Bristow Group Reports Record Fiscal 2007 Fourth Quarter and Year-end Financial Results
HOUSTON, May 22 /PRNewswire-FirstCall/ -- Bristow Group Inc. (NYSE: BRS) today reported record financial results for its fiscal 2007 fourth quarter and year ended March 31, 2007.
Highlights include:
For the fiscal year ended March 31, 2007:
-- Bristow's results were the highest ever in the Company's history for
revenue, operating income, net income and earnings per share;
-- Total revenue of $897.9 million increased by 16.8 percent over the
fiscal year ended March 31, 2006, due to increased flight hours,
improved pricing and the addition of new aircraft;
-- Operating income of $115.3 million increased by 56.2 percent over the
fiscal year ended March 31, 2006, primarily due to increases in revenue
and gains on sales of aircraft, partially offset by higher maintenance
and salary expense;
-- Net income of $74.2 million rose 28.3 percent versus net income for the
fiscal year ended March 31, 2006;
-- Diluted earnings per share increased 11.8 percent to $2.74 compared to
the prior year. Diluted earnings per share for the fiscal year ended
March 31, 2007 assumes the conversion of the Company's Mandatory
Convertible Preferred Stock, which adds approximately 3.4 million
shares to the weighted average diluted shares outstanding for fiscal
year 2007.
For the quarter ended March 31, 2007:
-- Bristow achieved record quarterly revenue of $228.7 million, an
increase of 13.6 percent over the fourth quarter of fiscal year 2006.
Revenue gains occurred in most of our business units, driven by a
favorable change in mix of aircraft operating, improved pricing and the
addition of new aircraft;
-- Operating income of $32.4 million increased by 71.2 percent over the
fourth quarter of fiscal year 2006, primarily due to increases in
revenue and gains on sales of aircraft, partially offset by higher
maintenance and salary expense;
-- Net income of $27.4 million increased 54.0 percent versus net income
for the fourth quarter of fiscal year 2006;
-- Diluted earnings per share increased 21.3 percent to $0.91 compared to
the fourth quarter of fiscal year 2006, primarily due to the higher
level of operating income. Diluted earnings per share for the fourth
quarter of fiscal year 2007 assumes the conversion of the Company's
Mandatory Convertible Preferred Stock, which adds approximately
6.5 million shares to the weighted average diluted shares calculation
for the fourth quarter of fiscal year 2007.
Capital and Liquidity:
-- The March 31, 2007 consolidated balance sheet reflects $871.7 million
in stockholders' investment and $259.1 million of indebtedness, or
22.9 percent leverage;
-- We had $184.2 million in cash and an undrawn $100 million revolving
credit facility;
-- We generated $104.4 million in cash from operations and spent
$304.8 million on capital expenditures, primarily for aircraft, during
the fiscal year ended March 31, 2007;
-- Aircraft purchase commitments totaled $331.6 million, with options
totaling $739.7 million as of March 31, 2007.
William E. Chiles, president and chief executive officer of Bristow Group Inc., said, "We are very pleased with our latest fiscal year and quarterly results. This record performance is the result of our strategic efforts over the past year to improve our position, take advantage of expanding business opportunities and to improve our financial performance. I am further encouraged that the Company is still at an early stage of our growth plans, which call for an expansion of our fleet capacity as well as improvements in margins and operating efficiencies. Based on continued robust demand for our services and the limited supply of aircraft, we ordered additional large aircraft during the fourth quarter of fiscal year 2007. We expect to realize the earnings power of our investments in these and other new aircraft throughout fiscal 2008 and 2009, as we place these new aircraft into service."
CONFERENCE CALL
Management will conduct a conference call starting at 10:00 a.m. EDT (9:00 a.m. CDT) on Wednesday, May 23, 2007, to review financial results for the fiscal quarter and year ended March 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 "Q4 2007 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) 218-0204
-- Replay: A telephone replay will be available through June 6, 2007, by
dialing toll free (800) 405-2236, passcode: 11089243
Via Telephone outside the U.S.:
-- Live: Dial (303) 262-2130
-- Replay: A telephone replay will be available through June 6, 2007 by
dialing (303) 590-3000, passcode: 11089243
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. Additionally, the Company is a leading provider of production management services for oil and gas production facilities in the U.S. Gulf of Mexico. The Company's common stock trades on the New York Stock Exchange under the symbol BRS. 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 customer demand, future results, the addition of new aircraft to our fleet, future investments and earnings power of aircraft. 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 annual report on Form 10-K for the fiscal 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.
(financial tables follow)
BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Three Months Ended Twelve Months Ended
March 31, March 31,
-------------------- --------------------
2007 2006 2007 2006
-------- -------- -------- --------
(Unaudited)
Gross revenue:
Operating revenue
from non-affiliates $189,316 $170,591 $753,744 $636,887
Operating revenue
from affiliates 13,759 9,604 48,170 51,832
Reimbursable revenue
from non-affiliates 23,136 19,770 90,020 75,861
Reimbursable revenue
from affiliates 2,537 1,366 5,927 4,360
-------- -------- -------- --------
228,748 201,331 897,861 768,940
-------- -------- -------- --------
Operating expenses:
Direct cost 147,971 137,336 586,506 512,518
Reimbursable expense 25,420 20,411 94,685 78,525
Depreciation and
amortization 10,563 10,096 42,643 42,256
General and
administrative 17,302 15,943 69,342 61,948
Gain on disposal
of assets (4,911) (1,378) (10,618) (102)
-------- -------- -------- --------
196,345 182,408 782,558 695,145
-------- -------- -------- --------
Operating income 32,403 18,923 115,303 73,795
Earnings from
unconsolidated
affiliates, net of
losses 6,030 4,988 11,423 6,758
Interest income 2,750 1,280 8,950 4,159
Interest expense (2,294) (3,401) (10,940) (14,689)
Other income
(expense), net 2,320 304 (8,998) 4,612
-------- -------- -------- --------
Income before
provision for
income taxes and
minority interest 41,209 22,094 115,738 74,635
Provision for income
taxes (13,642) (4,154) (40,366) (16,607)
Minority interest (150) (135) (1,200) (219)
-------- -------- -------- --------
Net income 27,417 17,805 74,172 57,809
Preferred stock
dividends (3,162) -- (6,633) --
-------- -------- -------- --------
Net income available
to common
stockholders $24,255 $17,805 $67,539 $57,809
-------- -------- -------- --------
Earnings per common share:
Basic $1.03 $0.76 $2.87 $2.48
-------- -------- -------- --------
Diluted $0.91 $0.75 $2.74 $2.45
-------- -------- -------- --------
Weighted average
common shares
outstanding:
Basic 23,560 23,361 23,496 23,341
-------- -------- -------- --------
Diluted 30,179 23,594 27,055 23,604
-------- -------- -------- --------
BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, March 31,
2007 2006
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $184,188 $122,482
Accounts receivable from non-affiliates,
net of allowance for doubtful
accounts of $2.0 million and $4.6
million, respectively 158,770 144,521
Accounts receivable from affiliates, net
of allowance for doubtful accounts of
$3.2 million and $4.6 million,
respectively 17,199 15,884
Inventories 157,870 147,860
Prepaid expenses and other 17,947 16,519
--------- ---------
Total current assets 535,974 447,266
Investments in unconsolidated affiliates 46,828 39,912
Property and equipment - at cost
Land and buildings 51,850 40,672
Aircraft and equipment 1,141,578 838,314
--------- ---------
1,193,428 878,986
Less: accumulated depreciation and
amortization (301,520) (263,072)
--------- ---------
891,908 615,914
Goodwill 20,368 26,837
Prepaid pension costs -- 37,207
Other assets 10,725 9,277
--------- ---------
$1,505,803 $1,176,413
--------- ---------
LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current liabilities:
Accounts payable $42,343 $41,227
Accrued wages, benefits and related taxes 38,281 45,958
Income taxes payable 4,377 6,537
Other accrued taxes 9,084 6,471
Deferred revenues 16,283 9,994
Accrued maintenance and repairs 12,309 10,865
Other accrued liabilities 22,828 20,218
Deferred taxes 17,611 5,025
Short-term borrowings and current
maturities of long-term debt 4,852 17,634
--------- ---------
Total current liabilities 167,968 163,929
Long-term debt, less current maturities 254,230 247,662
Accrued pension liabilities 113,069 136,521
Other liabilities and deferred credits 17,345 18,016
Deferred taxes 76,089 68,281
Minority interest 5,445 4,307
Commitments and contingencies
Stockholders' investment:
5.50% mandatory convertible preferred stock,
$.01 par value, authorized and outstanding
4,600,000 shares; entitled on liquidation
to $230 million; net of offering costs of
$7.4 million 222,554 --
Common Stock, $0.01 par value, authorized
35,000,000 shares; outstanding: 23,585,370
shares as of March 31, 2007 and 23,385,473
shares as of March 31, 2006 (exclusive of
1,281,050 treasury shares) 236 234
Additional paid-in capital 169,353 158,762
Retained earnings 515,589 447,524
Accumulated other comprehensive loss (36,075) (68,823)
--------- ---------
871,657 537,697
--------- ---------
$1,505,803 $1,176,413
--------- ---------
BRISTOW GROUP INC. AND SUBSIDIARIES
CORPORATE ITEMS AFFECTING THE COMPARABILITY OF RESULTS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31,
----------------------------------------------------------
2007 2006
--------------------------- --------------------------
Diluted Diluted
Earnings Earnings
Pre-tax Net Per Pre-tax Net Per
Earnings Income Share Earnings Income Share
---------- ------- ------- ---------- ------- --------
Investigations:
SEC(1) $- $- $- $(284) $(185) $(0.01)
DOJ(2) (380) (247) (0.01) (1,188) (772) (0.03)
Brazilian
joint
venture(3) 2,450 1,593 0.05 - - -
Resolution of
tax
contingencies(4) - 1,113 0.04 - 2,800 0.12
Preferred
Stock(5) 1,683 1,094 (0.21) - - -
------- ------ ------ ------- ------- -------
Total $3,753 $3,553 $(0.13) $(1,472) $1,843 $0.08
------- ------ ------ ------- ------- -------
Twelve Months Ended March 31,
----------------------------------------------------------
2007 2006
--------------------------- --------------------------
Diluted Diluted
Earnings Earnings
Pre-tax Net Per Pre-tax Net Per
Earnings Income Share Earnings Income Share
---------- ------- ------- ---------- ------- --------
Investigations:
SEC(1) $(3,109) $(2,021) $(0.07) $(10,492) $(6,820) $(0.29)
DOJ(2) (1,923) (1,250) (0.05) (2,583) (1,679) (0.07)
Acquisitions
and
divestitures:
Brazilian
joint
venture(3) 2,450 1,593 0.06 (1,040) (676) (0.03)
Expense of
previously
deferred
acquisition
costs(6) (1,889) (1,228) (0.05) - - -
Turbo asset
sale(7) 120 (2,424) (0.09) - - -
Resolution of
tax
contingencies(4) - 3,413 0.13 - 11,400 0.48
Foreign
currency
transaction
gains
(losses) (8) (9,763) (6,346) (0.23) 5,404 3,513 0.15
Preferred
Stock (5) 4,288 2,787 (0.30) - - -
------- ------ ------ ------- ------- -------
Total $(9,826) $(5,476) $(0.60) $(8,711) $5,738 $0.24
------- ------ ------ ------- ------- -------
(1) Represents costs incurred in conjunction with the SEC investigation
regarding findings resulting 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. The costs incurred for the twelve months ended
March 31, 2007, consist primarily of $3.0 million (pre-tax) recorded
for costs and fees we currently expect to incur in connection with
the resolution of the SEC investigation, a substantial portion of
which relates to legal fees. There can be no assurance that these
amounts currently recorded will be sufficient to resolve such matters
or that such matters can ultimately be resolved until final action by
the SEC. These costs are 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
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 a gain on the sale of our investment in a Brazilian joint
venture in March 2007. We had previously recorded an impairment
charge during the three months ended December 31, 2005 to reduce the
recorded value of our 50 percent investment in this joint venture, as
we expected at that time that our investment would not be
recoverable. These amounts are included in other income (expense),
net in our consolidated statements of income.
(4) Represents the resolution of tax contingencies resulting from our
evaluation of the need for certain tax reserves in light of the
expiration of the related statutes of limitations in the applicable
periods. These amounts represent a direct reduction in our provision
for income taxes in our consolidated statements of income.
(5) Represents the effect of the preferred stock offering completed in
September and October 2006. The net income effect results from
interest income earned on cash proceeds generated from the offering.
Diluted earnings per share for the three and twelve months ended
March 31, 2007 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.
(6) 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 is no longer
probable. This expense is included within other income (expense),
net in our consolidated statements of income.
(7) 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. 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.
(8) Represents foreign currency transaction gains and losses resulting
from changes in exchange rates during the applicable periods,
primarily related to the British pound sterling. These gains and
losses arose primarily from U.S. dollar-denominated transactions
entered into by Bristow Aviation Holdings, Ltd., one of our
consolidated subsidiaries (whose functional currency is the British
pound sterling). 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.
BRISTOW GROUP INC. AND SUBSIDIARIES
SELECTED OPERATING DATA
(In thousands, except flight hours and percentages)
Beginning with our reporting for the three and twelve months ended March 31, 2007, we have made changes to the manner in which intercompany lease charges and depreciation are presented within our segments. Intercompany lease revenues and expenses have been eliminated from our segment reporting, and depreciation expense of aircraft is presented in the segment that operates the aircraft. Intercompany lease revenue was previously included in gross revenue for the segment leasing the aircraft to other segments with the related lease and operating expenses being included in the segment operating the aircraft during the period. Also, depreciation expense associated with aircraft was previously included within operating expense of the segment leasing the aircraft to other segments versus the segment operating the aircraft. Amounts presented for prior periods presented herein have been reclassified to conform to current period presentation. In addition to selected operating data for the three and twelve months ended March 31, 2007 and the same periods in the prior year, we have presented in the tables below selected operating data for the last eight quarters based on the new segment presentation.
Three Months Ended Twelve Months Ended
March 31, March 31,
-------------------- -------------------
2007 2006 2007 2006
--------- -------- -------- --------
(Unaudited)
Flight hours (excludes
unconsolidated affiliates)
(Unaudited):
Helicopter Services:
North America 34,304 34,694 152,803 150,240
South and Central America 9,528 9,271 38,417 38,469
Europe 10,605 9,325 42,377 38,648
West Africa 8,329 8,349 36,124 34,185
Southeast Asia 3,340 3,275 12,668 12,119
Other International 2,199 1,691 9,318 6,711
--------- -------- -------- --------
Consolidated total 68,305 66,605 291,707 280,372
--------- -------- -------- --------
Gross revenue:
Helicopter Services:
North America $56,311 $54,766 $239,978 $216,482
South and Central America 13,498 12,407 52,820 42,869
Europe 79,368 61,628 297,934 245,294
West Africa 33,133 27,535 131,141 107,411
Southeast Asia 20,557 16,883 73,404 61,168
Other International 13,404 10,583 46,005 35,339
EH Centralized Operations 3,468 4,052 13,896 10,749
Intrasegment eliminations (3,563) (2,640) (12,058) (10,104)
--------- -------- -------- --------
Total Helicopter Services 216,176 185,214 843,120 709,208
Production Management Services 14,216 18,006 64,814 68,170
Corporate 500 653 475 693
Intersegment eliminations (2,144) (2,542) (10,548) (9,131)
--------- -------- -------- --------
Consolidated total $228,748 $201,331 $897,861 $768,940
--------- -------- -------- --------
Operating income:
Helicopter Services:
North America $6,963 $2,736 $29,210 $30,717
South and Central America 4,484 3,526 15,825 6,662
Europe 15,642 14,689 52,819 48,692
West Africa 5,779 1,462 18,798 11,981
Southeast Asia 4,695 3,401 13,370 9,851
Other International 2,380 3,669 9,309 9,062
EH Centralized Operations (6,964) (8,922) (13,580) (25,012)
--------- -------- -------- --------
Total Helicopter Services 32,979 20,561 125,751 91,953
Production Management Services 626 1,651 4,172 5,327
Gain on disposal of assets 4,911 1,378 10,618 102
Corporate (6,113) (4,667) (25,238) (23,587)
--------- -------- -------- --------
Consolidated total $32,403 $18,923 $115,303 $73,795
--------- -------- -------- --------
Operating margin (Unaudited):
Helicopter Services:
North America 12.4% 5.0% 12.2% 14.2%
South and Central America 33.2% 28.4% 30.0% 15.5%
Europe 19.7% 23.8% 17.7% 19.9%
West Africa 17.4% 5.3% 14.3% 11.2%
Southeast Asia 22.8% 20.1% 18.2% 16.1%
Other International 17.8% 34.7% 20.2% 25.6%
Total Helicopter Services 15.3% 11.1% 14.9% 13.0%
Production Management Services 4.4% 9.2% 6.4% 7.8%
Consolidated total 14.2% 9.4% 12.8% 9.6%
Prior
Segment
Classifi-
cation New Segment Classification
--------- ----------------------------------------
Three Months Ended
---------------------------------------------------
March March December September June
31, 31, 31, 30, 30,
2007 2007 2006 2006 2006
------ ------ ------- -------- --------
(Unaudited)
Flight hours (excludes
unconsolidated
affiliates):
Helicopter Services:
North America 34,304 34,304 34,742 41,148 42,609
South and Central
America 9,528 9,528 9,973 9,631 9,285
Europe 10,605 10,605 10,917 10,685 10,170
West Africa 8,329 8,329 9,733 9,179 8,883
Southeast Asia 3,340 3,340 3,059 3,063 3,206
Other
International 2,199 2,199 2,641 2,426 2,052
-------- -------- ------- --------- --------
Consolidated
total 68,305 68,305 71,065 76,132 76,205
-------- -------- ------- --------- --------
Gross revenue:
Helicopter Services:
North America $61,452 $56,311 $57,795 $62,504 $63,368
South and
Central America 13,814 13,498 13,173 13,137 13,012
Europe 78,779 79,368 73,879 72,706 71,981
West Africa 33,133 33,133 35,062 31,210 31,736
Southeast Asia 20,557 20,557 18,181 17,626 17,040
Other
International 13,404 13,404 11,462 12,184 8,955
EH Centralized
Operations 17,001 3,468 3,816 3,538 3,074
Intrasegment
eliminations (21,964) (3,563) (2,359) (3,276) (2,860)
-------- -------- ------- --------- --------
Total Helicopter
Services 216,176 216,176 211,009 209,629 206,306
Production
Management
Services 14,216 14,216 15,130 17,784 17,684
Corporate 500 500 -- -- (25)
Intersegment
eliminations (2,144) (2,144) (2,297) (3,204) (2,903)
-------- -------- ------- --------- --------
Consolidated
total $228,748 $228,748 $223,842 $224,209 $221,062
-------- -------- ------- --------- --------
Operating income:
Helicopter
Services:
North America $10,290 $6,963 $5,907 $7,107 $9,233
South and Central
America 3,437 4,484 3,747 3,624 3,970
Europe 8,642 15,642 9,554 13,527 14,096
West Africa 3,107 5,779 5,838 2,848 4,333
Southeast Asia 2,868 4,695 3,030 3,210 2,435
Other
International 1,651 2,380 1,642 3,771 1,516
EH Centralized
Operations 2,984 (6,964) (2,265) (2,584) (1,767)
-------- -------- ------- --------- --------
Total Helicopter
Services 32,979 32,979 27,453 31,503 33,816
Production Management
Services 626 626 739 1,394 1,413
Gain on disposal
of assets 4,911 4,911 1,042 3,667 998
Corporate (6,113) (6,113) (8,255) (5,703) (5,167)
-------- -------- ------- --------- --------
Consolidated
total $32,403 $32,403 $20,979 $30,861 $31,060
-------- -------- ------- --------- --------
Operating margin:
Helicopter Services:
North America 16.7% 12.4% 10.2% 11.4% 14.6%
South and Central
America 24.9% 33.2% 28.4% 27.6% 30.5%
Europe 11.0% 19.7% 12.9% 18.6% 19.6%
West Africa 9.4% 17.4% 16.7% 9.1% 13.7%
Southeast Asia 14.0% 22.8% 16.7% 18.2% 14.3%
Other International 12.3% 17.8% 14.3% 31.0% 16.9%
Total Helicopter
Services 15.3% 15.3% 13.0% 15.0% 16.4%
Production Management
Services 4.4% 4.4% 4.9% 7.8% 8.0%
Consolidated
total 14.2% 14.2% 9.4% 13.8% 14.1%
New Segment Classification
---------------------------------------------------
Three Months Ended
---------------------------------------------------
March 31, December 31, September 30, June 30,
2006 2005 2005 2005
-------- ----------- ------------- ---------
(Unaudited)
Flight hours (excludes
unconsolidated
affiliates):
Helicopter Services:
North America 34,694 38,151 39,663 37,732
South and Central
America 9,271 9,569 10,113 9,516
Europe 9,325 9,329 10,263 9,731
West Africa 8,349 8,867 8,625 8,344
Southeast Asia 3,275 3,117 3,005 2,722
Other International 1,691 1,728 1,689 1,603
-------- -------- -------- --------
Consolidated
total 66,605 70,761 73,358 69,648
-------- -------- -------- --------
Gross revenue:
Helicopter Services:
North America $54,766 $53,984 $58,246 $49,486
South and Central
America 12,407 10,978 9,897 9,587
Europe 61,628 60,586 63,312 59,768
West Africa 27,535 27,427 26,539 25,910
Southeast Asia 16,883 15,789 14,688 13,808
Other International 10,583 9,087 8,081 7,588
EH Centralized
Operations 4,052 3,103 1,656 1,938
Intrasegment
eliminations (2,640) (2,356) (2,976) (2,132)
-------- -------- -------- --------
Total Helicopter
Services 185,214 178,598 179,443 165,953
Production Management
Services 18,006 16,253 16,942 16,969
Corporate 653 8 16 16
Intersegment
eliminations (2,542) (2,592) (1,996) (2,001)
-------- -------- -------- --------
Consolidated
total $201,331 $192,267 $194,405 $180,937
-------- -------- -------- --------
Operating income:
Helicopter Services:
North America $2,736 $7,162 $12,814 $8,005
South and Central
America 3,526 1,803 560 773
Europe 14,689 8,351 14,460 11,192
West Africa 1,462 3,364 3,589 3,566
Southeast Asia 3,401 3,071 1,584 1,795
Other International 3,669 2,682 1,273 1,438
EH Centralized
Operations (8,922) (3,628) (5,527) (6,935)
-------- -------- -------- --------
Total Helicopter
Services 20,561 22,805 28,753 19,834
Production Management
Services 1,651 1,117 1,239 1,320
Gain on disposal of
assets 1,378 (373) (1,495) 592
Corporate (4,667) (5,817) (6,402) (6,701)
-------- -------- -------- --------
Consolidated
total $18,923 $17,732 $22,095 $15,045
-------- -------- -------- --------
Operating margin:
Helicopter Services:
North America 5.0% 13.3% 22.0% 16.2%
South and Central
America 28.4% 16.4% 5.7% 8.1%
Europe 23.8% 13.8% 22.8% 18.7%
West Africa 5.3% 12.3% 13.5% 13.8%
Southeast Asia 20.1% 19.5% 10.8% 13.0%
Other International 34.7% 29.5% 15.8% 19.0%
Total Helicopter
Services 11.1% 12.8% 16.0% 12.0%
Production Management
Services 9.2% 6.9% 7.3% 7.8%
Consolidated total 9.4% 9.2% 11.4% 8.3%
Contact:
Joe Baj, VP & Treasurer
(713) 267-7605
Linda McNeill, Treasury Manager
(713) 267-7622
SOURCE Bristow Group Inc.
Released May 22, 2007