Quarterly report pursuant to Section 13 or 15(d)

GUARANTORS OF SECURITIES (Tables)

v3.4.0.3
GUARANTORS OF SECURITIES (Tables)
3 Months Ended
Mar. 31, 2016
Guarantees [Abstract]  
Condensed Balance Sheet
Supplemental Condensed Consolidating Balance Sheet as of March 31, 2016
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands, except share data)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
26,719

 
$
2,900

 
$
1,184

 
$

 
$
30,803

Receivables:
 
 
 
 
 
 
 
 
 
Trade, net of allowance for doubtful accounts of $2,089
39

 
30,546

 
6,395

 

 
36,980

Tax receivable
6,000

 
68

 

 

 
6,068

Other

 
3,135

 
572

 

 
3,707

Inventories, net

 
25,151

 
2,593

 

 
27,744

Prepaid expenses
692

 
2,503

 
79

 

 
3,274

Other current assets
190

 
1

 

 

 
191

Total current assets
33,640

 
64,304

 
10,823

 

 
108,767

Property and equipment

 
1,154,749

 
16,522

 

 
1,171,271

Accumulated depreciation

 
(324,482
)
 
(881
)
 

 
(325,363
)
Property and equipment, net

 
830,267

 
15,641

 

 
845,908

Equity investments and advances

 
28,795

 

 

 
28,795

Investments in consolidated subsidiaries
172,605

 

 

 
(172,605
)
 

Deferred taxes
5,360

 

 

 
(5,360
)
 

Intangible assets

 

 
1,153

 

 
1,153

Intercompany receivables
494,579

 

 

 
(494,579
)
 

Other assets
1,994

 
6,605

 
4,251

 

 
12,850

Total assets
$
708,178

 
$
929,971

 
$
31,868

 
$
(672,544
)
 
$
997,473

LIABILITIES, REDEEMABLE NONCONTROLLING INTREST AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
579

 
$
8,338

 
$
1,202

 
$

 
$
10,119

Accrued wages and benefits

 
4,574

 
1,670

 

 
6,244

Accrued interest
3,491

 

 

 

 
3,491

Accrued other taxes
59

 
1,132

 
714

 

 
1,905

Accrued contingencies

 

 
2,851

 

 
2,851

Current portion of long-term debt

 
1,524

 
767

 

 
2,291

Other current liabilities
360

 
1,354

 
61

 

 
1,775

Total current liabilities
4,489

 
16,922

 
7,265

 

 
28,676

Long-term debt
235,185

 
22,890

 
5,515

 

 
263,590

Deferred income taxes

 
233,765

 
678

 
(5,360
)
 
229,083

Intercompany payables

 
476,236

 
18,343

 
(494,579
)
 

Other liabilities

 
1,590

 
1,265

 

 
2,855

Total liabilities
239,674

 
751,403

 
33,066

 
(499,939
)
 
524,204

Redeemable noncontrolling interest

 
4

 
4,668

 

 
4,672

Equity:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,879,783 outstanding, exclusive of treasury shares
211

 

 

 

 
211

Additional paid-in capital
434,460

 
95,543

 
9,325

 
(104,868
)
 
434,460

Retained earnings
36,683

 
82,929

 
(15,191
)
 
(67,737
)
 
36,684

Treasury shares, at cost, 171,114 shares
(2,850
)
 

 

 

 
(2,850
)
Accumulated other comprehensive income, net of tax

 
92

 

 

 
92

Total equity
468,504

 
178,564

 
(5,866
)
 
(172,605
)
 
468,597

Total liabilities, redeemable noncontrolling interest and stockholders’ equity
$
708,178

 
$
929,971

 
$
31,868

 
$
(672,544
)
 
$
997,473

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
2,166

 
6,999

 
3,367

 

 
12,532

Total assets
$
707,844

 
$
953,057

 
$
34,863

 
$
(691,413
)
 
$
1,004,351

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
235,134

 
23,305

 
5,259

 

 
263,698

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
236,633

 
779,984

 
30,705

 
(519,078
)
 
528,244

Redeemable noncontrolling interest

 
4

 
4,800

 

 
4,804

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

Intercompany receivables

 

 

 

 

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
$
707,844

 
$
953,057

 
$
34,863

 
$
(691,413
)
 
$
1,004,351

Condensed Income Statement
Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended March 31, 2016
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Operating revenues
$

 
$
48,487

 
$
14,095

 
$

 
$
62,582

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
26,010

 
18,297

 

 
44,307

Administrative and general
1,048

 
7,084

 
1,095

 

 
9,227

Depreciation

 
12,486

 
280

 

 
12,766

Total costs and expenses
1,048

 
45,580

 
19,672

 

 
66,300

Gains on asset dispositions, net

 
2,913

 

 

 
2,913

Operating income (loss)
(1,048
)
 
5,820

 
(5,577
)
 

 
(805
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
4

 
123

 
174

 

 
301

Interest expense
(4,343
)
 
(148
)
 
(257
)
 

 
(4,748
)
Foreign currency gains (losses), net
69

 
(109
)
 
321

 

 
281

Other, net

 

 
(17
)
 

 
(17
)
Total other income (expense)
(4,270
)
 
(134
)
 
221

 

 
(4,183
)
Income (loss) before income taxes and equity earnings
(5,318
)
 
5,686

 
(5,356
)
 

 
(4,988
)
Income tax expense (benefit)
(1,229
)
 
215

 

 

 
(1,014
)
Income (loss) before equity earnings
(4,089
)
 
5,471

 
(5,356
)
 

 
(3,974
)
Equity earnings, net of tax

 
24

 

 

 
24

Equity in earnings (losses) of subsidiaries
271

 

 

 
(271
)
 

Net income (loss)
(3,818
)
 
5,495

 
(5,356
)
 
(271
)
 
(3,950
)
Net loss attributable to non-controlling interest in subsidiary

 

 
132

 

 
132

Net income (loss) attributable to Era Group Inc.
$
(3,818
)
 
$
5,495

 
$
(5,224
)
 
$
(271
)
 
$
(3,818
)
Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended March 31, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Operating revenues
$

 
$
67,415

 
$

 
$

 
$
67,415

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
43,517

 
88

 

 
43,605

Administrative and general
1,374

 
8,369

 

 

 
9,743

Depreciation

 
11,456

 
146

 

 
11,602

Total costs and expenses
1,374

 
63,342

 
234

 

 
64,950

Gains on asset dispositions, net

 
3,388

 

 

 
3,388

Operating income
(1,374
)
 
7,461

 
(234
)
 

 
5,853

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
5

 
245

 
1

 

 
251

Interest expense
(3,352
)
 
(193
)
 

 

 
(3,545
)
Derivative losses, net

 
(12
)
 

 

 
(12
)
Foreign currency gains (losses), net
542

 
(3,502
)
 

 

 
(2,960
)
Gain on debt extinguishment
264

 

 

 

 
264

Total other income (expense)
(2,541
)
 
(3,462
)
 
1

 

 
(6,002
)
Income (loss) before income taxes and equity earnings
(3,915
)
 
3,999

 
(233
)
 

 
(149
)
Income tax expense (benefit)
(1,482
)
 
1,427

 

 

 
(55
)
Income (loss) before equity earnings
(2,433
)
 
2,572

 
(233
)
 

 
(94
)
Equity losses, net of tax

 
(145
)
 

 

 
(145
)
Equity in earnings (losses) of subsidiaries
2,391

 

 

 
(2,391
)
 

Net income (loss)
(42
)
 
2,427

 
(233
)
 
(2,391
)
 
(239
)
Net loss attributable to non-controlling interest in subsidiary

 
197

 

 

 
197

Net income (loss) attributable to Era Group Inc.
$
(42
)
 
$
2,624

 
$
(233
)
 
$
(2,391
)
 
$
(42
)
Condensed Statement of Comprehensive Income
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2016
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
(3,818
)
 
$
5,495

 
$
(5,356
)
 
$
(271
)
 
$
(3,950
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 

 

 

 

Total other comprehensive income (loss)

 

 

 

 

Comprehensive income (loss)
(3,818
)
 
5,495

 
(5,356
)
 
(271
)
 
(3,950
)
Comprehensive loss attributable to non-controlling interest in subsidiary

 

 
132

 

 
132

Comprehensive income (loss) attributable to Era Group Inc.
$
(3,818
)
 
$
5,495

 
$
(5,224
)
 
$
(271
)
 
$
(3,818
)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
(42
)
 
$
2,427

 
$
(233
)
 
$
(2,391
)
 
$
(239
)
Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 
(3
)
 

 

 
(3
)
Income tax benefit

 
1

 

 

 
1

Total other comprehensive loss

 
(2
)
 

 

 
(2
)
Comprehensive income (loss)
(42
)
 
2,425

 
(233
)
 
(2,391
)
 
(241
)
Comprehensive income attributable to non-controlling interest in subsidiary

 
197

 

 

 
197

Comprehensive income (loss) attributable to Era Group Inc.
$
(42
)
 
$
2,622

 
$
(233
)
 
$
(2,391
)
 
$
(44
)
Condensed Cash Flow Statement
Supplemental Condensed Consolidating Statements of Cash Flows for the Three Months Ended March 31, 2016
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by (used in) operating activities
$
19,154

 
$
(3,220
)
 
$
(1,491
)
 
$
350

 
$
14,793

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(2,090
)
 
(55
)
 

 
(2,145
)
Proceeds from disposition of property and equipment

 
3,980

 

 

 
3,980

Return of helicopter deposit

 
544

 

 

 
544

Principal payments on notes due from equity investees

 
177

 

 

 
177

Principal payments on third party notes receivable

 
46

 

 

 
46

Net cash provided by (used in) investing activities

 
2,657

 
(55
)
 

 
2,602

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Payments on long-term debt

 
(555
)
 
(1,096
)
 
(7,000
)
 
(8,651
)
Proceeds from Revolving Credit Facility

 

 

 
7,000

 
7,000

Proceeds from share award plans

 

 

 
477

 
477

Purchase of treasury shares

 

 

 
(161
)
 
(161
)
Borrowings and repayments of intercompany debt

 
316

 
350

 
(666
)
 

Net cash used in financing activities

 
(239
)
 
(746
)
 
(350
)
 
(1,335
)
Effects of exchange rate changes on cash and cash equivalents

 
368

 
5

 

 
373

Net increase (decrease) in cash and cash equivalents
19,154

 
(434
)
 
(2,287
)
 

 
16,433

Cash and cash equivalents, beginning of period
7,565

 
3,334

 
3,471

 

 
14,370

Cash and cash equivalents, end of period
$
26,719

 
$
2,900

 
$
1,184

 
$

 
$
30,803


Supplemental Condensed Consolidating Statements of Cash Flows for the Three Months Ended March 31, 2015
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by (used in) operating activities
$
(1,517
)
 
$
8,304

 
$
1

 
$

 
$
6,788

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(8,866
)
 

 

 
(8,866
)
Proceeds from disposition of property and equipment

 
5,379

 

 

 
5,379

Cash settlements on forward contracts, net

 

 

 
(1,103
)
 
(1,103
)
Principal payments on notes due from equity investees

 
169

 

 

 
169

Principal payments on third party notes receivable

 
25

 

 

 
25

Escrow deposits, net

 
(2,800
)
 

 

 
(2,800
)
Repayment of intercompany debt

 
(1,103
)
 

 
1,103

 

Net cash used in investing activities

 
(7,196
)
 

 

 
(7,196
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Payments on long-term debt

 
(697
)
 

 
(15,000
)
 
(15,697
)
Proceeds from Revolving Credit Facility

 

 

 
20,000

 
20,000

Extinguishment of long-term debt

 

 

 
(9,297
)
 
(9,297
)
Proceeds from share award plans

 

 

 
612

 
612

Repayment of intercompany debt

 
(3,685
)
 

 
3,685

 

Net cash used in financing activities

 
(4,382
)
 

 

 
(4,382
)
Effects of exchange rate changes on cash and cash equivalents

 
(2,386
)
 

 

 
(2,386
)
Net increase (decrease) in cash and cash equivalents
(1,517
)
 
(5,660
)
 
1

 

 
(7,176
)
Cash and cash equivalents, beginning of period
16,481

 
22,188

 
2,198

 

 
40,867

Cash and cash equivalents, end of period
$
14,964

 
$
16,528

 
$
2,199

 
$

 
$
33,691