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