Annual report pursuant to Section 13 and 15(d)

GUARANTORS OF SECURITIES (Tables)

v3.3.1.900
GUARANTORS OF SECURITIES (Tables)
12 Months Ended
Dec. 31, 2015
Guarantees [Abstract]  
Condensed Balance Sheet
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