Quarterly report pursuant to Section 13 or 15(d)

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

v2.4.0.6
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
3 Months Ended
Mar. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Supplemental Condensed Consolidating Balance Sheet
Supplemental Condensed Consolidating Balance Sheet as of March 31, 2013
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
ASSETS
 
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
8,497

 
$
15,355

 
$
1,180

 
$

 
$
25,032

Receivables:
 
 
 
 
 
 
 
 
 
 
Trade, net of allowance for doubtful accounts of $2,817
 

 
40,436

 
325

 

 
40,761

Other
 
363

 
16,416

 

 
(363
)
 
16,416

Intercompany receivables
 
555,136

 

 

 
(555,136
)
 

Inventories, net
 

 
26,696

 

 

 
26,696

Deferred income taxes
 
5,467

 

 

 
(1,825
)
 
3,642

Prepaid expenses and other
 
38

 
2,677

 

 

 
2,715

Total current assets
 
569,501

 
101,580

 
1,505

 
(557,324
)
 
115,262

Property and Equipment:
 
 
 
 
 
 
 
 
 
 
Helicopters
 

 
883,402

 
11,500

 

 
894,902

Construction in progress
 

 
16,793

 

 

 
16,793

Machinery, equipment and spares
 

 
71,967

 

 

 
71,967

Buildings and leasehold improvements
 

 
25,585

 

 

 
25,585

Furniture, fixtures, vehicles and other
 

 
12,206

 

 

 
12,206

 
 

 
1,009,953

 
11,500

 

 
1,021,453

Accumulated depreciation
 

 
(245,290
)
 
(1,208
)
 

 
(246,498
)
 
 

 
764,663

 
10,292

 

 
774,955

Investments, at Equity, and Advances to 50% or Less Owned Companies
 

 
34,705

 

 

 
34,705

Investments, at Equity in Consolidated Subsidiaries
 
100,206

 
9,572

 

 
(109,778
)
 

Goodwill
 

 
352

 

 

 
352

Other Assets
 
6,028

 
11,802

 

 

 
17,830

Total Assets
 
$
675,735

 
$
922,674

 
$
11,797

 
$
(667,102
)
 
$
943,104

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
 
$
1,759

 
$
11,222

 
$
145

 
$

 
$
13,126

Accrued wages and benefits
 

 
7,662

 

 

 
7,662

Accrued interest
 
5,192

 
21

 

 

 
5,213

Intercompany payables
 

 
545,852

 
11,125

 
(556,977
)
 

Due to SEACOR, net
 
270

 

 

 

 
270

Current portion of long-term debt
 

 
2,787

 

 

 
2,787

Other current liabilities
 

 
4,347

 
325

 
(363
)
 
4,309

Total current liabilities
 
7,221

 
571,891

 
11,595

 
(557,340
)
 
33,367

Long-Term Debt
 
246,693

 
29,614

 

 

 
276,307

Deferred Income Taxes
 

 
205,761

 

 
(2,418
)
 
203,343

Deferred Gains and Other Liabilities
 

 
6,601

 

 
1,563

 
8,164

Total liabilities
 
253,914

 
813,867

 
11,595

 
(558,195
)
 
521,181

 
 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
 
Era Group Inc. stockholders' equity:
 
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,123,639 issued in 2013; none issued in 2012
 
201

 

 

 

 
201

Additional paid-in capital
 
419,036

 
109,707

 
496

 
(110,203
)
 
419,036

Retained earnings (accumulated deficit)
 
2,669

 
(1,002
)
 
(294
)
 
1,296

 
2,669

Accumulated other comprehensive loss, net of tax
 
(85
)
 

 

 

 
(85
)
 
 
421,821

 
108,705

 
202

 
(108,907
)
 
421,821

Noncontrolling interest in subsidiary
 

 
102

 

 

 
102

Total equity
 
421,821

 
108,807

 
202

 
(108,907
)
 
421,923

Total Liabilities and Stockholders Equity
 
$
675,735

 
$
922,674

 
$
11,797

 
$
(667,102
)
 
$
943,104


Supplemental Condensed Consolidating Balance Sheet as of December 31, 2012
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
ASSETS
 
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
2,258

 
$
8,558

 
$
689

 
$

 
$
11,505

Receivables:
 
 
 
 
 
 
 
 
 
 
Trade, net of allowance for doubtful accounts of $2,668
 

 
48,217

 
310

 

 
48,527

Other
 

 
3,742

 

 

 
3,742

Due from SEACOR and affiliates
 
561,298

 

 

 
(560,327
)
 
971

Inventories, net
 

 
26,650

 

 

 
26,650

Deferred income taxes
 
4,625

 

 

 
(983
)
 
3,642

Prepaid expenses and other
 

 
1,803

 

 

 
1,803

Total current assets
 
568,181

 
88,970

 
999

 
(561,310
)
 
96,840

Property and Equipment:
 
 
 
 
 
 
 
 
 
 
Helicopters
 

 
886,111

 
11,500

 

 
897,611

Construction in progress
 

 
22,644

 

 

 
22,644

Machinery, equipment and spares
 

 
72,161

 

 

 
72,161

Buildings and leasehold improvements
 

 
25,451

 

 

 
25,451

Furniture, fixtures, vehicles and other
 

 
12,409

 

 

 
12,409

 
 

 
1,018,776

 
11,500

 

 
1,030,276

Accumulated depreciation
 

 
(241,436
)
 
(1,035
)
 

 
(242,471
)
 
 

 
777,340

 
10,465

 

 
787,805

Investments, at Equity, and Advances to 50% or Less Owned Companies
 

 
34,696

 

 

 
34,696

Investments, at Equity in Consolidated Subsidiaries
 
100,101

 
9,782

 

 
(109,883
)
 

Goodwill
 

 
352

 

 

 
352

Other Assets
 
5,958

 
24,374

 

 
(12,461
)
 
17,871

Total Assets
 
$
674,240

 
$
935,514

 
$
11,464

 
$
(683,654
)
 
$
937,564

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
 
$

 
$
15,618

 
$
85

 
$

 
$
15,703

Accrued wages and benefits
 

 
4,576

 

 

 
4,576

Accrued interest
 
1,357

 
44

 

 

 
1,401

Intercompany payables
 
5,491

 
560,323

 
10,965

 
(576,779
)
 

Current portion of long-term debt
 

 
2,787

 

 

 
2,787

Other current liabilities
 
1,445

 
3,787

 

 

 
5,232

Total current liabilities
 
8,293

 
587,135

 
11,050

 
(576,779
)
 
29,699

Long-Term Debt
 
246,637

 
30,311

 

 

 
276,948

Deferred Income Taxes
 

 
204,520

 

 
(984
)
 
203,536

Deferred Gains and Other Liabilities
 

 
7,864

 

 

 
7,864

Total liabilities
 
254,930

 
829,830

 
11,050

 
(577,763
)
 
518,047

Preferred Stock, $0.01 par value, 10,000,000 shares authorized:
 
 
 
 
 
 
 
 
 
 
Series A Preferred Stock, at redemption value; 1,400,000 shares issued
 
144,232

 

 

 

 
144,232

Equity:
 
 
 
 
 
 
 
 
 
 
Era Group Inc. stockholders' equity:
 
 
 
 
 
 
 
 
 
 
Class A common stock, $0.01 par value, 60,000,000 shares authorized; none issued
 

 

 

 

 

Class B common stock, $0.01 par value, 60,000,000 shares authorized; 24,500,000 issued
 
245

 

 

 

 
245

Additional paid-in capital
 
278,838

 
109,674

 
496

 
(110,170
)
 
278,838

Retained earnings (accumulated deficit)
 
(4,025
)
 
(4,217
)
 
(82
)
 
4,299

 
(4,025
)
Accumulated other comprehensive income (loss), net of tax
 
20

 
20

 

 
(20
)
 
20

 
 
275,078

 
105,477

 
414

 
(105,891
)
 
275,078

Noncontrolling interest in subsidiary
 

 
207

 

 

 
207

Total equity
 
275,078

 
105,684

 
414

 
(105,891
)
 
275,285

Total Liabilities and Stockholders’ Equity
 
$
674,240

 
$
935,514

 
$
11,464

 
$
(683,654
)
 
$
937,564

Supplemental Condensed Consolidating Statement of Operations
Supplemental Condensed Consolidating Statement of Operations for the Three Months Ended March 31, 2013
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Operating Revenues
 
$

 
$
67,372

 
$
355

 
$

 
$
67,727

Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
Operating
 

 
42,882

 
234

 

 
43,116

Administrative and general
 
1,296

 
7,838

 

 

 
9,134

Depreciation
 

 
11,489

 
172

 

 
11,661

 
 
1,296

 
62,209

 
406

 

 
63,911

Gains on Asset Dispositions and Impairments, Net
 

 
10,801

 

 

 
10,801

Operating Income (Loss)
 
(1,296
)
 
15,964

 
(51
)
 

 
14,617

Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
Interest income
 
16

 
130

 
1

 

 
147

Interest expense
 
(4,473
)
 
(259
)
 

 

 
(4,732
)
Intercompany interest
 
8,398

 
(8,238
)
 
(160
)
 

 

SEACOR management fees
 
(168
)
 

 

 

 
(168
)
Derivative losses, net
 

 
(3
)
 

 

 
(3
)
Foreign currency losses, net
 
(1
)
 
(258
)
 

 

 
(259
)
Other, net
 

 
3

 

 

 
3

 
 
3,772

 
(8,625
)
 
(159
)
 

 
(5,012
)
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies and Subsidiaries
 
2,476

 
7,339

 
(210
)
 

 
9,605

Income Tax Expense (Benefit)
 
(488
)
 
4,066

 

 

 
3,578

Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies and Subsidiaries
 
2,964

 
3,273

 
(210
)
 

 
6,027

Equity in Earnings of 50% or Less Owned Companies, Net of Tax
 

 
562

 

 

 
562

Equity in Earnings (Losses) of Subsidiaries
 
3,625

 

 

 
(3,625
)
 

Net Income (Loss)
 
6,589

 
3,835

 
(210
)
 
(3,625
)
 
6,589

Net Loss attributable to Noncontrolling Interest in Subsidiary
 

 
105

 

 

 
105

Net Income (Loss) attributable to Era Group Inc.
 
6,589

 
3,940

 
(210
)
 
(3,625
)
 
6,694

Accretion of redemption value on Series A Preferred Stock
 
721

 

 

 

 
721

Net Income (Loss) attributable to Common Shares
 
$
5,868

 
$
3,940

 
$
(210
)
 
$
(3,625
)
 
$
5,973


Supplemental Condensed Consolidating Statement of Operations for the Three Months Ended March 31, 2012
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Operating Revenues
 
$

 
$
61,052

 
$

 
$

 
$
61,052

Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
Operating
 

 
39,676

 

 

 
39,676

Administrative and general
 
2,618

 
7,058

 
1

 

 
9,677

Depreciation
 

 
9,630

 

 

 
9,630

 
 
2,618

 
56,364

 
1

 

 
58,983

Gains on Asset Dispositions and Impairments, Net
 

 
1,765

 

 

 
1,765

Operating Income (Loss)
 
(2,618
)
 
6,453

 
(1
)
 

 
3,834

Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
Interest income
 
34

 
298

 

 

 
332

Interest expense
 
(1,672
)
 
(296
)
 

 

 
(1,968
)
Intercompany interest
 
3,734

 
(3,734
)
 

 

 

SEACOR management fees
 
(500
)
 

 

 

 
(500
)
Derivative losses, net
 

 
(124
)
 

 

 
(124
)
Foreign currency gains, net
 

 
917

 

 

 
917

Other, net
 

 
30

 

 

 
30

 
 
1,596

 
(2,909
)
 

 

 
(1,313
)
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies and Subsidiaries
 
(1,022
)
 
3,544

 
(1
)
 

 
2,521

Income Tax Expense (Benefit)
 
(356
)
 
1,090

 

 

 
734

Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies and Subsidiaries
 
(666
)
 
2,454

 
(1
)
 

 
1,787

Equity in Losses of 50% or Less Owned Companies, Net of Tax
 

 
(6,420
)
 

 

 
(6,420
)
Equity in Earnings (Losses) of Subsidiaries
 
(3,967
)
 

 

 
3,967

 

Net Loss attributable to Era Group Inc.
 
(4,633
)
 
(3,966
)
 
(1
)
 
3,967

 
(4,633
)
Accretion of redemption value on Series A Preferred Stock
 
2,100

 

 

 

 
2,100

Net Loss attributable to Common Shares
 
$
(6,733
)
 
$
(3,966
)
 
$
(1
)
 
$
3,967

 
$
(6,733
)
Supplemental Statement of Comprehensive Income (Loss)
Supplemental Statement of Comprehensive Income (Loss) for the Three Months Ended March 31, 2013
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Net Income
 
$
6,589

 
$
3,835

 
$
(210
)
 
$
(3,625
)
 
$
6,589

Other Comprehensive Income (Loss):
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
(162
)
 
(162
)
 

 
162

 
(162
)
Income tax benefit
 
57

 
57

 

 
(57
)
 
57

 
 
(105
)
 
(105
)
 

 
105

 
(105
)
Comprehensive Income (Loss)
 
6,484

 
3,730

 
(210
)
 
(3,520
)
 
6,484

Comprehensive Income (Loss) attributable to Noncontrolling Interest in Subsidiary
 
105

 
105

 

 
(105
)
 
105

Comprehensive Income (Loss) attributable to Era Group Inc.
 
$
6,379

 
$
3,835

 
$
(210
)
 
$
(3,415
)
 
$
6,589



Supplemental Statement of Comprehensive Income (Loss) for the Three Months Ended March 31, 2012
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Net Loss
 
$
(4,633
)
 
$
(3,966
)
 
$
(1
)
 
$
3,967

 
$
(4,633
)
Other Comprehensive Income:
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
980

 
980

 

 
(980
)
 
980

Income tax expense
 
(343
)
 
(343
)
 

 
343

 
(343
)
 
 
637

 
637

 

 
(637
)
 
637

Comprehensive Income (Loss) attributable to Era Group Inc.
 
$
(3,996
)
 
$
(3,329
)
 
$
(1
)
 
$
3,330

 
$
(3,996
)
Supplemental Condensed Consolidating Statement of Cash Flows
Supplemental Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2013
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Net cash provided by operating activities
 
$
10,502

 
$
6,884

 
$
491

 
$

 
$
17,877

Cash Flows from Investing Activities:
 
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
 

 
(19,445
)
 

 

 
(19,445
)
Proceeds from disposition of property and equipment
 

 
19,099

 

 

 
19,099

Principal payments on notes due from equity investees
 

 
535

 

 

 
535

Principal payments on third party notes receivable, net
 

 
347

 

 

 
347

Net cash provided by investing activities
 

 
536

 

 

 
536

Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 

Proceeds from issuance of long-term debt
 
15,000

 

 

 

 
15,000

Payments on long-term debt
 
(15,000
)
 
(697
)
 

 

 
(15,697
)
Dividends paid on Series A preferred stock
 
(4,953
)
 

 

 

 
(4,953
)
Proceeds and tax benefits from share award plans
 
89

 

 

 

 
89

Settlement of SEACOR options with Era Group options
 
706

 

 

 

 
706

Net cash used in financing activities
 
(4,158
)
 
(697
)
 

 

 
(4,855
)
Effects of Exchange Rate Changes on Cash and Cash Equivalents
 
(105
)
 
74

 

 

 
(31
)
Net Increase in Cash and Cash Equivalents
 
6,239

 
6,797

 
491

 

 
13,527

Cash and Cash Equivalents, Beginning of Year
 
2,258

 
8,558

 
689

 

 
11,505

Cash and Cash Equivalents, End of Year
 
$
8,497

 
$
15,355

 
$
1,180

 
$

 
$
25,032


Supplemental Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2012
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Net cash provided by (used in) operating activities
 
$
(75,272
)
 
$
34,967

 
$

 
$
593

 
$
(39,712
)
Cash Flows from Investing Activities:
 
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
 

 
(54,272
)
 

 

 
(54,272
)
Proceeds from disposition of property and equipment
 

 
2,935

 

 

 
2,935

Cash settlements on derivative transactions, net
 

 
(98
)
 

 

 
(98
)
Principal payments on notes due from equity investees
 

 
439

 

 

 
439

Principal payments on third party notes receivable, net
 

 
346

 

 

 
346

Net cash used in investing activities
 

 
(50,650
)
 

 

 
(50,650
)
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 

Proceeds from issuance of long-term debt
 
38,000

 

 

 

 
38,000

Payments on long-term debt
 

 
(697
)
 

 

 
(697
)
Net cash provided by (used in) financing activities
 
38,000

 
(697
)
 

 

 
37,303

Effects of Exchange Rate Changes on Cash and Cash Equivalents
 
593

 
810

 

 
(593
)
 
810

Net Decrease in Cash and Cash Equivalents
 
(36,679
)
 
(15,570
)
 

 

 
(52,249
)
Cash and Cash Equivalents, Beginning of Year
 
63,044

 
16,078

 

 

 
79,122

Cash and Cash Equivalents, End of Year
 
$
26,365

 
$
508

 
$

 
$

 
$
26,873