Condensed Income Statement

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 (loss)	(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, 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 losses, 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 loss 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	(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		)
Note receivable impairment	(2,457		)	—			—		—			(2,457		)
Foreign currency gains (losses), net	2,163			(4,540		)	—		—			(2,377		)
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 earnings, 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 income 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

Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2013



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	298,269		$	1,109		$	(419	)	$	298,959
Costs and expenses:
Operating	—			186,041			726			(155		)	186,612
Administrative and general	4,329			34,856			3			(264		)	38,924
Depreciation	—			45,005			556			—			45,561
Total costs and expenses	4,329			265,902			1,285			(419		)	271,097
Gains on asset dispositions, net	—			18,301			—			—			18,301
Operating income (loss)	(4,329		)	50,668			(176		)	—			46,163
Other income (expense):
Interest income	80			508			3			—			591
Interest expense	(16,972		)	(1,078		)	—			—			(18,050		)
SEACOR management fees	(168		)	—			—			—			(168		)
Derivative losses, net	—			(104		)	—			—			(104		)
Foreign currency gains (losses), net	—			698			—			—			698
Other, net	13			6			—			—			19
Total other income (expense)	(17,047		)	30			3			—			(17,014		)
Income (loss) before income taxes and equity earnings	(21,376		)	50,698			(173		)	—			29,149
Income tax expense (benefit)	(8,589		)	20,386			(70		)	—			11,727
Income (loss) before equity earnings	(12,787		)	30,312			(103		)	—			17,422
Equity losses, net of tax	—			882			—			—			882
Equity in earnings (losses) of subsidiaries	31,492			—			—			(31,492		)	—
Net income (loss)	18,705			31,194			(103		)	(31,492		)	18,304
Net loss attributable to non-controlling interest in subsidiary	—			401			—			—			401
Net income (loss) attributable to Era Group Inc.	18,705			31,595			(103		)	(31,492		)	18,705
Accretion of redemption value on Series A Preferred Stock	721			—			—			—			721
Net income (loss) attributable to common shares	$	17,984		$	31,595		$	(103	)	$	(31,492	)	$	17,984

Condensed Statement of Comprehensive Income

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 income (loss):
Foreign currency translation adjustments	—		(4		)	—			—			(4		)
Income tax benefit	—		1			—			—			1
Total other comprehensive income (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 income 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

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2013



	Parent		Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	18,705	$	31,194		$	(103	)	$	(31,492	)	$	18,304
Other comprehensive loss:
Foreign currency translation adjustments	—		240			—			—			240
Income tax benefit	—		(84		)	—			—			(84		)
Total other comprehensive loss	—		156			—			—			156
Comprehensive income (loss)	18,705		31,350			(103		)	(31,492		)	18,460
Comprehensive loss attributable to non-controlling interest in subsidiary	—		401			—			—			401
Comprehensive income (loss) attributable to Era Group Inc.	$	18,705	$	31,751		$	(103	)	$	(31,492	)	$	18,861

Condensed Cash Flow Statement

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
Purchase of treasury shares	—			—			—			(2,079		)	(2,079		)
Tax expense on vested restricted stock	—			—			—			(127		)	(127		)
Repayment of intercompany debt	—			(43,030		)	—			43,030			—
Net cash used in 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 (used in) 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
Revolving Credit Facility issuance costs	—			—			—		(2,446		)	(2,446		)
Proceeds from share award plans	—			—			—		1,458			1,458
Repayment of intercompany debt	—			29,012			—		(29,012		)	—
Net cash provided by 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

Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2013



	Parent		Guarantors			Non-guarantors		Eliminations			Consolidated
	(in thousands)
Net cash provided by operating activities	$	22,377	$	41,386		$	608	$	—		$	64,371
Cash flows from investing activities:
Purchases of property and equipment	—		(110,105		)	—		—			(110,105		)
Proceeds from disposition of property and equipment	—		65,151			—		—			65,151
Principal payments on notes due from equity investees	—		863			—		—			863
Principal payments on third party notes receivable	—		632			—		—			632
Net cash used in investing activities	—		(43,459		)	—		—			(43,459		)
Cash flows from financing activities:
Payments on long-term debt	—		(2,788		)	—		(50,000		)	(52,788		)
Proceeds from Revolving Credit Facility	—		—			—		55,000			55,000
Dividends paid on Series A preferred stock	—		—			—		(4,953		)	(4,953		)
Proceeds and tax benefits from share award plans	—		—			—		527			527
Proceeds from SEACOR on the settlement of stock options	—		—			—		706			706
Repayment of intercompany debt	—		1,280			—		(1,280		)	—
Net cash used in financing activities	—		(1,508		)	—		—			(1,508		)
Effects of exchange rate changes on cash and cash equivalents	—		426			—		—			426
Net increase (decrease) in cash and cash equivalents	22,377		(3,155		)	608		—			19,830
Cash and cash equivalents, beginning of period	2,258		8,558			689		—			11,505
Cash and cash equivalents, end of period	$	24,635	$	5,403		$	1,297	$	—		$	31,335