Quarterly report pursuant to Section 13 or 15(d)

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

v2.4.0.8
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION
9 Months Ended
Sep. 30, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION
On December 7, 2012, the Company issued $200.0 million aggregate principal amount of its 7.750% Senior Notes. The Company’s payment obligations under the 7.750% Senior Notes are jointly and severally guaranteed by all of the Company’s existing wholly-owned U.S. subsidiaries that guarantee the Revolving Credit Facility and its future U.S. subsidiaries that guarantee the Revolving Credit Facility or other material indebtedness the Company may incur in the future (the “Guarantors”). All the Guarantors currently guarantee the Revolving Credit Facility. The guarantees of the Guarantors are full and unconditional.
As a result of the guarantee arrangements, the Company is presenting the following condensed consolidating balance sheets, statements of operations, comprehensive income and cash flows for Era Group Inc. (“Parent Company Only”), for the Guarantors and for our other subsidiaries (“Non-Guarantor Subsidiaries”).
Supplemental Condensed Consolidating Balance Sheet as of September 30, 2013
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands, except share data)
ASSETS
 
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
7,890

 
$
13,462

 
$
1,165

 
$
—

 
$
22,517

Receivables:
 
 
 
 
 
 
 
 
 
 
Trade, net of allowance for doubtful accounts of $3,010
 
—

 
48,012

 
140

 
—

 
48,152

Other
 
189

 
3,161

 
—

 
(106
)
 
3,244

Intercompany receivables
 
543,821

 
11,436

 
—

 
(555,257
)
 
—

Inventories, net
 
—

 
26,692

 
—

 
—

 
26,692

Deferred income taxes
 
3,908

 
—

 
—

 
(266
)
 
3,642

Prepaid expenses and other
 
23

 
1,255

 
—

 
—

 
1,278

Escrow deposits
 
—

 
9,900

 
—

 
—

 
9,900

Total current assets
 
555,831

 
113,918

 
1,305

 
(555,629
)
 
115,425

Property and Equipment
 
—

 
1,003,407

 
11,500

 
—

 
1,014,907

Accumulated depreciation
 
—

 
(253,746
)
 
(1,553
)
 
—

 
(255,299
)
Net property and equipment
 
—

 
749,661

 
9,947

 
—

 
759,608

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

 
36,113

 
—

 
—

 
36,113

Investments, at Equity in Consolidated Subsidiaries
 
100,308

 
—

 
—

 
(100,308
)
 
—

Goodwill
 
—

 
352

 
—

 
—

 
352

Other Assets
 
5,657

 
10,414

 
—

 
—

 
16,071

Total Assets
 
$
661,796

 
$
910,458

 
$
11,252

 
$
(655,937
)
 
$
927,569

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
 
$
953

 
$
15,795

 
$
48

 
$
—

 
$
16,796

Accrued wages and benefits
 
—

 
8,937

 
—

 
—

 
8,937

Accrued interest
 
4,607

 
18

 
—

 
—

 
4,625

Intercompany payables
 
10,633

 
527,907

 
11,442

 
(549,982
)
 
—

Current portion of long-term debt
 
—

 
2,787

 
—

 
—

 
2,787

Other current liabilities
 
—

 
7,000

 
—

 
(106
)
 
6,894

Total current liabilities
 
16,193

 
562,444

 
11,490

 
(550,088
)
 
40,039

Long-Term Debt
 
211,809

 
28,220

 
—

 
—

 
240,029

Deferred Income Taxes
 
—

 
209,238

 
—

 
(755
)
 
208,483

Deferred Gains and Other Liabilities
 
—

 
3,780

 
—

 
1,563

 
5,343

Total liabilities
 
228,002

 
803,682

 
11,490

 
(549,280
)
 
493,894

 
 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
 
Era Group Inc. stockholders’ equity:
 
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,189,522 issued and outstanding in 2013 (exclusive of 3,673 treasury shares)
 
202

 
—

 
—

 
—

 
202

Additional paid-in capital
 
420,650

 
99,845

 
496

 
(100,341
)
 
420,650

Retained earnings (accumulated deficit)
 
12,928

 
7,050

 
(734
)
 
(6,316
)
 
12,928

Treasury shares, at cost (3,673 in 2013)
 
(94
)
 
—

 
—

 
—

 
(94
)
Accumulated other comprehensive loss, net of tax
 
108

 
—

 
—

 
—

 
108

 
 
433,794

 
106,895

 
(238
)
 
(106,657
)
 
433,794

Noncontrolling interest in subsidiary
 
—

 
(119
)
 
—

 
—

 
(119
)
Total equity
 
433,794

 
106,776

 
(238
)
 
(106,657
)
 
433,675

Total Liabilities and Stockholders’ Equity
 
$
661,796

 
$
910,458

 
$
11,252

 
$
(655,937
)
 
$
927,569


Supplemental Condensed Consolidating Balance Sheet as of December 31, 2012
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands, except share data)
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
 
971

 
3,742

 
—

 
—

 
4,713

Due from SEACOR and affiliates
 
560,327

 
—

 
—

 
(560,327
)
 
—

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
 
—

 
1,018,776

 
11,500

 
—

 
1,030,276

Accumulated depreciation
 
—

 
(241,436
)
 
(1,035
)
 
—

 
(242,471
)
Net property and equipment
 
—

 
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 STOCKHOLDERS’ 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

Series A Preferred Stock, at redemption value; $0.01 par value, 10,000,000 shares authorized; none issued and outstanding in 2013; 1,400,000 shares issued and outstanding in 2012
 
144,232

 
—

 
—

 
—

 
144,232

Equity:
 
 
 
 
 
 
 
 
 
 
Era Group Inc. stockholders’ equity:
 
 
 
 
 
 
 
 
 
 
Class B common stock, $0.01 par value, 60,000,000 shares authorized; 24,500,000 issued and outstanding
 
245

 
—

 
—

 
—

 
245

Additional paid-in capital
 
278,838

 
109,674

 
496

 
(110,170
)
 
278,838

Accumulated deficit
 
(4,025
)
 
(4,217
)
 
(82
)
 
4,299

 
(4,025
)
Accumulated other comprehensive income, 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 for the Three Months Ended September 30, 2013
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Operating Revenues
 
$
—

 
$
80,701

 
$
296

 
$
—

 
$
80,997

Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
Operating
 
—

 
51,142

 
196

 
—

 
51,338

Administrative and general
 
1,665

 
8,016

 
2

 
—

 
9,683

Depreciation
 
—

 
11,167

 
173

 

 
11,340

 
 
1,665

 
70,325

 
371

 
—

 
72,361

Gains on Asset Dispositions, Net
 
—

 
2,560

 
—

 
—

 
2,560

Operating Income (Loss)
 
(1,665
)
 
12,936

 
(75
)
 
—

 
11,196

Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
Interest income
 
28

 
127

 
—

 
—

 
155

Interest expense
 
(4,143
)
 
(251
)
 
—

 
—

 
(4,394
)
Intercompany interest
 
8,072

 
(7,916
)
 
(156
)
 
—

 
—

Derivative losses, net
 
—

 
(96
)
 
—

 
—

 
(96
)
Foreign currency gains, net
 
1

 
408

 
—

 
—

 
409

Other, net
 
7

 
—

 
—

 
—

 
7

 
 
3,965

 
(7,728
)
 
(156
)
 
—

 
(3,919
)
Income (Loss) Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies and Subsidiaries
 
2,300

 
5,208

 
(231
)
 
—

 
7,277

Income Tax Expense
 
726

 
1,989

 
—

 

 
2,715

Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies and Subsidiaries
 
1,574

 
3,219

 
(231
)
 
—

 
4,562

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

 
526

 
—

 
—

 
526

Equity in Earnings (Losses) of Subsidiaries
 
3,514

 
—

 
—

 
(3,514
)
 
—

Net Income (Loss)
 
5,088

 
3,745

 
(231
)
 
(3,514
)
 
5,088

Net Loss Attributable to Noncontrolling Interest in Subsidiary
 
—

 
116

 
—

 
—

 
116

Net Income (Loss) Attributable to Era Group Inc.
 
5,088

 
3,861

 
(231
)
 
(3,514
)
 
5,204

Net Income (Loss) Attributable to Common Shares
 
$
5,088

 
$
3,861

 
$
(231
)
 
$
(3,514
)
 
$
5,204


Supplemental Condensed Consolidating Statement of Operations for the Nine Months Ended September 30, 2013
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Operating Revenues
 
$
—

 
$
221,986

 
$
975

 
$
—

 
$
222,961

Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
Operating
 
—

 
140,766

 
633

 
—

 
141,399

Administrative and general
 
4,563

 
23,796

 
3

 
—

 
28,362

Depreciation
 
—

 
33,914

 
518

 
—

 
34,432

 
 
4,563

 
198,476

 
1,154

 
—

 
204,193

Gains on Asset Dispositions, Net
 
—

 
17,837

 
—

 
—

 
17,837

Operating Income (Loss)
 
(4,563
)
 
41,347

 
(179
)
 
—

 
36,605

Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
Interest income
 
63

 
387

 
2

 
—

 
452

Interest expense
 
(13,000
)
 
(739
)
 
—

 
—

 
(13,739
)
Intercompany interest
 
24,573

 
(24,098
)
 
(475
)
 
—

 
—

SEACOR management fees
 
(168
)
 
—

 
—

 
—

 
(168
)
Derivative losses, net
 
—

 
(78
)
 
—

 
—

 
(78
)
Foreign currency gains, net
 
—

 
465

 
—

 
—

 
465

Other, net
 
13

 
6

 
—

 
—

 
19

 
 
11,481

 
(24,057
)
 
(473
)
 
—

 
(13,049
)
Income (Loss) Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies and Subsidiaries
 
6,918

 
17,290

 
(652
)
 
—

 
23,556

Income Tax Expense
 
1,015

 
7,676

 
—

 
—

 
8,691

Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies and Subsidiaries
 
5,903

 
9,614

 
(652
)
 
—

 
14,865

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

 
1,762

 
—

 
—

 
1,762

Equity in Earnings (Losses) of Subsidiaries
 
10,724

 
—

 
—

 
(10,724
)
 
—

Net Income (Loss)
 
16,627

 
11,376

 
(652
)
 
(10,724
)
 
16,627

Net Loss Attributable to Noncontrolling Interest in Subsidiary
 
—

 
326

 
—

 
—

 
326

Net Income (Loss) Attributable to Era Group Inc.
 
16,627

 
11,702

 
(652
)
 
(10,724
)
 
16,953

Accretion of Redemption Value on Series A Preferred Stock
 
721

 
—

 
—

 
—

 
721

Net Income (Loss) Attributable to Common Shares
 
$
15,906

 
$
11,702

 
$
(652
)
 
$
(10,724
)
 
$
16,232


Supplemental Condensed Consolidating Statement of Operations for the Three Months Ended September 30, 2012
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Operating Revenues
 
$
—

 
$
77,989

 
$
—

 
$
—

 
$
77,989

Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
Operating
 
—

 
46,235

 
—

 
—

 
46,235

Administrative and general
 
397

 
9,941

 
—

 
—

 
10,338

Depreciation
 
—

 
10,937

 
—

 
—

 
10,937

 
 
397

 
67,113

 
—

 
—

 
67,510

Gains on Asset Dispositions, Net
 
—

 
613

 
—

 
—

 
613

Operating Income (Loss)
 
(397
)
 
11,489

 
—

 
—

 
11,092

Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
Interest income
 
10

 
174

 
—

 
—

 
184

Interest expense
 
(2,269
)
 
(274
)
 
—

 
—

 
(2,543
)
Intercompany interest
 
4,765

 
(4,765
)
 
—

 
—

 
—

SEACOR management fees
 
—

 
(500
)
 
—

 
—

 
(500
)
Derivative losses, net
 
—

 
(188
)
 
—

 
—

 
(188
)
Foreign currency losses, net
 
—

 
(272
)
 
—

 
—

 
(272
)
 
 
2,506

 
(5,825
)
 
—

 
—

 
(3,319
)
Income Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies and Subsidiaries
 
2,109

 
5,664

 
—

 
—

 
7,773

Income Tax Expense
 
765

 
2,027

 
—

 
—

 
2,792

Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies and Subsidiaries
 
1,344

 
3,637

 
—

 
—

 
4,981

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

 
219

 
—

 
—

 
219

Equity in Earnings (Losses) of Subsidiaries
 
3,856

 
—

 
—

 
(3,856
)
 
—

Net Income Attributable to Era Group Inc.
 
5,200

 
3,856

 
—

 
(3,856
)
 
5,200

Accretion of Redemption Value on Series A Preferred Stock
 
2,099

 
—

 
—

 
—

 
2,099

Net Income Attributable to Common Shares
 
$
3,101

 
$
3,856

 
$
—

 
$
(3,856
)
 
$
3,101


Supplemental Condensed Consolidating Statement of Operations for the Nine Months Ended September 30, 2012
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Operating Revenues
 
$
—

 
$
202,026

 
$
—

 
$
—

 
$
202,026

Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
Operating
 
—

 
124,913

 
—

 
—

 
124,913

Administrative and general
 
3,305

 
23,904

 
1

 
—

 
27,210

Depreciation
 
—

 
31,031

 
—

 
—

 
31,031

 
 
3,305

 
179,848

 
1

 
—

 
183,154

Gains on Asset Dispositions, Net
 
—

 
3,455

 
—

 
—

 
3,455

Operating Income (Loss)
 
(3,305
)
 
25,633

 
(1
)
 
—

 
22,327

Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
Interest income
 
60

 
705

 
—

 
—

 
765

Interest expense
 
(6,041
)
 
(850
)
 
—

 
—

 
(6,891
)
Intercompany interest
 
12,774

 
(12,774
)
 
—

 
—

 
—

SEACOR management fees
 
(1,000
)
 
(500
)
 
—

 
—

 
(1,500
)
Derivative losses, net
 
—

 
(492
)
 
—

 
—

 
(492
)
Foreign currency gains, net
 
—

 
633

 
—

 
—

 
633

Other, net
 
—

 
30

 
—

 
—

 
30

 
 
5,793

 
(13,248
)
 
—

 
—

 
(7,455
)
Income Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies and Subsidiaries
 
2,488

 
12,385

 
(1
)
 
—

 
14,872

Income Tax Expense
 
1,100

 
4,112

 
—

 
—

 
5,212

Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies and Subsidiaries
 
1,388

 
8,273

 
(1
)
 
—

 
9,660

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

 
(5,444
)
 
—

 
—

 
(5,444
)
Equity in Earnings (Losses) of Subsidiaries
 
2,828

 
—

 
—

 
(2,828
)
 
—

Net Income (Loss) Attributable to Era Group Inc.
 
4,216

 
2,829

 
(1
)
 
(2,828
)
 
4,216

Accretion of Redemption Value on Series A Preferred Stock
 
6,334

 
—

 
—

 
—

 
6,334

Net Income (Loss) Attributable to Common Shares
 
$
(2,118
)
 
$
2,829

 
$
(1
)
 
$
(2,828
)
 
$
(2,118
)


Supplemental Statement of Comprehensive Income (Loss) for the Three Months Ended September 30, 2013
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Net Income (Loss)
 
$
5,088

 
$
3,745

 
$
(231
)
 
$
(3,514
)
 
$
5,088

Other Comprehensive Income:
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
234

 
234

 
—

 
(234
)
 
234

Income tax expense
 
(82
)
 
(82
)
 
—

 
82

 
(82
)
 
 
152

 
152

 
—

 
(152
)
 
152

Comprehensive Income (Loss)
 
5,240

 
3,897

 
(231
)
 
(3,666
)
 
5,240

Comprehensive Loss Attributable to Noncontrolling Interest in Subsidiary
 
116

 
116

 
—

 
(116
)
 
116

Comprehensive Income (Loss) Attributable to Era Group Inc.
 
$
5,356

 
$
4,013

 
$
(231
)
 
$
(3,782
)
 
$
5,356


Supplemental Statement of Comprehensive Income (Loss) for the Nine Months Ended September 30, 2013
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Net Income (Loss)
 
$
16,627

 
$
11,376

 
$
(652
)
 
$
(10,724
)
 
$
16,627

Other Comprehensive Income:
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
135

 
135

 
—

 
(135
)
 
135

Income tax expense
 
(47
)
 
(47
)
 
—

 
47

 
(47
)
 
 
88

 
88

 
—

 
(88
)
 
88

Comprehensive Income (Loss)
 
16,715

 
11,464

 
(652
)
 
(10,812
)
 
16,715

Comprehensive Loss Attributable to Noncontrolling Interest in Subsidiary
 
326

 
326

 
—

 
(326
)
 
326

Comprehensive Income (Loss) Attributable to Era Group Inc.
 
$
17,041

 
$
11,790

 
$
(652
)
 
$
(11,138
)
 
$
17,041


Supplemental Statement of Comprehensive Income for the Three Months Ended September 30, 2012
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Net Income
 
$
5,200

 
$
3,856

 
$
—

 
$
(3,856
)
 
$
5,200

Other Comprehensive Income:
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
112

 
112

 
—

 
(112
)
 
112

Income tax expense
 
(39
)
 
(39
)
 
—

 
39

 
(39
)
 
 
73

 
73

 
—

 
(73
)
 
73

Comprehensive Income Attributable to Era Group Inc.
 
$
5,273

 
$
3,929

 
$
—

 
$
(3,929
)
 
$
5,273




Supplemental Statement of Comprehensive Income (Loss) for the Nine Months Ended September 30, 2012
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Net Income (Loss)
 
$
4,216

 
$
2,829

 
$
(1
)
 
$
(2,828
)
 
$
4,216

Other Comprehensive Income:
 
 
 
 
 
 
 
 
 
—

Foreign currency translation adjustments
 
798

 
798

 
—

 
(798
)
 
798

Income tax expense
 
(279
)
 
(279
)
 
—

 
279

 
(279
)
 
 
519

 
519

 
—

 
(519
)
 
519

Comprehensive Income (Loss) Attributable to Era Group Inc.
 
$
4,735

 
$
3,348

 
$
(1
)
 
$
(3,347
)
 
$
4,735



Supplemental Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2013
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Net Cash Provided by Operating Activities
 
$
44,264

 
$
3,659

 
$
476

 
$
—

 
$
48,399

Cash Flows from Investing Activities:
 
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
 
—

 
(48,223
)
 
—

 
—

 
(48,223
)
Proceeds from disposition of property and equipment
 
—

 
59,976

 
—

 
—

 
59,976

Principal payments on notes due from equity investees
 
—

 
856

 
—

 
—

 
856

Principal payments on third party notes receivable, net
 
—

 
592

 
—

 
—

 
592

Net increase in escrow deposits
 
—

 
(9,900
)
 
—

 
—

 
(9,900
)
Net cash provided by investing activities
 
—

 
3,301

 
—

 
—

 
3,301

Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 

Proceeds from issuance of long-term debt
 
15,000

 
—

 
—

 
—

 
15,000

Payments on long-term debt
 
(50,000
)
 
(2,091
)
 
—

 
—

 
(52,091
)
Dividends paid on Series A preferred stock
 
(4,953
)
 
—

 
—

 
—

 
(4,953
)
Proceeds and tax benefits from share award plans
 
527

 
—

 
—

 
—

 
527

Settlement of SEACOR options with Era Group options
 
706

 
—

 
—

 
—

 
706

Net cash used in financing activities
 
(38,720
)
 
(2,091
)
 
—

 
—

 
(40,811
)
Effects of Exchange Rate Changes on Cash and Cash Equivalents
 
88

 
35

 
—

 
—

 
123

Net Increase in Cash and Cash Equivalents
 
5,632

 
4,904

 
476

 
—

 
11,012

Cash and Cash Equivalents, Beginning of Year
 
2,258

 
8,558

 
689

 
—

 
11,505

Cash and Cash Equivalents, End of Year
 
$
7,890

 
$
13,462

 
$
1,165

 
$
—

 
$
22,517


Supplemental Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2012
 
 
Parent Company Only
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
 
 
(in thousands)
Net Cash (Used in) Provided by Operating Activities
 
$
(95,404
)
 
$
77,513

 
$
10,800

 
$
—

 
$
(7,091
)
Cash Flows from Investing Activities:
 
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
 
—

 
(91,155
)
 
—

 
—

 
(91,155
)
Proceeds from disposition of property and equipment
 
—

 
4,887

 
—

 
—

 
4,887

Cash settlements on derivative transactions, net
 
—

 
(307
)
 
—

 
—

 
(307
)
Investments in and advances to 50% or less owned companies
 
—

 
(11,857
)
 
—

 
—

 
(11,857
)
Principal payments on notes due from equity investees
 
—

 
2,725

 
—

 
—

 
2,725

Principal payments on third party notes receivable, net
 
—

 
832

 
—

 
—

 
832

Investment in subsidiary with noncontrolling interest
 
—

 
10,789

 
(10,789
)
 
—

 
—

Net cash used in investing activities
 
—

 
(84,086
)
 
(10,789
)
 
—

 
(94,875
)
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 

Proceeds from issuance of long-term debt
 
38,000

 
—

 
—

 
—

 
38,000

Payments on long-term debt
 
(100,000
)
 
(2,090
)
 
—

 
—

 
(102,090
)
Dividends paid to parent
 
(4,447
)
 
—

 
—

 
—

 
(4,447
)
Intercompany debt, net
 
100,000

 
—

 
—

 
—

 
100,000

Net cash provided by (used in) financing activities
 
33,553

 
(2,090
)
 
—

 
—

 
31,463

Effects of Exchange Rate Changes on Cash and Cash Equivalents
 
593

 
20

 
—

 
—

 
613

Net (Decrease) Increase in Cash and Cash Equivalents
 
(61,258
)
 
(8,643
)
 
11

 
—

 
(69,890
)
Cash and Cash Equivalents, Beginning of Year
 
63,044

 
16,078

 
—

 
—

 
79,122

Cash and Cash Equivalents, End of Year
 
$
1,786

 
$
7,435

 
$
11

 
$
—

 
$
9,232