Bristow Group Reports Strong Financial Results for the December 2007 Quarter
- Revenue increased by 24%
- Net earnings per share more than doubled
HOUSTON, Feb. 5 /PRNewswire-FirstCall/ -- Bristow Group Inc. (NYSE: BRS)
today reported financial results for its December 2007 quarter.
Highlights include:
For the quarter ended December 31, 2007:
-- Revenue of $261.5 million increased by 24% over the December 2006
quarter. Revenue gains occurred primarily in our Europe, West Africa
and Southeast Asia business units, driven by increases in rates for
helicopter services, increased demand for helicopter services from our
existing customers and the addition of new aircraft.
-- Operating income of $36.7 million increased 82% from $20.2 million in
the December 2006 quarter, and operating margin increased to 14.1%
versus 9.6% for the December 2006 quarter. The improvements were
primarily the result of higher revenue and the inclusion in the
December 2007 quarter of $4.1 million of gains on disposal of assets
compared to $1.0 million for the December 2006 quarter. Additionally,
operating income and margin were impacted by the items discussed
below.
-- Net income of $20.1 million increased 91% from $10.5 million for the
December 2006 quarter. Net income for the December 2007 quarter
includes the previously announced loss of $6.2 million ($0.20 per
diluted share) on the sale of our Grasso Production Management
("Grasso") business in November 2007, which is presented as
discontinued operations.
-- Diluted earnings per share from continuing operations almost tripled
to $0.86 from $0.29 for the December 2006 quarter, while diluted
earnings per share on net earnings increased to $0.66 from $0.31 for
the December 2006 quarter.
-- Diluted earnings per share for the December 2007 quarter reflects the
assumed conversion of the Company's Mandatory Convertible Preferred
Stock, which added approximately 6.5 million to our weighted average
diluted shares. However, diluted earnings per share for the December
2006 quarter was reduced by the preferred stock dividends, while the
weighted-average shares outstanding did not include the assumed
conversion of preferred stock into common shares. The computation was
different in the December 2006 quarter because inclusion of these
shares and preferred stock dividends would have had an anti-dilutive
effect for that period.
-- Operating results for the December 2007 quarter included the following
items:
-- An impairment charge of $1.8 million related to inventory utilized
on S-61 search and rescue ("SAR") configured aircraft.
-- $2.5 million of retroactive compensation cost increases recorded
within our West Africa operations resulting from the completion of
union negotiations.
-- $1.5 million of retroactive rate increases with a major customer
in Nigeria.
Excluding these items, operating income would have been $39.5 million,
operating margin would have been 15.1%, income from continuing operations
would have been $28.0 million and diluted EPS from continuing operations
would have been $0.92.
For the nine months ended December 31, 2007:
-- Revenue of $752.5 million increased 20% over the same period of fiscal
year 2007 due to revenue gains in most business units, driven by
increases in rates for helicopter services, increased demand for
helicopter services from our existing customers and the addition of
new aircraft.
-- Operating income of $115.3 million increased 45% from $79.4 million
for the nine months ended December 31, 2006, and operating margin
increased to 15.3% versus 12.7% for the nine months ended December 31,
2006. The improvements were primarily the result of the improvement
in rates. Additionally, operating income and margin were impacted by
the items discussed below.
-- Net income of $76.8 million increased 64% from $46.8 million for the
nine months ended December 31, 2006. Net income for the nine months
ended December 31, 2007 includes the previously announced loss of $6.2
million ($0.20 per diluted share) on the sale of our Grasso business
in November 2007, which is presented as discontinued operations.
-- Diluted earnings per share from continuing operations increased 57% to
$2.68 from $1.71 for the nine months ended December 31, 2006 while
diluted earnings per share on net earnings increased to $2.52 from
$1.80 for the nine months ended December 31, 2006.
-- Diluted earnings per share for the nine months ended December 31, 2007
and 2006 reflected the assumed conversion of the Company's Mandatory
Convertible Preferred Stock, which added approximately 6.5 million and
2.4 million shares, respectively, to our weighted-average diluted
shares.
-- Operating results for the nine months ended December 31, 2007 included
the following items:
-- An impairment charge of $1.8 million related to inventory utilized
on S-61 SAR configured aircraft.
-- Reversal of $1.0 million of previously accrued SEC settlement
costs.
-- Reversal of a $5.4 million accrual for sales tax contingency in
Nigeria.
Excluding these items, operating income would have been $110.7 million,
operating margin would have been 14.7%, income from continuing operations
would have been $78.5 million and diluted EPS from continuing operations
would have been $2.58.
Capital and Liquidity:
-- The December 31, 2007 consolidated balance sheet reflected $959.3
million in stockholders' investment and $607.8 million of
indebtedness.
-- We had $315.3 million in cash and an undrawn $100 million revolving
credit facility.
-- We generated $57.8 million of cash from operating activities, $344.8
million in net proceeds from the issuance of 7 1/2% senior notes,
$23.0 million of cash from asset dispositions and $22.0 million in net
cash from the sale of Grasso during the nine months ended December 31,
2007.
-- We used $288.8 million for capital expenditures -- primarily for
aircraft -- and $14.6 million for the acquisitions (net of cash
acquired) of Bristow Academy and Vortex during the nine months ended
December 31, 2007.
-- Aircraft purchase commitments totaled $344.7 million for 28 aircraft,
with options totaling $472.6 million for 34 aircraft as of December
31, 2007.
William E. Chiles, President and Chief Executive Officer of Bristow Group Inc., said, "We remain very pleased with our operational and financial performance. The delivery of new aircraft as well as rate increases in several operating regions produced strong revenues and earnings performance in the December quarter. We renegotiated and extended the last of our major contracts in Nigeria at significantly better rates during the quarter, which should result in improved operating margins for our West Africa business unit and move us closer to meeting our return on capital goal for this region. We also saw improved rates from the North Sea.
"We continued to invest in our fleet with the exercise of options on eight additional aircraft, including five large- and three medium-sized helicopters from Sikorsky and Eurocopter.
"During the quarter we also completed the sale of our Grasso Production Management business, which makes Bristow Group a pure play in helicopter transportation services principally to the offshore energy industry."
CONFERENCE CALL
Management will conduct a conference call starting at 10:00 a.m. EST (9:00 a.m. CST) on Wednesday, February 6, 2008, to review financial results for the fiscal quarter ended December 31, 2007. The conference call can be accessed as follows:
Via Webcast:
-- Visit Bristow Group's investor relations Web page at
http://www.bristowgroup.com
-- Live: Click on the link for "Q3 2008 Bristow Group Inc. Earnings
Conference Call"
-- Replay: A replay via webcast will be available approximately one hour
after the call's completion
Via Telephone within the U.S.:
-- Live: Dial toll free (800) 219-6110
-- Replay: A telephone replay will be available through Friday, February
22, by dialing toll free (800) 405-2236, passcode: 11106959#
Via Telephone outside the U.S.:
-- Live: Dial (303) 262-2143
-- Replay: A telephone replay will be available through Friday, February
22, by dialing (303) 590-3000, passcode: 11106959#
ABOUT BRISTOW GROUP INC.
Bristow Group Inc. is the leading provider of helicopter services to the worldwide offshore energy industry based on the number of aircraft operated. Through its subsidiaries, affiliates and joint ventures, the Company has major transportation operations in the U.S. Gulf of Mexico and the North Sea, and in most of the other major offshore oil and gas producing regions of the world, including Alaska, Australia, Mexico, Nigeria, Russia and Trinidad. For more information, visit the Company's website at http://www.bristowgroup.com.
FORWARD-LOOKING STATEMENTS DISCLOSURE
Statements contained in this news release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. These forward-looking statements include statements regarding margins, rate of return and the addition of new aircraft to our fleet. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's quarterly report on Form 10-Q for the quarter ended December 31, 2007 and the annual report on Form 10-K for the year ended March 31, 2007. Bristow Group Inc. disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events or otherwise.
Contact:
Linda McNeill, Investor Relations
(713) 267-7622
(financial tables follow)
On November 2, 2007, we sold our Grasso business, which comprised our entire Production Management Services segment. The financial results for our Production Management Services segment are classified as discontinued operations in the consolidated statements of income and balance sheets presented below. In addition to statements of income for the three and nine months ended December 31, 2007 and the same periods in the prior year, we have provided in the tables at the end of this release our consolidated statements of income for the three months ended June 30, September 30, and December 31, 2006 and March 31, June 30, September 30 and December 31, 2007 with the financial results for our Production Management Services segment classified as discontinued operations to conform to the current presentation.
BRISTOW GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
------------------ -------------------
2006 2007 2006 2007
--------- -------- -------- ---------
Gross revenue:
Operating revenue from non-
affiliates $180,343 $222,831 $530,323 $642,598
Operating revenue from
affiliates 10,701 13,633 34,411 38,588
Reimbursable revenue from non-
affiliates 18,793 23,439 58,794 66,075
Reimbursable revenue from
affiliates 1,172 1,617 3,390 5,218
--------- -------- -------- ---------
211,009 261,520 626,918 752,479
--------- -------- -------- ---------
Operating expenses:
Direct costs 140,867 169,704 408,977 475,416
Reimbursable expense 20,575 24,344 62,691 68,587
Depreciation and amortization 11,015 12,445 31,942 36,127
General and administrative 19,355 22,373 49,662 61,018
Gain on disposal of assets (1,044) (4,094) (5,706) (3,921)
--------- -------- -------- ---------
190,768 224,772 547,566 637,227
--------- -------- -------- ---------
Operating income 20,241 36,748 79,352 115,252
Earnings from unconsolidated
affiliates, net of losses 2,106 3,725 5,393 11,233
Interest income 3,767 3,697 6,027 9,781
Interest expense (2,539) (6,684) (8,646) (16,135)
Other income (expense), net (5,226) 989 (11,319) 1,775
--------- -------- -------- ---------
Income from continuing
operations before provision
for income taxes and
minority interest 18,349 38,475 70,807 121,906
Provision for income taxes (8,158) (12,302) (25,390) (40,035)
Minority interest (257) 61 (1,049) (392)
--------- -------- -------- ---------
Income from continuing
operations 9,934 26,234 44,368 81,479
Discontinued Operations:
Income (loss) from discontinued
operations before
provision for income taxes 812 (1,429) 3,721 690
Provision for income taxes on
discontinued operations (295) (4,657) (1,334) (5,399)
--------- -------- -------- ---------
Income (loss) from discontinued
operations 517 (6,086) 2,387 (4,709)
--------- -------- -------- ---------
Net income 10,451 20,148 46,755 76,770
Preferred stock dividends (3,150) (3,162) (3,471) (9,487)
--------- -------- -------- ---------
Net income available to common
stockholders $7,301 $16,986 $43,284 $67,283
========= ======== ======== =========
Basic earnings per common share:
Earnings from continuing
operations $0.29 $0.97 $1.75 $3.03
Earnings (loss) from
discontinued operations 0.02 (0.26) 0.10 (0.19)
--------- -------- -------- ---------
Net earnings $0.31 $0.71 $1.85 $2.84
========= ======== ======== =========
Diluted earnings per common share:
Earnings from continuing
operations $0.29 $0.86 $1.71 $2.68
Earnings (loss) from
discontinued operations 0.02 (0.20) 0.09 (0.16)
--------- -------- -------- ---------
Net earnings $0.31 $0.66 $1.80 $2.52
========= ======== ======== =========
BRISTOW GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, December 31,
2007 2007
---------- -----------
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $178,268 $315,265
Accounts receivable from non-affiliates 147,608 185,083
Accounts receivable from affiliates 17,199 16,960
Inventories 157,563 174,681
Prepaid expenses and other 17,387 18,154
Current assets from discontinued
operations 17,949 --
---------- -----------
Total current assets 535,974 710,143
Investments in unconsolidated
affiliates 46,828 53,834
Property and equipment -- at cost:
Land and buildings 51,785 57,820
Aircraft and equipment 1,139,781 1,399,044
---------- -----------
1,191,566 1,456,864
Less: accumulated depreciation and
amortization (300,045) (306,673)
---------- -----------
891,521 1,150,191
Goodwill 6,630 15,633
Other assets 10,725 30,590
Long-term assets from discontinued
operations 14,125 -
---------- -----------
$1,505,803 $1,960,391
========== ===========
LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current liabilities:
Accounts payable $40,459 $37,997
Accrued wages, benefits and
related taxes 36,390 37,021
Income taxes payable 3,412 8,777
Other accrued taxes 9,042 2,991
Deferred revenues 16,283 19,876
Accrued maintenance and repairs 12,309 15,932
Accrued Interest 4,511 8,780
Other accrued liabilities 17,151 20,702
Deferred taxes 18,097 11,352
Short-term borrowings and current
maturities of long-term debt 4,852 7,351
Current liabilities from
discontinued operations 5,462 -
---------- -----------
Total current liabilities 167,968 170,779
Long-term debt, less current maturities 254,230 600,469
Accrued pension liabilities 113,069 107,005
Other liabilities and deferred credits 17,345 15,024
Deferred taxes 76,054 102,681
Long-term liabilities from
discontinued operations 35 -
Minority interest 5,445 5,099
Commitments and contingencies
Stockholders' investment:
5.50% mandatory convertible
preferred stock 222,554 222,554
Common stock 236 239
Additional paid-in capital 169,353 183,517
Retained earnings 515,589 582,872
Accumulated other comprehensive loss (36,075) (29,848)
---------- -----------
871,657 959,334
---------- -----------
$1,505,803 $1,960,391
========== ===========
BRISTOW GROUP INC. AND SUBSIDIARIES
CORPORATE ITEMS AFFECTING THE COMPARABILITY OF RESULTS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended December 31,
-----------------------------------------------------
2006 2007
--------------------------- ------------------------
Diluted Diluted
Earnings Earnings
Pre-tax Net Per Pre-tax Net Per
Earnings Income Share Earnings Income Share
-------- ------ -------- -------- ------ -------
Continuing
operations:
Investigations:
SEC (1) $(3,000) $(2,067) $(0.09) $- $- $-
DOJ (2) (670) (462) (0.02) (296) (192) (0.01)
Tax contingency
related items (3) - 800 0.03 - 600 0.02
Acquisitions and
divestitures:
Expense of
previously
deferred
acquisition
costs (4) (1,889) (1,302) (0.06) - - -
Turbo asset
sale (5) (120) (2,419) (0.10) - - -
7 1/2% Senior Notes
due 2017 (6) - - - (3,024) (1,966) (0.06)
Foreign currency
transaction gains
(losses) (7) (3,413) (2,352) (0.10) 963 626 0.02
Preferred Stock (8) 2,334 1,608 (0.07) - - (0.15)
-------- ------ -------- -------- ------ -------
Total -
continuing
operations (6,758) (6,194) (0.41) (2,357) (932) (0.18)
Discontinued
operations (9) - - - (1,555) (6,168) (0.20)
-------- ------ -------- -------- ------ -------
Total $(6,758) $(6,194) $(0.41) $(3,912) $(7,100) $(0.38)
======= ====== ======== ======== ====== =======
Nine Months Ended December 31,
-----------------------------------------------------
2006 2007
--------------------------- ------------------------
Diluted Diluted
Earnings Earnings
Pre-tax Net Per Pre-tax Net Per
Earnings Income Share Earnings Income Share
-------- ------ ------- -------- ------ -------
Continuing
operations:
Investigations:
SEC (1) $(3,105) $(2,096) $(0.08) $1,000 $650 $0.02
DOJ (2) (1,542) (1,041) (0.04) (784) (510) (0.02)
Tax contingency
related items (3) (2,800) 410 0.02 5,396 4,907 0.16
Acquisitions and
divestitures:
Expense of
previously
deferred
acquisition
costs (4) (1,889) (1,275) (0.05) - - -
Turbo asset
sale (5) (120) (2,421) (0.09) - - -
7 1/2% Senior Notes
due 2017 (6) - - - (6,397) (4,158) (0.14)
Foreign currency
transaction gains
(losses) (7) (9,555) (6,450) (0.25) 1,707 1,110 0.04
Preferred Stock (8) 2,605 1,758 (0.16) - - (0.66)
-------- ------ ------- -------- ------ -------
Total -
continuing
operations (16,406) (11,115) (0.65) 922 1,999 (0.60)
Discontinued
operations (9) - - - (1,555) (6,168) (0.20)
-------- ------ ------- -------- ------ -------
Total $(16,406) $(11,115) $(0.65) $(633) $(4,169) $(0.80)
======== ====== ======= ======== ====== =======
(1) Represents a reversal of previously accrued costs incurred in
conjunction with the SEC investigation regarding findings from the
internal review initiated by the Audit Committee of our board of
directors in fiscal year 2005 of certain payments made by two of our
affiliated entities in a foreign country. These costs were included
in general & administrative costs in our consolidated statements of
income.
(2) Represents legal and other professional fees incurred in connection
with a document subpoena received from the Antitrust Division of the
Department of Justice ("DOJ") in June 2005, which related to a
grand jury investigation of potential antitrust violations among
providers of helicopter transportation services in the U.S. Gulf of
Mexico focusing on activities during the period from January 1, 2000
to June 13, 2005. These costs are included in general &
administrative costs in our consolidated statements of income.
(3) Represents $5.4 million in reversal of accrual for sales tax
contingency during the nine months ended December 31, 2007 in Nigeria
($2.8 million of which was originally accrued during the nine months
ended December 31, 2006) included in direct costs in our consolidated
statements of income and a direct reduction in our provision for
income taxes in our consolidated statements of income for income tax
contingency items, which represents the remainder of the impact on
net income and diluted earnings per share.
(4) Represents expense recorded in December 2006 for acquisition costs
previously deferred in connection with an acquisition we were
evaluating as we determined that the acquisition was no longer
probable. This expense is included within other income (expense),
net in our consolidated statements of income.
(5) On November 30, 2006, we completed a sale of the assets of our
aircraft engine overhaul business, Turbo, to Timken Alcor Aerospace
Technologies, Inc. for approximately $14.6 million, including
estimated post-closing adjustments. The sale was effective November
30, 2006 and resulted in a pre-tax gain of $0.1 million, which is
included in gain on disposition of assets in our consolidated
statements of income for the three and nine months ended December 31,
2006. However, the transaction resulted in additional tax expense of
$2.5 million related to non-deductible goodwill recorded at the time
we acquired Turbo in 2001.
(6) Represents the effect on interest expense, net of interest income
from invested proceeds, resulting from the issuance of 7 ½% Senior
Notes due 2017 in June and November 2007.
(7) Represents foreign currency transaction gains and losses resulting
from changes in exchange rates during the applicable periods. The
effects of these foreign currency transaction gains and losses were
offset to a large extent by corresponding charges or benefits in the
cumulative translation adjustment in stockholders' investment with no
overall economic effect. These amounts are included in other income
(expense), net in our consolidated statements of income.
(8) Represents the effect of the preferred stock offering completed in
September and October 2006. The net income effect results from
interest income earned on remaining cash proceeds generated from the
offering. Diluted earnings per share for the three and nine months
ended December 31, 2007 and 2006 was reduced by the effect of the
inclusion of weighted average shares resulting from the assumed
conversion of the preferred stock at the conversion rate that results
in the most dilution, partially offset by the impact of higher
interest income.
(9) Represents the loss recorded, net of transaction costs and the tax
impact of non-deductible goodwill, related to the Grasso disposition
on November 2, 2007.
BRISTOW GROUP INC. AND SUBSIDIARIES
SELECTED OPERATING DATA
(In thousands, except flight hours and percentages)
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
------------------ -----------------
2006 2007 2006 2007
-------- -------- ------- --------
Flight hours (excludes Bristow
Academy and
unconsolidated affiliates):
North America 34,742 34,658 118,499 114,552
South and Central America 9,973 10,417 28,889 32,594
Europe 10,917 11,625 31,772 33,940
West Africa 9,733 9,824 27,795 28,609
Southeast Asia 3,059 4,590 9,328 11,578
Other International 2,641 2,120 7,119 6,844
-------- -------- ------- --------
Consolidated total 71,065 73,234 223,402 228,117
======== ======== ======= ========
Gross revenue:
North America $57,795 $57,267 $183,667 $180,265
South and Central America 13,173 16,476 39,322 49,463
Europe 73,879 95,100 218,566 271,996
West Africa 35,062 46,287 98,008 125,369
Southeast Asia 18,181 29,918 52,847 76,268
Other International 11,462 11,874 32,601 35,375
EH Centralized Operations 3,816 5,239 10,428 17,375
Bristow Academy - 3,969 - 10,216
Intrasegment eliminations (2,359) (4,647) (8,495) (13,887)
Corporate - 37 (26) 39
-------- -------- ------- --------
Consolidated total $211,009 $261,520 $626,918 $752,479
======== ======== ======= ========
Operating income (loss):
North America $5,906 $6,875 $22,246 $28,458
South and Central America 3,747 4,132 11,341 12,390
Europe 9,554 20,695 37,177 57,165
West Africa 5,838 7,019 13,019 25,308
Southeast Asia 3,030 6,476 8,675 15,710
Other International 1,642 712 6,929 4,758
EH Centralized Operations (2,265) (6,404) (6,616) (13,930)
Bristow Academy - (130) - (612)
Gain on disposal of assets 1,044 4,094 5,706 3,921
Corporate (8,255) (6,721) (19,125) (17,916)
-------- -------- ------- --------
Consolidated total $20,241 $36,748 $79,352 $115,252
======== ======== ======= ========
Operating margin:
North America 10.2% 12.0% 12.1% 15.8%
South and Central America 28.4% 25.1% 28.8% 25.1%
Europe 12.9% 21.8% 17.0% 21.0%
West Africa 16.7% 15.2% 13.3% 20.2%
Southeast Asia 16.7% 21.6% 16.4% 20.6%
Other International 14.3% 6.0% 21.3% 13.5%
EH Centralized Operations (59.4%) (122.2%) (63.4%) (80.2%)
Bristow Academy N/A (3.3%) N/A (6.0%)
Consolidated total 9.6% 14.1% 12.7% 15.3%
BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
--------------------------------------
June 30, Sept. 30, Dec. 31, Mar. 31,
2006 2006 2006 2007
-------- -------- -------- ---------
Gross revenue:
Operating revenue from non-
affiliates $170,886 $179,094 $180,343 $178,931
Operating revenue from affiliates 12,079 11,631 10,701 13,759
Reimbursable revenue from non-
affiliates 22,243 17,758 18,793 21,450
Reimbursable revenue from
affiliates 1,072 1,146 1,172 2,537
-------- -------- -------- ---------
206,280 209,629 211,009 216,677
-------- -------- -------- ---------
Operating expense:
Direct cost 129,479 138,631 140,867 139,387
Reimbursable expense 23,314 18,802 20,575 23,247
Depreciation and amortization 10,236 10,691 11,015 10,517
General and administrative 14,602 15,705 19,355 16,659
Gain on disposal of assets (992) (3,670) (1,044) (4,909)
-------- -------- -------- ---------
176,639 180,159 190,768 184,901
-------- -------- -------- ---------
Operating income 29,641 29,470 20,241 31,776
Earnings from unconsolidated
affiliates, net of losses 1,559 1,728 2,106 6,030
Interest income 1,248 1,012 3,767 2,689
Interest expense (3,236) (2,871) (2,539) (2,294)
Other income (expense), net (4,785) (1,308) (5,226) 2,321
-------- -------- -------- ---------
Income from continuing
operations before provision
for income taxes and minority
interest 24,427 28,031 18,349 40,522
Provision for income taxes (8,022) (9,210) (8,158) (13,391)
Minority interest (116) (676) (257) (151)
-------- -------- -------- ---------
Income from continuing
operations 16,289 18,145 9,934 26,980
Discontinued operations:
Income (loss) from discontinued
operations before provision for
income taxes 1,461 1,448 812 688
Provision for income taxes on
discontinued operations (521) (518) (295) (251)
-------- -------- -------- ---------
Income (loss) from discontinued
operations 940 930 517 437
Net income 17,229 19,075 10,451 27,417
Preferred stock dividends - (321) (3,150) (3,162)
-------- -------- -------- ---------
Net income available to common
stockholders $17,229 $18,754 $7,301 $24,255
======== ======== ======== =========
Basic earnings per common share:
Earnings from continuing
operations $0.70 $0.76 $0.29 $1.01
Earnings (loss) from discontinued
operations 0.04 0.04 0.02 0.02
-------- -------- -------- ---------
Net earnings $0.74 $0.80 $0.31 $1.03
======== ======== ======== =========
Diluted earnings per common share:
Earnings from continuing
operations $0.69 $0.75 $0.29 $0.89
Earnings (loss) from discontinued
operations 0.04 0.04 0.02 0.02
-------- -------- -------- ---------
Net earnings $0.73 $0.79 $0.31 $0.91
======== ======== ======== =========
Three Months Ended
---------------------------------
June 30, Sept. 30, Dec. 31,
2007 2007 2007
--------- --------- ---------
Gross revenue:
Operating revenue from non-affiliates $199,909 $219,858 $222,831
Operating revenue from affiliates 11,097 13,858 13,633
Reimbursable revenue from non-
affiliates 19,042 23,594 23,439
Reimbursable revenue from affiliates 1,103 2,498 1,617
--------- --------- ---------
231,151 259,808 261,520
--------- --------- ---------
Operating expense:
Direct cost 153,088 152,624 169,704
Reimbursable expense 20,145 24,098 24,344
Depreciation and amortization 11,331 12,351 12,445
General and administrative 18,385 20,260 22,373
Gain on disposal of assets (584) 757 (4,094)
--------- --------- ---------
202,365 210,090 224,772
--------- --------- ---------
Operating income 28,786 49,718 36,748
Earnings from unconsolidated
affiliates, net of losses 3,390 4,118 3,725
Interest income 2,124 3,960 3,697
Interest expense (2,928) (6,523) (6,684)
Other income (expense), net 426 360 989
--------- --------- ---------
Income from continuing operations
before provision for income taxes
and minority interest 31,798 51,633 38,475
Provision for income taxes (9,439) (18,294) (12,302)
Minority interest (449) (4) 61
--------- --------- ---------
Income from continuing
operations 21,910 33,335 26,234
Discontinued operations:
Income (loss) from discontinued
operations before provision for
income taxes 1,157 962 (1,429)
Provision for income taxes on
discontinued operations (395) (347) (4,657)
--------- --------- ---------
Income (loss) from discontinued
operations 762 615 (6,086)
--------- --------- ---------
Net income 22,672 33,950 20,148
Preferred stock dividends (3,162) (3,163) (3,162)
--------- --------- ---------
Net income available to common
stockholders $19,510 $30,787 $16,986
========= ========= =========
Basic earnings per common share:
Earnings from continuing operations $0.80 $1.27 $0.97
Earnings (loss) from discontinued
operations 0.03 0.03 (0.26)
--------- --------- ---------
Net earnings $0.83 $1.30 $0.71
========= ========= =========
Diluted earnings per common share:
Earnings from continuing operations $0.73 $1.10 $0.86
Earnings (loss) from discontinued
operations 0.02 0.02 (0.20)
--------- --------- ---------
Net earnings $0.75 $1.12 $0.66
========= ========= =========
SOURCE Bristow Group Inc.
Released February 5, 2008