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)

6 Months Ended

Jun. 30, 2017

Supplemental Condensed Consolidating Balance Sheet as of June 30, 2017



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	27,441		$	—		$	1,437		$	—		$	28,878
Receivables:
Trade, net of allowance for doubtful accounts of $1,249	—			27,553			5,271			—			32,824
Tax receivable	9			7			2,984			—			3,000
Other	—			2,213			959			—			3,172
Inventories, net	—			24,019			277			—			24,296
Prepaid expenses	516			1,809			193			—			2,518
Escrow deposits	—			—			—			—			—
Total current assets	27,966			55,601			11,121			—			94,688
Property and equipment	—			1,147,968			16,080			—			1,164,048
Accumulated depreciation	—			(351,829		)	(2,001		)	—			(353,830		)
Property and equipment, net	—			796,139			14,079			—			810,218
Equity investments and advances	—			29,852			—			—			29,852
Investments in consolidated subsidiaries	172,974			—			—			(172,974		)	—
Intangible assets	—			—			1,129			—			1,129
Deferred taxes	15,445			—			—			(15,445		)	—
Intercompany receivables	444,558			—			—			(444,558		)	—
Other assets	1,415			4,116			62			—			5,593
Total assets	$	662,358		$	885,708		$	26,391		$	(632,977	)	$	941,480
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	174		$	10,347		$	2,363		$	—		$	12,884
Accrued wages and benefits	—			6,905			1,803			—			8,708
Accrued interest	527			—			—			—			527
Accrued income taxes	—			259			32			—			291
Accrued other taxes	9			631			505			—			1,145
Accrued contingencies	—			—			1,334			—			1,334
Current portion of long-term debt	—			1,523			638			—			2,161
Other current liabilities	684			1,492			414			—			2,590
Total current liabilities	1,394			21,157			7,089			—			29,640
Long-term debt	198,005			20,811			2,538			—			221,354
Deferred income taxes	—			237,289			880			(15,445		)	222,724
Intercompany payables	—			404,139			40,419			(444,558		)	—
Other liabilities	—			944			—			—			944
Total liabilities	199,399			684,340			50,926			(460,003		)	474,662
Redeemable noncontrolling interest	—			4			3,765			—			3,769
Equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,270,272 outstanding, exclusive of treasury shares	215			—			—			—			215
Additional paid-in capital	441,595			100,306			4,562			(104,868		)	441,595
Retained earnings	24,117			100,968			(32,862		)	(68,106		)	24,117
Treasury shares, at cost, 179,730 shares	(2,968		)	—			—			—			(2,968		)
Accumulated other comprehensive income, net of tax	—			90			—			—			90
Total equity	462,959			201,364			(28,300		)	(172,974		)	463,049
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	662,358		$	885,708		$	26,391		$	(632,977	)	$	941,480

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 $1,219	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:
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,936,636 shares 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

Condensed Income Statement

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2017



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	51,598		$	14,003		$	(7,723	)	$	57,878
Costs and expenses:
Operating	—			33,178			15,880			(7,723		)	41,335
Administrative and general	1,110			7,304			1,488			—			9,902
Depreciation	—			11,727			251			—			11,978
Total costs and expenses	1,110			52,209			17,619			(7,723		)	63,215
Gains on asset dispositions, net	—			5,061			—			—			5,061
Operating income (loss)	(1,110		)	4,450			(3,616		)	—			(276		)
Other income (expense):
Interest income	28			107			50			—			185
Interest expense	(3,721		)	(159		)	(54		)	—			(3,934		)
Foreign currency gains (losses), net	129			160			(425		)	—			(136		)
Other, net	—			1			(9		)	—			(8		)
Total other income (expense)	(3,564		)	109			(438		)	—			(3,893		)
Income (loss) before income taxes and equity earnings	(4,674		)	4,559			(4,054		)	—			(4,169		)
Income tax expense (benefit)	(1,307		)	10			571			—			(726		)
Income (loss) before equity earnings	(3,367		)	4,549			(4,625		)	—			(3,443		)
Equity earnings, net of tax	—			371			—			—			371
Equity in earnings (losses) of subsidiaries	580			—			—			(580		)	—
Net income (loss)	(2,787		)	4,920			(4,625		)	(580		)	(3,072		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			285			—			285
Net income (loss) attributable to Era Group Inc.	$	(2,787	)	$	4,920		$	(4,340	)	$	(580	)	$	(2,787	)

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2016



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	57,392		$	17,788		$	(11,829	)	$	63,351
Costs and expenses:
Operating	—			38,760			20,465			(11,829		)	47,396
Administrative and general	871			6,875			394			—			8,140
Depreciation	—			12,414			277			—			12,691
Total costs and expenses	871			58,049			21,136			(11,829		)	68,227
Gains on asset dispositions, net	—			1,367			—			—			1,367
Operating income	(871		)	710			(3,348		)	—			(3,509		)
Other income (expense):
Interest income	9			119			275			—			403
Interest expense	(3,841		)	(136		)	(153		)	—			(4,130		)
Foreign currency gains (losses), net	(52		)	(110		)	491			—			329
Gain on debt extinguishment	518			—			—			—			518
Other, net	—			1			45			—			46
Total other income (expense)	(3,366		)	(126		)	658			—			(2,834		)
Income (loss) before income taxes and equity earnings	(4,237		)	584			(2,690		)	—			(6,343		)
Income tax benefit	(490		)	(742		)	—			—			(1,232		)
Income (loss) before equity earnings	(3,747		)	1,326			(2,690		)	—			(5,111		)
Equity losses, net of tax	—			601			—			—			601
Equity in earnings (losses) of subsidiaries	5,685			—			—			(5,685		)	—
Net income (loss)	1,938			1,927			(2,690		)	(5,685		)	(4,510		)
Net loss attributable to noncontrolling interest in subsidiary	—			6,349			99			—			6,448
Net income (loss) attributable to Era Group Inc.	$	1,938		$	8,276		$	(2,591	)	$	(5,685	)	$	1,938

Supplemental Condensed Consolidating Statements of Operations for the Six Months Ended June 30, 2017



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	99,631		$	29,403		$	(16,629	)	$	112,405
Costs and expenses:
Operating	—			62,291			33,430			(16,629		)	79,092
Administrative and general	2,975			14,342			2,966			—			20,283
Depreciation	—			23,047			485			—			23,532
Total costs and expenses	2,975			99,680			36,881			(16,629		)	122,907
Gains on asset dispositions, net	—			5,170			—			—			5,170
Operating income (loss)	(2,975		)	5,121			(7,478		)	—			(5,332		)
Other income (expense):
Interest income	49			218			168			—			435
Interest expense	(6,962		)	(457		)	(104		)	—			(7,523		)
Foreign currency gains (losses), net	154			168			(430		)	—			(108		)
Other, net	—			1			3			—			4
Total other income (expense)	(6,759		)	(70		)	(363		)	—			(7,192		)
Income (loss) before income taxes and equity earnings	(9,734		)	5,051			(7,841		)	—			(12,524		)
Income tax expense (benefit)	(3,183		)	(6		)	360			—			(2,829		)
Income (loss) before equity earnings	(6,551		)	5,057			(8,201		)	—			(9,695		)
Equity earnings, net of tax	—			836			—			—			836
Equity in earnings (losses) of subsidiaries	(1,856		)	—			—			1,856			—
Net income (loss)	(8,407		)	5,893			(8,201		)	1,856			(8,859		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			452			—			452
Net income (loss) attributable to Era Group Inc.	$	(8,407	)	$	5,893		$	(7,749	)	$	1,856		$	(8,407	)

Supplemental Condensed Consolidating Statements of Operations for the Six Months Ended June 30, 2016



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	116,477		$	31,883		$	(22,427	)	$	125,933
Costs and expenses:
Operating	—			75,368			38,762			(22,427		)	91,703
Administrative and general	1,919			13,959			1,489			—			17,367
Depreciation	—			24,900			557			—			25,457
Total costs and expenses	1,919			114,227			40,808			(22,427		)	134,527
Gains on asset dispositions, net	—			4,280			—			—			4,280
Operating income	(1,919		)	6,530			(8,925		)	—			(4,314		)
Other income (expense):
Interest income	13			242			449			—			704
Interest expense	(8,184		)	(284		)	(410		)	—			(8,878		)
Foreign currency gains (losses), net	17			(224		)	817			—			610
Gain on debt extinguishment	518			—			—			—			518
Other, net	—			1			28			—			29
Total other income (expense)	(7,636		)	(265		)	884			—			(7,017		)
Income (loss) before income taxes and equity earnings	(9,555		)	6,265			(8,041		)	—			(11,331		)
Income tax benefit	(1,719		)	(527		)	—			—			(2,246		)
Income (loss) before equity earnings	(7,836		)	6,792			(8,041		)	—			(9,085		)
Equity losses, net of tax	—			625			—			—			625
Equity in earnings (losses) of subsidiaries	5,956			—			—			(5,956		)	—
Net income (loss)	(1,880		)	7,417			(8,041		)	(5,956		)	(8,460		)
Net loss attributable to noncontrolling interest in subsidiary	—			6,349			231			—			6,580
Net income (loss) attributable to Era Group Inc.	$	(1,880	)	$	13,766		$	(7,810	)	$	(5,956	)	$	(1,880	)

Condensed Statement of Comprehensive Income

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2017



	Parent			Guarantors		Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	(2,787	)	$	4,920	$	(4,625	)	$	(580	)	$	(3,072	)
Other comprehensive income (loss):
Foreign currency translation adjustments	—			—		—			—			—
Income tax benefit	—			—		—			—			—
Total other comprehensive income (loss)	—			—		—			—			—
Comprehensive income (loss)	(2,787		)	4,920		(4,625		)	(580		)	(3,072		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			—		285			—			285
Comprehensive income (loss) attributable to Era Group Inc.	$	(2,787	)	$	4,920	$	(4,340	)	$	(580	)	$	(2,787	)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2016



	Parent		Guarantors		Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	1,938	$	1,927	$	(2,690	)	$	(5,685	)	$	(4,510	)
Other comprehensive loss:
Foreign currency translation adjustments	—		—		—			—			—
Income tax benefit	—		—		—			—			—
Total other comprehensive loss	—		—		—			—			—
Comprehensive income (loss)	1,938		1,927		(2,690		)	(5,685		)	(4,510		)
Comprehensive income attributable to noncontrolling interest in subsidiary	—		6,349		99			—			6,448
Comprehensive income (loss) attributable to Era Group Inc.	$	1,938	$	8,276	$	(2,591	)	$	(5,685	)	$	1,938

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Six Months Ended June 30, 2017



	Parent			Guarantors			Non-guarantors			Eliminations		Consolidated
	(in thousands)
Net income (loss)	$	(8,407	)	$	5,893		$	(8,201	)	$	1,856	$	(8,859	)
Other comprehensive loss:
Foreign currency translation adjustments	—			(2		)	—			—		(2		)
Income tax benefit	—			—			—			—		—
Total other comprehensive loss	—			(2		)	—			—		(2		)
Comprehensive income (loss)	(8,407		)	5,891			(8,201		)	1,856		(8,861		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			—			452			—		452
Comprehensive income (loss) attributable to Era Group Inc.	$	(8,407	)	$	5,891		$	(7,749	)	$	1,856	$	(8,409	)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Six Months Ended June 30, 2016



	Parent			Guarantors		Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	(1,880	)	$	7,417	$	(8,041	)	$	(5,956	)	$	(8,460	)
Other comprehensive loss:
Foreign currency translation adjustments	—			—		—			—			—
Income tax benefit	—			—		—			—			—
Total other comprehensive loss	—			—		—			—			—
Comprehensive income (loss)	(1,880		)	7,417		(8,041		)	(5,956		)	(8,460		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			6,349		231			—			6,580
Comprehensive income (loss) attributable to Era Group Inc.	$	(1,880	)	$	13,766	$	(7,810	)	$	(5,956	)	$	(1,880	)

Condensed Cash Flow Statement

Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2017



	Parent		Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	1,967	$	11,086		$	321		$	—		$	13,374
Cash flows from investing activities:
Purchases of property and equipment	—		(12,490		)	(34		)	—			(12,524		)
Proceeds from disposition of property and equipment	—		5,689			—			—			5,689
Investments in and advances to equity method investees	—		(126		)	—			—			(126		)
Principal payments on notes due from equity investees	—		375			—			—			375
Principal payments on third party notes receivable	—		94			—			—			94
Escrow deposits on like-kind exchanges, net	—		3,777			—			—			3,777
Net cash provided by (used in) investing activities	—		(2,681		)	(34		)	—			(2,715		)
Cash flows from financing activities:
Payments on long-term debt	—		(832		)	(330		)	(17,000		)	(18,162		)
Proceeds from Revolving Credit Facility	—		—			—			9,000			9,000
Proceeds from share award plans	—		—			—			463			463
Purchase of treasury shares	—		—			—			(51		)	(51		)
Borrowings and repayments of intercompany debt	—		(7,588		)	—			7,588			—
Net cash used in financing activities	—		(8,420		)	(330		)	—			(8,750		)
Effects of exchange rate changes on cash and cash equivalents	—		15			4			—			19
Net increase (decrease) in cash and cash equivalents	1,967		—			(39		)	—			1,928
Cash and cash equivalents, beginning of period	25,474		—			1,476			—			26,950
Cash and cash equivalents, end of period	$	27,441	$	—		$	1,437		$	—		$	28,878

Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2016



	Parent		Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	28,465	$	1,126		$	(1,030	)	$	—		$	28,561
Cash flows from investing activities:
Purchases of property and equipment	—		(4,974		)	(132		)	—			(5,106		)
Proceeds from disposition of property and equipment	—		5,910			—			—			5,910
Return of helicopter deposit	—		544			—			—			544
Principal payments on notes due from equity investees	—		357			—			—			357
Principal payments on third party notes receivable	—		136			—			—			136
Net cash used in investing activities	—		1,973			(132		)	—			1,841
Cash flows from financing activities:
Payments on long-term debt	—		(970		)	(1,123		)	(7,000		)	(9,093		)
Proceeds from Revolving Credit Facility	—		—			—			7,000			7,000
Extinguishment of long-term debt	—		—			—			(4,331		)	(4,331		)
Proceeds from share award plans	—		—			—			477			477
Purchase of treasury shares	—		—			—			(161		)	(161		)
Borrowings and repayments of intercompany debt	—		(4,015		)	—			4,015			—
Net cash used in financing activities	—		(4,985		)	(1,123		)	—			(6,108		)
Effects of exchange rate changes on cash and cash equivalents	—		320			176			—			496
Net increase (decrease) in cash and cash equivalents	28,465		(1,566		)	(2,109		)	—			24,790
Cash and cash equivalents, beginning of period	7,565		3,334			3,471			—			14,370
Cash and cash equivalents, end of period	$	36,030	$	1,768		$	1,362		$	—		$	39,160