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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000073887-07-000005.txt : 20070205
<SEC-HEADER>0000073887-07-000005.hdr.sgml : 20070205
<ACCEPTANCE-DATETIME>20070205170213
ACCESSION NUMBER:		0000073887-07-000005
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20061231
FILED AS OF DATE:		20070205
DATE AS OF CHANGE:		20070205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bristow Group Inc
		CENTRAL INDEX KEY:			0000073887
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, NONSCHEDULED [4522]
		IRS NUMBER:				720679819
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31617
		FILM NUMBER:		07581102

	BUSINESS ADDRESS:	
		STREET 1:		2000 W SAM HOUSTON PARKWAY SOUTH
		STREET 2:		SUITE 1700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		7132677600

	MAIL ADDRESS:	
		STREET 1:		2000 W SAM HOUSTON PARKWAY SOUTH
		STREET 2:		SUITE 1700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OFFSHORE LOGISTICS INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>form10-q.htm
<DESCRIPTION>FORM 10-Q QUARTERLY REPORT
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  <head>
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      FORM 10-Q QUARTERLY REPORT
</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES SECURITIES AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
      D.C. 20549</strong></font></div>
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      10-Q</strong></font></div>
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          <tr>
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                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                ACT OF
                1934</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%">&#160;</td>
            <td align="left" valign="top" width="79%">&#160;</td>
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          <tr>
            <td valign="top" width="4%">&#160;</td>
            <td align="left" valign="top" width="79%">
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            <td valign="top" width="4%">&#160;</td>
            <td align="left" valign="top" width="79%">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="4%">&#160;</td>
            <td valign="top" width="79%">
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            <td valign="top" width="4%">&#160;</td>
            <td valign="top" width="79%">&#160;</td>
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            </td>
            <td align="left" valign="top" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>TRANSITION
                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                ACT OF
                1934</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%">&#160;</td>
            <td align="left" valign="top" width="79%">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="4%">&#160;</td>
            <td align="left" valign="top" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>For
                the transition period from
                to</strong></font></div>
            </td>
          </tr>

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      File Number 001-31617</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman"><strong>Bristow
      Group Inc.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Exact
      name of registrant as specified in its charter)</em></font></div>
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          <tr>
            <td valign="top" width="42%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Delaware</strong></font></div>
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                Number)</em></font></div>
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            <td valign="top" width="42%">&#160;</td>
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                W. Sam Houston Pkwy. S.,</strong></font></div>
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            <td valign="top" width="42%">
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            <td valign="top" width="42%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Suite
                1700</strong></font></div>
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            <td valign="top" width="42%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Zip
                Code)</em></font></div>
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            <td valign="top" width="42%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Houston,
                Texas</strong></font></div>
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            <td valign="top" width="42%">&#160;</td>
          </tr>
          <tr>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Address
                of principal executive offices)</em></font></div>
            </td>
            <td valign="top" width="42%">&#160;</td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Registrant&#8217;s
      telephone number, including area code:</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(713)
      267-7600</strong></font></div>
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    <div>
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          <tr>
            <td valign="top" width="60%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>None</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Former
                name, former address and former fiscal year, if changed since last
                report)</em></font></div>
            </td>
          </tr>

      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
      by check mark whether the registrant: (1) has filed all reports required to
      be
      filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
      the
      preceding 12 months (or for such shorter period that the registrant was required
      to file such reports), and (2) has been subject to such filing requirements
      for
      the past 90 days. Yes </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#254;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      No
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
      by check mark whether the registrant is a large accelerated filer, an
      accelerated filer, or a non-accelerated filer. See definition of &#8220;accelerated
      filer and large accelerated filer&#8221; in Rule 12b-2 of the Exchange
      Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Large
      accelerated filer </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#254;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Accelerated filer </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Non-accelerated filer </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
      by check mark whether the registrant is shell company (as defined in Rule 12b-2
      of the Exchange Act). </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Yes
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#254;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      No
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
      the number shares outstanding of each of the issuer&#8217;s classes of Common Stock,
      as of January 31, 2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,534,869&#160;shares
      of Common Stock, $.01 par value</font></div>
    <div>
      <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
      <hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><a name="INDEX">BRIS</a>TOW
      GROUP INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INDEX
      &#8212; FORM 10-Q</strong></font><br></div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td align="justify" valign="top" width="9%">&#160;</td>
              <td align="justify" valign="top" width="72%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td colspan="2" valign="top" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Page</strong></font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td colspan="2" valign="top" width="81%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PART
                  I</strong></font></div>
              </td>
              <td align="justify" colspan="2" valign="top" width="6%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="9%">&#160;</td>
              <td align="justify" valign="bottom" width="72%">&#160;</td>
              <td align="justify" colspan="2" valign="bottom" width="6%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
                  1.</font></div>
              </td>
              <td align="justify" valign="bottom" width="72%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#ITEM1FS">Financial
                  Statements</a></font></div>
              </td>
              <td align="right" valign="bottom" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="9%">&#160;</td>
              <td align="justify" valign="bottom" width="72%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
                  2.</font></div>
              </td>
              <td align="justify" valign="bottom" width="72%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#ITEM2MANAGEMENT">Management&#8217;s
                  Discussion and Analysis of Financial
                  Condition and Results of Operations</a></font></div>
              </td>
              <td align="right" valign="bottom" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">33</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="9%">&#160;</td>
              <td align="justify" valign="bottom" width="72%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
                  3.</font></div>
              </td>
              <td align="justify" valign="bottom" width="72%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#ITEM3QandQ">Quantitative
                  and Qualitative Disclosures about Market
                  Risk</a></font></div>
              </td>
              <td align="right" valign="bottom" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">61</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="9%">&#160;</td>
              <td align="justify" valign="bottom" width="72%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
                  4.</font></div>
              </td>
              <td align="justify" valign="bottom" width="72%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#ITEM4CONTROLS">Controls
                  and Procedures</a></font></div>
              </td>
              <td align="right" valign="bottom" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">63</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="justify" valign="top" width="9%">&#160;</td>
              <td valign="top" width="72%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td colspan="2" valign="top" width="81%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PART
                  II</strong></font></div>
              </td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="9%">&#160;</td>
              <td align="justify" valign="bottom" width="72%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
                  1.</font></div>
              </td>
              <td align="justify" valign="bottom" width="72%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#LEGAL">Legal
                  Proceedings</a></font></div>
              </td>
              <td align="right" valign="bottom" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">64</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="9%">&#160;</td>
              <td align="justify" valign="bottom" width="72%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
                  1A.</font></div>
              </td>
              <td align="justify" valign="bottom" width="72%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#RISK">Risk
                  Factors</a></font></div>
              </td>
              <td align="right" valign="bottom" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">64</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="9%">&#160;</td>
              <td align="justify" valign="bottom" width="72%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
                  2.</font></div>
              </td>
              <td align="justify" valign="bottom" width="72%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#ITEM2UNREGISTERED">Unregistered
                  Sales of Equity Securities and Use
                  of Proceeds and Issuer Repurchases </a></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#ITEM2UNREGISTERED">of
                  Equity Securities</a></font></div>
              </td>
              <td align="right" valign="bottom" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">66</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="9%">&#160;</td>
              <td align="justify" valign="bottom" width="72%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
                  6.</font></div>
              </td>
              <td align="justify" valign="bottom" width="72%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#EXHIBITS">Exhibits</a></font></div>
              </td>
              <td align="right" valign="bottom" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">67</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="9%">&#160;</td>
              <td align="justify" valign="bottom" width="72%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="justify" colspan="2" valign="bottom" width="81%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#SIGNATURES">Signatures</a></font></div>
              </td>
              <td align="right" valign="bottom" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">68</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
            OF CONTENTS</a></font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PART
        I &#8212; FINANCIAL INFORMATION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        1. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><a name="ITEM1FS">Financial
        Statements</a>.</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
        GROUP INC. AND SUBSIDIARIES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
        Consolidated Statements of Income</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td align="left" valign="bottom" width="41%">&#160;</td>
              <td colspan="6" valign="bottom" width="16%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                  Months Ended</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                  31,</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td colspan="6" valign="bottom" width="16%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                  Months Ended</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                  31,</strong></font></div>
              </td>
              <td align="left" valign="top" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="41%">&#160;</td>
              <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
              </td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
              </td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
              </td>
              <td align="left" valign="top" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="41%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td colspan="13" valign="bottom" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Unaudited)</strong></font></div>
              </td>
              <td align="left" valign="top" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="41%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td colspan="13" valign="bottom" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                  thousands, except per share amounts)</strong></font></div>
              </td>
              <td align="left" valign="top" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
                  revenue:</font></div>
              </td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="1%">&#160;</td>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="1%">&#160;</td>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
                  revenue from non-affiliates</font></div>
              </td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">191,301</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
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              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="6%">
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                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reimbursable
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              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">66,884</font></div>
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              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">56,091</font></div>
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              <td align="left" valign="bottom" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reimbursable
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,172</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">937</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,392</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,993</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="41%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">223,842</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">192,267</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">669,113</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">567,609</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
                  expense:</font></div>
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Direct
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">151,193</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">126,120</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">438,534</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">375,182</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reimbursable
                  expense</font></div>
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">21,488</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">22,050</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">69,266</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">58,114</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depreciation
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,060</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,653</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32,080</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32,160</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
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              </td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20,164</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,338</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">52,040</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,005</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loss
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              </td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,042</font></div>
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              <td align="left" valign="middle" width="1%">
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              <td align="left" valign="top" width="2%">&#160;</td>
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              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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              <td align="left" valign="bottom" width="41%">
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              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="bottom" width="1%">
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              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3,903</font></div>
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              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(8,646</font></div>
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              <td align="left" valign="bottom" width="1%">
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              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(11,288</font></div>
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              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="left" valign="bottom" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="left" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="left" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
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              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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              <td align="left" valign="bottom" width="41%">
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              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="bottom" width="1%">
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              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="bottom" width="1%">
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              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="bottom" width="1%">
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="bottom" width="2%">&#160;</td>
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              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,400</font></div>
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              <td align="left" valign="top" width="2%">&#160;</td>
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              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,755</font></div>
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              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,004</font></div>
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              <td align="left" valign="bottom" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Preferred
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3,150</font></div>
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              <td align="left" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3,471</font></div>
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              <td align="left" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,301</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,400</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">43,284</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,004</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Earnings
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Basic</font></div>
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.31</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.57</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.85</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.71</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Diluted</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.31</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.57</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.80</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.70</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Preferred
                  dividends declared per common share</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.13</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.13</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
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              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        accompanying notes are an integral part of these financial
        statements.</font><br></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
      GROUP INC. AND SUBSIDIARIES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
      Consolidated Balance Sheets</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td colspan="3" valign="bottom" width="63%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="9%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31, 2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>March
                31,</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" colspan="3" valign="top" width="63%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Unaudited)</strong></font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="8%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" colspan="3" valign="top" width="63%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td colspan="5" valign="bottom" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                thousands)</strong></font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td colspan="10" valign="top" width="82%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ASSETS</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" colspan="3" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
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            <td align="right" valign="bottom" width="8%">
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
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            <td align="right" valign="bottom" width="7%">
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
                receivable from non-affiliates, net of allowance for doubtful accounts
                of
                $3.1 </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">million
                and $4.6 million, respectively</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">163,361</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">144,521</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
                receivable from affiliates, net of allowance for doubtful accounts
                of $4.1
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              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">million
                and $4.6 million, respectively</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,887</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,884</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Inventories</font></div>
            </td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">161,067</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">147,860</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prepaid
                expenses and other</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12,701</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,519</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                current assets</font></div>
            </td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">573,715</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">447,266</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" colspan="3" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investment
                in unconsolidated affiliates</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">42,969</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">39,912</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" colspan="3" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Property
                and equipment - at cost:</font></div>
            </td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Land
                and buildings</font></div>
            </td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">48,918</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,672</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aircraft
                and equipment</font></div>
            </td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,079,273</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">838,314</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" valign="top" width="2%">&#160;</td>
            <td align="justify" valign="top" width="58%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,128,191</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">878,986</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="3%">&#160;</td>
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            <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
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            <td align="justify" valign="middle" width="1%">
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            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(263,072</font></div>
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            <td align="justify" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" valign="top" width="2%">&#160;</td>
            <td align="justify" valign="top" width="58%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">825,314</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">615,914</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" colspan="3" valign="top" width="63%">
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
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            <td align="right" valign="bottom" width="7%">
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="#cceeff">
            <td align="justify" colspan="3" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prepaid
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37,207</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" colspan="3" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,163</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,277</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="#cceeff">
            <td align="justify" colspan="3" valign="top" width="63%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="8%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,517,764</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,176,413</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" colspan="3" valign="top" width="63%">&#160;</td>
            <td align="justify" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td colspan="10" valign="bottom" width="82%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>LIABILITIES
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            </td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" colspan="3" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current
                liabilities:</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">36,466</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">41,227</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accrued
                wages, benefits and related taxes</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">43,126</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">45,958</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
                taxes payable</font></div>
            </td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">457</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,537</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                accrued taxes</font></div>
            </td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,647</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,471</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred
                revenues</font></div>
            </td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,127</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,994</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                accrued liabilities</font></div>
            </td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37,149</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31,083</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred
                taxes</font></div>
            </td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,892</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,025</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Short-term
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            </td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">22,198</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17,634</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                current liabilities</font></div>
            </td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">173,062</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">163,929</font></div>
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          <tr bgcolor="white">
            <td align="justify" colspan="3" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Long-term
                debt, less current maturities</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">237,749</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">247,662</font></div>
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            <td align="justify" colspan="3" valign="top" width="63%">
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
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          <tr bgcolor="white">
            <td align="justify" colspan="3" valign="top" width="63%">
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                liabilities and deferred credits</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17,485</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,016</font></div>
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          <tr bgcolor="#cceeff">
            <td align="justify" colspan="3" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred
                taxes</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">81,494</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">68,281</font></div>
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            <td align="justify" colspan="3" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Minority
                interest</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,292</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,307</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="#cceeff">
            <td align="justify" colspan="3" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Commitments
                and contingencies (Note 5)</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" colspan="3" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stockholders&#8217;
                investment:</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 6.65pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.50%
                mandatory convertible preferred stock, $.01 par value, authorized
                and
                outstanding 4,600,000 shares; entitled on liquidation to $230 million;
                net
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">222,554</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
                stock, $.01 par value, authorized 35,000,000 shares; outstanding:
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
                December 31 and 23,385,473 as of March 31 (exclusive of 1,281,050
                treasury
                shares)</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">235</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">234</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional
                paid-in capital</font></div>
            </td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">166,559</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">158,762</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Retained
                earnings</font></div>
            </td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">491,335</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">447,524</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="3%">&#160;</td>
            <td align="justify" colspan="2" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accumulated
                other comprehensive loss</font></div>
            </td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(31,610</font></div>
            </td>
            <td align="justify" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(68,823</font></div>
            </td>
            <td align="justify" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" colspan="3" valign="top" width="63%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">849,073</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">537,697</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" colspan="3" valign="top" width="63%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="8%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,517,764</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,176,413</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      accompanying notes are an integral part of these financial
      statements.</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
      GROUP INC. AND SUBSIDIARIES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
      Consolidated Statements of Cash Flows</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div>
      <div>
        <div align="left">
          <div align="left">
            <div align="left">
              <div>
                <div>
                  <div>
                    <div>
                      <table cellpadding="0" cellspacing="0" width="100%">

                          <tr>
                            <td align="left" colspan="2" valign="top" width="59%">&#160;</td>
                            <td align="left" valign="top" width="1%">&#160;</td>
                            <td colspan="5" valign="bottom" width="18%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                                Months Ended</strong></font></div>
                            </td>
                            <td align="left" valign="top" width="1%">&#160;</td>
                          </tr>
                          <tr>
                            <td align="justify" colspan="2" valign="bottom" width="59%">&#160;</td>
                            <td valign="top" width="1%">&#160;</td>
                            <td colspan="5" valign="bottom" width="18%" style="border-bottom: black thin solid;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                                31,</strong></font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr>
                            <td align="justify" colspan="2" valign="bottom" width="59%">&#160;</td>
                            <td valign="top" width="1%">&#160;</td>
                            <td colspan="2" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
                            </td>
                            <td valign="bottom" width="2%">&#160;</td>
                            <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr>
                            <td align="justify" colspan="2" valign="bottom" width="59%">&#160;</td>
                            <td valign="top" width="1%">&#160;</td>
                            <td colspan="5" valign="top" width="18%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Unaudited)</strong></font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr>
                            <td align="justify" colspan="2" valign="bottom" width="59%">&#160;</td>
                            <td valign="top" width="1%">&#160;</td>
                            <td colspan="5" valign="top" width="18%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                                thousands)</strong></font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="justify" colspan="2" valign="bottom" width="59%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                                flows from operating activities:</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">&#160;</td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">&#160;</td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" valign="bottom" width="3%">&#160;</td>
                            <td align="justify" valign="top" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                                income</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                            </td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,755</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                            </td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,004</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="left" colspan="2" valign="bottom" width="59%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Adjustments
                                to reconcile net income to net cash provided by (used
                                in) operating
                                activities:</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 25.3pt">&#160;</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">&#160;</td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">&#160;</td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" valign="bottom" width="3%">&#160;</td>
                            <td align="justify" valign="top" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depreciation
                                and amortization</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32,080</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32,160</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="justify" valign="bottom" width="3%">&#160;</td>
                            <td align="justify" valign="top" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred
                                income taxes</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17,177</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(12,350</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" valign="bottom" width="3%">&#160;</td>
                            <td align="justify" valign="top" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loss
                                (gain) on asset dispositions</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5,707</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,276</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="justify" valign="bottom" width="3%">&#160;</td>
                            <td align="justify" valign="top" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stock-based
                                compensation expense</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,465</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="right" valign="bottom" width="3%">&#160;</td>
                            <td align="justify" valign="top" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Equity
                                in earnings from unconsolidated affiliates over</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                                dividends received</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(430</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(689</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="justify" valign="bottom" width="3%">&#160;</td>
                            <td align="justify" valign="top" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Minority
                                interest in earnings</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,049</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">84</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" valign="bottom" width="3%">&#160;</td>
                            <td align="justify" valign="top" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Tax
                                benefit related to exercise of stock options</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(837</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="justify" colspan="2" valign="bottom" width="59%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Increase
                                (decrease) in cash resulting from changes in:</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">&#160;</td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">&#160;</td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" valign="bottom" width="3%">&#160;</td>
                            <td align="justify" valign="bottom" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
                                receivable</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4,380</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(28,565</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="justify" valign="bottom" width="3%">&#160;</td>
                            <td align="justify" valign="bottom" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Inventories</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(10,706</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(15,386</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" valign="bottom" width="3%">&#160;</td>
                            <td align="justify" valign="bottom" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prepaid
                                expenses and other</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(206</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4,817</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="justify" valign="bottom" width="3%">&#160;</td>
                            <td align="justify" valign="bottom" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
                                payable</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(15,991</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,246</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" valign="bottom" width="3%">&#160;</td>
                            <td align="justify" valign="bottom" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accrued
                                liabilities</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,303</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,282</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="justify" valign="bottom" width="3%" style="border-bottom: #cceeff solid;">&#160;</td>
                            <td align="justify" valign="bottom" width="56%" style="border-bottom: #cceeff solid;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                                liabilities and deferred credits</font></div>
                            </td>
                            <td valign="top" width="1%" style="border-bottom: #cceeff solid;">&#160;</td>
                            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                            <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(707</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%" style="border-bottom: #cceeff solid;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,104</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%" style="border-bottom: #cceeff solid;">&#160;</td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" colspan="2" valign="bottom" width="59%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                                cash provided by operating activities</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">67,865</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31,349</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="justify" colspan="2" valign="bottom" width="59%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                                flows from investing activities:</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">&#160;</td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">&#160;</td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" valign="top" width="3%">&#160;</td>
                            <td align="justify" valign="bottom" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Capital
                                expenditures</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(216,246</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(102,307</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="right" valign="top" width="3%" style="border-bottom: #cceeff thin solid;">&#160;</td>
                            <td align="justify" valign="bottom" width="56%" style="border-bottom: #cceeff thin solid;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proceeds
                                from asset dispositions</font></div>
                            </td>
                            <td valign="top" width="1%" style="border-bottom: #cceeff thin solid;">&#160;</td>
                            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                            <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">24,005</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%" style="border-bottom: #cceeff thin solid;">&#160;</td>
                            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">72,620</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%" style="border-bottom: #cceeff thin solid;">&#160;</td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" colspan="2" valign="bottom" width="59%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                                cash used in investing activities</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(192,241</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(29,687</font></div>
                            </td>
                            <td align="left" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="justify" colspan="2" valign="bottom" width="59%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                                flows from financing activities:</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">&#160;</td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">&#160;</td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" valign="top" width="3%">&#160;</td>
                            <td align="justify" valign="bottom" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
                                of preferred stock</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">223,550</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="justify" valign="top" width="3%">&#160;</td>
                            <td align="justify" valign="bottom" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Preferred
                                stock issuance costs</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(994</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" valign="top" width="3%">&#160;</td>
                            <td align="justify" valign="bottom" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Preferred
                                stock dividends paid</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2,944</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="justify" valign="top" width="3%">&#160;</td>
                            <td align="justify" valign="bottom" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                                collateral provided under operating leases</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(10,285</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" valign="top" width="3%">&#160;</td>
                            <td align="justify" valign="bottom" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Repayment
                                of debt and debt redemption premiums</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5,570</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3,160</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="right" valign="top" width="3%">&#160;</td>
                            <td align="justify" valign="bottom" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Partial
                                prepayment of put/call obligation</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(96</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(66</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" valign="top" width="3%">&#160;</td>
                            <td align="justify" valign="bottom" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
                                of common stock</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,926</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">602</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="justify" valign="top" width="3%">&#160;</td>
                            <td align="justify" valign="bottom" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Tax
                                benefit related to exercise of stock options</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">837</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" colspan="2" valign="bottom" width="59%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                                cash provided by (used in) financing activities</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">217,709</font></div>
                            </td>
                            <td align="left" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(12,909</font></div>
                            </td>
                            <td align="left" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="justify" colspan="2" valign="bottom" width="59%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effect
                                of exchange rate changes on cash and cash equivalents</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                            <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,884</font></div>
                            </td>
                            <td align="left" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6,140</font></div>
                            </td>
                            <td align="left" valign="middle" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" colspan="2" valign="bottom" width="59%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                                increase (decrease) in cash and cash equivalents</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">97,217</font></div>
                            </td>
                            <td align="left" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(17,387</font></div>
                            </td>
                            <td align="left" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                            </td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="justify" colspan="2" valign="bottom" width="59%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                                and cash equivalents at beginning of period</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                            <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">122,482</font></div>
                            </td>
                            <td align="left" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">146,440</font></div>
                            </td>
                            <td align="left" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" colspan="2" valign="bottom" width="59%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                                and cash equivalents at end of period</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                            </td>
                            <td align="right" valign="bottom" width="8%" style="border-bottom: black double;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">219,699</font></div>
                            </td>
                            <td align="left" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                            </td>
                            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">129,053</font></div>
                            </td>
                            <td align="left" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="justify" colspan="2" valign="bottom" width="59%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Supplemental
                                disclosure of cash flow information:</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">&#160;</td>
                            <td align="left" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">&#160;</td>
                            <td align="left" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" colspan="2" valign="bottom" width="59%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                                paid during the period for:</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">&#160;</td>
                            <td align="left" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">&#160;</td>
                            <td align="left" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="justify" valign="top" width="3%">&#160;</td>
                            <td align="justify" valign="bottom" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest,
                                net of interest capitalized</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                            </td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,9</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                            </td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,639</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" valign="top" width="3%">&#160;</td>
                            <td align="justify" valign="bottom" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
                                taxes</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                            </td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">676</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                            </td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,241</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="#cceeff">
                            <td align="justify" colspan="2" valign="bottom" width="59%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-cash
                                investing activities:</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="8%">&#160;</td>
                            <td align="left" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="7%">&#160;</td>
                            <td align="left" valign="bottom" width="1%">&#160;</td>
                          </tr>
                          <tr bgcolor="white">
                            <td align="justify" valign="top" width="3%">&#160;</td>
                            <td align="justify" valign="bottom" width="56%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Capital
                                expenditures funded by accounts payable and short-term
                                notes,
                                net</font></div>
                            </td>
                            <td valign="top" width="1%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                            </td>
                            <td align="right" valign="bottom" width="8%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="2%">&#160;</td>
                            <td align="right" valign="bottom" width="1%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                            </td>
                            <td align="right" valign="bottom" width="7%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,746</font></div>
                            </td>
                            <td align="justify" valign="bottom" width="1%">&#160;</td>
                          </tr>

                      </table>
                    </div>
                  </div>
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      accompanying notes are an integral part of these financial
      statements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
        <div style="WIDTH: 100%" align="left">
        </div>
      </div>
    </div><br><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
      GROUP INC. AND SUBSIDIARIES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
      Notes to Consolidated Financial Statements </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NOTE
      1 &#8212; BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
      POLICIES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following consolidated financial statements include the accounts of Bristow
      Group Inc. and its consolidated entities (&#8220;Bristow Group,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221;
&#8220;us,&#8221; or &#8220;our&#8221;) after elimination of all significant intercompany accounts and
      transactions. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investments
      in affiliates in which we own 50% or less of the equity but have retained the
      majority of the economic risk of the operating assets and related results are
      consolidated. Certain of these entities are Variable Interest Entities (&#8220;VIEs&#8221;)
      of which we are the primary beneficiary. See discussion of these VIEs in Note
      3
      in the &#8220;Notes to Consolidated Financial Statements&#8221; included in our Annual
      Report on Form 10-K for fiscal year 2006 (&#8220;fiscal year 2006 Annual Report&#8221;).
      Other investments in affiliates in which we own 50% or less of the equity but
      have the ability to exercise significant influence are accounted for using
      the
      equity method. Investments which we do not consolidate or in which we do not
      exercise significant influence are accounted for under the cost method whereby
      dividends are recognized as income when received.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the rules and regulations of the U.S. Securities and Exchange Commission
      (&#8220;SEC&#8221;), the information contained in the following condensed notes to
      consolidated financial statements is condensed from that which would appear
      in
      the annual consolidated financial statements; accordingly, the consolidated
      financial statements included herein should be read in conjunction with the
      consolidated financial statements and related notes thereto contained in our
      Annual Report on Form 10-K for fiscal year 2006 (&#8220;fiscal year 2006 Financial
      Statements&#8221;). Operating results for the interim period presented are not
      necessarily indicative of the results that may be expected for the entire fiscal
      year.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      condensed consolidated financial statements included herein are unaudited;
      however, they include all adjustments of a normal recurring nature which, in
      the
      opinion of management, are necessary for a fair presentation of the consolidated
      financial position of the Company as of December 31, 2006, the consolidated
      results of operations for the three and nine months ended December 31, 2006
      and
      2005, and the consolidated cash flows for the nine months ended December 31,
      2006 and 2005.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      order
      to conform with the current period presentation of accrued liabilities, we
      have
      reclassified $8.5 million of accounts payable to other accrued liabilities
      as of
      March 31, 2006. This reclassification had no effect on our consolidated
      financial position, results of operations or cash flows.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      fiscal year ends March 31, and we refer to fiscal years based on the end of
      such
      period. Therefore, the fiscal year ending March 31, 2007 is referred to as
      fiscal year 2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Foreign
      Currency Translation</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Foreign
      currency transaction gains and losses result from the effect of changes in
      exchange rates on transactions denominated in currencies other than a company&#8217;s
      functional currency, including transactions between consolidated companies.
      An
      exception is made where an intercompany loan or advance is deemed to be of
      a
      long-term investment nature, in which instance the foreign currency transaction
      gains and losses are included with cumulative translation gains and losses
      and
      are reported in stockholders&#8217; investment as accumulated other comprehensive
      gains or losses. Translation adjustments, which are reported in accumulated
      other comprehensive gains or losses, are the result of translating a foreign
      entity&#8217;s financial statements from its functional currency to U.S. dollars, our
      reporting currency. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Balance
      sheet information is presented based on the exchange rate as of the balance
      sheet date, and income statement information is presented based on the average
      conversion rate for the period. The various components of equity are presented
      at their historical average exchange rates. The resulting difference after
      applying the different exchange rates is the cumulative translation adjustment.
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      functional currency of Bristow Aviation Holdings, Ltd. (&#8220;Bristow Aviation&#8221;), one
      of our consolidated subsidiaries, is the British pound sterling.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      a
      result of the change in exchange rates during the three and nine months ended
      December 31, 2006, we recorded foreign currency transaction losses of
      approximately $3.4 million and $9.6 million, respectively, primarily related
      to
      the British pound sterling, compared to foreign currency transaction gains
      of
      approximately $2.3 million and $5.3 million </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
      GROUP INC. AND SUBSIDIARIES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
      Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">during
      the three and nine months ended December 31, 2005, respectively. These gains
      and
      losses arose primarily from the following U.S. dollar-denominated transactions
      entered into by Bristow Aviation (whose functional currency is the British
      pound
      sterling):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                and cash equivalents held in U.S. dollar-denominated accounts.
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beginning
                in July 2006, we reduced a portion of Bristow Aviation&#8217;s U.S.
                dollar-denominated cash balances. </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U.S.
                dollar-denominated intercompany loans. On August 14, 2006, we entered
                into
                a derivative contract to mitigate our exposure to exchange rate
                fluctuations on our U.S. dollar-denominated intercompany loans. This
                derivative contract provided us with a call option on &#163;12.9 million and a
                put option on $24.5 million, with a strike price of 1.895 U.S. dollars
                per
                British pound sterling, and was exercised by us prior to the scheduled
                expiration on November 14, 2006, resulting in a net loss of $0.3
                million.
                On November 14, 2006, we entered into another derivative contract
                for the
                same amount and strike price that expires on May 14, 2007. The fair
                value
                of this contract, which totaled $0.9 million as of December 31,2006,
                is
                recorded as a derivative asset within other assets on our balance
                sheet.&#160; The change in fair value of this contract from November 14 to
                December 31, 2006 resulted in a gain of $0.5 million, which served
                to
                offset a portion of the foreign currency transaction losses recorded
                for
                the three and nine months ended December 31,
                2006.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Euro-
                and Nigerian Naira-denominated intercompany loans and U.S.
                dollar-denominated receivables. The economic effect of the foreign
                currency transaction losses during the three and nine months ended
                December 31, 2006 was offset by a corresponding benefit during those
                periods reflected as a cumulative translation adjustment in
                stockholders&#8217;&#160;investment on our condensed consolidated balance sheet.
                We are evaluating alternatives to further mitigate these remaining
                foreign
                currency exchange exposures.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following table presents the applicable exchange rates (of one British pound
      sterling into U.S. dollars) for the indicated periods:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td align="left" valign="bottom" width="48%">&#160;</td>
            <td colspan="7" valign="bottom" width="14%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                Months Ended</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td colspan="6" valign="bottom" width="15%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                Months Ended</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
            </td>
            <td align="left" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="48%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="top" width="3%">&#160;</td>
            <td colspan="2" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
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            <td align="left" valign="top" width="1%">&#160;</td>
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          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">High</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.98</font></div>
            </td>
            <td align="left" colspan="2" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.79</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
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            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.92</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Average</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.91</font></div>
            </td>
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            <td align="left" valign="top" width="2%">&#160;</td>
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            <td align="right" valign="bottom" width="6%">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      of
      December 31, 2006 and March 31, 2006, the exchange rate was $1.96 and $1.74,
      respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Recent
      Accounting Pronouncements</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      September 2006, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued
      Statement of Financial Accounting Standards (&#8220;SFAS&#8221;) No. 158, &#8220;Employers&#8217;
Accounting for Defined Benefit Pension and Other Postretirement Plans - an
      amendment of FASB Statements No. 87, 88, 106 and 132(R).&#8221; SFAS No. 158 requires
      an employer to recognize the overfunded or underfunded status of a defined
      benefit postretirement plan as an asset or liability in its statement of
      financial position and recognize changes in that funded status in the year
      in
      which the changes occur through comprehensive income. SFAS No. 158 is effective
      for our current fiscal year and will be adopted in the consolidated financial
      statements to be included in our Annual Report on Form 10-K for fiscal year
      2007. We anticipate that the adoption of SFAS No. 158 will have no impact on
      our
      net income or comprehensive income. Rather, we expect that the primary impact
      will be the reflection of a net accrued pension liability ($108.5 million as
      of
      December 31, 2006) versus the current presentation of showing the prepaid
      pension costs ($45.1 million as of December 31, 2006) separately from the
      accrued pension liabilities ($153.6 million as of December 31,
      2006).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      September 2006, the FASB issued SFAS No. 157, &#8220;Fair Value Measurements.&#8221; SFAS
      No. 157 defines fair value, establishes a framework for measuring fair value
      and
      requires enhanced disclosures about fair value measurements. SFAS No. 157
      clarifies the principle that fair value should be based on the assumptions
      market participants would use when pricing an asset or liability and establishes
      a fair value hierarchy that prioritizes the information used to develop
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
      GROUP INC. AND SUBSIDIARIES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
      Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">those
      assumptions. Under the standard, fair value measurements will be separately
      disclosed by level within the fair value hierarchy (i.e., levels 1, 2, and
      3, as
      defined). Companies are required to provide enhanced disclosure regarding fair
      value measurements in the level 3 category (recurring fair value measurements
      using significant unobservable inputs), including a reconciliation of the
      beginning and ending balances separately for each major category of assets
      and
      liabilities. SFAS No. 157 is effective for financial statements issued for
      our
      fiscal year 2009 and interim periods therein. We have not yet completed our
      evaluation of the impact of SFAS No. 157.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      September 2006, the SEC released Staff Accounting Bulletin (&#8220;SAB&#8221;) No. 108,
&#8220;Considering the Effects of Prior Year Misstatements When Quantifying
      Misstatements in Current Year Financial Statements.&#8221; SAB No. 108 provides
      guidance on how the effects of the carryover or reversal of prior year financial
      statement misstatements should be considered in quantifying a current year
      misstatement. Prior practice allowed the evaluation of materiality on the basis
      of either (1) the error quantified as the amount by which the current year
      income statement was misstated (&#8220;rollover method&#8221;) or (2) the cumulative error
      quantified as the cumulative amount by which the current year balance sheet
      was
      misstated (&#8220;iron curtain method&#8221;). Reliance on either method in prior years
      could have resulted in misstatement of the financial statements. SAB No. 108
      requires both methods to be used in evaluating materiality. Immaterial prior
      year errors may be corrected with the first filing of prior year financial
      statements after adoption. The cumulative effect of the correction would be
      reflected in the opening balance sheet with appropriate disclosure of the nature
      and amount of each individual error corrected in the cumulative adjustment,
      as
      well as a disclosure of the cause of the error and that the error had been
      deemed to be immaterial in the past. SAB No. 108 is effective for our current
      fiscal year and will be adopted in the consolidated financial statements to
      be
      included in our Annual Report on Form 10-K for fiscal year 2007. We do not
      believe that the adoption of this bulletin will have a material impact on our
      consolidated results of operations, cash flows or financial position upon
      adoption; however, due to the nature of the guidance, a final determination
      of
      the impact of SAB No. 108 cannot be made until the period of its
      adoption.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      September 2006, the FASB approved FASB Staff Position (&#8220;FSP&#8221;) AUG AIR-1,
&#8220;Accounting for Planned Major Maintenance Activities,&#8221; which prohibits the
      accruing as a liability the future costs of periodic major overhauls and
      maintenance of plant and equipment. Other previously acceptable methods of
      accounting for planned major overhauls and maintenance will continue to be
      permitted. The new requirements apply to our fiscal year 2008 and must be
      retrospectively applied. We do not believe that the adoption of this staff
      position will have a material impact on our consolidated results of operations,
      cash flows or financial position upon adoption; however, we have not yet
      completed our evaluation of the impact of FSP AUG AIR-1.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      June
      2006, the FASB issued FASB Interpretation (&#8220;FIN&#8221;) No. 48, &#8220;Accounting for
      Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109,&#8221;
which clarifies the accounting for uncertainty in income taxes recognized in
      an
      enterprise&#8217;s financial statements in accordance with SFAS No. 109, &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounting
      for Income Taxes.&#8221;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#160;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FIN
      No.
      48 prescribes a recognition threshold and measurement</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">attribute
      for the financial statement recognition and measurement of a tax
      position</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">taken
      or
      expected to be taken in a tax return and provides guidance on</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">derecognition,
      classification, interest and penalties, accounting in interim periods,
      disclosure,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
      transition.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FIN
      No.
      48 requires enterprises to evaluate tax positions using a two-step</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">process
      consisting of recognition and measurement. The effects of a tax position will
      be
      recognized in the period in which the enterprise determines that it is more
      likely</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">than
      not
      (defined as a more than 50% likelihood) that a tax position will be sustained
      upon examination, including resolution of any</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">related
      appeals or litigation processes, based on the technical merits of the position.
      A tax position that meets the more-likely-than-not recognition threshold
      is</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">measured
      as the largest amount of tax benefit that is greater than 50% likely of being
      recognized upon ultimate settlement. FIN No. 48 is effective for our fiscal
      year
      2008. We have not yet completed our evaluation of the impact that the adoption
      of this interpretation will have on our consolidated results of operations,
      cash
      flows or financial position.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">See
      Note
      8 for discussion and disclosure made in connection with the adoption of SFAS
      No.
      123(R), &#8220;Share-Based Payment&#8221; on April 1, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NOTE
      2 &#8212; DISPOSITIONS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      November 30, 2006, we completed a sale of the assets of our aircraft engine
      overhaul business, Turbo Engines, Inc. (&#8220;Turbo&#8221;), to Timken Alcor Aerospace
      Technologies, Inc. (&#8220;Timken&#8221;) for approximately $14.6 million ($13.2 million of
      which was received in cash upon closing of the transaction), including estimated
      post-closing adjustments. The sale </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
      GROUP INC. AND SUBSIDIARIES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
      Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">was
      effective November 30, 2006 and resulted in a pretax gain of $0.1 million.
      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. This additional tax expense resulted in an increase in our tax rate for
      the three and nine months ended December 31, 2006 (see Note 7). </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      conjunction with this sale, we signed a supply agreement with Timken through
      which we are obligated to purchase parts and components, and obtain repair
      services, from Timken totaling $10.5 million over a three-year period beginning
      December 1, 2006 at prices consistent with prior arrangements with
      Timken.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      December 22, 2006, we entered into an agreement to terminate our 50% ownership
      interest in Aeroleo Taxi Aereo S. A. (&#8220;Aeroleo&#8221;), our Brazilian affiliate. The
      closing of this transaction is pending approval from a regulatory agency in
      that
      country and is expected to result in a pre-tax gain of approximately $2.5
      million. We expect to obtain this approval during the fourth quarter of fiscal
      year 2007. During the three months ended December 31, 2005, we recorded an
      impairment charge of $1.0 million to reduce the recorded value of our investment
      in the joint venture. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
      fiscal years 2006 and 2005, and the three and nine months ended December 31,
      2006, we derived approximately $8.0 million, $10.2 million, $2.1 million and
      $6.3 million, respectively, of leasing and other revenues from this joint
      venture. We expect to continue to lease aircraft to this company after the
      closing of this transaction.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NOTE
      3 &#8212; INVESTMENTS IN SIGNIFICANT AFFILIATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Consolidated
      Affiliates</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Bristow
      Aviation </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;
Bristow
      Aviation is organized with three classes of ordinary shares, each having
      different voting rights. The Company, Caledonia Investments plc and its
      subsidiary, Caledonia Industrial &amp; Services Limited (together, &#8220;Caledonia&#8221;),
      and a European Union investor (the &#8220;E.U. Investor&#8221;) own 49%, 46% and 5%,
      respectively, of Bristow Aviation&#8217;s total outstanding ordinary shares, although
      Caledonia has voting control over the E.U. Investo</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">r&#8217;s
      shares. For a further discussion of our investment in Bristow Aviation and
      our
      relationship with Caledonia, see Note 3 in the &#8220;Notes to Consolidated Financial
      Statements&#8221; included in our fiscal year 2006 Annual Report.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
      September and October 2006, we conducted a public offering of 4,600,000 shares
      of our 5.50% mandatory convertible preferred stock, par value $.01 per share
      and
      liquidation preference of $50 per share (the &#8220;Preferred Stock&#8221;) (see Note 6).
      Caledonia purchased an aggregate of 300,000&#160;shares of the Preferred Stock
      in this offering at a price equal to the public offering price. The underwriters
      for this offering received no discount or commission on the sale of these
      300,000&#160;shares to Caledonia.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Unconsolidated
      Affiliates</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>HC
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">After
      the
      conclusion of the contract with Petr&#243;leos Mexicanos (&#8220;PEMEX&#8221;) in February 2005,
      our 49% owned unconsolidated affiliates, Hemisco Helicopters International,
      Inc.
      (&#8220;Hemisco&#8221;) and Heliservicio Campeche S.A. de C.V. (&#8220;Heliservicio&#8221; and
      collectively, &#8220;HC&#8221;), experienced difficulties during fiscal year 2006 in meeting
      their obligations to make lease rental payments to us and to another one of
      our
      unconsolidated affiliates, Rotorwing Leasing </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Resources</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      L.L.C.
      (&#8220;RLR&#8221;). During fiscal year 2006, RLR and we made a determination that because
      of the uncertainties as to collectibility, lease revenues from HC would be
      recognized as they were collected. As of December 31, 2006, $1.0 million of
      amounts billed but not collected from HC have not been recognized in our
      results, and our 49% share of the equity in earnings of RLR has been reduced
      by
      $3.5 million for amounts billed but not collected from HC. During the three
      and
      nine months ended December 31, 2006, we recognized revenue of $0.2 million
      and
      $1.2 million, respectively, upon receipt of payment from HC for amounts billed
      in fiscal year 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prior
      to
      June 30, 2006, we took several actions to improve the financial condition and
      profitability of HC, including relocating several aircraft to other markets,
      restructuring our profit sharing arrangement with our partner, and completing
      a
      recapitalization of Heliservicio on August 19, 2005. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      June
      2006, Heliservicio was awarded a two-year contract by PEMEX. Under this
      contract, Heliservicio will provide and operate three medium helicopters in
      support of PEMEX&#8217;s oil and gas operations. We will continue to evaluate the
      improving results for HC to determine if and when we will change our accounting
      for this joint venture from the cash to accrual basis.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Other
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;
      Historically, in addition to the expansion of our business through purchases
      of
      new and used aircraft, we have also established new joint ventures with local
      partners or purchased significant ownership interests in companies </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">8</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
      GROUP INC. AND SUBSIDIARIES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
      Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">with
      ongoing helicopter operations, particularly in countries where we have no
      operations or our operations are limited in scope, and we continue to evaluate
      similar opportunities which could enhance our operations. Where we believe
      that
      it is probable that an investment will result, the costs associated with such
      investment evaluations are deferred and included in Investment in unconsolidated
      affiliates. For each investment evaluated, an impairment of the deferred costs
      is recognized in the period in which we determine that it is no longer probable
      that an investment will be made. In December 2006, we recorded expense of $1.9
      million for acquisition costs previously deferred in connection with an
      acquisition we were evaluating as we determined that the acquisition is no
      longer probable. As of December 31, 2006, other costs associated with investment
      evaluations were not significant.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NOTE
      4 &#8212; DEBT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Debt
      as
      of December 31, 2006 and March 31, 2006 consisted of the following (in
      thousands):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td align="left" valign="bottom" width="61%">&#160;</td>
            <td colspan="3" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>March
                31,</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="61%">&#160;</td>
            <td colspan="3" valign="bottom" width="10%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="61%">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">6
                <sup><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">1</font></sup>/<sub>8</sub></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior
                Notes due </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2013</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">230,000</font></div>
            </td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">230,000</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="61%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Limited
                recourse term loans</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19,155</font></div>
            </td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20,023</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="61%">
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                Helicopters International, Inc. note</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,380</font></div>
            </td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,380</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="61%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Short-term
                advance from customer</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,400</font></div>
            </td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,400</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="61%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Note
                to Sakhalin Aviation Services Ltd.</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">417</font></div>
            </td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">647</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="61%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sakhalin
                debt</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,595</font></div>
            </td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,667</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="61%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Short-term
                notes</font></div>
            </td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
            </td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="61%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                debt</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">259,947</font></div>
            </td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">265,296</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="61%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Less
                short-term borrowings and current maturities of long-term
                debt</font></div>
            </td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(22,198</font></div>
            </td>
            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(17,634</font></div>
            </td>
            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="61%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                long-term debt</font></div>
            </td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">237,749</font></div>
            </td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">247,662</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Note
      to Sakhalin Aviation Services Ltd. &#8212; </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      August
      2006, the note issued to Sakhalin Aviation Services Ltd. (&#8220;Sakhalin&#8221;) was
      replaced with a new note to Sakhalin that will be repaid over a three-year
      period. As with the original note, the new note is non-interest
      bearing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Senior
      Secured Credit Facilities </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;
In
      August 2006, we entered into syndicated senior secured credit facilities which
      consist of a $100 million revolving credit facility (with a subfacility of
      $25
      million for letters of credit) and a $25 million letter of credit facility
      (the
&#8220;Credit Facilities&#8221;). The aggregate commitments under the revolving credit
      facility may be increased to $200 million at our option following our 6 1/8%
      Senior Notes due 2013 receiving an investment grade credit rating from Moody&#8217;s
      or Standard &amp; Poor&#8217;s (so long as the rating of the other rating agency of
      such notes is no lower than one level below investment grade).&#160; As of
      December 31, 2006, our Moody's and Standard &amp; Poor's ratings were Ba2 and
      BB, respectively, which are two levels below the investment grade ratings of
      Baa3 and BBB <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8211; ,
      respectively.&#160; </font>The revolving credit facility may be used for general
      corporate purposes, including working capital and acquisitions. The letter
      of
      credit facility is used to issue letters of credit supporting or securing
      performance of statutory obligations, surety or appeal bonds, bid, or
      performance bonds and similar obligations. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Borrowings
      under the revolving credit facility bear interest at an interest rate equal
      to,
      at our option, either the Base Rate or LIBOR (or EURIBO, in the case of
      Euro-denominated borrowings) plus the applicable margin. &#8220;Base Rate&#8221; means the
      higher of (1) the prime rate and (2) the Federal Funds rate plus 0.5% per annum.
      The applicable margin for borrowings range from 0.0% and 2.5% depending on
      whether the Base Rate or LIBOR is used, and is determined based on our credit
      rating. Fees owed on letters of credit issued under either the revolving credit
      facility or the letter of credit facility are equal to the margin for LIBOR
      borrowings. Based on our current ratings, the margins on Base Rate and LIBOR
      borrowings were 0.0% and 1.25%, respectively, as of December 31, 2006. Interest
      is payable at least quarterly, and the Credit Facilities mature in August 2011.
      Our obligations under the Credit Facilities are guaranteed by certain of our
      principal domestic subsidiaries and secured by the accounts receivable,
      inventory and equipment (excluding aircraft and their components) of Bristow
      Group Inc. and the guarantor subsidiaries, and the capital stock of certain
      of
      our principal subsidiaries.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">9</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
        GROUP INC. AND SUBSIDIARIES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
        Notes to Consolidated Financial Statements &#8212;
(Continued)</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition, the Credit Facilities include covenants which are customary for these
      types of facilities, including certain financial covenants and restrictions
      on
      the ability of Bristow Group Inc. and its subsidiaries to enter into certain
      transactions, including those that could result in the incurrence of additional
      liens and indebtedness; the making of loans, guarantees or investments; sales
      of
      assets; payments of dividends or repurchases of our capital stock; and entering
      into transactions with affiliates.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      of
      December 31, 2006, we had $4.7 million in letters of credit outstanding under
      the letter of credit facility and no borrowings or letters of credit outstanding
      under the revolving credit facility.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      previously had a $30 million revolving credit facility with a U.S. bank that
      was
      terminated in August 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>U.K.
      Facilities </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;
As
      of
      December 31, 2006, Bristow Aviation had a &#163;6.0 million ($11.7 million) facility
      for letters of credit, of which &#163;0.3 million ($0.6 million) was outstanding, and
      a &#163;1.0 million ($2.0 million) net overdraft facility, under which no borrowings
      were outstanding. Both facilities are with a U.K. bank. The letter of credit
      facility is provided on an uncommitted basis, and outstanding letters of credit
      bear fees at a rate of 0.7% per annum. Borrowings under the net overdraft
      facility are payable upon demand and bear interest at the bank&#8217;s base rate plus
      a spread that can vary between 1% and 3% per annum depending on the net
      overdraft amount. The net overdraft facility will be reviewed by the bank
      annually on August 31 and is cancelable at any time upon notification from
      the
      bank.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      facilities are guaranteed by certain of Bristow Aviation&#8217;s subsidiaries and
      secured by a negative pledge of Bristow Aviation&#8217;s assets.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NOTE
      5 &#8212; COMMITMENTS AND CONTINGENCIES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Aircraft
      Purchase Contracts</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;
As
      shown in the table below, we expect to make additional capital expenditures
      over
      the next six fiscal years to increase the size of our aircraft fleet. As of
      December 31, 2006, we had 42 aircraft on order and options to acquire an
      additional 35 aircraft. The additional aircraft on order are expected to provide
      incremental fleet capacity.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <div><br>
        <div><br>
          <div>
            <table cellpadding="0" cellspacing="0" width="100%">

                <tr>
                  <td align="justify" valign="bottom" width="32%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td valign="bottom" width="1%">&#160;</td>
                  <td colspan="2" valign="bottom" width="8%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                      Months Ending </strong></font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>March
                      31,</strong></font></div>
                  </td>
                  <td valign="bottom" width="1%">&#160;</td>
                  <td valign="bottom" width="1%">&#160;</td>
                  <td colspan="14" valign="bottom" width="31%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Fiscal
                      Year Ending March 31,</strong></font></div>
                  </td>
                  <td valign="bottom" width="1%">&#160;</td>
                  <td valign="bottom" width="1%">&#160;</td>
                  <td valign="bottom" width="5%">&#160;</td>
                </tr>
                <tr>
                  <td align="justify" valign="bottom" width="32%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td valign="bottom" width="1%">&#160;</td>
                  <td colspan="2" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2007</strong></font></div>
                  </td>
                  <td valign="bottom" width="1%">&#160;</td>
                  <td valign="bottom" width="1%">&#160;</td>
                  <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2008</strong></font></div>
                  </td>
                  <td valign="bottom" width="1%">&#160;</td>
                  <td valign="bottom" width="1%">&#160;</td>
                  <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2009</strong></font></div>
                  </td>
                  <td valign="top" width="1%">&#160;</td>
                  <td valign="top" width="1%">&#160;</td>
                  <td colspan="2" valign="top" width="6%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2010</strong></font></div>
                  </td>
                  <td valign="bottom" width="1%">&#160;</td>
                  <td valign="bottom" width="1%">&#160;</td>
                  <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2011-2013</strong></font></div>
                  </td>
                  <td valign="bottom" width="1%">&#160;</td>
                  <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total</strong></font></div>
                  </td>
                </tr>
                <tr bgcolor="#cceeff">
                  <td align="justify" valign="bottom" width="32%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Commitments
                      as of December 31, 2006:</strong></font></div>
                  </td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="7%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td valign="bottom" width="5%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="2%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
                </tr>
                <tr bgcolor="white">
                  <td align="justify" valign="bottom" width="32%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number
                      of aircraft: </font></div>
                  </td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="7%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="2%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
                </tr>
                <tr bgcolor="#cceeff">
                  <td align="justify" valign="bottom" width="32%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Small</font></div>
                  </td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="7%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
                  </td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
                  </td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                  </td>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="7%">
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">
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                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="2%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">
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                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Large</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
                  <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11</font></div>
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                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
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                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
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                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="2%" style="border-bottom: black double;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">42</font></div>
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                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Related
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="2%" style="border-bottom: black double;">
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                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
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                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Options
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="7%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="2%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
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                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="7%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="2%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">&#160;</td>
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                <tr bgcolor="white">
                  <td align="justify" valign="bottom" width="32%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Medium</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="7%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
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                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="2%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">27</font></div>
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                    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Large
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
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                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8</font></div>
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                <tr bgcolor="white">
                  <td align="justify" valign="bottom" width="32%" style="border-bottom: white solid;">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: white solid;">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: white solid;">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
                  <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                  <td align="right" valign="bottom" width="1%" style="border-bottom: white solid;">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: white solid;">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
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                  <td align="right" valign="bottom" width="1%" style="border-bottom: white solid;">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: white solid;">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12</font></div>
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                  <td align="right" valign="top" width="1%" style="border-bottom: white solid;">&#160;</td>
                  <td align="right" valign="top" width="1%" style="border-bottom: white solid;">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
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                  <td align="right" valign="bottom" width="1%" style="border-bottom: white solid;">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: white solid;">&#160;</td>
                  <td align="right" valign="bottom" width="2%" style="border-bottom: black double;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14</font></div>
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                  <td align="right" valign="bottom" width="1%" style="border-bottom: white solid;">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">35</font></div>
                  </td>
                </tr>
                <tr bgcolor="#cceeff">
                  <td align="justify" valign="bottom" width="32%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Related
                      expenditures (in thousands)</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                  </td>
                  <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,220</font></div>
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                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                  </td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">119,494</font></div>
                  </td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                  </td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">102,600</font></div>
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                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="top" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                  </td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">48,292</font></div>
                  </td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="2%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                  </td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">107,624</font></div>
                  </td>
                  <td align="right" valign="bottom" width="1%">&#160;</td>
                  <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                  </td>
                  <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">386,230</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">__________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(1)</sup></font></div>
            </td>
            <td align="justify" valign="bottom" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Signed
                customer contracts are currently in place for&#160;nine of these&#160;11
                aircraft. </font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="3%">&#160;</td>
            <td align="justify" valign="bottom" width="79%">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(2)</sup></font></div>
            </td>
            <td align="justify" valign="bottom" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Signed
                customer contracts are currently in place for&#160;eight of these&#160;19
                aircraft. </font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="3%">&#160;</td>
            <td align="justify" valign="bottom" width="79%">&#160;</td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">10</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
        GROUP INC. AND SUBSIDIARIES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
        Notes to Consolidated Financial Statements &#8212;
(Continued)</strong></font></div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(3)</sup></font></div>
            </td>
            <td align="justify" valign="bottom" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
                of December 31, 2006, options with respect to six of these aircraft
                were
                &#8220;subject to availability,&#8221; which means that the delivery time for the
                aircraft subject to these options will depend upon the number of
                manufacturing slots available at the time the options are exercised.
                As a
                result, the delivery time for these aircraft may be extended beyond
                those
                specified in the purchase agreement with the manufacturer, and these
                medium aircraft were included in the 2011-2013 period in the table
                above.
                However, we can accelerate the delivery of these aircraft at our
                option to
                as early as January 1, 2008, subject to the manufacturer&#8217;s availability to
                fill customer orders at the time an option is exercised.
                </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following chart presents an analysis of our aircraft orders and options during
      fiscal year 2007:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td align="justify" valign="bottom" width="32%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td colspan="21" valign="bottom" width="48%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                Months Ended</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="32%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td colspan="6" valign="bottom" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>June
                30, 2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="6" valign="bottom" width="14%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>September
                30, 2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="5" valign="bottom" width="14%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31, 2006</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="32%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Orders</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Options</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Orders</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
            <td valign="top" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="5%">
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            <td align="left" valign="bottom" width="1%">
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            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
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            <td align="left" valign="bottom" width="1%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">End
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">51</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">47</font></div>
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            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">42</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      early
      calendar year 2007, we ordered three additional large aircraft (for which no
      option previously existed) which will be delivered in fiscal year 2009, thereby
      increasing our aircraft commitments by $63.6 million, and obtained the option
      to
      purchase eight additional large aircraft and the right to trade in older
      aircraft to the same manufacturer.</font></div>
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      Bargaining Agreement</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8212;</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      We
      employ approximately 300 pilots in our North America operations who are
      represented by the Office and Professional Employees International Union
      (&#8220;OPEIU&#8221;) under a collective bargaining agreement. We and the pilots represented
      by the OPEIU ratified an amended collective bargaining agreement on April 4,
      2005. The terms under the amended agreement are fixed until October 3, 2008
      and
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      benefit plans.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      are
      currently involved in negotiations with the unions in Nigeria and anticipate
      that we will increase certain benefits for union personnel as a result of these
      negotiations. We do not expect these benefit increases to have a material impact
      on our results of operations.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      ability to attract and retain qualified pilots, mechanics and other
      highly-trained personnel is an important factor in determining our future
      success. For example, many of our customers require pilots with very high levels
      of flight experience. The market for these experienced and highly-trained
      personnel is competitive and will become more competitive if oil and gas
      industry activity levels increase. In addition, some of our pilots, mechanics
      and other personnel, as well as those of our competitors, are members of the
      U.S. or U.K. military reserves and have been, or could be, called to active
      duty. If significant numbers of such personnel are called to active duty, it
      would reduce the supply of such workers and likely increase our labor
      costs.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Internal
      Review </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8212;</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      February 2005, we voluntarily advised the staff of the SEC that the Audit
      Committee of our board of directors had engaged special outside counsel to
      undertake a review of certain payments made by two of our affiliated entities
      in
      a foreign country. The review of these payments, which initially focused on
      Foreign Corrupt Practices Act matters, was subsequently expanded by such special
      outside counsel to cover operations in other countries and other issues (the
      &#8220;Internal Review&#8221;). In connection with this review, special outside counsel to
      the Audit Committee retained forensic accountants. As a result of the findings
      of the Internal Review (which was completed in late 2005), our quarter ended
      December 31, 2004 and prior financial statements were restated. We also provided
      the SEC with documentation resulting from the Internal Review, which eventually
      resulted in a formal SEC investigation. For further information on the
      restatements, see our fiscal year 2005 Annual Report.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      October 2005, the Audit Committee reached certain conclusions with respect
      to
      findings from the Internal Review. The Audit Committee concluded that, over
      a
      considerable period of time, (1) improper payments were made by, and on behalf
      of, certain foreign affiliated entities directly or indirectly to foreign
      officials, (2) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">improper
      payments were made by certain foreign affiliated entities to employees of
      certain customers, (3) inadequate employee payroll declarations and, in certain
      instances, tax payments were made by us or our affiliated entities in certain
      jurisdictions, (4) inadequate valuations </font></div>
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          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
      GROUP INC. AND SUBSIDIARIES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
      Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">for
      customs purposes may have been declared in certain jurisdictions resulting
      in
      the underpayment of import duties, and (5) an affiliated entity, with the
      assistance of our personnel, engaged in transactions which appear to have
      assisted in the circumvention of currency transfer restrictions and other
      regulations. In addition, as a result of the Internal Review, the Audit
      Committee and management determined that there were deficiencies in our books
      and records and internal controls with respect to the foregoing and certain
      other activities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based
      on
      the Audit Committee&#8217;s findings and recommendations, the board of directors took
      disciplinary action with respect to our personnel who it determined bore
      responsibility for these matters. The disciplinary actions included termination
      or resignation of employment (including of certain members of senior
      management), changes of job responsibility, reductions in incentive compensation
      payments and reprimands. One of our affiliates also obtained the resignation
      of
      certain of its personnel.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      took
      remedial actions, including correcting underreported payroll taxes, disclosing
      to certain customers inappropriate payments made to customer personnel and
      terminating certain agency, business and joint venture relationships. We also
      took steps to reinforce our commitment to conduct our business with integrity
      by
      creating an internal corporate compliance function, instituting a new code
      of
      business integrity, and developing and implementing a training program for
      all
      employees. In addition to the disciplinary actions referred to above, we took
      steps to strengthen our control environment by hiring new key members of senior
      and financial management, including persons with appropriate technical
      accounting and legal expertise, expanding our corporate finance group and
      internal audit staff, realigning reporting lines within the accounting function
      so that field accounting reports directly to the corporate accounting function
      instead of operations management, and improving the management of our tax
      structure to comply with its intended design. Our compliance program is in
      full
      operation</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      and
      clear corporate policies have been established and communicated to our relevant
      personnel.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      communicated the Audit Committee&#8217;s conclusions with respect to the findings of
      the Internal Review to regulatory authorities in the jurisdictions in which
      the
      relevant activities took place where appropriate. Until final resolution of
      all
      of these issues, such disclosure may result in legal and administrative
      proceedings, the institution of administrative, civil injunctive or criminal
      proceedings involving us and/or current or former employees, officers and/or
      directors who are within the jurisdictions of such authorities, the imposition
      of fines and other penalties, remedies and/or sanctions, including precluding
      us
      from participating in business operations in their countries. To the extent
      that
      violations of the law may have occurred in countries in which we operate,
      related proceedings could also result in sanctions requiring us to curtail
      our
      business operations in one or more such countries for a period of time. In
      the
      event that we curtail our business operations in any such country, we then
      may
      face difficulties exporting our aircraft from suc</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">h
      country. During the three and nine months ended December 31, 2006, we made
      payments of $0.4 million and $9.0 million, respectively, for the taxes
      attributable to underreported employee payroll. Operating income for three
      and
      nine months ended December 31, 2005 included $1.0 million and $3.0 million,
      respectively, attributable to this accrual. Since December 31, 2005, no
      additional accruals were required for taxes attributable to underreported
      employee payroll.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Although
      we recorded an accrual for the expected outcome in December 2006 (see below),
      we
      cannot predict the ultimate outcome of the SEC investigation, nor can we predict
      whether other applicable U.S. and foreign governmental authorities will initiate
      separate investigations. The outcome of the SEC investigation and any related
      legal and administrative proceedings could include the institution of
      administrative, civil injunctive or criminal proceedings involving us and/or
      current or former employees, officers and/or directors, the imposition of fines
      and other penalties, remedies and/or sanctions, modifications to business
      practices and compliance programs</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      and/or
      referral to other governmental agencies for other appropriate actions. It is
      not
      possible to accurately predict at this time when matters relating to the SEC
      investigation will be completed, the final outcome of the SEC investigation,
      what if any actions may be taken by the SEC or by other governmental agencies
      in
      the U.S. or in foreign jurisdictions, or the effect that such actions may have
      on our consolidated financial statements.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      As a
      result of the disclosure and remediation of a number of activities identified
      in
      the Internal Review, we may encounter difficulties conducting business in
      certain foreign countries and retaining and attracting additional business
      with
      certain customers. We cannot predict the extent of these difficulties; however,
      our ability to continue conducting business in these countries and with these
      customers and through agents may be significantly impacted. It is also possible
      that we may become subject to claims by third parties, possibly resulting in
      litigation. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      matters identified in the Internal Review and their effects could have a
      material adverse effect on our business, financial condition and results of
      operations.</font></div>
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          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
        GROUP INC. AND SUBSIDIARIES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
        Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
        we
        continue to respond to the SEC investigation and other governmental authorities
        and take other actions relating to improper activities that have been identified
        in connection with the Internal Review, there can be no assurance that
        restatements, in addition to those reflected in our fiscal year 2005 Annual
        Report, will not be required or that our historical</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        financial statements included in </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">this
        Quarterly Report will not change or require further amendment. As part of
        our
        ongoing compliance program, we received evidence that foreign affiliates
        of our
        minority owned operating entity in Kazakhstan may have made improper gifts
        or
        payments to government employees. We engaged an outside accounting firm to
        investigate this matter and such investigation is underway. The results of
        such
        investigation, including our view as to whether improper activities took
        place,
        will be disclosed to the SEC by us as appropriate. In addition, as we continue
        to operate our compliance program, other situations involving foreign
        operations, similar to those matters disclosed to the SEC in February 2005
        and
        described above, could arise that warrant further investigation and subsequent
        disclosures. As a result, new issues may be identified that may
        impact</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        our
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">financial
        statements and the scope of the restatements described above and lead us
        to take
        other remedial actions or otherwise adversely impact us.</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
      fiscal years 2005 and 2006 and the nine months ended December 31, 2006, we
      incurred approximately $2.2 million, $10.5 million and $0.1 million,
      respectively, in legal and other professional costs in connection with the
      Internal Review. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition, in December 2006, we recorded a charge of $3.0 million for costs
      and
      fees we currently expect to incur in connection with the resolution of the
      SEC
      investigation regarding the findings resulting from the Internal Review, a&#160;
substantial portion of which relates to legal fees in connection with the
      investigation.&#160; There can be no assurance that the amounts currently
      recorded will be sufficient to resolve such matters or that such matters can
      ultimately be resolved until final action by the SEC. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      expect
      to incur additional costs associated with the Internal Review and in the conduct
      of our new compliance program, which will be expensed as incurred and which
      could be significant in the fiscal quarters in which they are
      recorded.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Many
      of
      the improper actions identified in the Internal Review resulted in decreasing
      the costs incurred by us in performing our services. The remedial actions we
      are
      taking have resulted in an increase in these costs and, if we cannot raise
      our
      prices simultaneously and to the same extent as our increased costs, our
      operating income will decrease.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition, we face legal actions relating to the remedial actions which we have
      taken as a result of the Internal Review, and may face further legal action
      of
      this type in the future. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      November 2005, two of our consolidated foreign </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">affiliates
      were named in a lawsuit filed with the High Court of Lagos State, Nigeria by
      Mr.
      Benneth Osita Onwubalili and his affiliated company, Kensit Nigeria Limited,
      which allegedly acted as agents of our affiliates in Nigeria. The claimants
      allege that an agreement between the parties was terminated without
      justification and seek damages of $16.3 million. We have responded to this
      claim
      and are continuing to investigate this matter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Document
      Subpoena from U.S. Department of Justice </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8212;</font>
      In June 2005, one
      of our subsidiaries received a document subpoena from the Antitrust Division
      of
      the U.S. Department of Justice (the &#8220;DOJ&#8221;). The subpoena related to a grand jury
      investigation of potential antitrust violations among providers of helicopter
      transportation services in the U.S. Gulf of Mexico. The subpoena focused on
      activities during the period from January&#160;1, 2000 to June&#160;13, 2005. We
      believe we have submitted to the DOJ substantially all documents responsive
      to
      the subpoena. We have had discussions with the DOJ and provided documents
      related to our operations in the United States as well as internationally.
      We
      intend to continue to provide additional information as required by the DOJ
      in
      connection with the investigation. There is no assurance that, after review
      of
      any information furnished by us or by third parties, the DOJ will not ultimately
      conclude that violations of U.S. antitrust laws have occurred. The period of
      time necessary to resolve the DOJ investigation is uncertain, and this matter
      could require significant management and financial resources that could
      otherwise be devoted to the operation of our business.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      outcome of the DOJ investigation and any related legal proceedings in other
      countries could include civil injunctive or criminal proceedings involving
      us or
      our current or former officers, directors or employees, the imposition of fines
      and other penalties, remedies and/or sanctions, including potential disbarments,
      and referrals to other governmental agencies. In addition, in cases where
      anti-competitive conduct is found by the government, there is greater likelihood
      for civil litigation to be brought by third parties seeking recovery. Any such
      civil litigation could have serious consequences for our company, including
      the
      costs of the litigation and potential orders to pay restitution or other damages
      or penalties, including potentially treble damages, to any parties that were
      determined to be injured as a result of any impermissible anti-competitive
      conduct. Any of these adverse consequences could have a material adverse effect
      on our business, financial condition and results of operations. The DOJ
      investigation, any related proceedings in other countries and any </font></div>
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          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">third-party
      litigation, as well as any negative outcome that may result from the
      investigation, proceedings or litigation, could also negatively impact our
      relationships with customers and our ability to generate revenue.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Environmental
      Contingencies</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8212;</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      United States Environmental Protection Agency, also referred to as the EPA,
      has
      in the past notified us that we are a potential responsible party, or PRP,
      at
      four former waste disposal facilities that are on the National Priorities List
      of contaminated sites. Under the federal Comprehensive Environmental Response,
      Compensation, and Liability Act, also known as the Superfund law, persons who
      are identified as PRPs may be subject to strict, joint and several liability
      for
      the costs of cleaning up environmental contamination resulting from releases
      of
      hazardous substances at National Priorities List sites. We were identified
      by
      the EPA as a PRP at the Western Sand and Gravel Superfund site in Rhode Island
      in 1984, at the Sheridan Disposal Services Superfund site in Waller County,
      Texas in 1989, at the Gulf Coast Vacuum Services Superfund site near Abbeville,
      Louisiana in 1989, and at the Operating Industries, Inc. Superfund site in
      Monterey Park, California in 2003. We have not received any correspondence
      from
      the EPA with respect to the Western Sand and Gravel Superfund site since
      February 1991, nor with respect to the Sheridan Disposal Services Superfund
      site
      since 1989. Remedial activities at the Gulf Coast Vacuum Services Superfund
      site
      were completed in September 1999 and the site was removed from the National
      Priorities List in July 2001. The EPA has offered to submit a settlement offer
      to us in return for which we would be recognized as a </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>de
      minimis</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      party in
      regard to the Operating Industries Superfund site, but we have not yet received
      this settlement proposal. Although we have not obtained a formal release of
      liability from the EPA with respect to any of these sites, we believe that
      our
      potential liability in connection with these sites is not likely to have a
      material adverse effect on our business, financial condition or results of
      operations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Hurricanes
      Katrina and Rita</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#160;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8212;</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      a
      result of hurricanes Katrina and Rita in the fall of 2005, several of our
      shorebase facilities located along the U.S. Gulf Coast sustained significant
      hurricane damage. In particular, hurricane Katrina caused a total loss of our
      Venice, Louisiana, shorebase facility, and hurricane Rita severely damaged
      the
      Creole, Louisiana, base and flooded the Intracoastal City, Louisiana, base.
      These facilities have since been reopened. Based on estimates of the losses,
      discussions with our property insurers and analysis of the terms of our property
      insurance policies, we believe that it is probable that we will receive a total
      of $2.8 million in insurance recoveries ($1.5 million has been received thus
      far). We recorded a $0.2 million net gain during fiscal year 2006, ($2.8 million
      in probable insurance recoveries offset by $2.6 million of involuntary
      conversion losses) related to property damage to these facilities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Aircraft
      Repurchase Commitments</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8212;</font></font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      During
      November 2002, we sold assets related to our activities in Italy. In connection
      with this sale, we also agreed to acquire ownership of three aircraft used
      in
      the Italy operations and currently leased from unrelated third parties at future
      dates, and transfer ownership to the buyer. As part of this arrangement, we
      agreed to exercise our purchase option at the conclusion of each lease and
      to
      sell these aircraft to the buyer for an aggregate sales price of &#8364;8.8 million
      ($11.4 million). During fiscal year 2005, leases with one of the third parties
      were terminated and the sale to the buyer closed on two of these aircraft,
      resulting in the recognition of a $2.3 million gain. We exercised the purchase
      option on the remaining aircraft and completed the sale during the three months
      ended September 30, 2006, resulting in a gain of $2.2 million.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Supply
      Agreement with Timken</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8212;</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      As
      discussed in Note 2, in conjunction with the sale of the assets of Turbo to
      Timken, we signed a supply agreement with Timken through which we are obligated
      to purchase parts and components, and obtain repair services, from Timken
      totaling $10.5 million over a three-year period beginning December 1, 2006
      at
      prices consistent with prior arrangements with Timken.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Guarantees</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8212;</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      We have
      guaranteed the repayment of up to &#163;10 million ($19.6 million) of the debt of FBS
      and $11.7 million of the debt of RLR, both unconsolidated affiliates. See
      discussion of these commitments in Note 6 to our fiscal year 2006 Financial
      Statements. As of December 31, 2006, we have recorded a liability of $0.7
      million representing the fair value of the RLR guarantee, which is reflected
      in
      our consolidated balance sheet in other liabilities and deferred credits.
      Additionally, we provided an indemnity agreement to Afianzadora Sofimex, S.A.
      to
      support issuance of surety bonds on behalf of HC from time to time; as of
      December 31, 2006, surety bonds with an aggregate value of 33.6 million Mexican
      pesos ($3.1 million) were outstanding.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">14</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
        GROUP INC. AND SUBSIDIARIES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
        Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        following table summarizes our commitments under these guarantees as of December
        31, 2006:</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td colspan="21" valign="bottom" width="61%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Amount
                of Commitment Expiration Per Period</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td colspan="3" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total</strong></font></div>
            </td>
            <td colspan="2" valign="bottom" width="4%">&#160;</td>
            <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Remainder
                of Fiscal Year 2007</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="3" valign="bottom" width="4%">&#160;</td>
            <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Fiscal
                Years </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2008-2009</strong></font></div>
            </td>
            <td colspan="2" valign="bottom" width="7%">&#160;</td>
            <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Fiscal
                Years </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2010-2011</strong></font></div>
            </td>
            <td colspan="2" valign="bottom" width="6%">&#160;</td>
            <td colspan="2" valign="bottom" width="9%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Fiscal
                Year 2012 and Thereafter</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td colspan="21" valign="bottom" width="61%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                thousands)</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,395</font></div>
            </td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,108</font></div>
            </td>
            <td align="right" colspan="2" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,716</font></div>
            </td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19,570</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Other
      Matters </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8212;</font>
      Although
      infrequent flight accidents have occurred in the past, and the related losses
      and liability claims have been covered by insurance subject to a deductible.
      We
      are a defendant in certain claims and litigation arising out of operations
      in
      the normal course of business. In the opinion of management, uninsured losses,
      if any, will not be material to our financial position, results of operations
      or
      cash flows.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NOTE
      6 &#8212;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>MANDATORY
      CONVERTIBLE PREFERRED STOCK</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      September 2006, we issued 4,000,000 shares of Preferred Stock, in a public
      offering, for net proceeds of $193.6 million. In October 2006, we issued an
      additional 600,000 shares of Preferred Stock upon the exercise of the
      underwriters&#8217; over-allotment option, for net proceeds of $29.1 million. We have
      used a portion of the net proceeds from this offering and intend to use the
      remainder to acquire aircraft and for working capital and other general
      corporate purposes, including acquisitions.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Unless
      converted earlier pursuant to the terms discussed below, on September 15, 2009,
      the Preferred Stock will convert into common stock based on the following
      conversion rates:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td valign="bottom" width="2%">&#160;</td>
            <td valign="bottom" width="22%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Market
                Value of</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Common
                Stock on</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>September
                15, 2009</strong></font></div>
            </td>
            <td valign="bottom" width="2%">&#160;</td>
            <td valign="bottom" width="18%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Number
                of Shares of</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Common
                Stock Issued</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>for
                Each Share of</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Preferred
                Stock</strong></font></div>
            </td>
            <td valign="bottom" width="2%">&#160;</td>
            <td valign="bottom" width="21%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total
                Number of Shares of</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Common
                Stock Issued</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>for
                4,600,000 Shares of</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Preferred
                Stock</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td valign="bottom" width="22%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$35.26
                or less</font></div>
            </td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td valign="bottom" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.4180</font></div>
            </td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td valign="bottom" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,522,800</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td valign="bottom" width="22%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Between
                $35.26 and $43.19</font></div>
            </td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td valign="bottom" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.4180
                to 1.1577</font></div>
            </td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td valign="bottom" width="21%">
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                to 5,324,961</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td valign="bottom" width="22%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$43.19
                or greater</font></div>
            </td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td valign="bottom" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.1576</font></div>
            </td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td valign="bottom" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,324,960</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      &#8220;Market Value&#8221; of our common stock is the average of the closing price per share
      of common stock on each of the 20 consecutive trading days ending on the third
      trading day immediately preceding the mandatory conversion date. Each share
      of
      Preferred Stock is convertible at the holder&#8217;s option at any time into
      approximately 1.1576 shares of our common stock based on a conversion price
      of
      $43.19 per share, subject to specified adjustments; however, upon such optional
      conversion of Preferred Stock, we will make no payment of any future dividends.
      If, at any time prior to the mandatory conversion date, the closing price per
      share of our common stock exceeds $64.785, subject to anti-dilution
      requirements, for at least 20 days within a period of 30 consecutive trading
      days, we may elect to cause the conversion of all of the Preferred Stock then
      outstanding at the conversion rate of 1.1576 shares of common stock (or a total
      of 5,324,960 shares of common stock upon conversion of 4,600,000 shares of
      Preferred Stock), subject to specified adjustments including payment of unpaid
      future dividends. There are also conversion and other requirements applicable
      upon the cash acquisition of our company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Annual
      cumulative cash dividends of $2.75 per share of mandatory convertible preferred
      stock are payable quarterly on the fifteenth day of each March, June, September
      and December. Holders of the Preferred Stock on the mandatory conversion date
      will have the right to receive the dividend due on such date (including any
      accrued, cumulated and unpaid dividends), whether or not declared, to the extent
      we are legally permitted to pay such dividends at such time.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      November 15, 2006, our Board of Directors declared a dividend of $0.65694 per
      share of Preferred Stock issued and outstanding at the close of business on
      December 1, 2006, which was paid on December 15, 2006. The net amount of $2.9
      million (which was reduced for dividends accrued on the overallotment shares
      prior to their issuance) is included as a financing cash outflow in our
      consolidated cash flow statement for the nine months ended December 31, 2006
      and
      resulted in a corresponding reduction in retained earnings as of December 31,
      2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">15</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
        GROUP INC. AND SUBSIDIARIES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
        Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NOTE</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
      7 </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#8212;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
      TAXES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      effective income tax rates from continuing operations were 44.1% and 27.1%
      for
      the three months ended December 31, 2006 and 2005, respectively, and 35.9%
      and
      23.7% for the nine months ended December 31, 2006 and 2005, respectively.
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      effective tax rates for the three and nine months ended December 31, 2006 were
      impacted by additional tax expense of $2.5 million recorded as a result of
      the
      sale of the assets of Turbo (Note 2). Excluding the tax recorded as a result
      of
      the Turbo asset sale, our effective tax rates for the three and nine months
      ended December 31, 2006 were 31.1% and 32.5%, respectively.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      During
      the three and nine months ended December 31, 2006, we had net reversals of
      reserves for estimated tax exposures of $0.8 million and $2.3 million,
      respectively, as a result of our evaluation of the need for such reserves in
      light of the expiration of the related statutes of limitations. Reversals of
      reserves at a level proportional to that for the three months ended December
      31,
      2006 are expected to occur in the last quarter of fiscal year 2007. Our
      effective tax rate was also impacted by the permanent reinvestment outside
      the
      U.S. of foreign earnings, upon which no U.S. tax has been provided, and by
      the
      amount of our foreign source income and our ability to realize foreign tax
      credits. The significant variance between the U.S. federal statutory rate and
      the effective rate for the three and nine months ended December 31, 2005 was
      due
      primarily to the impact of the reversals of reserves for tax contingencies
      of
      $2.9 million and $8.6 million, respectively, during those periods.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NOTE
      8 &#8212; EMPLOYEE BENEFIT PLANS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Pension
      Plans</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following table provides a detail of the components of net periodic pension
      cost:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td align="left" valign="bottom" width="48%">&#160;</td>
                <td colspan="7" valign="bottom" width="14%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                    Months Ended</strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                    31,</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td colspan="6" valign="bottom" width="15%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                    Months Ended</strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                    31,</strong></font></div>
                </td>
                <td align="left" valign="top" width="1%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="48%">&#160;</td>
                <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
                </td>
                <td valign="bottom" width="1%">&#160;</td>
                <td colspan="2" valign="top" width="3%">&#160;</td>
                <td colspan="2" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
                </td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
                </td>
                <td valign="top" width="1%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
                </td>
                <td align="left" valign="top" width="1%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="48%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td colspan="14" valign="bottom" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                    thousands)</strong></font></div>
                </td>
                <td align="left" valign="top" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="left" valign="bottom" width="48%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Service
                    cost for benefits earned during the period</font></div>
                </td>
                <td align="right" valign="bottom" width="1%">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="5%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">66</font></div>
                </td>
                <td align="left" colspan="2" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="top" width="2%">&#160;</td>
                <td align="left" valign="bottom" width="1%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="5%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">69</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">194</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">212</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="bottom" width="48%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
                    cost on pension benefit obligation</font></div>
                </td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="5%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,742</font></div>
                </td>
                <td align="left" colspan="2" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="top" width="2%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="5%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,220</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,847</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,094</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="left" valign="bottom" width="48%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Expected
                    return on assets</font></div>
                </td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="5%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5,941</font></div>
                </td>
                <td align="left" colspan="2" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                </td>
                <td align="left" valign="top" width="2%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="5%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4,749</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(17,431</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(14,641</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="bottom" width="48%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amortization
                    of unrecognized experience losses</font></div>
                </td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">921</font></div>
                </td>
                <td align="left" colspan="2" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="top" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">893</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,702</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,754</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="left" valign="bottom" width="48%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                    periodic pension cost</font></div>
                </td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">788</font></div>
                </td>
                <td align="left" colspan="2" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="top" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,433</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,312</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,419</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
              </tr>

          </table>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      current estimate of our cash contributions to the pension plans for fiscal
      year
      2007 is $9.9 million, $2.8 million and $8.1 million of which were paid during
      the three and nine months ended December 31, 2006, respectively. We expect
      to
      increase our annual cash contributions to the plans to a range of $13 million
      to
      $15 million per fiscal year beginning in fiscal year 2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Stock-Based
      Compensation</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have a
      number of incentive and stock option plans, which are described in Note 9 to
      our
      fiscal year 2006 Financial Statements. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prior
      to
      April 1, 2006, we accounted for these stock-based compensation plans in
      accordance with Accounting Principles Board (&#8220;APB&#8221;) Opinion
      No.&#160;25</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>,
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;Accounting
      for Stock Issued to Employees.&#8221; Under APB No. 25, no compensation expense was
      reflected in net income for stock options that we had issued to our employees,
      as all options granted under those plans had an exercise price equal to the
      market value of the underlying shares on the date of grant. Additionally, as
      required under the disclosure provisions of SFAS No. 123, &#8220;Accounting for
      Stock-Based Compensation,&#8221; we provided pro forma net income&#160;and earnings
      per share for each period as if we had applied the fair value method to measure
      stock-based compensation expense. Compensation expense related to awards of
      restricted stock units was recorded in our statements of income over the vesting
      period of the awards. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">16</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
      GROUP INC. AND SUBSIDIARIES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
      Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective
      April&#160;1, 2006, we adopted the provisions of SFAS No.&#160;123(R),
&#8220;Share-Based Payment,&#8221; and related interpretations, to account for stock-based
      compensation using the modified prospective transition method and therefore
      will
      not restate our prior period results. SFAS No. 123(R) supersedes and revises
      guidance in APB No. 25 and SFAS No. 123. Among other things, SFAS No. 123(R)
      requires that compensation expense be recognized in the financial statements
      for
      share-based awards based on the grant date fair value of those awards. The
      modified prospective transition method applies to (1)&#160;unvested stock
      options under our stock option plans as of March 31, 2006 based on the grant
      date fair value estimated in accordance with the pro forma provisions of SFAS
      No. 123, and (2)&#160;any new share-based awards granted subsequent to March 31,
      2006 (including restricted stock units), based on the grant-date fair value
      estimated in accordance with the provisions of SFAS No. 123(R). Additionally,
      stock-based compensation expense includes an estimate for pre-vesting
      forfeitures and is recognized over the requisite service periods of the awards
      on a straight-line basis, which is commensurate with the vesting term.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      adoption of SFAS No. 123(R) on April 1, 2006 had the effect of reducing our
      income before provision for income taxes and minority interest and net income
      from that which would have been reported if we had continued to account for
      stock-based compensation under APB No. 25 as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td valign="bottom" width="46%">&#160;</td>
            <td colspan="2" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                Months Ended</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                Months Ended</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="46%">&#160;</td>
            <td colspan="2" valign="bottom" width="15%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31, 2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="15%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31, 2006</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="46%">&#160;</td>
            <td colspan="6" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                thousands)</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reduction
                in income before provision for income taxes and minority
                interest</font></div>
            </td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="left" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">616</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="left" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,799</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reduction
                in net income</font></div>
            </td>
            <td align="right" valign="bottom" width="10%">&#160;</td>
            <td align="left" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">400</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="9%">&#160;</td>
            <td align="left" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,169</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Basic
      and
      diluted earnings per share were impacted by the adoption of SFAS No. 123(R)
      as
      follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td valign="bottom" width="46%">&#160;</td>
            <td colspan="2" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                Months Ended</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                Months Ended</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="46%">&#160;</td>
            <td colspan="2" valign="bottom" width="15%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31, 2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="15%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31, 2006</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
                reported:</font></div>
            </td>
            <td align="right" valign="bottom" width="10%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="9%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Basic</font></div>
            </td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="left" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.31</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="left" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.85</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="left" valign="bottom" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Diluted</font></div>
            </td>
            <td align="right" valign="bottom" width="10%">&#160;</td>
            <td align="left" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.31</font></div>
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            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="9%">&#160;</td>
            <td align="left" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.80</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="left" valign="bottom" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
                SFAS No. 123(R) were not adopted:</font></div>
            </td>
            <td align="right" valign="bottom" width="10%">&#160;</td>
            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="9%">&#160;</td>
            <td align="left" valign="bottom" width="6%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="left" valign="bottom" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Basic</font></div>
            </td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="left" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.33</font></div>
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            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="left" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.90</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="left" valign="bottom" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Diluted</font></div>
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            <td align="right" valign="bottom" width="10%">&#160;</td>
            <td align="left" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.33</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="9%">&#160;</td>
            <td align="left" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.85</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
      share-based compensation expense, which includes stock options and restricted
      stock units, was $1.3 million and $3.5 million for the three and nine months
      ended December 31, 2006, respectively, compared to $0.2 million and $0.3 million
      for both the three and nine months ended December 31, 2005, respectively.
      Stock-based compensation expense has been allocated to our various business
      units.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Stock
      Options </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;
We
      use
      a Black-Scholes option pricing model to estimate the fair value of share-based
      awards under SFAS No. 123(R), which is the same valuation technique we
      previously used for pro forma disclosures under SFAS No. 123. The Black-Scholes
      option pricing model incorporates various assumptions, including the risk-free
      interest rate, volatility, dividend yield and the expected term of the
      options.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      risk-free interest rate is based on the U.S. Treasury yield curve in effect
      at
      the time of grant for a period equal to the expected term of the option.
      Expected volatilities are based on the historical volatility of shares of our
      common stock, which has not been adjusted for any expectation of future
      volatility given uncertainty related to the future performance of our common
      stock at this time. We also use historical data to estimate the expected term
      of
      the options within the option pricing model; groups of employees that have
      similar historical exercise behavior are considered separately for valuation
      purposes. The expected term of the options represents the period of time that
      the options granted are expected to be outstanding. Additionally, SFAS No.
      123(R) requires us to estimate pre-vesting option forfeitures at the time of
      grant and periodically revise those estimates in subsequent periods if actual
      pre-vesting forfeitures differ from those estimates. We record stock-based
      compensation expense only for those awards expected to vest using an estimated
      forfeiture rate based on our historical forfeiture data. Previously, we
      accounted for forfeitures as they occurred under the pro forma disclosure
      provisions of SFAS No. 123 for periods prior to April 1, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">17</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
      GROUP INC. AND SUBSIDIARIES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
      Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following table shows the assumptions we used to compute the stock-based
      compensation expense for stock option grants issued during the three and nine
      months ended December 31, 2006. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td align="left" valign="bottom" width="54%">&#160;</td>
            <td colspan="4" valign="bottom" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                Months</strong></font></div>
            </td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                Months</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="54%">&#160;</td>
            <td colspan="4" valign="bottom" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Ended
                </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
            </td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Ended
                </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="54%">&#160;</td>
            <td colspan="4" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
            </td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="54%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Risk
                free interest rate</font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.0-5.2</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
            </td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.0-5.2</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="54%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Expected
                life (years)</font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="54%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Volatility</font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30-34</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
            </td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30-34</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="54%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dividend
                yield</font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
            </td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      weighted average grant date fair value of options granted during the nine months
      ended December 31, 2006 was $12.01 per option. No options were granted during
      the three months ended December 31, 2006. Unrecognized stock-based compensation
      expense related to nonvested stock options was approximately $2.6 million as
      of
      December 31, 2006, relating to a total of 315,701 unvested stock options under
      our stock option plans. We expect to recognize this stock-based compensation
      expense over a weighted average period of approximately 1.32 years. The total
      fair value of options vested during the three and nine months ended December
      31,
      2006 was approximately $0.4 million and $1.7 million, respectively.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Options
      issued under our stock option plans had vesting terms ranging from six months
      to
      three years. Options issued under these plans expire ten years from the date
      of
      grant, except for options issued to non-employee directors which expire from
      three months to one year following the date when the individual ceases to be
      a
      director (based on the reason thereof). The following is a summary of stock
      option activity for the nine months ended December 31, 2006: </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="justify" valign="bottom" width="42%">&#160;</td>
              <td align="justify" colspan="2" valign="top" width="3%">&#160;</td>
              <td valign="top" width="5%">&#160;</td>
              <td valign="top" width="1%">&#160;</td>
              <td valign="top" width="1%">&#160;</td>
              <td valign="top" width="5%">&#160;</td>
              <td valign="top" width="2%">&#160;</td>
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              <td valign="top" width="1%">&#160;</td>
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              <td align="justify" colspan="2" valign="top" width="3%">&#160;</td>
              <td valign="top" width="5%">&#160;</td>
              <td valign="top" width="1%">&#160;</td>
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              <td valign="top" width="5%">&#160;</td>
              <td valign="top" width="1%">&#160;</td>
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              <td valign="top" width="5%">&#160;</td>
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            <tr>
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              <td colspan="3" valign="top" width="8%">&#160;</td>
              <td align="justify" valign="top" width="1%">&#160;</td>
              <td colspan="2" valign="top" width="6%">&#160;</td>
              <td align="justify" valign="top" width="2%">&#160;</td>
              <td colspan="2" valign="top" width="7%">&#160;</td>
              <td colspan="4" valign="top" width="10%">
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" colspan="2" valign="bottom" width="7%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Balance
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              <td align="right" colspan="2" valign="bottom" width="7%">
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              <td align="right" valign="bottom" width="1%">
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              <td align="right" valign="bottom" width="5%">
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.83</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,033</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Granted</font></div>
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" colspan="2" valign="bottom" width="7%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">196,000</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34.78</font></div>
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              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercised</font></div>
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" colspan="2" valign="bottom" width="7%">
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              <td align="justify" valign="bottom" width="1%">
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
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              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Forfeited</font></div>
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              <td align="left" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28.88</font></div>
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              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Balance
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
              <td align="right" colspan="2" valign="bottom" width="7%" style="border-bottom: black double;">
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">27.91</font></div>
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              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.83</font></div>
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,688</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exercisable
                  as of December 31, 2006</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
              <td align="right" colspan="2" valign="bottom" width="7%" style="border-bottom: black double;">
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25.82</font></div>
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              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.21</font></div>
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,161</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>

        </table>
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      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      total
      intrinsic value, determined as of the date of exercise, of options exercised
      for
      the three and nine months ended December 31, 2006 was $0.7 million and $2.4
      million, respectively, and for the three and nine months ended December 31,
      2005
      was less than $0.1 million and was $0.3 million, respectively. The total amount
      of cash that we received from option exercises for the three and nine months
      ended December 31, 2006 was $0.8 million and&#160;$2.9 million,
      respectively,&#160;and for the three and nine months ended December 31, 2005 was
      less than $0.1 million and was $0.6 million, respectively. The total tax benefit
      attributable to options exercised during the three and nine months ended
      December 31, 2006 was $0.2 million and $0.8 million, respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SFAS
      No.
      123(R) requires the benefits associated with tax deductions in excess of
      recognized compensation cost to be reported as a financing cash flow rather
      than
      as an operating cash flow as previously required. The excess tax benefits from
      stock-based compensation of $0.8 million as reported on our condensed
      consolidated statement of cash flows in financing activities for the nine months
      ended December 31, 2006 represents the reduction in income taxes otherwise
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">18</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
      GROUP INC. AND SUBSIDIARIES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
      Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">payable
      during the period attributable to the actual gross tax benefits in excess of
      the
      expected tax benefits for options exercised in current and prior periods.&#160;
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Restricted
      Stock Units </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      record
      compensation expense for restricted stock units based on an estimate of the
      service period related to the awards, which is tied to the future performance
      of
      our stock over certain time periods under the terms of the award agreements.
      The
      estimated service period is reassessed quarterly. Changes in this estimate
      may
      cause the timing of expense recognized in future periods to accelerate.
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Compensation
      expense related to awards of restricted stock units for the three and nine
      months ended December 31, 2006 was $0.7 million and $1.7 million, respectively,
      and for the three and nine months ended December 31, 2005 was $0.2 million
      and
      $0.3 million, respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following is a summary of non-vested restricted stock units as of December
      31,
      2006 and changes during the nine months ended December 31, 2006: </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div align="left">
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td align="left" valign="bottom" width="58%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="6%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Weighted</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="58%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="6%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Average</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="58%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="6%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Grant</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="58%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="6%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Date
                    Fair</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="58%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="6%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Value</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="58%" style="border-bottom: #ffffff solid;">&#160;</td>
                <td valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Units</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
                <td valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td valign="bottom" width="8%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Per
                    Unit</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="left" valign="bottom" width="58%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-vested
                    as of March 31, 2006</font></div>
                </td>
                <td valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">198,200</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">29.32</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="bottom" width="58%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Granted</font></div>
                </td>
                <td valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">200,180</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">35.08</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="left" valign="bottom" width="58%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Forfeited</font></div>
                </td>
                <td valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(18,640</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                </td>
                <td valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32.07</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="bottom" width="58%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Vested</font></div>
                </td>
                <td valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4,100</font></div>
                </td>
                <td align="left" valign="middle" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                </td>
                <td valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34.25</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="left" valign="bottom" width="58%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-vested
                    as of December 31, 2006</font></div>
                </td>
                <td valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">375,640</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32.20</font></div>
                </td>
                <td align="left" valign="bottom" width="1%">&#160;</td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Unrecognized
      stock-based compensation expense related to non-vested restricted stock units
      was approximately $9.5 million as of December 31, 2006, relating to a total
      of
      375,640 unvested restricted stock units. We expect to recognize this stock-based
      compensation expense over a weighted average period of approximately 4.28 years.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Prior
      Period Pro Forma Presentation </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;
The
      following table illustrates the effect on net income and earnings per share
      for
      the three and nine months ended December 31, 2005 as if we had applied the
      fair
      value method to measure stock-based compensation, as required under the
      disclosure provisions of SFAS No.&#160;123:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div align="left">
        <div align="left"><br>
          <div><br>
            <div>
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td align="left" valign="bottom" width="55%">&#160;</td>
                    <td colspan="2" valign="bottom" width="9%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                        Months</strong></font></div>
                    </td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="justify" colspan="2" valign="top" width="1%">&#160;</td>
                    <td colspan="2" valign="bottom" width="9%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                        Months</strong></font></div>
                    </td>
                    <td align="justify" valign="top" width="2%">&#160;</td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="55%">&#160;</td>
                    <td colspan="2" valign="bottom" width="9%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Ended</strong></font></div>
                    </td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td colspan="2" valign="top" width="1%">&#160;</td>
                    <td colspan="2" valign="top" width="9%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Ended</strong></font></div>
                    </td>
                    <td valign="top" width="2%">&#160;</td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="55%">&#160;</td>
                    <td colspan="2" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                        31,</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
                    </td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td colspan="2" valign="top" width="1%">&#160;</td>
                    <td colspan="2" valign="top" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                        31,</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
                    </td>
                    <td valign="top" width="2%">&#160;</td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="55%">&#160;</td>
                    <td colspan="8" valign="bottom" width="23%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                        thousands,</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>except
                        per share amounts)</strong></font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#cceeff">
                    <td align="left" valign="bottom" width="55%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                        income, as reported</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 25.3pt">&#160;</font></div>
                    </td>
                    <td valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="8%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,400</font></div>
                    </td>
                    <td align="left" colspan="2" valign="bottom" width="1%">&#160;</td>
                    <td align="justify" valign="top" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="8%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,004</font></div>
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                    <td align="left" valign="bottom" width="2%">&#160;</td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="55%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stock-based
                        employee compensation expense included</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">in
                        reported net income, net of tax</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: -4.7pt">&#160;</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="8%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">185</font></div>
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                    <td align="left" colspan="2" valign="bottom" width="1%">&#160;</td>
                    <td align="justify" valign="top" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="8%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">280</font></div>
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                    <td align="left" valign="bottom" width="2%">&#160;</td>
                  </tr>
                  <tr bgcolor="#cceeff">
                    <td align="left" valign="bottom" width="55%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stock-based
                        employee compensation expense, net of tax</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 11.8pt">&#160;</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(457</font></div>
                    </td>
                    <td align="left" colspan="2" valign="middle" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="justify" valign="top" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,586</font></div>
                    </td>
                    <td align="left" valign="middle" width="2%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
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                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="55%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pro
                        forma net income</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 25.3pt">&#160;</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,128
                        </font></div>
                    </td>
                    <td align="left" colspan="2" valign="bottom" width="1%">&#160;</td>
                    <td align="justify" valign="top" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">38,698</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%">&#160;</td>
                  </tr>
                  <tr bgcolor="#cceeff">
                    <td align="left" valign="bottom" width="55%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Basic
                        earnings per common share:</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="8%">&#160;</td>
                    <td align="left" colspan="2" valign="bottom" width="1%">&#160;</td>
                    <td align="justify" valign="top" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="8%">&#160;</td>
                    <td align="left" valign="bottom" width="2%">&#160;</td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="55%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Earnings
                        per common share, as reported</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 11.8pt">&#160;</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="8%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.57</font></div>
                    </td>
                    <td align="left" colspan="2" valign="bottom" width="1%">&#160;</td>
                    <td align="justify" valign="top" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="8%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.71</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%">&#160;</td>
                  </tr>
                  <tr bgcolor="#cceeff">
                    <td align="left" valign="bottom" width="55%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stock-based
                        employee compensation expense, net of tax</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 11.8pt">&#160;</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(0.01</font></div>
                    </td>
                    <td align="left" colspan="2" valign="middle" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="justify" valign="top" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(0.05</font></div>
                    </td>
                    <td align="left" valign="middle" width="2%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="55%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pro
                        forma basic earnings per common share</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 11.8pt">&#160;</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.56</font></div>
                    </td>
                    <td align="left" colspan="2" valign="bottom" width="1%">&#160;</td>
                    <td align="justify" valign="top" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.66</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%">&#160;</td>
                  </tr>
                  <tr bgcolor="#cceeff">
                    <td align="left" valign="bottom" width="55%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Diluted
                        earnings per common share:</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="8%">&#160;</td>
                    <td align="left" colspan="2" valign="bottom" width="1%">&#160;</td>
                    <td align="justify" valign="top" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="8%">&#160;</td>
                    <td align="left" valign="bottom" width="2%">&#160;</td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="55%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Earnings
                        per common share, as reported</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 11.8pt">&#160;</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="8%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.57</font></div>
                    </td>
                    <td align="left" colspan="2" valign="bottom" width="1%">&#160;</td>
                    <td align="justify" valign="top" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="8%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.70</font></div>
                    </td>
                    <td align="left" valign="middle" width="2%">&#160;</td>
                  </tr>
                  <tr bgcolor="#cceeff">
                    <td align="left" valign="middle" width="55%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stock-based
                        employee compensation expense, net of tax</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 11.8pt">&#160;</font></div>
                    </td>
                    <td align="right" valign="middle" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="middle" width="8%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(0.01</font></div>
                    </td>
                    <td align="left" colspan="2" valign="middle" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="justify" valign="middle" width="1%">&#160;</td>
                    <td align="right" valign="middle" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="middle" width="8%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(0.06</font></div>
                    </td>
                    <td align="left" valign="middle" width="2%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="55%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pro
                        forma diluted earnings per common share</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 11.8pt">&#160;</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.56</font></div>
                    </td>
                    <td align="left" colspan="2" valign="bottom" width="1%">&#160;</td>
                    <td align="justify" valign="top" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="8%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.64</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%">&#160;</td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
      </div><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">19</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
      GROUP INC. AND SUBSIDIARIES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
      Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NOTE
      9 &#8212; EARNINGS PER SHARE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Basic
      earnings per common share was computed by dividing net income by the weighted
      average number of shares of common stock outstanding during the period. Diluted
      earnings per common share for the three months ended December 31, 2006 excluded
      the assumed conversion of Preferred Stock outstanding into 6,466,251 common
      shares as the inclusion of these shares and the adjustment for preferred stock
      dividends in calculating income available to common stockholders - diluted
      was
      anti-dilutive for the quarter. Diluted earnings per common share for the three
      and nine months ended December 31, 2006 excluded options to purchase 414,254
      and
      324,462 shares, respectively, at weighted average exercise prices of $32.97
      and
      $32.36, respectively, which were outstanding during the period but were
      anti-dilutive. Diluted earnings per share for the three and nine months ended
      December 31, 2005 excluded options to purchase 101,400 and 32,379 shares,
      respectively, at weighted average exercise prices of $33.72 and $35.93,
      respectively, which were outstanding during the period but were anti-dilutive.
      Diluted earnings per share for the nine months ended December 31, 2006 also
      included weighted average shares resulting from the assumed conversion of the
      Preferred Stock at the&#160; conversion rate that results in the most dilution:
      1.4180 shares of common stock for each share of Preferred Stock. The following
      table sets forth the computation of basic and diluted net income per
      share.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td valign="bottom" width="43%">&#160;</td>
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                Months Ended</strong></font></div>
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                31,</strong></font></div>
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            <td colspan="5" valign="bottom" width="18%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                Months Ended</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td valign="bottom" width="43%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="8%" style="border-bottom: black thin solid;">
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            </td>
            <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
            </td>
            <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
            </td>
            <td valign="top" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
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          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Earnings
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            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="top" width="1%">&#160;</td>
            <td align="justify" valign="top" width="7%">&#160;</td>
            <td align="justify" valign="top" width="1%">&#160;</td>
            <td align="justify" valign="top" width="1%">&#160;</td>
            <td align="justify" valign="top" width="7%">&#160;</td>
            <td align="justify" valign="top" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
                available to common stockholders - basic </font></div>
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            <td align="justify" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,301</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">
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            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,400</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">43,284</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,004</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Preferred
                Stock dividends </font></div>
            </td>
            <td align="justify" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,471</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
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            </td>
            <td align="justify" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,301</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,400</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,755</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,004</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shares:</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Weighted
                average number of common shares outstanding - basic</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,506,295</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,343,465</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,428,374</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,334,939</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Assumed
                conversion of Preferred Stock outstanding during the
                period</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,386,504</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                effect of dilutive stock options and restricted stock units based
                on the
                treasury stock method</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">134,417</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">254,280</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">152,437</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">265,850</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Weighted
                average number of common shares outstanding - diluted</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,640,712</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,597,745</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25,967,315</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,600,789</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Basic
                earnings per common share</font></div>
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            <td align="justify" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.31</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.57</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.85</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.71</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Diluted
                earnings per common share</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.31</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.57</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.80</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.70</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">20</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
        GROUP INC. AND SUBSIDIARIES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
        Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NOTE
        10 &#8212; SEGMENT INFORMATION</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      conduct our business in two segments: Helicopter Services and Production
      Management Services. The Helicopter Services segment operations are conducted
      through seven business units: North America, South and Central America, Europe,
      West Africa, Southeast Asia, Other International and Eastern Hemisphere (&#8220;EH&#8221;)
      Centralized Operations. We provide Production Management Services, contract
      personnel and medical support services in the U.S. Gulf of Mexico to the
      domestic oil and gas industry under the Grasso Production Management name.
      The
      following shows reportable segment information for the three and nine months
      ended December 31, 2006 and 2005, reconciled to consolidated totals, and
      prepared on the same basis as our condensed consolidated financial
      statements:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="bottom" width="46%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="6" valign="bottom" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                  Months Ended</strong></font></div>
              </td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="top" width="2%">&#160;</td>
              <td colspan="6" valign="bottom" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                  Months Ended</strong></font></div>
              </td>
              <td valign="top" width="1%">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" width="46%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="6" valign="bottom" width="15%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                  31,</strong></font></div>
              </td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="top" width="2%">&#160;</td>
              <td colspan="6" valign="bottom" width="15%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                  31,</strong></font></div>
              </td>
              <td valign="top" width="1%">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" width="46%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
              </td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
              </td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="top" width="2%">&#160;</td>
              <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
              </td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
              </td>
              <td valign="top" width="1%">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" width="46%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="14" valign="bottom" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                  thousands)</strong></font></div>
              </td>
              <td valign="top" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="justify" valign="bottom" width="46%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Segment
                  gross revenue from external customers:</font></div>
              </td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="5%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="5%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="bottom" width="46%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Helicopter
                  Services:</font></div>
              </td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="5%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="5%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="justify" valign="top" width="46%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">North
                  America</font></div>
              </td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">55,024</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">50,290</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">172,066</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">151,466</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="46%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">South
                  and Central America</font></div>
              </td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,173</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,977</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">39,321</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
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                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Europe</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">59,108</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">212,816</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">179,246</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">West
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              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">35,062</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">27,427</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">98,009</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">79,876</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Southeast
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,181</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,789</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">52,848</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">44,285</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="46%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,462</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,743</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32,580</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,696</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="46%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EH
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,939</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,690</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,957</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,434</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="46%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                  Helicopter Services</font></div>
              </td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">208,731</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">176,024</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">618,597</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">517,464</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="justify" valign="top" width="46%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Production
                  Management Services</font></div>
              </td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,111</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,235</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">50,542</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">50,105</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="46%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Corporate</font></div>
              </td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(26</font></div>
              </td>
              <td align="left" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="justify" valign="top" width="46%">
                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                  segment gross revenue</font></div>
              </td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">223,842</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">192,267</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">669,113</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intersegment
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            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="5%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Helicopter
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            <td align="right" valign="bottom" width="5%">&#160;</td>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
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            <td align="right" valign="bottom" width="1%">
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            <td align="right" valign="bottom" width="1%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
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            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">South
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">315</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
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            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">809</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,350</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Europe</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,366</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">890</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,951</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,657</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">West
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Southeast
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
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            </td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">344</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,060</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EH
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,979</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,987</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">21,394</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19,250</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
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            <td align="right" valign="bottom" width="5%">
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            <td align="right" valign="bottom" width="5%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Production
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            <td align="right" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
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            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="left" valign="top" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">57</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="left" valign="top" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">58</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19,268</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consolidated
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="5%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="5%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
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            <td align="justify" valign="bottom" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Helicopter
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="5%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="5%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">North
                America</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">62,758</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">56,869</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">195,863</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">170,571</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">South
                and Central America</font></div>
            </td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,488</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,427</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,130</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31,811</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Europe</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">73,256</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">59,998</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">216,767</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">181,903</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">West
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            </td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">35,062</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">27,427</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">98,009</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">79,876</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Southeast
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,181</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,789</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">52,848</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">44,285</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,087</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
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            <td align="right" valign="bottom" width="5%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">24,756</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EH
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,918</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,677</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">45,049</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">39,604</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intrasegment
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(19,116</font></div>
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(16,676</font></div>
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(54,321</font></div>
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(48,811</font></div>
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                Helicopter Services </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(1)</sup></font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">211,009</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">178,598</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">626,944</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">523,995</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Production
                Management Services </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(2)</sup></font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,130</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,253</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">50,599</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">50,163</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Corporate</font></div>
            </td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(26</font></div>
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            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intersegment
                eliminations</font></div>
            </td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2,297</font></div>
            </td>
            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2,592</font></div>
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(8,404</font></div>
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6,589</font></div>
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">192,267</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">669,113</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">567,609</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>

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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">21</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
        GROUP INC. AND SUBSIDIARIES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
        Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td align="justify" valign="bottom" width="46%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td colspan="6" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                Months Ended</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="6" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                Months Ended</strong></font></div>
            </td>
            <td align="right" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="bottom" width="46%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td colspan="6" valign="bottom" width="15%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="6" valign="bottom" width="15%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="bottom" width="46%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
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            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
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            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
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            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="bottom" width="46%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td colspan="14" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                thousands)</strong></font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="bottom" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consolidated
                operating income (loss) reconciliation:</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="5%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="5%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="bottom" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Helicopter
                Services:</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="5%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="5%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">North
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            </td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,078</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,785</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">29,341</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">33,159</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">South
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,993</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,391</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,904</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,006</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Europe</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,803</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,628</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">21,278</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20,553</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">West
                Africa</font></div>
            </td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,153</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,806</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,381</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,911</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Southeast
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,956</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,701</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,056</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,786</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
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            </td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">905</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
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            <td align="right" valign="bottom" width="5%">
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            <td align="left" valign="top" width="2%">&#160;</td>
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            <td align="right" valign="bottom" width="5%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EH
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            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
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            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,472</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,601</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">27,453</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">22,805</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">92,772</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">71,392</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Production
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">739</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,117</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,546</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,675</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gain
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,042</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(373</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,707</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,276</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Corporate</font></div>
            </td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(8,255</font></div>
            </td>
            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5,817</font></div>
            </td>
            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(19,125</font></div>
            </td>
            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(18,919</font></div>
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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          <tr bgcolor="white">
            <td align="justify" valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                consolidated operating income</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20,979</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17,732</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">82,900</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">54,872</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td valign="bottom" width="57%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="3" valign="bottom" width="10%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
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            <td colspan="3" valign="bottom" width="9%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>March
                31,</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
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            <td valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="bottom" width="57%">&#160;</td>
            <td colspan="9" valign="bottom" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                thousands)</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="bottom" width="57%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identifiable
                assets</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">:</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>
                (3)</sup></font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="bottom" width="57%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Helicopter
                Services:</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="57%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">North
                America</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">429,313</font></div>
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            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">415,045</font></div>
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            <td align="left" valign="top" width="1%">&#160;</td>
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            <td align="justify" valign="top" width="57%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">South
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            <td align="right" valign="bottom" width="8%">
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            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="1%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Europe</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
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            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31,515</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" valign="top" width="57%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">West
                Africa</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,209</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,918</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="1%">&#160;</td>
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          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="57%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Southeast
                Asia</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,562</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,657</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" valign="top" width="57%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                International</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17,397</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28,125</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="1%">&#160;</td>
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          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="57%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EH
                Centralized Operations</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">590,442</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">520,524</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="57%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                Helicopter Services</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,100,690</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,027,826</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="1%">&#160;</td>
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          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="57%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Production
                Management Services</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,617</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,013</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="57%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Corporate</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">382,457</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">114,574</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="57%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                consolidated identifiable assets</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="8%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,517,764</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,176,413</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="1%">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">__________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(1)</sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Includes
        reimbursable revenue of $20.0 million and $19.1 million for the three months
        ended December 31, 2006 and 2005, respectively, and $62.2 million and $46.4
        million for the nine months ended December 31, 2006 and 2005,
        respectively.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(2)</sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Includes
      reimbursable revenue of $1.8 million and $3.6 million for the three months
      ended
      December 31, 2006 and 2005, respectively, and $8.1 million and $12.7 million
      for
      the nine months ended December 31, 2006 and 2005, respectively</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(3)</sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Information
      presented herein for our business units related to identifiable assets is based
      on the business unit that owns the underlying assets. A significant portion
      of
      these assets are leased from our North America and EH Centralized Operations
      business units to other business units. Our operating revenue and operating
      expenses associated with the operations of those assets is reflected in the
      results for the business unit that operates the assets, and the intercompany
      lease revenue and expense eliminates in consolidation</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">22</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
        GROUP INC. AND SUBSIDIARIES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
        Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NOTE
      11 &#8212; COMPREHENSIVE INCOME</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Comprehensive
      income is as follows: </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td valign="bottom" width="46%">&#160;</td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="6" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                Months Ended</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="6" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                Months Ended</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="46%">&#160;</td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="6" valign="bottom" width="15%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="6" valign="bottom" width="15%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="46%">&#160;</td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="46%">&#160;</td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="14" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                thousands)</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                income</font></div>
            </td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,451</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,400</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,755</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,004</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                comprehensive income (loss):</font></div>
            </td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="middle" width="5%">&#160;</td>
            <td align="left" valign="middle" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="middle" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Currency
                translation adjustments</font></div>
            </td>
            <td align="right" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="middle" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,892</font></div>
            </td>
            <td align="left" valign="middle" width="1%">&#160;</td>
            <td align="right" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="middle" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(8,027</font></div>
            </td>
            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="middle" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37,213</font></div>
            </td>
            <td align="left" valign="middle" width="1%">&#160;</td>
            <td align="left" valign="middle" width="2%">&#160;</td>
            <td align="right" valign="middle" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="middle" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(25,144</font></div>
            </td>
            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Comprehensive
                income</font></div>
            </td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">26,343</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,373</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">83,968</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,860</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
      the three and nine months ended December 31, 2006, the U.S. dollar weakened
      against the British pound sterling resulting in translation gains recorded
      as a
      component of stockholders&#8217; investment as of December 31, 2006. During the three
      and nine months ended December 31, 2005, the U.S. dollar strengthened against
      the British pound sterling resulting in translation losses recorded as a
      component of stockholders&#8217; investment as of December 31, 2005. See discussion of
      foreign currency translation in Note 1.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NOTE
      12 &#8212; SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL
      INFORMATION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with the sale of our </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>1</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sub>8</sub></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%
      Senior
      Notes due 2013, certain of our wholly-owned subsidiaries (the &#8220;Guarantor
      Subsidiaries&#8221;) jointly, severally and unconditionally guaranteed the payment
      obligations under these notes. The following supplemental financial information
      sets forth, on a consolidating basis, the balance sheet, statement of income
      and
      cash flow information for Bristow Group Inc. (&#8220;Parent Company Only&#8221;), for the
      Guarantor Subsidiaries and for our other subsidiaries (the &#8220;Non-Guarantor
      Subsidiaries&#8221;). We have not presented separate financial statements and other
      disclosures concerning the Guarantor Subsidiaries because management has
      determined that such information is not material to investors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      supplemental condensed consolidating financial information has been prepared
      pursuant to the rules and regulations for condensed financial information and
      does not include all disclosures included in annual financial statements,
      although we believe that the disclosures made are adequate to make the
      information presented not misleading. The principal eliminating entries
      eliminate investments in subsidiaries, intercompany balances and intercompany
      revenues and expenses.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      allocation of the consolidated income tax provision was made using the with
      and
      without allocation method.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">23</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
        GROUP INC. AND SUBSIDIARIES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
        Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Supplemental
          Condensed Consolidating Statement of Income</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
          Months Ended December 31, 2006</strong></font></div>
      </div>
    </div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
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              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
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              <td valign="bottom" width="6%">&#160;</td>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td colspan="5" valign="bottom" width="15%">
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              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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              <td align="right" valign="bottom" width="1%">&#160;</td>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1</font></div>
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">81,951</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">141,892</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">223,842</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intercompany
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,954</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,807</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6,761</font></div>
              </td>
              <td align="justify" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="32%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1</font></div>
              </td>
              <td align="justify" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">85,905</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">144,699</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6,761</font></div>
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              <td align="justify" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">223,842</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Direct
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              </td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(187</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">59,682</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
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              <td align="right" valign="bottom" width="4%">&#160;</td>
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              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="4%">&#160;</td>
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              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,370</font></div>
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              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,555</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,239</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20,164</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gain
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="justify" valign="middle" width="2%">
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(66</font></div>
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              <td align="justify" valign="middle" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,042</font></div>
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              <td align="justify" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="32%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,254</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">70,925</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">130,445</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6,761</font></div>
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              <td align="justify" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">202,863</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(8,255</font></div>
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,980</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20,979</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Earnings
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(184</font></div>
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,341</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2,106</font></div>
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              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="3%">
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="1%">
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="justify" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="justify" valign="top" width="32%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
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              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,562</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,857</font></div>
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4,152</font></div>
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              <td align="justify" valign="bottom" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2,106</font></div>
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19,161</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Allocation
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(74</font></div>
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              <td align="justify" valign="bottom" width="2%">
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,880</font></div>
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              <td align="justify" valign="bottom" width="2%">
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6,499</font></div>
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              <td align="justify" valign="bottom" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="1%">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Minority
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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              <td align="justify" valign="middle" width="2%">
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="justify" valign="middle" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="justify" valign="top" width="32%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">&#160;</td>
              <td align="justify" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">&#160;</td>
              <td align="justify" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">&#160;</td>
              <td align="justify" valign="top" width="1%">&#160;</td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
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              <td align="right" valign="top" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="justify" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="top" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12,977</font></div>
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              <td align="justify" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="4%">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="top" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(10,871</font></div>
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              <td align="justify" valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2,106</font></div>
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              <td align="justify" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,451</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
            </tr>

        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">24</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
        GROUP INC. AND SUBSIDIARIES</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br>
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      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div><br>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="justify" valign="top" width="31%">&#160;</td>
              <td colspan="3" valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Parent</strong></font></div>
              </td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="3" valign="bottom" width="11%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Non-</strong></font></div>
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              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="31%">&#160;</td>
              <td colspan="3" valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Company</strong></font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="3" valign="bottom" width="8%">
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              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="3" valign="bottom" width="11%">
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              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr>
              <td align="justify" valign="top" width="31%">&#160;</td>
              <td colspan="3" valign="bottom" width="9%" style="border-bottom: black thin solid;">
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              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="3" valign="bottom" width="8%" style="border-bottom: black thin solid;">
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              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="3" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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              <td valign="bottom" width="3%">&#160;</td>
              <td colspan="3" valign="bottom" width="9%" style="border-bottom: black thin solid;">
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              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="3" valign="bottom" width="10%" style="border-bottom: black thin solid;">
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="31%">&#160;</td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td colspan="5" valign="bottom" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
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              </td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenue:</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
                  revenue</font></div>
              </td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(26</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
              </td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">250,267</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">418,872</font></div>
              </td>
              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">669,113</font></div>
              </td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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              <td align="right" valign="bottom" width="4%">&#160;</td>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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              <td align="justify" valign="top" width="31%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(26</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="middle" width="6%" style="border-bottom: black thin solid;">
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              <td align="justify" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">669,113</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Direct
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">186,777</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">321,016</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">507,800</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intercompany
                  expenses</font></div>
              </td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,529</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,583</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(19,112</font></div>
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depreciation
                  and amortization</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">153</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,632</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,295</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32,080</font></div>
              </td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
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              </td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,936</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,033</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20,121</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(50</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">52,040</font></div>
              </td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gain
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              </td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,170</font></div>
              </td>
              <td align="justify" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
              </td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4,537</font></div>
              </td>
              <td align="justify" valign="middle" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
              </td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="1%">&#160;</td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Earnings
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              <td align="right" valign="bottom" width="1%">&#160;</td>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
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              <td align="right" valign="bottom" width="6%">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,200</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(9,292</font></div>
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              <td align="justify" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="middle" width="2%">&#160;</td>
              <td align="right" valign="middle" width="1%">&#160;</td>
              <td align="right" valign="middle" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="middle" width="2%">&#160;</td>
              <td align="right" valign="middle" width="4%">&#160;</td>
              <td align="right" valign="middle" width="1%">&#160;</td>
              <td align="right" valign="middle" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(47,933</font></div>
              </td>
              <td align="justify" valign="middle" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="middle" width="3%">&#160;</td>
              <td align="right" valign="middle" width="1%">&#160;</td>
              <td align="right" valign="middle" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">48,579</font></div>
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              <td align="justify" valign="middle" width="2%">&#160;</td>
              <td align="right" valign="middle" width="3%">&#160;</td>
              <td align="right" valign="middle" width="1%">&#160;</td>
              <td align="right" valign="middle" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(8,646</font></div>
              </td>
              <td align="justify" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <tr bgcolor="white">
              <td align="justify" valign="middle" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
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              <td align="right" valign="middle" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="middle" width="6%" style="border-bottom: black thin solid;">
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              <td align="justify" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="justify" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="justify" valign="middle" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="justify" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
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              <td align="right" valign="bottom" width="1%">&#160;</td>
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              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="4%">&#160;</td>
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              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4,606</font></div>
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(21,235</font></div>
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              <td align="justify" valign="bottom" width="3%">
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(26,724</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Minority
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(118</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(931</font></div>
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              <td align="justify" valign="middle" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,049</font></div>
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              <td align="justify" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="justify" valign="top" width="31%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,755</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,785</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(7,914</font></div>
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              <td align="justify" valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
              </td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(26,871</font></div>
              </td>
              <td align="justify" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
              </td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,755</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
            </tr>

        </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">25</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
        GROUP INC. AND SUBSIDIARIES</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
        Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br>
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              <td align="justify" valign="top" width="32%">&#160;</td>
              <td colspan="3" valign="bottom" width="8%">
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="3" valign="bottom" width="11%">
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              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr>
              <td align="justify" valign="top" width="32%">&#160;</td>
              <td colspan="3" valign="bottom" width="8%">
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              <td colspan="3" valign="bottom" width="8%">
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              <td valign="bottom" width="6%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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              <td align="justify" valign="top" width="32%">&#160;</td>
              <td colspan="3" valign="bottom" width="8%" style="border-bottom: black thin solid;">
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              <td align="justify" valign="top" width="32%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td colspan="5" valign="bottom" width="15%">
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              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
                  revenue</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">73,374</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">118,886</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">192,267</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intercompany
                  revenue</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,934</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,693</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4,627</font></div>
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              <td align="justify" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="32%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">75,308</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">121,579</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4,627</font></div>
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              <td align="justify" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">192,267</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Direct
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,041</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">53,592</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">93,537</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
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              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="4%">&#160;</td>
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              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(109</font></div>
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,338</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loss
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">373</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="top" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="top" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">374</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="32%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,825</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">65,900</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">107,437</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4,627</font></div>
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              <td align="justify" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">174,535</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5,818</font></div>
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,408</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Earnings
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,325</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(31,310</font></div>
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,351</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="4%">&#160;</td>
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="3%">
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,870</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3,903</font></div>
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              <td align="justify" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="justify" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,497</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="32%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">35,204</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,593</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,887</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(31,310</font></div>
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,374</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Allocation
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(21,766</font></div>
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(172</font></div>
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,954</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4,984</font></div>
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              <td align="justify" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Minority
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(38</font></div>
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              <td align="justify" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
              </td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">48</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="32%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,421</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">22,889</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">26</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
        GROUP INC. AND SUBSIDIARIES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br>
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          Ended December 31, 2005</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      </div>
    </div>
    <div><br>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="justify" valign="top" width="31%">&#160;</td>
              <td colspan="3" valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Parent</strong></font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="3" valign="bottom" width="11%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Non-</strong></font></div>
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              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr>
              <td align="justify" valign="top" width="31%">&#160;</td>
              <td colspan="3" valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Company</strong></font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="3" valign="bottom" width="8%">
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              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="3" valign="bottom" width="11%">
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              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr>
              <td align="justify" valign="top" width="31%">&#160;</td>
              <td colspan="3" valign="bottom" width="9%" style="border-bottom: black thin solid;">
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              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="3" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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              <td valign="bottom" width="3%">&#160;</td>
              <td colspan="3" valign="bottom" width="9%" style="border-bottom: black thin solid;">
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              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="3" valign="bottom" width="10%" style="border-bottom: black thin solid;">
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr>
              <td align="justify" valign="top" width="31%">&#160;</td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td colspan="5" valign="bottom" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
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              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="3%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenue:</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
                  revenue</font></div>
              </td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">39</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">223,702</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">343,868</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">567,609</font></div>
              </td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intercompany
                  revenue</font></div>
              </td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,566</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,534</font></div>
              </td>
              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(12,100</font></div>
              </td>
              <td align="justify" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">567,609</font></div>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
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              <td align="justify" valign="top" width="31%">
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">272,008</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">433,296</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intercompany
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,535</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,236</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(11,771</font></div>
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depreciation
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">69</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,642</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,449</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32,160</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
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              </td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,873</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,396</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,065</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(329</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,005</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loss
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(142</font></div>
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,414</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,276</font></div>
              </td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,963</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">192,702</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">313,172</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(12,100</font></div>
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              <td align="justify" valign="middle" width="2%">
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Earnings
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="2%">&#160;</td>
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              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,886</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(48,405</font></div>
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,770</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,938</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">138</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,160</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(41,357</font></div>
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,879</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
                  expense</font></div>
              </td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(10,895</font></div>
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(10</font></div>
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(41,740</font></div>
              </td>
              <td align="justify" valign="bottom" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">41,357</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(11,288</font></div>
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              <td align="justify" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(717</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">59</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,966</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,308</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
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              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">58,650</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">33,794</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,502</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(48,405</font></div>
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              <td align="justify" valign="bottom" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
              </td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">52,541</font></div>
              </td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Allocation
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              </td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2,512</font></div>
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              <td align="justify" valign="bottom" width="2%">
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              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,588</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="justify" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Minority
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(117</font></div>
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              <td align="justify" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">33</font></div>
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              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(84</font></div>
              </td>
              <td align="justify" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                  income</font></div>
              </td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,004</font></div>
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              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31,282</font></div>
              </td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="4%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17,123</font></div>
              </td>
              <td align="justify" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(48,405</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
              </td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,004</font></div>
              </td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
            </tr>

        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">27</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
        GROUP INC. AND SUBSIDIARIES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
        Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Supplemental
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>As
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    </div>
    <div align="left">
      <div align="left">
        <div>
          <div>
            <div>
              <div>
                <div>
                  <table cellpadding="0" cellspacing="0" width="100%">

                      <tr>
                        <td align="justify" valign="top" width="31%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td colspan="2" valign="bottom" width="9%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Parent</strong></font></div>
                        </td>
                        <td valign="bottom" width="1%">&#160;</td>
                        <td colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td colspan="2" valign="bottom" width="7%">&#160;</td>
                        <td valign="bottom" width="1%">&#160;</td>
                        <td colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td colspan="2" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Non-</strong></font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="justify" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="justify" valign="bottom" width="7%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="justify" valign="bottom" width="7%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr>
                        <td align="justify" valign="top" width="31%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td colspan="2" valign="bottom" width="9%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Company</strong></font></div>
                        </td>
                        <td valign="bottom" width="1%">&#160;</td>
                        <td colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td colspan="2" valign="bottom" width="7%">&#160;</td>
                        <td valign="bottom" width="1%">&#160;</td>
                        <td colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td colspan="2" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Guarantor</strong></font></div>
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                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="justify" colspan="3" valign="bottom" width="9%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="justify" valign="bottom" width="7%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr>
                        <td align="justify" valign="top" width="31%" style="border-bottom: #ffffff solid;">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
                        <td colspan="2" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Only</strong></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
                        <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
                        <td colspan="3" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Subsidiaries</strong></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
                        <td valign="bottom" width="3%" style="border-bottom: #ffffff solid;">&#160;</td>
                        <td colspan="3" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Subsidiaries</strong></font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
                        <td align="justify" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
                        <td colspan="3" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Eliminations</strong></font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
                        <td align="justify" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
                        <td align="justify" colspan="2" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Consolidated</strong></font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
                      </tr>
                      <tr>
                        <td align="justify" valign="top" width="31%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td valign="bottom" width="1%">&#160;</td>
                        <td valign="bottom" width="7%">&#160;</td>
                        <td valign="bottom" width="1%">&#160;</td>
                        <td colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td valign="bottom" width="1%">&#160;</td>
                        <td valign="bottom" width="6%">&#160;</td>
                        <td valign="bottom" width="1%">&#160;</td>
                        <td colspan="8" valign="bottom" width="16%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                            thousands)</strong></font></div>
                        </td>
                        <td align="justify" valign="bottom" width="7%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="justify" colspan="2" valign="bottom" width="8%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
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                      <tr>
                        <td colspan="23" valign="top" width="86%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ASSETS</strong></font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="left" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current
                            assets:</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">&#160;</td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                            and cash equivalents</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">181,516</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,623</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,560</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">219,699</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
                            receivable</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">33,988</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">69,846</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">119,233</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(42,819</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">180,248</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Inventories</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">74,512</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">86,555</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">161,067</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prepaid
                            expenses and other</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(163</font></div>
                        </td>
                        <td align="justify" valign="middle" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,322</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,542</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12,701</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                            current assets</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">215,341</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">149,303</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">251,890</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(42,819</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">573,715</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intercompany
                            investment</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">286,127</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,046</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(287,173</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investment
                            in unconsolidated affiliates</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,696</font></div>
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                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">779</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37,494</font></div>
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                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">42,969</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
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                      <tr bgcolor="#cceeff">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intercompany
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                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">770,460</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25,352</font></div>
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                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(795,812</font></div>
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                        <td align="justify" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Property
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                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">&#160;</td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
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                      <tr bgcolor="#cceeff">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Land
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                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">262</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,571</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,085</font></div>
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                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">48,918</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aircraft
                            and equipment</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,130</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">500,817</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">576,326</font></div>
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                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,079,273</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="justify" valign="top" width="31%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,392</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">535,388</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">590,411</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,128,191</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Less:
                            Accumulated depreciation and </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">amortization</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,428</font></div>
                        </td>
                        <td align="justify" valign="middle" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(121,803</font></div>
                        </td>
                        <td align="justify" valign="middle" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(179,646</font></div>
                        </td>
                        <td align="justify" valign="middle" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(302,877</font></div>
                        </td>
                        <td align="justify" valign="middle" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">964</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">413,585</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">410,765</font></div>
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                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">825,314</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Goodwill</font></div>
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                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,594</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,773</font></div>
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                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">111</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20,478</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                            assets</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,889</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">77</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,322</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">55,288</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="justify" valign="top" width="31%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">&#160;</td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="justify" valign="top" width="31%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,286,477</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">583,384</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">773,596</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,125,693</font></div>
                        </td>
                        <td align="left" valign="top" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,517,764</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="top" width="31%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="top" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">&#160;</td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">&#160;</td>
                        <td align="left" valign="top" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td colspan="23" valign="top" width="86%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>LIABILITIES
                            AND STOCKHOLDERS&#8217; INVESTMENT</strong></font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="justify" colspan="23" valign="top" width="86%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current
                            liabilities:</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
                            payable</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,418</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,552</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,247</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(10,751</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">36,466</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accrued
                            liabilities</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,706</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">24,827</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">103,043</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(32,070</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">103,506</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred
                            taxes</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3,771</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,663</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,892</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Short-term
                            borrowings and current </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">maturities
                            of long-term debt</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">22,198</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">22,198</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                            current liabilities</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,353</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">36,379</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">174,151</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(42,821</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">173,062</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Long-term
                            debt, less current maturities</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">234,380</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,369</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">237,749</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intercompany
                            notes payable</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25,212</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">195,054</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">575,545</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(795,811</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                            liabilities and deferred credits</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,262</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,720</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">157,112</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">171,094</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred
                            taxes</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">50,776</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,841</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28,877</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">81,494</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Minority
                            interest</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,036</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,256</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,292</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
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                      <tr bgcolor="#cceeff">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stockholders&#8217;
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                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">&#160;</td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">&#160;</td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
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                      <tr bgcolor="white">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.50%
                            mandatory convertible preferred </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">stock</font></div>
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                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">222,554</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">222,554</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
                            stock</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">235</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,062</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,803</font></div>
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                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(38,865</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">235</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional
                            paid-in-capital</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">166,559</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">51,170</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,014</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(59,184</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">166,559</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Retained
                            earnings</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">491,335</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">285,158</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="6%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(79,114</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(206,044</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">491,335</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accumulated
                            other comprehensive </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">income
                            (loss)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">83,775</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(132,417</font></div>
                        </td>
                        <td align="justify" valign="middle" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17,032</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(31,610</font></div>
                        </td>
                        <td align="justify" valign="middle" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="justify" valign="top" width="31%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                        </td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">964,458</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">340,390</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(168,714</font></div>
                        </td>
                        <td align="justify" valign="middle" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(287,061</font></div>
                        </td>
                        <td align="justify" valign="middle" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">849,073</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="justify" valign="top" width="31%">&#160;</td>
                        <td align="right" valign="bottom" width="1%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,286,477</font></div>
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                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">583,384</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">773,596</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="2%">&#160;</td>
                        <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,125,693</font></div>
                        </td>
                        <td align="left" valign="top" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                        </td>
                        <td align="right" valign="bottom" width="2%">&#160;</td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                        </td>
                        <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,517,764</font></div>
                        </td>
                        <td align="justify" valign="bottom" width="1%">&#160;</td>
                      </tr>

                  </table>
                </div>
              </div>
            </div>
          </div><br>
          <div align="left">&#160;</div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">28</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
        GROUP INC. AND SUBSIDIARIES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
        Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Supplemental
          Condensed Consolidating Balance Sheet</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>As
          of March 31, 2006</strong></font></div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div>
      <div>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td align="justify" valign="top" width="31%">&#160;</td>
                <td colspan="3" valign="bottom" width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Parent</strong></font></div>
                </td>
                <td valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="6%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td colspan="3" valign="bottom" width="11%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Non-</strong></font></div>
                </td>
                <td valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" width="3%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="6%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td colspan="3" valign="bottom" width="3%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr>
                <td align="justify" valign="top" width="31%">&#160;</td>
                <td colspan="3" valign="bottom" width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Company</strong></font></div>
                </td>
                <td valign="bottom" width="2%">&#160;</td>
                <td colspan="3" valign="bottom" width="9%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Guarantor</strong></font></div>
                </td>
                <td valign="bottom" width="1%">&#160;</td>
                <td colspan="3" valign="bottom" width="11%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Guarantor</strong></font></div>
                </td>
                <td valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" width="3%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="6%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td colspan="3" valign="bottom" width="3%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr>
                <td align="justify" valign="top" width="31%">&#160;</td>
                <td colspan="3" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Only</strong></font></div>
                </td>
                <td valign="bottom" width="2%">&#160;</td>
                <td colspan="3" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Subsidiaries</strong></font></div>
                </td>
                <td valign="bottom" width="1%">&#160;</td>
                <td colspan="3" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Subsidiaries</strong></font></div>
                </td>
                <td valign="bottom" width="2%">&#160;</td>
                <td colspan="3" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Eliminations</strong></font></div>
                </td>
                <td valign="bottom" width="1%">&#160;</td>
                <td colspan="5" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Consolidated</strong></font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr>
                <td align="justify" valign="top" width="31%">&#160;</td>
                <td valign="bottom" width="3%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="6%">&#160;</td>
                <td valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" width="2%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="6%">&#160;</td>
                <td colspan="5" valign="bottom" width="14%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                    thousands) </strong></font></div>
                </td>
                <td valign="bottom" width="3%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="6%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td colspan="3" valign="bottom" width="3%">&#160;</td>
                <td valign="bottom" width="1%">&#160;</td>
                <td valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr>
                <td colspan="22" valign="top" width="86%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ASSETS</strong></font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current
                    assets:</font></div>
                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%">&#160;</td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                    and cash equivalents</font></div>
                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">74,601</font></div>
                </td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,363</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,518</font></div>
                </td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" colspan="3" valign="bottom" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">122,482</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
                    receivable</font></div>
                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,627</font></div>
                </td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">57,332</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">112,277</font></div>
                </td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(32,831</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%">
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                <td align="right" valign="bottom" width="1%">&#160;</td>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%">
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prepaid
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                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%" style="border-bottom: black thin solid;">
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
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              <tr bgcolor="white">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
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                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99,374</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">133,836</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">246,887</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(32,831</font></div>
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                <td align="justify" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%">
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="left" valign="bottom" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intercompany
                    investment</font></div>
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                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">266,510</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,046</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(267,556</font></div>
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                <td align="justify" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investment
                    in unconsolidated affiliates</font></div>
                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,854</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,587</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">33,471</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">39,912</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intercompany
                    notes receivable</font></div>
                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">547,552</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,954</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(561,506</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Property
                    and equipment - at cost:</font></div>
                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%">&#160;</td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Land
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                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">171</font></div>
                </td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">29,251</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,250</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
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                <td align="right" valign="bottom" width="4%">&#160;</td>
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                <td align="right" valign="bottom" width="3%">&#160;</td>
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                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
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                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
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                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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                <td align="justify" valign="middle" width="2%">
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                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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                <td align="justify" valign="middle" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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                <td align="justify" valign="middle" width="2%">
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                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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                <td align="justify" valign="middle" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">276,339</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%">
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
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              <tr bgcolor="white">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Goodwill</font></div>
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                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,133</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
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              <tr bgcolor="#cceeff">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
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                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">176</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37,500</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
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              <tr bgcolor="white">
                <td align="justify" valign="top" width="31%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">927,615</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">431,577</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">679,003</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(861,782</font></div>
                </td>
                <td align="left" valign="top" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
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                <td align="right" colspan="3" valign="bottom" width="7%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,176,413</font></div>
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              <tr bgcolor="#cceeff">
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td colspan="22" valign="top" width="86%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>LIABILITIES
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                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current
                    liabilities:</font></div>
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                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%">&#160;</td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
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              <tr bgcolor="white">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounts
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                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">920</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19,225</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,519</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(9,437</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" colspan="3" valign="bottom" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">41,227</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accrued
                    liabilities</font></div>
                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,696</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20,399</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">88,342</font></div>
                </td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(23,394</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">100,043</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred
                    taxes</font></div>
                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6,060</font></div>
                </td>
                <td align="justify" valign="bottom" width="2%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,085</font></div>
                </td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,025</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Short-term
                    borrowings and current </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">maturities
                    of long-term debt</font></div>
                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17,634</font></div>
                </td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17,634</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
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                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,556</font></div>
                </td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">39,624</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">147,580</font></div>
                </td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(32,831</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">163,929</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Long-term
                    debt, less current maturities</font></div>
                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">234,381</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,281</font></div>
                </td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">247,662</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
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                <td align="justify" valign="top" width="31%">
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                <td align="right" valign="bottom" width="4%">&#160;</td>
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                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
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                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
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                <td align="right" valign="bottom" width="6%">
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                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
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                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="top" width="6%">
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                <td align="justify" valign="top" width="31%">
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                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,361</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
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                <td align="right" valign="bottom" width="6%">
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                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="top" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
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              <tr bgcolor="#cceeff">
                <td align="justify" valign="top" width="31%">
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                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,804</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
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                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
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              <tr bgcolor="white">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stockholders&#8217;
                    investment:</font></div>
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                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">&#160;</td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%">&#160;</td>
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                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
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                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">234</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,062</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,578</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(27,640</font></div>
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                <td align="justify" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">234</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional
                    paid-in-capital</font></div>
                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">158,762</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">51,170</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,477</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(64,647</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%">
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Retained
                    earnings</font></div>
                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">447,524</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">250,373</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(69,418</font></div>
                </td>
                <td align="justify" valign="bottom" width="2%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(180,955</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">447,524</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accumulated
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                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">21,677</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(96,297</font></div>
                </td>
                <td align="justify" valign="middle" width="2%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,797</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(68,823</font></div>
                </td>
                <td align="justify" valign="middle" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                </td>
              </tr>
              <tr bgcolor="#cceeff">
                <td align="justify" valign="top" width="31%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">628,197</font></div>
                </td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">305,605</font></div>
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                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(128,660</font></div>
                </td>
                <td align="justify" valign="middle" width="2%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                </td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(267,445</font></div>
                </td>
                <td align="justify" valign="middle" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="right" colspan="3" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">537,697</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td align="justify" valign="top" width="31%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">927,615</font></div>
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                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">431,577</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
                <td align="right" valign="bottom" width="4%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">679,003</font></div>
                </td>
                <td align="justify" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="3%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(861,782</font></div>
                </td>
                <td align="left" valign="top" width="1%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                </td>
                <td align="right" valign="bottom" width="2%">&#160;</td>
                <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                </td>
                <td align="right" colspan="3" valign="bottom" width="7%" style="border-bottom: black double;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,176,413</font></div>
                </td>
                <td align="justify" valign="bottom" width="1%">&#160;</td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">29</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
        GROUP INC. AND SUBSIDIARIES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
        Notes to Consolidated Financial Statements &#8212; (Continued)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Supplemental
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine&#160;Months
          Ended December 31, 2006</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      </div>
    </div>
    <div>
      <div>
        <div>
          <div>
            <div>
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td align="justify" valign="top" width="32%">&#160;</td>
                    <td colspan="3" valign="bottom" width="10%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Parent</strong></font></div>
                    </td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="6%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td colspan="3" valign="bottom" width="11%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Non-</strong></font></div>
                    </td>
                    <td valign="bottom" width="3%">&#160;</td>
                    <td valign="bottom" width="3%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="6%">&#160;</td>
                    <td valign="bottom" width="2%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="7%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
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                  <tr>
                    <td align="justify" valign="top" width="32%">&#160;</td>
                    <td colspan="3" valign="bottom" width="10%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Company</strong></font></div>
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                    <td valign="bottom" width="1%">&#160;</td>
                    <td colspan="3" valign="bottom" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Guarantor</strong></font></div>
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                    <td valign="bottom" width="1%">&#160;</td>
                    <td colspan="3" valign="bottom" width="11%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Guarantor</strong></font></div>
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                    <td valign="bottom" width="3%">&#160;</td>
                    <td valign="bottom" width="3%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="6%">&#160;</td>
                    <td valign="bottom" width="2%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="7%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
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                  <tr>
                    <td align="justify" valign="top" width="32%">&#160;</td>
                    <td colspan="3" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Only</strong></font></div>
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                    <td valign="bottom" width="1%">&#160;</td>
                    <td colspan="3" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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                    <td valign="bottom" width="3%">&#160;</td>
                    <td colspan="3" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Eliminations</strong></font></div>
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                    <td valign="bottom" width="2%">&#160;</td>
                    <td colspan="3" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Consolidated</strong></font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                  </tr>
                  <tr>
                    <td align="justify" valign="top" width="32%">&#160;</td>
                    <td valign="bottom" width="2%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="7%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="6%">&#160;</td>
                    <td colspan="5" valign="bottom" width="15%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                        thousands) </strong></font></div>
                    </td>
                    <td valign="bottom" width="3%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="6%">&#160;</td>
                    <td valign="bottom" width="2%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="7%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                  </tr>
                  <tr bgcolor="#cceeff">
                    <td align="justify" valign="top" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                        cash provided by (used in) operating </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">activities</font></div>
                    </td>
                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(17,569</font></div>
                    </td>
                    <td align="justify" valign="middle" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">36,910</font></div>
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                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19,941</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">67,865</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
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                    <td align="justify" valign="top" width="32%">&#160;</td>
                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
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                    <td align="justify" valign="top" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
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                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
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                    <td align="justify" valign="top" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Capital
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                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(527</font></div>
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                    <td align="justify" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(153,214</font></div>
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                    <td align="justify" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(62,505</font></div>
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                    <td align="justify" valign="bottom" width="3%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(216,246</font></div>
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                    <td align="justify" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                  </tr>
                  <tr bgcolor="#cceeff">
                    <td align="justify" valign="top" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proceeds
                        from asset dispositions</font></div>
                    </td>
                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,200</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,843</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,962</font></div>
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                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">24,005</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="justify" valign="top" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                        cash used in investing activities</font></div>
                    </td>
                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12,673</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(149,371</font></div>
                    </td>
                    <td align="justify" valign="middle" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(55,543</font></div>
                    </td>
                    <td align="justify" valign="middle" width="3%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(192,241</font></div>
                    </td>
                    <td align="justify" valign="middle" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#cceeff">
                    <td align="justify" valign="top" width="32%">&#160;</td>
                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="justify" valign="top" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                        flows from financing activities:</font></div>
                    </td>
                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                  </tr>
                  <tr bgcolor="#cceeff">
                    <td align="justify" valign="top" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
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                    </td>
                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">223,550</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                    </td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                    </td>
                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                    </td>
                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">223,550</font></div>
                    </td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                  </tr>
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                    <td align="right" valign="bottom" width="6%">
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                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
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                    <td align="right" valign="bottom" width="7%">
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                    <td align="right" valign="bottom" width="6%">
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                    <td align="right" valign="bottom" width="6%">
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
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                    <td align="right" valign="bottom" width="7%">
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
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                    <td align="right" valign="bottom" width="6%">
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                    <td align="right" valign="bottom" width="6%">
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                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
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                    <td align="justify" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
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                    <td align="justify" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
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                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
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                    <td align="justify" valign="bottom" width="2%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="top" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Partial
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(96</font></div>
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                    <td align="justify" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="justify" valign="top" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Issuance
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                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,926</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
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                    <td align="justify" valign="top" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Tax
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                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">837</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">837</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
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                    <td align="right" valign="bottom" width="4%">&#160;</td>
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                    <td align="right" valign="bottom" width="6%">
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                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
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                    <td align="justify" valign="bottom" width="2%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effect
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">equivalents</font></div>
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                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">172</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,712</font></div>
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                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,884</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
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                        equivalents</font></div>
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                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">106,915</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,260</font></div>
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                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(11,958</font></div>
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                    <td align="justify" valign="bottom" width="3%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">97,217</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
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                  <tr bgcolor="white">
                    <td align="justify" valign="top" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                        and cash equivalents at beginning </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
                        period</font></div>
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                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">74,601</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,363</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,518</font></div>
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                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">122,482</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                  </tr>
                  <tr bgcolor="#cceeff">
                    <td align="justify" valign="top" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                        and cash equivalents at end of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">period</font></div>
                    </td>
                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">181,516</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                    <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,623</font></div>
                    </td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                    <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,560</font></div>
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                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                    <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="left" valign="top" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                    <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">219,699</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">30</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
        GROUP INC. AND SUBSIDIARIES</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Condensed
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br>
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          Months Ended December 31, 2005</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      </div>
    </div>
    <div>
      <div>
        <div>
          <div><br>
            <div>
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td align="justify" valign="top" width="32%">&#160;</td>
                    <td colspan="3" valign="bottom" width="10%">
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                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="6%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td colspan="3" valign="bottom" width="11%">
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                    <td valign="bottom" width="3%">&#160;</td>
                    <td valign="bottom" width="3%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="6%">&#160;</td>
                    <td valign="bottom" width="2%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="7%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                  </tr>
                  <tr>
                    <td align="justify" valign="top" width="32%">&#160;</td>
                    <td colspan="3" valign="bottom" width="10%">
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                    <td colspan="3" valign="bottom" width="7%">
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                    </td>
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                    <td colspan="3" valign="bottom" width="11%">
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                    <td valign="bottom" width="3%">&#160;</td>
                    <td valign="bottom" width="3%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="6%">&#160;</td>
                    <td valign="bottom" width="2%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="7%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
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                  <tr>
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                    <td colspan="3" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Only</strong></font></div>
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                    <td colspan="3" valign="bottom" width="7%" style="border-bottom: black thin solid;">
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                    <td valign="bottom" width="1%">&#160;</td>
                    <td colspan="3" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Subsidiaries</strong></font></div>
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                    <td valign="bottom" width="3%">&#160;</td>
                    <td colspan="3" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Eliminations</strong></font></div>
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                    <td valign="bottom" width="2%">&#160;</td>
                    <td colspan="3" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Consolidated</strong></font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
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                  <tr>
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                    <td valign="bottom" width="2%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="7%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="6%">&#160;</td>
                    <td colspan="5" valign="bottom" width="15%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
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                    <td valign="bottom" width="3%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="6%">&#160;</td>
                    <td valign="bottom" width="2%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td valign="bottom" width="7%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
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                  <tr bgcolor="#cceeff">
                    <td align="left" valign="bottom" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
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                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">42,014</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,735</font></div>
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                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(39,213</font></div>
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                    <td align="justify" valign="middle" width="2%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31,349</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
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                    <td align="left" valign="bottom" width="32%">&#160;</td>
                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="justify" valign="middle" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
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                  <tr bgcolor="#cceeff">
                    <td align="left" valign="bottom" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                        flows from investing activities:</font></div>
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                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">&#160;</td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
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                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Capital
                        expenditures</font></div>
                    </td>
                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(331</font></div>
                    </td>
                    <td align="justify" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(78,391</font></div>
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                    <td align="justify" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(23,585</font></div>
                    </td>
                    <td align="justify" valign="bottom" width="3%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                    </td>
                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(102,307</font></div>
                    </td>
                    <td align="justify" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#cceeff">
                    <td align="left" valign="bottom" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proceeds
                        from asset dispositions</font></div>
                    </td>
                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">73</font></div>
                    </td>
                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">70,373</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,174</font></div>
                    </td>
                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                    </td>
                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">72,620</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
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                    </td>
                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(258</font></div>
                    </td>
                    <td align="justify" valign="middle" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(8,018</font></div>
                    </td>
                    <td align="justify" valign="middle" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(21,411</font></div>
                    </td>
                    <td align="justify" valign="middle" width="3%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                    </td>
                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(29,687</font></div>
                    </td>
                    <td align="justify" valign="middle" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                  </tr>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
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                    <td align="right" valign="bottom" width="3%">&#160;</td>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
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                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
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                    <td align="justify" valign="bottom" width="3%">
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
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                    <td align="justify" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(212</font></div>
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                    <td align="justify" valign="bottom" width="3%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,813</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dividends
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3,500</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(30,900</font></div>
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                    <td align="justify" valign="bottom" width="3%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,400</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="left" valign="bottom" width="32%">
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
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                    <td align="justify" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(66</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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                    <td align="right" valign="bottom" width="3%">&#160;</td>
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                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
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                    <td align="right" valign="bottom" width="7%" style="border-bottom: medium none;">
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                    <td align="right" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
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                    <td align="right" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: medium none;">
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                    <td align="right" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: medium none;">
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
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                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
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                    <td align="justify" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="left" valign="bottom" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
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                    <td align="right" valign="bottom" width="7%">
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                    <td align="right" valign="bottom" width="6%">
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(54,088</font></div>
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                    <td align="justify" valign="bottom" width="3%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(17,387</font></div>
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                    <td align="justify" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                        and cash equivalents at beginning </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
                        period</font></div>
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                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23,947</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,907</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">114,586</font></div>
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                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">146,440</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                  </tr>
                  <tr bgcolor="#cceeff">
                    <td align="left" valign="bottom" width="32%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                        and cash equivalents at end </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
                        period</font></div>
                    </td>
                    <td align="right" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                    <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">66,238</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$&#160;</font></td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,317</font></div>
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                    <td align="justify" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="4%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$&#160;</font></td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
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                    <td align="justify" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="3%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font>&#160;</td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="justify" valign="bottom" width="2%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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                  </tr>

              </table>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">31</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
        <div style="WIDTH: 100%" align="left">
        </div>
      </div>
    </div><br><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Report
      of Independent Registered Public Accounting Firm</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Board
      of Directors and Shareholders</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Bristow
      Group Inc.:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      reviewed the condensed consolidated balance sheet of Bristow Group Inc. and
      subsidiaries as of December 31, 2006, the related condensed consolidated
      statements of income for the three-month and nine-month periods ended December
      31, 2006 and 2005 and the related condensed consolidated statements of cash
      flows for the nine-month periods ended December 31, 2006 and 2005. These
      condensed consolidated financial statements are the responsibility of the
      Company&#8217;s management.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      conducted our reviews in accordance with the standards of the Public Company
      Accounting Oversight Board (United States). A review of interim financial
      information consists principally of applying analytical procedures and making
      inquiries of persons responsible for financial and accounting matters. It is
      substantially less in scope than an audit conducted in accordance with the
      standards of the Public Company Accounting Oversight Board (United States),
      the
      objective of which is the expression of an opinion regarding the financial
      statements taken as a whole. Accordingly, we do not express such an
      opinion.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based
      on
      our reviews, we are not aware of any material modifications that should be
      made
      to the condensed consolidated financial statements referred to above for them
      to
      be in conformity with U.S. generally accepted accounting
      principles.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      previously audited, in accordance with standards of the Public Company
      Accounting Oversight Board (United States), the consolidated balance sheet
      of
      Bristow Group Inc. and subsidiaries as of March 31, 2006, and the related
      consolidated statements of income, stockholders&#8217; investment, and cash flows for
      the year then ended (not presented herein); and in our report dated June 8,
      2006, we expressed an unqualified opinion on those consolidated financial
      statements. In our opinion, the information set forth in the accompanying
      condensed consolidated balance sheet as of March 31, 2006 is fairly stated,
      in
      all material respects, in relation to the consolidated balance sheet from which
      it has been derived.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
      KPMG
      LLP</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Houston,
      Texas</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
      5, 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">32</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        2. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Management&#8217;s
        Discussion and Analysis of Financial Condition and Results of
        Operations.</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Management&#8217;s
      Discussion and Analysis of Financial Condition and Results of Operations, or
      MD&amp;A, should be read in conjunction with the accompanying unaudited
      condensed consolidated financial statements and the notes thereto as well as
      our
      Annual Report on Form 10-K for the fiscal year ended March 31, 2006 (&#8220;Annual
      Report&#8221;) and the MD&amp;A contained therein. In the discussion that follows, the
      terms &#8220;Current Quarter&#8221; and &#8220;Comparable Quarter&#8221; refer to the three months ended
      December 31, 2006 and 2005, respectively, and the terms &#8220;Current Period&#8221; and
&#8220;Comparable Period&#8221; refer to the nine months ended December 31, 2006 and 2005,
      respectively. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      fiscal year ends March 31, and we refer to fiscal years based on the end of
      such
      period. Therefore, the fiscal year ending March 31, 2007 is referred to as
      &#8220;fiscal year 2007.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Forward-Looking
      Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Quarterly Report contains &#8220;forward-looking statements&#8221; within the meaning of
      Section&#160;27A of the Securities Act and Section&#160;21E of the Securities
      Exchange Act of 1934 (the &#8220;Exchange Act&#8221;). Forward-looking statements are
      statements about our future business, strategy, operations, capabilities and
      results; financial projections; plans and objectives of our management; expected
      actions by us and by third parties, including our customers, competitors and
      regulators; and other matters. Some of the forward-looking statements can be
      identified by the use of words such as &#8220;believes&#8221;, &#8220;belief&#8221;, &#8220;expects&#8221;, &#8220;plans&#8221;,
&#8220;anticipates&#8221;, &#8220;intends&#8221;, &#8220;projects&#8221;, &#8220;estimates&#8221;, &#8220;may&#8221;, &#8220;might&#8221;, &#8220;would&#8221;,
&#8220;could&#8221; or other similar words; however, all statements in this Quarterly
      Report, other than statements of historical fact or historical financial results
      are forward-looking statements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      forward-looking statements reflect our views and assumptions on the date of
      this
      Quarterly Report regarding future events and operating performance. We believe
      that they are reasonable, but they involve known and unknown risks,
      uncertainties and other factors, many of which may be beyond our control, that
      may cause actual results to differ materially from any future results,
      performance or achievements expressed or implied by the forward-looking
      statements. Accordingly, you should not put undue reliance on any
      forward-looking statements. Factors that could cause our forward-looking
      statements to be incorrect and actual events or our actual results to differ
      from those that are anticipated include all of the following:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 14.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
        risks
        and uncertainties described or referred to under &#8220;Risk Factors&#8221; included
        elsewhere in this Quarterly Report, our Quarterly Reports for prior quarters
        during fiscal year 2007 and in the Annual Report;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 14.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
        level
        of activity in the oil and natural gas industry is lower than
        anticipated;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 14.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">production-related
        activities become more sensitive to variances in commodity prices;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 14.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
        major
        oil companies do not continue to expand internationally;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 14.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">market
        conditions are weaker than anticipated; </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 14.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">we
        are
        not able to re-deploy our aircraft to regions with the greater
        demand;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 14.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">we
        do not
        achieve the anticipated benefit of our fleet expansion program;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 14.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
        outcome of the SEC investigation relating to the Foreign Corrupt Practices
        Act
        and other matters, or the Internal Review, has a greater than anticipated
        financial or business impact;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 14.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
        outcome of the DOJ antitrust investigation, which is ongoing, has a greater
        than
        anticipated financial or business impact;&#160;and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 14.4pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
        implementation of our plan to improve our internal control over financial
        reporting, as discussed in the Annual Report and under Item 4. &#8220;Controls and
        Procedures &#8212; Changes in Internal Control Over Financial Reporting&#8221; included
        elsewhere in this Quarterly Report.</font></div>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">33</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      forward-looking statements in this Quarterly Report are qualified by these
      cautionary statements and speak only as of the date of this Quarterly Report.
      We
      do not undertake any obligation, other than as required by law, to update or
      revise any forward-looking statements, whether as a result of new information,
      future events or otherwise.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Executive
      Overview</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Executive Overview only includes what management considers to be the most
      important information and analysis for evaluating our financial condition and
      operating performance. It provides the context for the discussion and analysis
      of the financial statements which follows and does not disclose every item
      bearing on our financial condition and operating performance</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>General</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      are
      the leading provider of helicopter services to the worldwide offshore energy
      industry based on the number of aircraft operated. We are one of two helicopter
      service providers to the offshore energy industry with global operations. We
      have major operations in the U.S. Gulf of Mexico and the North Sea, and
      operations in most of the other major offshore oil and gas producing regions
      of
      the world, including Alaska, Australia, Brazil, Mexico, Nigeria, Russia and
      Trinidad. We have a long history in the helicopter services industry, with
      our
      two principal legacy companies, Bristow Helicopters Ltd., and Offshore
      Logistics, Inc., having been founded in 1955 and 1969,
      respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      conduct our business in two segments: Helicopter Services and Production
      Management Services. The Helicopter Services segment operations are conducted
      through seven business units:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">North</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                America;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">South
                and Central America;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Europe;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">West
                Africa; </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Southeast
                Asia;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                International; and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Eastern
                Hemisphere (&#8220;EH&#8221;) Centralized
                Operations.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      provide helicopter services to a broad base of major, independent, international
      and national energy companies. Customers charter our helicopters to transport
      personnel between onshore bases and offshore platforms, drilling rigs and
      installations. A majority of our helicopter revenue is attributable to oil
      and
      gas production activities, which have historically provided a more stable source
      of revenue than exploration and development related activities. As of December
      31, 2006, we operated 341 aircraft (including 319 aircraft owned, 14 leased
      aircraft and eight aircraft operated along with one of our customers; three
      of
      the owned aircraft are held for sale) and our unconsolidated affiliates operated
      an additional 146 aircraft (excluding those aircraft leased from us). In both
      the Current Quarter and the Current Period, our Helicopter Services segment
      contributed approximately 92% of our gross revenue.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      are
      also a leading provider of production management services for oil and gas
      production facilities in the U.S. Gulf of Mexico. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      services include furnishing specialized production operations personnel,
      engineering services, production operating services, paramedic services and
      providing marine and helicopter transportation of personnel and supplies between
      onshore bases and offshore facilities. In connection with these activities,
      our
      Production Management Services segment uses our helicopter services. We also
      handle regulatory and production reporting for some of our customers.
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      of
      December 31, 2006, we managed or had personnel assigned to 315 production
      facilities in the U.S. Gulf of Mexico.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      chart
      below presents (1)&#160;the number of helicopters in our fleet and their
      distribution among the business units of our Helicopter Services segment as
      of
      December 31, 2006; (2)&#160;the number of helicopters which we had on order or
      under option as of December 31, 2006; and (3)&#160;the percentage of gross
      revenues which each of our segments and business units provided during the
      Current Period. For additional information regarding our commitments and options
      to acquire </font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">34</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">aircraft,
      see &#8220;&#8212; Liquidity and Capital Resources &#8212; Future Cash
      Requirements&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Capital
      Commitments&#8221; included elsewhere in this Quarterly Report.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td align="left" valign="bottom" width="34%">&#160;</td>
            <td colspan="16" valign="bottom" width="34%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Aircraft
                in Fleet</strong></font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td colspan="3" rowspan="3" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Percentage
                of</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Current
                Period</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Revenues</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="34%">&#160;</td>
            <td colspan="8" valign="bottom" width="19%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Helicopters</strong></font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="34%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Small</strong></font></div>
            </td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Medium</strong></font></div>
            </td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Large</strong></font></div>
            </td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="3" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Fixed
                Wing</strong></font></div>
            </td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total</strong></font></div>
            </td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Helicopter
                Services</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">North
                America</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">138</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">26</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">169</font></div>
            </td>
            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">26</font></div>
            </td>
            <td align="left" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">South
                and Central America</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">33</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">36</font></div>
            </td>
            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
            </td>
            <td align="left" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Europe</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40</font></div>
            </td>
            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32</font></div>
            </td>
            <td align="left" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">West
                Africa</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">29</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
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            <td align="right" valign="bottom" width="3%">
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            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
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            <td align="right" valign="bottom" width="2%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
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            <td align="right" valign="bottom" width="4%">
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            <td align="right" valign="bottom" width="3%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
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            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="2%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
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            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EH
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            <td align="right" valign="bottom" width="3%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="top" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
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            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
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            <td align="left" valign="bottom" width="34%">
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            <td align="right" valign="bottom" width="3%" style="border-bottom: black thin solid;">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="top" width="3%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="3%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="34%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%" style="border-bottom: black double;">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="3%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">113</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="3%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">64</font></div>
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            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">341</font></div>
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            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="4%" style="border-bottom: black double;">
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            <td align="left" valign="bottom" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aircraft
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            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="left" valign="bottom" width="5%">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
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            <td align="right" colspan="2" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
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            <td align="left" valign="bottom" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="3%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="3%">
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            <td align="right" valign="bottom" width="4%">&#160;</td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      expect
      that the additional aircraft on order and any aircraft we acquire pursuant
      to
      options will generally be deployed evenly across our global business units,
      but
      with a bias towards those units where we expect higher growth, such as our
      Other
      International and Southeast Asia units.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following chart presents an analysis of our aircraft orders and options during
      fiscal year 2007:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr bgcolor="#cceeff">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                Months Ended</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="32%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td colspan="6" valign="bottom" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>June
                30, 2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="6" valign="bottom" width="14%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>September
                30, 2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31, 2006</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="bottom" width="32%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="8%" style="border-bottom: black thin solid;">
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            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Options</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Orders</strong></font></div>
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            <td valign="top" width="1%">&#160;</td>
            <td valign="top" width="1%">&#160;</td>
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            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Orders</strong></font></div>
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            <td valign="bottom" width="1%">&#160;</td>
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            <td align="justify" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beginning
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">53</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">51</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">47</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="#cceeff">
            <td align="justify" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aircraft
                delivered</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(10</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aircraft
                ordered</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
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            <td align="left" valign="bottom" width="1%">
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          </tr>
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            <td align="justify" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Orders
                converted to options</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3</font></div>
            </td>
            <td align="left" valign="middle" width="1%">
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            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">End
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">51</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">47</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">42</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">35</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      operating revenue depends on the demand for our services and the pricing terms
      of our contracts. We measure the demand for our helicopter services in flight
      hours. Demand for our services depends on the level of worldwide offshore oil
      and gas exploration, development and production activities. We believe that
      our
      customers&#8217; exploration and development activities are influenced by actual and
      expected trends in commodity prices for oil and gas. Exploration and development
      activities generally use medium-size and larger aircraft on which we typically
      earn higher margins. We believe that production-related activities are less
      sensitive to variances in commodity prices, and accordingly, provide more stable
      activity levels and revenue stream. We estimate that a majority of our operating
      revenue from Helicopter Services is related to the production activities of
      the
      oil and gas companies.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Helicopter
      Services are seasonal in nature, as our flight activities are influenced by
      the
      length of daylight hours and weather conditions. The worst of these conditions
      typically occurs during the winter months when our ability to safely fly and
      our
      customers&#8217; ability to safely conduct their operations, is inhibited.
      Accordingly, our flight activity is generally lower in the fourth fiscal
      quarter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      helicopter contracts are generally based on a two-tier rate structure consisting
      of a daily or monthly fixed fee plus additional fees for each hour flown. We
      also provide services to customers on an &#8220;ad hoc&#8221; basis, which usually entails a
      shorter notice period and shorter duration. Our charges for ad hoc services
      are
      generally based on an hourly rate, or a daily or monthly fixed fee plus
      additional fees for each hour flown. Generally, our ad hoc services have a
      higher margin than our other helicopter contracts due to supply and demand
      dynamics. In addition, our standard rate structure is based on fuel costs
      remaining at or below a predetermined threshold. Fuel costs in excess of this
      threshold are generally charged to the </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">35</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">customer.
      We also derive revenue from reimbursements for third party out-of-pocket costs
      such as certain landing and navigation costs, consultant salaries, travel and
      accommodation costs, and dispatcher charges. The costs incurred that are
      rebilled to our customers are presented as reimbursable expense and the related
      revenue is presented as reimbursable revenue in our consolidated statements
      of
      income.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      helicopter contracts generally provide that the customer will reimburse us
      for
      cost increases associated with the contract and are cancelable by the customer
      with notice of generally 30&#160;days in the U.S.&#160;Gulf of Mexico, 90 to
      180&#160;days in Europe and 90&#160;days in West Africa. In North America, we
      generally enter into short-term contracts for twelve months or less, although
      we
      occasionally enter into longer-term contracts. In Europe, contracts are longer
      term, generally between two and five years. In South and Central America, West
      Africa, Southeast Asia and Other International, contract length generally ranges
      from three to five years. At the expiration of a contract, our customers often
      negotiate renewal terms with us for the next contract period. In other
      instances, customers solicit new bids at the expiration of a contract. Contracts
      are generally awarded based on a number of factors, including price, quality
      of
      service, equipment and record of safety. An incumbent operator has a competitive
      advantage in the bidding process based on its relationship with the customer,
      its knowledge of the site characteristics and its understanding of the cost
      structure for the operations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Maintenance
      and repair expenses, training costs, employee wages and insurance premiums
      represent a significant portion of our overall expenses. Our production
      management costs also include contracted transportation services. We expense
      maintenance and repair costs, including major aircraft component overhaul costs,
      as the costs are incurred. As a result, our earnings in any given period are
      directly impacted by the amount of our maintenance and repair expenses for
      that
      period. In certain instances, major aircraft components, primarily engines
      and
      transmissions, are maintained by third-party vendors under contractual
      arrangements. Under these agreements, we are charged an agreed amount per hour
      of flying time.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      a
      result of local laws limiting foreign ownership of aviation companies, we
      conduct helicopter services in certain foreign countries through interests
      in
      affiliates, some of which are unconsolidated. Generally, we realize revenue
      from
      foreign operations by leasing aircraft and providing services and technical
      support to unconsolidated affiliates and non-affiliated entities. We also
      receive dividend income from the earnings of some of these entities. For
      additional information about these unconsolidated affiliates, see Note&#160;3 in
      the &#8220;Notes to Consolidated Financial Statements&#8221; in the Annual Report and
      Note&#160;3 in the &#8220;Condensed Notes to Consolidated Financial Statements&#8221;
included elsewhere in this Quarterly Report.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Our
      Strategy</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      goal
      is to advance our position as the leading helicopter services provider to the
      offshore energy industry. We intend to employ the following strategies to
      achieve this goal:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 15.3pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Strategically
      position our company as the preferred provider</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>of
      helicopter services. </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;We
      position our company as the preferred provider of helicopter services by
      maintaining strong relationships with our customers and providing high-quality
      service. We focus on maintaining relationships with our customers&#8217; local and
      corporate management. We believe that this focus helps us to provide our
      customers with the right aircraft in the right place at the right time and
      to
      better anticipate customer needs, which in turn allows us to better manage
      our
      fleet. We also leverage our close relationships with our customers to establish
      mutually beneficial operating practices and safety standards worldwide. By
      applying standard operating and safety practices across our global operations,
      we are able to provide our customers with consistent, high-quality service
      in
      each of their areas of operation. By better understanding our customers&#8217; needs
      and by virtue of our global operations and safety standards, we have effectively
      competed against other helicopter service providers based on customer service,
      safety and reliability, and not just price.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 15.3pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Integrate
      our operations.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;
      In fiscal year 2006, we completed a number of changes in our business to
      integrate our global organization, and we intend to continue to identify and
      implement further integration opportunities. These changes include changes
      in
      our senior management team, the integration of our operations among previously
      independently managed businesses, improvements in global asset allocation and
      other changes in our corporate operations. We anticipate that these improvements
      will result in revenue growth, and may also generate cost savings.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">36</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8226;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 15.5pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Grow
      our business internationally.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;We
      plan to grow our business in most of the markets in which we operate. We expect
      this growth to be particularly strong in international markets outside our
      three
      largest markets (U.S.&#160;Gulf of Mexico, North Sea and Nigeria), which
      represented 65% of our Current Period revenues. Although we have a footprint
      in
      most major oil and gas producing regions of the world, we have the opportunity
      to expand and deepen our presence in many of these markets, for example
      Southeast Asia. We anticipate this growth to result primarily from the
      deployment of new aircraft into markets where we expect they will be most
      profitably employed, as well as by executing opportunistic acquisitions. Our
      acquisition-related growth may include increasing our role and participation
      with existing unconsolidated affiliates and may include increasing our position
      in existing markets or expanding into new markets.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      October 2006, we exercised options to purchase four large aircraft for a
      purchase price of approximately $79.0&#160;million. In December 2006, we
      exercised an option to purchase an additional large aircraft for a purchase
      price of $19.8 million, while converting orders for three medium aircraft to
      options. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      early
      calendar year 2007, we ordered three additional large aircraft (for which no
      option previously existed) which will be delivered in fiscal year 2009, thereby
      increasing our aircraft commitments by $63.6 million, and obtained the option
      to
      purchase eight additional large aircraft and the right to trade in older
      aircraft to the same manufacturer.&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consistent
      with our desire to maintain a conservative use of leverage to fund growth,
      we
      raised $222.6 million capital through the sale of equity securities in the
      offering of mandatory convertible preferred stock (&#8220;Preferred Stock&#8221;) completed
      in September and October 2006. As of December 31, 2006, we had options to
      acquire an additional eight large aircraft and an additional 27 medium aircraft.
      Depending on market conditions, we may exercise these additional options to
      acquire aircraft or elect to expand our business through acquisition, including
      acquisitions under consideration or negotiation. These strategic decisions
      would
      require us to access additional sources of capital. Our decision to use equity,
      debt or a combination of the two would depend on our financial position and
      market conditions at that time, but we currently expect to use debt
      financing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Market
      Outlook</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      are
      currently experiencing significant demand for our helicopter services. Based
      on
      our current contract level and discussions with our customers about their needs
      for aircraft related to their oil and gas production and exploration plans,
      we
      anticipate the demand for aircraft services will continue at a very high level
      for the near term. Further, based on the projects planned by our customers
      in
      the markets in which we currently operate, we anticipate global demand for
      our
      services will grow in the long term and exceed the transportation capacity
      of
      the aircraft we and our competitors currently have in our fleets and on order.
      In addition, this high level of demand has allowed us to increase the rates
      we
      charge for our services over the past several years.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      expect
      to see growth in demand for additional helicopter services, particularly in
      North and South America, West Africa and Southeast Asia. We also expect that
      the
      relative importance of our Southeast Asia and Other International business
      units
      will continue to increase as the major oil and gas companies increasingly focus
      on prospects outside of North America and the North Sea. This growth will
      provide us with opportunities to add new aircraft to our fleet, as well as
      opportunities to redeploy aircraft from weaker markets into markets that will
      sustain higher rates for our services. Currently, helicopter manufacturers
      are
      indicating very limited supply availability during the next three years. We
      expect that this tightness in aircraft availability from the manufacturers
      and
      the lack of suitable aircraft in the secondary market, coupled with the increase
      in demand for helicopter services, will result in upward pressure on the rates
      we charge for our services. At the same time, we believe that our recent
      aircraft acquisitions and commitments position us to capture a portion of the
      upside created by the current market conditions</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      made and are in the process of making a number of changes in our West Africa
      business unit operations in Nigeria. This reorganization as well as periodic
      disruption to our operations related to civil unrest and violence have made
      and
      are expected to continue to make our operating results from Nigeria
      unpredictable through at least the end of calendar year 2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
      has
      been a trend of major oil and gas companies outsourcing certain activities
      and
      transferring reserves located in the U.S.&#160;Gulf of Mexico to smaller,
      independent oil and gas producers. These trends have generated, and are expected
      to continue to generate, additional demand for our production management
      services, as smaller producers are more likely to require the operational and
      manpower support that our Production Management Services segment
      provides.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">37</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Results
      of Operations</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following table presents our operating results and other income statement
      information for the applicable periods:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><br>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="bottom" width="38%">&#160;</td>
              <td colspan="5" valign="bottom" width="15%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                  Months Ended</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                  31,</strong></font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td colspan="5" valign="bottom" width="15%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                  Months Ended</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                  31,</strong></font></div>
              </td>
              <td align="left" valign="top" width="1%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="38%">&#160;</td>
              <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
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              <td valign="bottom" width="1%">&#160;</td>
              <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
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              <td valign="bottom" width="1%">&#160;</td>
              <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
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              <td valign="bottom" width="1%">&#160;</td>
              <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
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              <td valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="38%">&#160;</td>
              <td colspan="12" valign="bottom" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Unaudited)</strong></font></div>
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            <tr>
              <td align="left" valign="bottom" width="38%">&#160;</td>
              <td colspan="12" valign="bottom" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                  thousands)</strong></font></div>
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            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Gross
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="top" width="1%">&#160;</td>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="1%">&#160;</td>
              <td align="left" valign="top" width="1%">&#160;</td>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
                  revenue</font></div>
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              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">202,002</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">169,579</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">598,837</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">508,525</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reimbursable
                  revenue</font></div>
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">21,840</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">22,688</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">70,276</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">59,084</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                  gross revenue</font></div>
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">223,842</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">192,267</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">669,113</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">567,609</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Operating
                  expense:</strong></font></div>
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Direct
                  cost</font></div>
              </td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">151,193</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">126,120</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">438,534</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">375,182</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reimbursable
                  expense</font></div>
              </td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">21,488</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">22,050</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">69,266</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">58,114</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depreciation
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              </td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,060</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,653</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32,080</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32,160</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
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              </td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20,164</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,338</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">52,040</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,005</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loss
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="right" valign="bottom" width="6%">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">54,872</font></div>
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              <td align="left" valign="bottom" width="38%">
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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              <td align="right" valign="bottom" width="6%">
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              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,770</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
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              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="bottom" width="1%">
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(8,409</font></div>
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              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="left" valign="bottom" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5,226</font></div>
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              <td align="left" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,296</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(11,319</font></div>
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              <td align="left" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,308</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
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              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19,161</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,374</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">74,528</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">52,541</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Provision
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              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4,984</font></div>
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              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(26,724</font></div>
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              <td align="left" valign="bottom" width="1%">
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
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              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="left" valign="bottom" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Minority
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(257</font></div>
              </td>
              <td align="left" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10</font></div>
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              <td align="left" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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              <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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              <td align="left" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Net
                  income</strong></font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,451</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,400</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,755</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,004</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>

        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">38</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following table presents the impact on net income and diluted earnings per
      share
      of certain items related to corporate activities that affect the comparability
      of our results from the applicable prior year periods:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div>
        <div>
          <div><br>
            <div>
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td align="left" valign="bottom" width="24%">&#160;</td>
                    <td colspan="11" valign="bottom" width="31%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                        Months Ended December 31,</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td colspan="11" valign="bottom" width="30%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                        Months Ended December 31,</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="24%">&#160;</td>
                    <td colspan="5" valign="bottom" width="15%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
                    </td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td colspan="5" valign="bottom" width="15%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td colspan="5" valign="bottom" width="15%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
                    </td>
                    <td valign="bottom" width="1%">&#160;</td>
                    <td colspan="5" valign="bottom" width="15%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="24%" style="border-bottom: #ffffff solid;">&#160;</td>
                    <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Net</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Income</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Impact</strong></font></div>
                    </td>
                    <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
                    <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Diluted</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Earnings</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Per
                        </strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Share</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Impact</strong></font></div>
                    </td>
                    <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
                    <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Net</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Income</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Impact</strong></font></div>
                    </td>
                    <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
                    <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Diluted</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Earnings</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Per
                        </strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Share</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Impact</strong></font></div>
                    </td>
                    <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
                    <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Net</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Income</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Impact</strong></font></div>
                    </td>
                    <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
                    <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Diluted</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Earnings</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Per
                        </strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Share</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Impact</strong></font></div>
                    </td>
                    <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
                    <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Net</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Income</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Impact</strong></font></div>
                    </td>
                    <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
                    <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Diluted</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Earnings</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Per
                        </strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Share</strong></font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Impact</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="24%">&#160;</td>
                    <td colspan="23" valign="bottom" width="62%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                        thousands, except per share amounts)</strong></font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                  </tr>
                  <tr bgcolor="#cceeff">
                    <td align="left" valign="bottom" width="24%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investigations:</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="24%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SEC
                        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(1)</sup></font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2,067</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(0.09</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,790</font></div>
                    </td>
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                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">&#160;</td>
                    <td align="left" valign="bottom" width="1%">&#160;</td>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
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                    <td align="right" valign="bottom" width="6%">
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                    <td align="left" valign="bottom" width="1%">
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
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                    <td align="right" valign="bottom" width="6%">
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Foreign
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                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2,352</font></div>
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                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(0.10</font></div>
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                    <td align="left" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,677</font></div>
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                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.07</font></div>
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                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6,450</font></div>
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                    <td align="left" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(0.25</font></div>
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                    <td align="left" valign="bottom" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,044</font></div>
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                    <td align="left" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="1%">&#160;</td>
                    <td align="right" valign="bottom" width="6%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.17</font></div>
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                    <td align="left" valign="bottom" width="1%">&#160;</td>
                  </tr>
                  <tr bgcolor="#cceeff">
                    <td align="left" valign="bottom" width="24%" style="border-bottom: #cceeff thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Preferred
                        Stock</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,608</font></div>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: #cceeff thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(0.07</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: #cceeff thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                    </td>
                    <td align="left" valign="top" width="1%" style="border-bottom: #cceeff thin solid;">&#160;</td>
                    <td align="right" valign="top" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="top" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                    </td>
                    <td align="left" valign="top" width="1%" style="border-bottom: #cceeff thin solid;">&#160;</td>
                    <td align="right" valign="top" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="top" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,758</font></div>
                    </td>
                    <td align="left" valign="top" width="1%" style="border-bottom: #cceeff thin solid;">&#160;</td>
                    <td align="right" valign="top" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="top" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(0.16</font></div>
                    </td>
                    <td align="left" valign="top" width="1%" style="border-bottom: #cceeff thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="top" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="top" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                    </td>
                    <td align="left" valign="top" width="1%" style="border-bottom: #cceeff thin solid;">&#160;</td>
                    <td align="right" valign="top" width="1%" style="border-bottom: black thin solid;">&#160;</td>
                    <td align="right" valign="top" width="6%" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
                    </td>
                    <td align="left" valign="top" width="1%" style="border-bottom: #cceeff thin solid;">&#160;</td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="top" width="24%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total</font></div>
                    </td>
                    <td align="right" valign="top" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="top" width="6%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6,994</font></div>
                    </td>
                    <td align="left" valign="top" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="top" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="top" width="6%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(0.44</font></div>
                    </td>
                    <td align="left" valign="top" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="top" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="top" width="6%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,583</font></div>
                    </td>
                    <td align="left" valign="top" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(0.07</font></div>
                    </td>
                    <td align="left" valign="top" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(11,525</font></div>
                    </td>
                    <td align="left" valign="top" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(0.67</font></div>
                    </td>
                    <td align="left" valign="top" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5,603</font></div>
                    </td>
                    <td align="left" valign="top" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(0.24</font></div>
                    </td>
                    <td valign="top" width="1%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">__________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(1)
      </sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      December 2006, we recorded a pre-tax charge of $3.0 million for costs and fees
      we currently expect to incur in connection with the resolution of the SEC
      investigation regarding the findings resulting from the Internal Review, a&#160;
substantial portion of which relates to legal fees in connection with the
      investigation.&#160; There can be no assurance that the amounts currently
      recorded will be sufficient to resolve such matters or that such matters can
      ultimately be resolved until final action by the SEC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Current
      Quarter Compared to Comparable Quarter</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      gross
      revenue increased to $223.8 million for the Current Quarter from $192.3 million
      for the Comparable Quarter, an increase of 16.4%. The increase in gross revenue
      relates to an increase in gross revenue for our Helicopter Services segment,
      with improvements in operating revenue across all of our business units, most
      significantly for North America (primarily resulting from higher utilization
      of
      large aircraft and an increase in rates, which was partially offset by the
      impact of poor weather in December 2006), Europe (primarily resulting from
      the
      addition of two new aircraft in this market) and West Africa (primarily
      resulting from an increase in rates under certain contracts and revenue from
      three new contracts). Our operating expense increased to $202.9 million for
      the
      Current Quarter from $174.5 million for the Comparable Quarter, an increase
      of
      16.3%. Operating expense increased as a result of the increase in operating
      activity, but also as a result of a higher level of maintenance activity on
      our
      aircraft and higher compensation costs driven by higher labor rates and
      additional personnel. An increase in maintenance costs and salaries resulted
      in
      a decline in operating margin for our Europe business unit. However, improved
      margins for most of our other business units, most significantly in South and
      Central America (primarily resulting from cash received by our Mexico operations
      and improvement in flight activity in Trinidad), West Africa (primarily
      resulting from rate increases) and EH Centralized Operations (primarily
      resulting from increases in lease charges for aircraft leased to other business
      units and to unconsolidated affiliates), and gains on asset dispositions in
      the
      Current Quarter (compared to losses on asset dispositions in the Comparable
      Quarter) resulted in increases in our consolidated operating income and
      operating margin for the Current Quarter to $21.0 million and 9.4%,
      respectively, compared to $17.7 million and 9.2%, respectively, for the
      Comparable Quarter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
      income for the Current Quarter of $10.5 million represents a $2.9 million
      decrease from the Comparable Quarter. This decrease in net income resulted
      from
      an increase in the provision for income taxes during the Current Quarter
      compared to the Comparable Quarter (due to $2.5 million in additional tax
      expense recorded in the Current Quarter </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">39</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
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      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">resulting
      for the sale of the assets of Turbo Engines, Inc. (&#8220;Turbo&#8221;) on November 30, 2006
      and from an increase in the overall effective tax rate), foreign currency
      transaction losses of $3.4 million during the Current Quarter compared to
      foreign currency transaction gains of $2.3 million in the Comparable Quarter,
      and a charge of $1.9 million for acquisition costs previously deferred in
      connection with an acquisition we were evaluating as we determined that the
      acquisition is no longer probable. These amounts were partially offset by the
      increase in operating income discussed above, an increase of $2.9 million
      interest income (due to the investment of funds from the Preferred Stock
      offering) and a decrease of $1.4 million in interest expense (due to an increase
      in the amount of interest capitalized) during the Current Quarter compared
      to
      the Comparable Quarter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Current
      Period Compared to Comparable Period</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      gross
      revenue increased to $669.1 million for the Current Period from $567.6 million
      for the Comparable Period, an increase of 17.9%. The increase in gross revenue
      relates to an increase in gross revenue for our Helicopter Services segment,
      with improvements in operating revenue across all of our business units, most
      significantly for North America (primarily resulting from increases in rates
      for
      certain contracts and an increase in utilization of our small aircraft in this
      market), Europe (primarily resulting from aircraft added to the market during
      fiscal year 2006) and West Africa (primarily resulting from an increase in
      rates
      under certain contracts and three new contracts). The increase in gross revenue
      was also attributable to an increase in out-of-pocket expenses rebilled to
      our
      customers (reimbursable revenue) of $11.2 million. Our operating expense
      increased to $586.2 million for the Current Period from $512.7 million for
      the
      Comparable Period, an increase of 14.3%. Operating expense increased as a result
      of the increase in operating activity, but also as a result of a higher level
      of
      maintenance activity on our aircraft and compensation costs driven by higher
      labor rates and additional personnel. These additional operating expense items
      resulted in a decline in operating income for our North America business unit
      and a decline in operating margin for our North America and Europe business
      units. However, improved margins for most of our other business units and
      significant gains on asset dispositions in the Current Period (compared to
      losses on asset dispositions in the Comparable Period) resulted in increases
      in
      our operating income and operating margin for the Current Period to $82.9
      million and 12.4%, respectively, compared to $54.9 million and 9.7%,
      respectively, for the Comparable Period.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
      income for the Current Period of $46.8 million represents a $6.8 million
      increase from the Comparable Period. This increase in net income was driven
      by
      the increase in operating income discussed above, which was partially offset
      by
      foreign exchange losses of $9.6 million in the Current Period compared to
      foreign exchange gains of $5.3 million in the Comparable Period, and an increase
      in the provision for income taxes due to the additional tax expense related
      to
      the Turbo asset sale, the increase in income during the Current Period and
      from
      an increase in the overall effective tax rate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">40</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Business
      Unit Operating Results</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following tables set forth certain operating information, which forms the basis
      for discussion of our Helicopter Services and Production Management Services
      segments, and for the seven business units comprising our Helicopter Services
      segment.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td valign="bottom" width="35%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="6" valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                Months Ended</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="6" valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                Months Ended</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="35%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="6" valign="bottom" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="6" valign="bottom" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="35%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="bottom" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Flight
                hours (excludes unconsolidated affiliates):</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="6%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="2%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="bottom" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Helicopter
                Services:</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">North
                America </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(1)</sup></font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,742</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">38,131</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">118,353</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">115,516</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">South
                and Central America</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,973</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,569</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28,889</font></div>
            </td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">29,198</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Europe</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,917</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,329</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">
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            <td align="right" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">29,323</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">West
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,733</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,867</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">27,795</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25,836</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
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            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Southeast
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,059</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,117</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,328</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,844</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
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            <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,641</font></div>
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            <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,728</font></div>
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            <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="top" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="top" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="top" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,119</font></div>
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            <td align="right" valign="top" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="top" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="top" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="top" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,020</font></div>
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            <td align="right" valign="top" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
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          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consolidated
                total</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">71,065</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">70,741</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="top" width="6%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">223,256</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="top" width="6%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">213,737</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td valign="bottom" width="35%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="6" valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                Months Ended</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="6" valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                Months Ended</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="35%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="6" valign="bottom" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
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            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="6" valign="bottom" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
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            <td valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="35%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
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            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
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            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
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            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
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            <td valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="35%">&#160;</td>
            <td colspan="16" valign="bottom" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                thousands)</strong></font></div>
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          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
                revenue:</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="6%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="2%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Helicopter
                Services:</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">North
                America</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">62,758</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">56,869</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">195,863</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">170,571</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">South
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            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,488</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,427</font></div>
            </td>
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            <td align="right" valign="top" width="2%">&#160;</td>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,462</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,087</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32,599</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="justify" valign="top" width="35%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,918</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,677</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">45,049</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">39,604</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intrasegment
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(19,116</font></div>
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(16,676</font></div>
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(48,811</font></div>
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">211,009</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">523,995</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Production
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,130</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,253</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">50,599</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">50,163</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Corporate</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="6%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="2%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Helicopter
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
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            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">North
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            <td align="right" valign="bottom" width="1%">
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            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="bottom" width="2%">&#160;</td>
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            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">48,084</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">166,522</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">137,412</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">South
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,495</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,036</font></div>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30,226</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">29,805</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Europe</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">69,453</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">56,370</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">195,489</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">161,350</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">West
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31,909</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25,621</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">91,628</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">73,965</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Southeast
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,225</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,088</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,375</font></div>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37,003</font></div>
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            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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            <td align="left" valign="middle" width="1%">
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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            <td align="left" valign="middle" width="1%">
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(48,811</font></div>
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">534,172</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Production
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,391</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,136</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">47,053</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,488</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loss
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,042</font></div>
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            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">373</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5,707</font></div>
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            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,276</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Corporate
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,825</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19,099</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,959</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Intersegment
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2,297</font></div>
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(8,404</font></div>
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6,589</font></div>
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consolidated
                total</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">202,863</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">174,535</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">586,213</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">512,737</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>See
      notes beginning on following page</em></font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">41</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td valign="bottom" width="35%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="6" valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                Months Ended</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="6" valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                Months Ended</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="35%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="6" valign="bottom" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="6" valign="bottom" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="35%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="35%">&#160;</td>
            <td colspan="16" valign="bottom" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                thousands)</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
                income:</font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Helicopter
                Services:</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">North
                America</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,078</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,785</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">29,341</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">33,159</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">South
                and Central America</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,993</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,391</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,904</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,006</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Europe</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,803</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,628</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">21,278</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20,553</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">West
                Africa</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,153</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,806</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,381</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,911</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Southeast
                Asia</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Production
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,117</font></div>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,546</font></div>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,675</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gain
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,042</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(373</font></div>
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            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,707</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,276</font></div>
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            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Corporate
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(18,919</font></div>
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consolidated
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17,732</font></div>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,770</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="6%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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            <td align="left" valign="middle" width="1%">
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="justify" valign="top" width="35%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">52,541</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(26,724</font></div>
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            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(12,453</font></div>
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            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Minority
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(257</font></div>
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(84</font></div>
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            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
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            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,004</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="bottom" width="36%">&#160;</td>
              <td colspan="6" valign="bottom" width="14%">
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              </td>
              <td valign="bottom" width="1%">&#160;</td>
              <td colspan="5" valign="bottom" width="13%">
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              </td>
              <td valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr>
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              <td align="right" valign="bottom" width="3%">&#160;</td>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="justify" valign="bottom" width="4%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="justify" valign="bottom" width="4%">&#160;</td>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="justify" valign="bottom" width="4%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="justify" valign="bottom" width="4%">&#160;</td>
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              <td align="right" valign="bottom" width="4%">
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              <td align="right" valign="bottom" width="4%">
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              <td align="right" valign="bottom" width="4%">
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              <td align="right" valign="bottom" width="3%">
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              <td align="right" valign="bottom" width="4%">
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              <td align="right" valign="bottom" width="4%">
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              <td align="right" valign="bottom" width="3%">
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              <td align="right" valign="bottom" width="4%">
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              <td align="right" valign="bottom" width="4%">
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              <td align="right" valign="bottom" width="3%">
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              <td align="right" valign="bottom" width="4%">
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              <td align="right" valign="bottom" width="4%">
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              <td align="right" valign="bottom" width="4%">
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              <td align="right" valign="bottom" width="4%">
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                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EH
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              <td align="right" valign="bottom" width="3%">
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              <td align="right" valign="bottom" width="3%">
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="4%">
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              <td align="right" valign="bottom" width="4%">
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                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                  Helicopter Services</font></div>
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="3%">
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.8</font></div>
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="4%">
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              <td align="right" valign="bottom" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13.6</font></div>
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              <td align="justify" valign="top" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Production
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="3%">
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              <td align="right" valign="bottom" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.9</font></div>
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.0</font></div>
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              <td align="justify" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.3</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
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              <td align="justify" valign="top" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consolidated
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.4</font></div>
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              <td align="justify" valign="bottom" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.2</font></div>
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              <td align="justify" valign="bottom" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.4</font></div>
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              <td align="justify" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.7</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">__________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(1)</sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      presentation of flight hours for North America has been changed from reports
      prior to our Quarterly Report for the second quarter of fiscal year 2007 to
      reflect total flight hours, which is consistent with the presentation of flight
      hours for our other business units. North America flight hours in those prior
      reports reflected only billed hours.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(2)</sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Includes
      reimbursable revenue of $20.0 million and $19.1 million for the three months
      ended December 31, 2006 and 2005, respectively, and $62.2 million and $46.4
      million for the nine months ended December 31, 2006 and 2005,
      respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>&#160;</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(3)</sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Includes
      reimbursable revenue of $1.8 million and $3.6 million for the three months
      ended
      December 31, 2006 and 2005, respectively, and $8.1 million and $12.7 million
      for
      the nine months ended December 31, 2006 and 2005, respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(4)</sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
      expense includes depreciation and amortization in the following amounts for
      the
      periods presented:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">42</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td align="justify" valign="bottom" width="35%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td colspan="6" valign="bottom" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                Months Ended</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="4%">&#160;</td>
            <td colspan="6" valign="bottom" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                Months Ended</strong></font></div>
            </td>
            <td align="justify" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="bottom" width="35%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td colspan="6" valign="bottom" width="14%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="4%">&#160;</td>
            <td colspan="6" valign="bottom" width="14%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                30,</strong></font></div>
            </td>
            <td align="justify" valign="top" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="bottom" width="35%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="top" width="4%">&#160;</td>
            <td colspan="2" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="2" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
            </td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="bottom" width="35%">&#160;</td>
            <td colspan="16" valign="bottom" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                thousands)</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="bottom" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Helicopter
                Services:</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="4%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="4%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Europe</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">320</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
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            <td align="right" valign="top" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">651</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">West
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">386</font></div>
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            <td align="right" valign="bottom" width="4%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">966</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Southeast
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">63</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">96</font></div>
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="top" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">252</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">311</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">560</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">472</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,632</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,398</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EH
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,570</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,560</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,681</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,995</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
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            <td align="right" valign="top" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31,788</font></div>
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            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Production
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">45</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">49</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">138</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">148</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Corporate</font></div>
            </td>
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            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">72</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">154</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">70</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consolidated
                total</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="4%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,060</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="4%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,653</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="4%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32,080</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="4%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32,160</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>

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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(5)&#160;
      </sup>Includes professional fees in connection with the Internal Review of
      $3.0
      million and $3.1 million for the three and the nine months ended December 31,
      2006, respectively, and $2.5 million and $10.2 million for&#160;the three and
      nine months ended December 31, 2005, respectively.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(6)</sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Includes
      a gain on the sale of an aircraft used in our Italy operations of $2.1 million
      for the nine months ended December 31, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(7)</sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Includes
      foreign currency transaction losses of $3.4 million and $9.6 million for the
      three and nine months ended December 31, 2006, respectively, and foreign
      currency transaction gains of $2.3 million and $5.3 million for the three and
      nine months ended December 31, 2005, respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(8)</sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Includes
      $2.5 million in additional tax expense during the three and nine months ended
      December 31, 2006 recorded as a result of the sale of the assets of Turbo in
      December 2006 (See &#8220; Current Quarter Compared to Comparable Quarter &#8212; Helicopter
      Services &#8212; North America&#8221; below).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(9)</sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
      margin is calculated as gross revenue less operating expense divided by gross
      revenue.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Current
      Quarter Compared to Comparable Quarter </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Set
      forth
      below is a discussion of operations of our segments and business units. Our
      consolidated results are discussed under &#8220;Executive Overview &#8212; Overview of
      Operating Results&#8221; above.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Helicopter
      Services</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      revenue for Helicopter Services increased to $211.0 million for the Current
      Quarter from $178.6 million for the Comparable Quarter, an increase of 18.1%,
      and operating expense increased to $183.6 million for the Current Quarter from
      $155.8 million for the Comparable Quarter, an increase of 17.8%. This resulted
      in an operating margin of 13.0% for the Current Quarter compared to 12.8% for
      the Comparable Quarter. Helicopter Services results are further explained below
      by business unit.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>North
      America</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      revenue for North America increased to $62.8 million for the Current Quarter
      from $56.9 million for the Comparable Quarter, despite an 8.9% decrease in
      flight activity. The increase in gross revenue is due to a shift to a higher
      level of utilization of our medium and large aircraft (which earn higher rates)
      compared to our small aircraft during the Current Quarter (resulting from a
      significant period of poor weather in the Gulf of Mexico during December as
      small aircraft are utilized less in those conditions) and also due to a 10%
      rate
      increase for certain contracts (which was phased in beginning in March 2006),
      partially offset by the impact of lower flight activity for our small aircraft
      (resulting from the period of poor weather during December 2006).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
      expense for North America increased to $53.7 million for the Current Quarter
      from $48.1 million for the Comparable Quarter. The increase was primarily due
      to
      higher maintenance expense and labor costs and the adoption of </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">43</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      new
      equity compensation accounting standard in the quarter ended June 30, 2006.
      Our
      operating margin for North America decreased to 14.5% for the Current Quarter
      from 15.4% for the Comparable Quarter primarily due to the increase in
      maintenance costs discussed above.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      discussed in Note 2 to the &#8220;Condensed Notes to Consolidated Financial
      Statements&#8221; included elsewhere in this Quarterly Report, on November 30, 2006,
      we completed a sale of the assets of our aircraft engine overhaul business,
      Turbo, to Timken Alcor Aerospace Technologies, Inc. (&#8220;Timken&#8221;) for approximately
      $14.6 million ($13.2 million of which was received in cash upon closing of
      the
      transaction), including estimated post-closing adjustments. The operations
      of
      Turbo represented 0.9% and 1.2% of our consolidated gross revenue in the Current
      Quarter and Comparable Quarter, respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>South
      and Central America</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      revenue for South and Central America increased to $13.5 million for the Current
      Quarter from $11.4 million for the Comparable Quarter primarily due to revenue
      recognized in the Current Quarter upon receipt of cash from our joint venture
      in
      Mexico and an increase in the number of aircraft operating in Trinidad over
      the
      Comparable Quarter. In Mexico, a contract with Petr&#243;leos Mexicanos (&#8220;PEMEX&#8221;)
      concluded in February 2005. As a result, our 49% owned unconsolidated
      affiliates, Hemisco Helicopters International, Inc. and Heliservicio Campeche
      S.A. de C.V. (&#8220;Heliservicio&#8221; and collectively, &#8220;HC&#8221;), experienced difficulties
      during fiscal year 2006 in meeting their obligations to make lease rental
      payments to us and to another one of our unconsolidated affiliates, Rotorwing
      Leasing Resources, L.L.C. (&#8220;RLR&#8221;). As a result of uncertainties as to
      collectibility, lease revenues from HC are recognized as they are collected.
      As
      of December 31, 2006, $1.0 million of revenues billed but not collected from
      HC
      have not been recognized in our results, and our 49% share of the equity in
      earnings of RLR has been reduced by $3.5 million for revenues billed but not
      collected from HC. During the Current Quarter, we recognized revenue of $0.2
      million upon receipt of payment from HC for amounts billed in fiscal year
      2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
      expense for South and Central America increased to $10.5 million for the Current
      Quarter from $10.0 million for the Comparable Quarter, primarily due to an
      increase in operating expense in Trinidad as a result of additional aircraft.
      However, as a result of the increase in gross revenue for Mexico, the operating
      margin for this business unit increased significantly to 22.2% for the Current
      Quarter from 12.2% for the Comparable Quarter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Since
      the
      conclusion of the PEMEX contract in February 2005, we took several actions
      to
      improve the financial condition and profitability of HC, including relocating
      several aircraft to other markets, restructuring our profit sharing arrangement
      with our partner, and completing a recapitalization of Heliservicio on August
      19, 2005. In June 2006, Heliservicio was awarded a two-year contract by PEMEX.
      Under this contract, Heliservicio will provide and operate three medium
      helicopters in support of PEMEX&#8217;s oil and gas operations. We will continue to
      evaluate the improving results for HC to determine if and when we will change
      our accounting for this joint venture from the cash to accrual
      basis.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      completed negotiations with our partner in a joint venture that operates in
      Brazil and on December 22, 2006 entered into an agreement to terminate our
      ownership interest in the joint venture. The closing of this transaction is
      pending approval from the Brazilian National Agency of Civil Aviation and is
      expected to result in a pre-tax gain of approximately $2.5 million. We expect
      to
      obtain this approval during the fourth quarter of fiscal year 2007.
      Nevertheless, upon such termination, we anticipate that we will lease additional
      aircraft to helicopter service operations in Brazil. To the extent that we
      are
      not able to continue such leases, we expect to experience a substantial
      reduction in business activity in Brazil in future periods.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Europe</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      revenue for Europe increased to $73.3 million for the Current Quarter from
      $60.0
      million for the Comparable Quarter, primarily as a result of a 17.0% increase
      in
      flight activity, increases in rates due to annual contract escalations, a higher
      level of out-of-pocket expenses rebilled to our customers (which increased
      $2.1
      million over the Comparable Quarter), and the effect of changes in exchange
      rates. The majority of the increase in flight hours relates to an improvement
      in
      our utilization per airframe.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">44</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
      expense for Europe increased to $69.5 million for the Current Quarter from
      $56.4
      million for the Comparable Quarter, primarily due to a $2.0 million increase
      in
      out-of-pocket expenses rebilled to our customers, higher maintenance costs,
      higher salaries and fuel costs primarily associated with the increase in
      activity over the Comparable Quarter, $1.1 million in charges recorded for
      our
      insurance deductible related to an aircraft accident during the Current Quarter,
      and the effect of changes in exchange rates. We are generally able to recover
      fuel cost increases from our customers. As a result of the higher level of
      maintenance costs and salaries, operating margin for Europe decreased to 5.2%
      for the Current Quarter from 6.0% for the Comparable Quarter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      are
      currently involved in negotiations with unions representing our pilots and
      engineers in this market and we currently expect that labor rates under our
      existing contracts could increase 4-5% starting in July 2007 through June 2008.
      We expect to be able to pass these costs on to our customers through annual
      contract escalation charges built into existing contracts or through rate
      increases as customer contracts come up for renewal.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      October 2006, we were awarded an amendment and extension of our existing
      contract in the North Sea with Integrated Aviation Consortium for the provision
      of helicopter transportation services to offshore facilities both East and
      West
      of the Shetland Islands. The amendment extends the contract until June 2010
      and
      calls for the provision of five new Sikorsky S-92 helicopters to be delivered
      in
      the second and third quarters of fiscal year 2008 to replace the six AS332L
      Super Puma helicopters currently under contract, which we intend to re-deploy
      to
      other markets. In December 2006, the provision for an additional sixth Sikorsky
      S-92 was confirmed and a related aircraft option was exercised.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      December 2005, we were informed that we were not awarded the contract extension
      that would have commenced in mid-2007 to provide search and rescue services
      using seven S-61 aircraft and operate four helicopter bases for the U.K.
      Maritime and Coastguard Agency (&#8220;MCA&#8221;). The MCA has the option to extend our
      agreement through July 2009. We expect to continue to provide this service
      until
      the end of fiscal year 2008 and expect that the transition of work will take
      place, one base at a time, over a period of at least one year. We sold two
      of
      these aircraft in early calendar year 2007, resulting in a gain of&#160; $4.0
      million. At the end of the agreement and any transition period, we expect that
      we will either be able to employ these aircraft for other customers or trade
      the
      aircraft in as partial consideration towards the purchase of new aircraft.
      In
      the Current Quarter and Comparable Quarter, we had $7.9 million and $6.7
      million, respectively, in operating revenues associated with this contract.
      In
      July 2006, we entered into a partnership with an unconsolidated affiliate of
      ours, FB Heliservices Limited (&#8220;FBH&#8221;), and a third party, Serco Limited, through
      which we will seek to obtain the future U.K.-wide search and rescue contract,
      including the provision of 28 aircraft, scheduled to start in 2012.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>West
      Africa</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      revenue for West Africa increased to $35.1 million for the Current Quarter
      from
      $27.4 million for the Comparable Quarter, primarily as a result of an increase
      in rates under our contract with a major customer in Nigeria (beginning October
      1, 2006) and a 9.8% increase in flight activity in Nigeria from the Comparable
      Quarter (which resulted from the addition of three new contracts in this market
      since last year).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
      expense for West Africa increased to $31.9 million for the Current Quarter
      from
      $25.6 million in the Comparable Quarter. The increase was primarily a result
      of
      higher salary expense, maintenance activity and aircraft lease costs, primarily
      due to the increase in activity. We are currently involved in negotiations
      with
      the unions in Nigeria and anticipate that we will increase certain benefits
      for
      union personnel as a result of these negotiations. We do not expect these
      benefit increases to have a material impact on our results of operations.
      Operating expense for the Current Quarter included $0.8 million in salary costs
      for the period back to April 1, 2006 resulting from the resolution of
      negotiations with the union representing certain of our employees. Operating
      margin for West Africa increased to 9.0% in the Current Quarter from 6.6% in
      the
      Comparable Quarter primarily resulting from the increase in rates with a major
      customer and the increase in flight activity discussed above.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      April
      2006, we extended our contract with a major customer to March 31, 2008, under
      which we will provide and operate two large and two medium helicopters. The
      contract is not cancelable by the customer during the first 12 months and 180
      days cancellation notice is required in the second 12 months. In December 2006,
      we reached an agreement with a major customer in Nigeria to increase rates
      beginning October 1, 2006.</font></div>
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          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      commenced a reorganization of our Nigerian operations, including consolidation
      of two former operating businesses, expansion of several hangar facilities,
      integration of finance and administrative functions, and repositioning of major
      maintenance operations into our two largest operating facilities. This
      reorganization as well as periodic disruption to our operations related to
      civil
      unrest and violence have made and are expected to continue to make our operating
      results from Nigeria unpredictable through at least the end of calendar year
      2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Southeast
      Asia</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      revenue for Southeast Asia increased to $18.2 million in the Current Quarter
      from $15.8 million for the Comparable Quarter primarily due to higher revenue
      in
      Australia. Australia&#8217;s flight activity and revenue increased 25.2% and 28.9%,
      respectively, from the Comparable Quarter, primarily due to the utilization
      of
      three additional large aircraft and escalations of other contract rates since
      the Comparable Quarter. The increases in flight activity and revenue in
      Australia was partially offset by lower flight activity and revenue in China
      since we are not currently flying in this market.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
      expense increased to $16.2 million for the Current Quarter from $14.1 million
      for the Comparable Quarter as a result of an increase in salary and fuel costs
      related to the increase in activity compared to the Comparable Quarter, and
      an
      increase in salaries associated with the addition of personnel. Our operating
      margin in this market remained unchanged at 10.8% for both the Current Quarter
      and Comparable Quarter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Other
      International</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      revenue for Other International increased to $11.5 million for the Current
      Quarter from $9.1 million for the Comparable Quarter primarily due to increases
      in flight activity in Russia (resulting from the addition of a new short-term
      contract since the Comparable Quarter) and our commencement of flight operations
      in Kenya, partially offset by a decrease in flight activity in Turkmenistan
      (resulting from the operation of one less aircraft compared to the Comparable
      Quarter).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
      expense increased to $10.6 million for the Current Quarter from $6.9 million
      for
      the Comparable Quarter. The increase in operating expense is primarily due
      to
      increased operational costs associated with the increases in flight activity
      in
      Russia, the commencement of flight operations in Kenya, increased freight costs
      for our operations in Kazakhstan, and increased general and administrative
      costs
      associated with higher salaries, travel expenses and overhead cost allocations.
      As a result of the increase in operating expense in these markets discussed
      above, our operating margin for Other International decreased substantially
      to
      7.9% for the Current Quarter from 24.1% for the Comparable Quarter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>EH
      Centralized Operations</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      revenue for EH Centralized Operations increased to $15.9 million for the Current
      Quarter from $14.7 million for the Comparable Quarter as a result of an increase
      in intercompany lease charges associated with a change in the mix of aircraft
      leased to other business units and an increase in lease charges for aircraft
      leased to Norsk Helikopter AS (&#8220;Norsk&#8221;), our unconsolidated affiliate in Norway,
      in the Current Quarter compared to the Comparable Quarter. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
      expense decreased to $10.4 million for the Current Quarter from $11.4 million
      for the Comparable Quarter primarily due to lower maintenance costs (which
      primarily relate to a higher level of billing to other business units for
      maintenance costs incurred due to increased flight activity throughout a
      majority of our operations), partially offset by increased salaries associated
      with the addition of personnel. As a result of higher gross revenue, our
      operating margin for EH Centralized Operations increased to 35.0% for the
      Current Quarter from 22.5% for the Comparable Quarter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Production
      Management Services</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      revenue for our Production Management Services segment decreased to $15.1
      million for the Current Quarter from $16.3 million for the Comparable Quarter,
      a
      decrease of 7.4%. This decrease was primarily due to a previously announced
      reduction of the scope of our services under a contract with a significant
      customer beginning in October 2006, and was partially offset by additional
      labor
      revenue associated with several new contracts and with increased rates on
      several existing contracts. Operating expense decreased to $14.4 million for
      the
      Current Quarter from $15.1 million for </font></div>
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          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Comparable Quarter, primarily due to the decrease in costs associated with
      the
      reduction of the scope of services with a significant customer. As a result
      of
      the decrease in gross revenue, our operating margin decreased to 4.9% for the
      Current Quarter from 6.9% in the Comparable Quarter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      discussed above, in October 2006, a significant customer of the Production
      Management Services segment advised us that the scope of work under our services
      contract would be substantially reduced. This work represented none of our
      consolidated gross revenue for the Current Quarter and 1.3% of consolidated
      gross revenue for the Current Period. Although we expect to experience a decline
      in revenue from our Production Management Services segment in the near term
      (i.e. the remainder of fiscal year 2007) due to the loss of this contract,
      we
      anticipate in the long term to replace this business at comparable
      margins.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>General
      and Administrative Costs</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consolidated
      general and administrative costs increased by $4.8 million during the Current
      Quarter compared to the Comparable Quarter. The increase is primarily due to
      the
      adoption of the new equity compensation accounting rules during fiscal year
      2007, compensation expense associated with the award of additional restricted
      stock units and the addition of personnel in several of our markets as well
      as
      our corporate office. As discussed in Note 8 in the &#8220;Condensed Notes to
      Consolidated Financial Statements&#8221; included elsewhere in this Quarterly Report,
      the adoption of the new equity compensation accounting rules resulted in
      additional expense totaling $0.6 million for the Current Quarter.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Additionally, professional fees for the Current Quarter included approximately
      $3.0 million and $0.7 million in connection with the Internal Review and DOJ
      investigations, respectively. Professional fees for the Comparable Quarter
      included approximately $2.5 million and $1.0 million in connection with the
      Internal Review and DOJ investigations, respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Earnings
      from Unconsolidated Affiliates</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Earnings
      from unconsolidated affiliates increased to $2.1 million during the Current
      Quarter compared to $1.4 million in the Comparable Quarter, primarily due to
      higher equity earnings from FBS Limited of $0.7 million (primarily resulting
      from lower interest charges, an increase in activity and rates for a manpower
      services contract, and a decrease in overhead costs compared to the Comparable
      Quarter) and an increase in equity in earnings from RLR of $0.7 million
      (resulting from an increase in the amount of cash received from HC during the
      Current Quarter compared to the Comparable Quarter, as HC&#8217;s results have
      improved as a result of new work for aircraft which were underutilized in the
      prior quarters). The increase for the Current Quarter was partially offset
      by
      lower equity earnings from Norsk of $0.7 million.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Interest
      Expense, Net</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
      expense, net of interest income, was income of $1.3 million during the Current
      Quarter compared to expense of $3.0 million during the Comparable Quarter.
      Approximately $2.9 million of the change in interest expense, net, resulted
      from
      higher interest income earned in the Current Quarter relative to the Comparable
      Quarter due to higher short-term cash investment balances and returns (driven
      by
      the cash on hand as a result of the Preferred Stock offering completed in
      September and October 2006). Additionally, interest expense for the Current
      Quarter and Comparable Quarter was reduced by approximately $1.8 million and
      $0.5 million, respectively, of capitalized interest. More interest was
      capitalized in the Current Quarter as a result of the increase in capitalized
      costs for helicopters being manufactured as discussed under &#8220;Liquidity and
      Capital Resources &#8212; Cash Flows &#8212; Investing Activities&#8221; below.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Other
      Income (Expense), Net</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
      income (expense), net, for the Current Quarter was expense of $5.2 million
      compared to income of $2.3 million for the Comparable Quarter. The amount for
      the Current Quarter includes $1.9 million for acquisition costs previously
      deferred in connection with an acquisition we were evaluating as we determined
      that the acquisition is no longer probable, and foreign currency transaction
      losses of $3.4 million. The amount for the Comparable Quarter includes foreign
      currency transaction gains of $2.3 million. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
      gains and losses arose primarily from U.S. dollar-denominated transactions
      entered into by Bristow Aviation (whose functional currency is the British
      pound
      sterling). See Item 3. &#8220;Quantitative and Qualitative Disclosures About Market
      Risk &#8212; Foreign Currency Risk&#8221; included elsewhere in this Quarterly Report for a
      discussion of how we manage these risks.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Taxes</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      effective income tax rates from continuing operations were 44.1% and 27.1%
      for
      the Current Quarter and Comparable Quarter, respectively. The effective tax
      rate
      for the Current Quarter was impacted by additional tax expense of $2.5 million
      recorded as a result of the sale of the assets of Turbo as discussed above.
      Excluding the tax recorded as a result of the Turbo asset sale, our effective
      tax rate for the Current Quarter was 31.1%. During the Current Quarter, we
      had
      net reversals of reserves for estimated tax exposures of $0.8 million. Reversals
      of reserves at a level proportional to that for the Current Quarter are expected
      to occur in the last quarter of fiscal year 2007. Our effective tax rate was
      also reduced by the permanent reinvestment outside the U.S. of foreign earnings,
      upon which no U.S. tax has been provided, and by the amount of our foreign
      source income and our ability to realize foreign tax credits. The significant
      variance between the U.S. federal statutory rate and the effective rate for
      the
      Comparable Quarter was due primarily to the impact of the reversals of reserves
      for tax contingencies of $2.9 million during that period, as a result of our
      evaluation of the need for such reserves in light of the expiration of the
      related statutes of limitations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Current
      Period Compared to Comparable Period </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Set
      forth
      below is a discussion of operations of our segments and business units. Our
      consolidated results are discussed under &#8220;Executive Overview &#8212; Overview of
      Operating Results&#8221; above.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Helicopter
      Services</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      revenue for Helicopter Services increased to $626.9 million for the Current
      Period from $524.0 million for the Comparable Period, an increase of 19.6%,
      and
      operating expense increased to $534.2 million for the Current Period from $452.6
      million for the Comparable Period, an increase of 18.0%. This resulted in an
      operating margin of 14.8% for the Current Period compared to 13.6% for the
      Comparable Period. Helicopter Services results are further explained below
      by
      business unit.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>North
      America</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      revenue for North America increased to $195.9 million for the Current Period
      from $170.6 million for the Comparable Period, and flight activity increased
      by
      2.5%. The increase in gross revenue is primarily due to an increase in the
      number of aircraft on month-to-month contracts for the Current Period, a rate
      increase in May 2005 of 8% (which was phased in during fiscal year 2006), an
      additional 10% rate increase for certain contracts (which is being phased in
      beginning in March 2006), and an increase in fuel surcharges we billed to our
      customers as a result of fuel price increases, partially offset by the effect
      of
      lower flight activity in December 2006 resulting from poor weather.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
      expense for North America increased to $166.5 million for the Current Period
      from $137.4 million for the Comparable Period. The increase was primarily due
      to
      increased maintenance expense (associated with</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      complete refurbishment of several aircraft in the Current Period), an increase
      in the reserve for excess and dormant inventory recorded during the Current
      Period, higher labor costs associated with the increase in flight activity
      and
      from the adoption of the new equity compensation accounting standard in the
      Current Period, and higher fuel costs associated with both the increase in
      flight activity and a higher average cost per gallon (which we are generally
      able to recover from our customers). Our operating margin for North America
      decreased to 15.0% for the Current Period from 19.4% for the Comparable Period
      primarily due to the increase in maintenance and labor costs.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      discussed under &#8220;&#8212; Current Quarter Compared to Comparable Quarter &#8212; North
      America&#8221; above, on November 30, 2006, we completed a sale of the assets of our
      aircraft engine overhaul business, Turbo, to Timken for approximately $14.6
      million ($13.2 million of which was received in cash upon closing of the
      transaction), including estimated post-closing adjustments. The operations
      of
      Turbo represented 1.1% of our consolidated gross revenue in both the Current
      Period and the Comparable Period.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>South
      and Central America</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      revenue for South and Central America increased to $40.1 million for the Current
      Period from $31.8 million for the Comparable Period primarily due to higher
      revenue recognized in the Current Period upon receipt of cash from our
</font></div>
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          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">joint
      venture in Mexico and an increase in the number of aircraft operating in
      Trinidad over the Comparable Period. As of December 31, 2006, $1.0 million
      of
      revenues billed but not collected from HC have not been recognized in our
      results, and our 49% share of the equity in earnings of RLR has been reduced
      by
      $3.5 million for revenues billed but not collected from HC. During the Current
      Period, we recognized revenue of $1.2 million upon receipt of payment from
      HC
      for amounts billed in fiscal year 2006. For additional information on our
      investment in HC and RLR, see &#8220;&#8212; Current Quarter Compared to Comparable Quarter
&#8212; Helicopter Services &#8212; South and Central America&#8221; included elsewhere in this
      Quarterly Report.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
      expense for South and Central America totaled $30.2 million for the Current
      Period and $29.8 million for the Comparable Period. Operating expense increased
      in Trinidad as a result of additional aircraft in that market, which was almost
      fully offset by lower operating expense in other markets. The largest of these
      decreases was noted in Mexico, where overall flight activity has declined due
      to
      the conclusion of the PEMEX contract in February 2005. As a result of the
      increase in gross revenue while operating expense was substantially unchanged,
      the operating margin for this business unit increased significantly to 24.7%
      for
      the Current Period from 6.3% for the Comparable Period.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Europe</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      revenue for Europe increased to $216.8 million for the Current Period from
      $181.9 million for the Comparable Period, primarily as a result of an 8.4%
      increase in flight activity, an $11.5 million increase in out-of-pocket expenses
      rebilled to our customers, and the effect of changes in exchange rates. The
      majority of the increase in flight hours relates to new contracts within the
      North Sea and an increase in our utilization per airframe.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
      expense for Europe increased to $195.5 million for the Current Period from
      $161.4 million for the Comparable Period primarily due to an increase in
      activity in the North Sea, increased maintenance costs, higher fuel rates,
      the
      impact of additions in personnel and salary increases, the increase in
      out-of-pocket expenses rebilled to our customers, and the effect of changes
      in
      exchange rates in the Current Period compared to the Comparable Period. We
      are
      generally able to recover fuel cost increases from our customers. As a result
      of
      the increases in maintenance costs and salaries, operating margin for Europe
      decreased to 9.8% for the Current Period from 11.3% for the Comparable
      Period.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      discussed above, we were not awarded the contract extension that would have
      commenced in mid&#8722;2007 by MCA. We are currently evaluating our options related to
      aircraft used in the MCA contract. In the Current Period and Comparable Period,
      we had $24.8 million and $20.6 million, respectively, in operating revenues
      associated with this contract. For additional information relating to the
      contract with MCA, see &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;
Current
      Quarter Compared to Comparable Quarter &#8212; Helicopter Services &#8212; Europe&#8221; included
      elsewhere in this Quarterly Report.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>West
      Africa</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      revenue for West Africa increased to $98.0 million for the Current Period from
      $79.9 million for the Comparable Period, primarily as a result of a 7.6%
      increase in flight activity in Nigeria from the Comparable Period (resulting
      from the addition of three new contracts in this market following the end of
      the
      Comparable Period), an increase in rates under our contract with a major
      customer in Nigeria (beginning October 1, 2006), increases in certain of our
      standard monthly rates for other contracts, and a $3.3 million increase in
      out-of-pocket expenses rebilled to our customers. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
      expense for West Africa increased to $91.6 million for the Current Period from
      $74.0 million in the Comparable Period. The increase was primarily as a result
      of higher salary expense and fuel costs associated with the increase in
      activity, increases in freight charges on spare parts, and the increase in
      out-of-pocket expenses rebilled to our customers. Operating margin for West
      Africa decreased to 6.5% in the Current Period from 7.4% in the Comparable
      Period as a result of the higher level of operating expenses.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
      a
      discussion of additional matters related to our Nigeria operations, see &#8220;&#8212;
Current Quarter Compared to Comparable Quarter &#8212; Helicopters Services &#8212; West
      Africa&#8221; included elsewhere in this Quarterly Report.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Southeast
      Asia</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      revenue for Southeast Asia increased to $52.8 million in the Current Period
      from
      $44.3 million for the Comparable Period, primarily due to higher revenue in
      Australia. Australia&#8217;s flight activity and revenue increased 22.3% and 24.7%,
      respectively, from the Comparable Period, primarily due to the utilization
      of an
      additional large aircraft, increases in certain rates and the billing of
      contract escalations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
      expense increased to $47.8 million for the Current Period from $41.5 million
      for
      the Comparable Period primarily as a result of an increase in salary,
      maintenance and fuel costs related to the increase in activity compared to
      the
      Comparable Period. As a result of higher gross revenue during the Current
      Period, operating margin increased to 9.6% for the Current Period from 6.3%
      for
      the Comparable Period.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Other
      International</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      revenue for Other International increased to $32.6 million for the Current
      Period from $24.8 million for the Comparable Period primarily due to an increase
      in flight activity in Russia, the billing of escalation charges on contracts
      in
      both Russia ($1.6 million in gross revenue) and Mauritania ($0.5 million in
      gross revenue), the commencement of flight operations in Kenya, and additional
      revenue in Egypt resulting from an additional large aircraft leased to our
      unconsolidated affiliate in that country, which commenced in December
      2005.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
      expense increased to $27.3 million for the Current Period from $20.4 million
      for
      the Comparable Period. The increase in operating expense is primarily due to
      increased operational costs associated with the increases in flight activity
      discussed above and increased general and administrative costs associated with
      higher salaries, travel expenses, and overhead cost allocations. As a result
      of
      the increase in general and administrative costs discussed above, our operating
      margin for Other International decreased to 16.4% for the Current Period from
      17.7% for the Comparable Period.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>EH
      Centralized Operations</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      revenue for EH Centralized Operations increased to $45.0 million for the Current
      Period from $39.6 million for the Comparable Period as a result of increased
      parts sales, increased out-of-pocket costs rebilled to our customers, and an
      increase in lease charges for aircraft leased to Norsk in the Current Period
      compared to the Comparable Period. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating
      expense decreased to $29.6 million for the Current Period from $37.0 million
      for
      the Comparable Period, primarily due to lower maintenance costs which primarily
      relates to a higher level of billing to other business units for maintenance
      costs incurred due to increased flight activity throughout a majority of our
      operations and maintenance in the Comparable Period for a large aircraft that
      was then in the process of being prepared for deployment to Malaysia, partially
      offset by increased salaries associated with the addition of personnel and
      increased professional fees and other costs. As a result of higher gross revenue
      and the decrease in operating expense, our operating margin for EH Centralized
      Operations increased significantly to 34.3% for the Current Period from 6.6%
      for
      the Comparable Period.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Production
      Management Services</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross
      revenue for our Production Management Services segment increased to $50.6
      million for the Current Period from $50.2 million for the Comparable Period,
      an
      increase of 0.8%, primarily due to an increase in labor revenue with the
      addition of several new contracts, which was almost fully offset by the
      previously announced reduction of the scope of our services under a contract
      with a significant customer beginning in October 2006. We also had additional
      billings to an existing customer beginning in June 2006 for an additional
      helicopter provided to them under contract. Operating expense increased to
      $47.1
      million for the Current Period from $46.5 million for the Comparable Period,
      primarily due to an increase in costs associated with the increase in activity.
      Primarily resulting from the reduction in work with a significant customer
      in
      the Current Period, our operating margin decreased to 7.0% for the Current
      Period from 7.3% in the Comparable Period.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>General
      and Administrative Costs</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consolidated
      general and administrative costs increased to $52.0 million during the Current
      Period compared to $46.0 million for the Comparable Period. The increase is
      primarily due to the adoption of the new equity compensation accounting rules
      during the Current Period, the addition of personnel in several of our markets
      and in our corporate office, and an overall increase in corporate general and
      administrative costs (including additional legal fees related to matters other
      than the Internal Review or DOJ investigation). The increase in cost in the
      Current Period was partially offset by lower costs incurred related to the
      Internal Review. As discussed in Note 8 in the &#8220;Condensed Notes to Consolidated
      Financial Statements&#8221; included elsewhere in this Quarterly Report, the adoption
      of the new equity compensation accounting rules resulted in additional expense
      totaling $1.8 million for the Current Period. Professional fees in the Current
      Period included approximately $3.1 million and $1.5 million in connection with
      the Internal Review and DOJ investigations, respectively. Professional fees
      in
      the Comparable Period included approximately $10.2 million and $1.4 million
      in
      connection with the Internal Review and DOJ investigations,
      respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Earning
      from Unconsolidated Affiliates</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Earnings
      from unconsolidated affiliates increased to $5.4 million during the Current
      Period compared to $1.8 million in the Comparable Period, primarily due to
      higher equity earnings from FBS Limited of $2.0 million (primarily resulting
      from lower interest charges, an increase in activity and rates for a manpower
      services contract, and a decrease in overhead costs compared to the Comparable
      Period), and higher equity earnings from RLR of $2.2 million (resulting from
      an
      increase in the amount of cash received from HC during the Current Period
      compared to the Comparable Period, as HC&#8217;s results have improved as work lost
      upon completion of the PEMEX contract has gradually been replaced).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Interest
      Expense, Net</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
      expense, net of interest income, totaled $2.4 million during the Current Period
      compared to $8.4 million during the Comparable Period. The decrease in interest
      expense, net, primarily resulted from higher interest income earned in the
      Current Period relative to the Comparable Period due to higher short-term cash
      investment balances and returns (primarily driven by the cash on hand as a
      result of the Preferred Stock offering completed in September and October 2006).
      Additionally, interest expense for the Current Period and Comparable Period
      was
      reduced by approximately $4.3 million and $1.6 million, respectively, of
      capitalized interest. More interest was capitalized in the Current Period as
      a
      result of the increase in capitalized costs for helicopters being manufactured
      as discussed under &#8220;Liquidity and Capital Resources &#8212; Cash Flows &#8212; Investing
      Activities&#8221; included elsewhere in this Quarterly Report. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Other
      Income (Expense), Net</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
      income (expense), net, for the Current Period was expense of $11.3 million
      compared to income of $4.3 million for the Comparable Period, and primarily
      represents foreign currency transaction gains and losses. See discussion of
      foreign currency translation gains and losses under &#8220;&#8212; Current Quarter Compared
      to Comparable Quarter &#8212; Other Income (Expense), net&#8221; above. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additionally,
      the Current Period included $1.9 million for acquisition costs previously
      deferred&#160;in connection with an acquisition we were evaluating as we
      determined that the acquisition is no longer probable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Taxes</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      effective income tax rates from continuing operations were 35.9% and 23.7%
      for
      the Current Period and Comparable Period, respectively. The effective tax rate
      for the Current Period was impacted by additional tax expense of $2.5 million
      recorded as a result of the sale of the assets of Turbo as discussed above.
      Excluding the tax recorded as a result of the Turbo asset sale, our effective
      tax rate for the Current Period was 32.5%. During the Current Period, we had
      net
      reversals of reserves for estimated tax exposures of $2.3 million. Reversals
      of
      reserves at a level proportional to that for the Current Period are expected
      to
      occur in the last quarter of fiscal year 2007. Our effective tax rate was also
      reduced by the permanent reinvestment outside the U.S. of foreign earnings,
      upon
      which no U.S. tax has been provided, and by the amount of our foreign source
      income and our ability to realize foreign tax credits. The significant variance
      between the U.S. federal statutory rate and the effective rate for the
      Comparable Period was due primarily to the impact of the reversals of reserves
      for tax contingencies of $8.6 million during that period, as a result of our
      evaluation of the need for such reserves in light of the expiration of the
      related statutes of limitations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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          <hr style="COLOR: black" noshade size="2">
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      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Liquidity
      and Capital Resources</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Cash
      Flows</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Operating
      Activities</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
      cash
      flows provided by operating activities totaled $67.9 million during the Current
      Period and $31.3 million during the Comparable Period. Non-cash working capital
      used $25.0 million in cash flows from operating activities for the Current
      Period compared to $39.2 million used in operating activities for the Comparable
      Period. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
      flows from operating activities improved primarily due to the favorable change
      in non-cash working capital, changes in deferred income taxes and the
      improvement in net income during the Current Period.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Investing
      Activities</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
      flows used in investing activities were $192.2 million and $29.7 million for
      the
      Current Period and Comparable Period, respectively, primarily for capital
      expenditures as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td align="justify" valign="top" width="50%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td colspan="4" valign="bottom" width="15%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                Months Ended</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="50%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
            </td>
            <td valign="bottom" width="3%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2005</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number
                of aircraft delivered:</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New:</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Small</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
            </td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Medium</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11</font></div>
            </td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Large</font></div>
            </td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
            </td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="justify" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="justify" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                new aircraft</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: -1.7pt">&#160;</font></div>
            </td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16</font></div>
            </td>
            <td valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Used:</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Small</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
            </td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                used aircraft</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: -1.7pt">&#160;</font></div>
            </td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="top" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
            </td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                aircraft</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: -1.7pt">&#160;</font></div>
            </td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17</font></div>
            </td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Capital
                expenditures (in thousands):</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aircraft
                and related equipment</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.3pt">&#160;</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">208,963</font></div>
            </td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">107,872</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 16.3pt">&#160;</font></div>
            </td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,283</font></div>
            </td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,181</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                capital expenditures</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: -1.7pt">&#160;</font></div>
            </td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">216,246</font></div>
            </td>
            <td align="right" valign="bottom" width="3%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">117,053</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
      the Current Period, we made final payments in connection with the delivery
      of
      three small, eleven medium and three large aircraft and progress payments on
      the
      construction of new aircraft to be delivered in future periods in conjunction
      with our aircraft commitments (discussed below) totaling $188.9 million. Also
      during the Current Period, we spent an additional $20.1 million to upgrade
      aircraft within our existing aircraft fleet and to customize new aircraft
      delivered for our operations. During the Comparable Period, apart from payments
      made for new aircraft in conjunction with our aircraft commitments, we purchased
      five small used aircraft for $6.4 million and paid deposits of $11.0 million
      for
      five large aircraft.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
      the Current Period, we received proceeds of $13.2 million (out of a total sales
      price of $14.6 million) for the sale of the assets of Turbo to Timken Alcor
      Aerospace Technologies, Inc., which closed on November 30, 2006 and resulted
      in
      a small gain for book purposes. We expect to receive $1.1 million of
      the&#160;remaining amount due to us in the fourth quarter of fiscal year 2007
      and $0.3 million late in fiscal year 2008.&#160; Additionally, we received
      proceeds of $10.8 million primarily from the disposal of 19 aircraft, two
      airframes and certain other equipment, which together resulted in a net gain
      of
      $5.6 million.&#160; During the Comparable Period, we received proceeds of $72.6
      million primarily from the disposal of ten aircraft and certain equipment,
      which
      resulted in a net loss of $1.3 million. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Due
      to
      the significant investment in aircraft made in both the Current Period and
      Comparable Period, net capital expenditures exceeded cash flow from operations,
      and we expect this will continue to be the case through the end of fiscal year
      2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">52</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Historically,
      in addition to the expansion of our business through purchases of new and used
      aircraft, we have also established new joint ventures with local partners or
      purchased significant ownership interests in companies with ongoing helicopter
      operations, particularly in countries where we have no operations or our
      operations are limited in scope, and we continue to evaluate similar
      opportunities which could enhance our operations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Financing
      Activities</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
      flows provided by financing activities were $217.7 million during the Current
      Period compared to cash flows used in financing activities of $12.9 million
      during the Comparable Period. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
      the Current Period, cash was provided by the issuance of the Preferred Stock
      in
      September and October 2006 resulting in net proceeds of $223.6 million and
      by
      our receipt of proceeds of $2.9 million from the exercise of options to acquire
      shares of our common stock by our employees. Cash was used for the payment
      of
      Preferred Stock dividends of $2.9 million and the repayment of debt totaling
      $5.6 million. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      issued
      4,000,000 shares of Preferred Stock at a par value of $0.01 per share and
      liquidation preference $50 per share, in a public offering that closed on
      September 19, 2006. We issued an additional 600,000 shares of Preferred Stock
      in
      October 2006, upon the exercise of the underwriters&#8217; over-allotment option, for
      net proceeds of $29.1 million. For further discussion of the terms and
      conditions of the Preferred Stock, see Note 6 in the &#8220;Condensed Notes to
      Consolidated Financial Statements&#8221; included elsewhere in this Quarterly Report.
      On November 15, 2006, our Board of Directors declared a dividend of $0.65694
      per
      share of Preferred Stock issued and outstanding at the close of business on
      December 1, 2006, which was paid on December 15, 2006. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
      the Comparable Period, cash was used for the provision of cash collateral
      totaling $10.3 million in conjunction with a sale and leaseback financing
      arrangement and the repayment of debt totaling $3.2 million, and cash was
      provided by our receipt of proceeds of $0.6 million from the exercise of options
      to acquire shares of our common stock by our employees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Future
      Cash Requirements</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Debt
      Obligations</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      of
      December 31, 2006, total debt was $259.9 million, of which $22.2 million was
      classified as current.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Senior
      Secured Credit Facilities </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;
In
      August 2006, we entered into syndicated senior secured credit facilities which
      consist of a $100 million revolving credit facility (with a subfacility of
      $25
      million for letters of credit) and a $25 million letter of credit facility
      (the
&#8220;Credit Facilities&#8221;). The aggregate commitments under the revolving credit
      facility may be increased to $200 million at our option following our 6 1/8%
      Senior Notes due 2013 receiving an investment grade credit rating from
      Moody&#8217;s&#160;or Standard &amp; Poor&#8217;s (so long as the rating of the other rating
      agency of such notes is no lower than one level below investment grade). As
      of
      December 31, 2006, our Moody's and Standard&#160; &amp; Poor's ratings were Ba2
      and BB, respectively, which are two levels below the investment grade ratings
      of
      Baa3 and BBB <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8211;</font>,
      respectively.&#160; The revolving credit facility may be used for general
      corporate purposes, including working capital and acquisitions. The letter
      of
      credit facility is used to issue letters of credit supporting or securing
      performance of statutory obligations, surety or appeal bonds, bid or performance
      bonds and similar obligations. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Borrowings
      under the revolving credit facility bear interest at an interest rate equal
      to,
      at our option, either the Base Rate or LIBOR (or EURIBO, in the case of
      Euro-denominated borrowings) plus the applicable margin. &#8220;Base Rate&#8221; means the
      higher of (1) the prime rate and (2) the Federal Funds rate plus 0.5% per annum.
      The applicable margin for borrowings range from 0.0% and 2.5% depending on
      whether the Base Rate or LIBOR is used, and is determined based on our credit
      rating. Fees owed on letters of credit issued under either the revolving credit
      facility or the letter of credit facility are equal to the margin for LIBOR
      borrowings. Based on our current ratings, the margins on Base Rate and LIBOR
      borrowings were 0.0% and 1.25%, respectively, as of December 31, 2006. Interest
      is payable at least quarterly, and the Credit Facilities mature in August 2011.
      Our obligations under the Credit Facilities are guaranteed by certain of our
      principal domestic subsidiaries and secured by the accounts receivable,
      inventory and equipment (excluding aircraft and their components) of Bristow
      Group Inc. and the guarantor subsidiaries, and the capital stock of certain
      of
      our principal subsidiaries.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition, the Credit Facilities include covenants which are customary for these
      types of facilities, including certain financial covenants and restrictions
      on
      the ability of Bristow Group Inc. and its subsidiaries to enter into certain
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">53</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">transactions,
      including those that could result in the incurrence of additional liens and
      indebtedness; the making of loans, guarantees or investments; sales of assets;
      payments of dividends or repurchases of our capital stock; and entering into
      transactions with affiliates.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      of
      December 31, 2006, we had $4.7 million in letters of credit outstanding under
      the letter of credit facility and no borrowings or letters of credit outstanding
      under the revolving credit facility.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      previously had a $30 million revolving credit facility with a U.S. bank that
      was
      terminated in August 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>U.K.
      Facilities </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;
As
      of
      December 31, 2006, Bristow Aviation had a &#163;6.0 million ($11.7 million) facility
      for letters of credit, of which &#163;0.3 million ($0.6 million) was outstanding, and
      a &#163;1.0 million ($2.0 million) net overdraft facility, under which no borrowings
      were outstanding. Both facilities are with a U.K. bank. The letter of credit
      facility is provided on an uncommitted basis, and outstanding letters of credit
      bear fees at a rate of 0.7% per annum. Borrowings under the net overdraft
      facility are payable upon demand and bear interest at the bank&#8217;s base rate plus
      a spread that can vary between 1% and 3% per annum depending on the net
      overdraft amount. The net overdraft facility will be reviewed by the bank
      annually on August 31 and is cancelable at any time upon notification from
      the
      bank.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      facilities are guaranteed by certain of Bristow Aviation&#8217;s subsidiaries and
      secured by a negative pledge of Bristow Aviation&#8217;s assets.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Limited
      Recourse Term Loans </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;
As
      of
      December 31, 2006, we had two limited recourse term loans outstanding in an
      aggregate amount of $19.2 million. The two limited recourse term loans were
      created in connection with sale and lease transactions for two aircraft and
      mature in March 2007 and July 2007. We&#160;have given notice to the
      bank&#160;to exercise our right to purchase the two aircraft under the sale and
      lease agreements and are in the process of evaluating financing the balance
      of
      the debt, which will be approximately $19 million at maturity.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Preferred
      Stock</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Annual
      cumulative cash dividends of $2.75 per share of Preferred Stock are payable
      quarterly on the fifteenth day of each March, June, September and December.
      If
      declared, dividends on the 4,600,000 shares of Preferred Stock would be $3.2
      million on each quarterly payment date beginning on March 15, 2007 and
      thereafter. For a further discussion of the terms and conditions of the
      Preferred Stock, see Note 6 in the &#8220;Condensed Notes to Consolidated Financial
      Statements&#8221; included elsewhere in this Quarterly Report.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Pension
      Plan</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      May
      2006, the Pensions Regulator (&#8220;TPR&#8221;) in the U.K. published a statement on
      regulating the funding of defined benefit schemes. In this statement, TPR
      focused on a number of items including the use of triggers to determine the
      level of funding of the schemes. We expect to increase our annual cash
      contributions to the plans to a range of $13 million to $15 million per fiscal
      year beginning in fiscal year 2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Tax
      Payments</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
      the fourth quarter of fiscal year 2007, we expect to make additional payments
      for underreported payroll taxes in Nigeria in the range of $9 million to $11
      million, which were accrued in prior periods.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">54</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Capital
      Commitments</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      shown
      in the table below, we expect to make additional capital expenditures over
      the
      next six fiscal years to increase the size of our aircraft fleet. As of December
      31, 2006, we had 42 aircraft on order and options to acquire an additional
      35
      aircraft. The additional aircraft on order are expected to provide incremental
      fleet capacity, with only a small number of our existing aircraft expected
      to be
      replaced with the new aircraft in the near term.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td align="justify" valign="bottom" width="32%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                Months Ending </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>March
                31,</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="14" valign="bottom" width="31%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Fiscal
                Year Ending March 31,</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="5%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="bottom" width="32%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2007</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2008</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2009</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
            <td valign="top" width="1%">&#160;</td>
            <td colspan="2" valign="top" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2010</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2011-2013</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Commitments
                as of December 31, 2006:</strong></font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="justify" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number
                of aircraft: </font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Small</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
            </td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Medium
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Large
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11</font></div>
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            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
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            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">42</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Related
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            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Options
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
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            <td align="justify" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Medium</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">27</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Large
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8</font></div>
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            <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
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            <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12</font></div>
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            <td align="right" valign="top" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="top" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
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            <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14</font></div>
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            <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">35</font></div>
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            <td align="justify" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Related
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,220</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">119,494</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">102,600</font></div>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">48,292</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">107,624</font></div>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">386,230</font></div>
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          </tr>

      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">__________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(1)</sup></font></div>
            </td>
            <td align="justify" valign="bottom" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Signed
                customer contracts are currently in place for&#160;nine of these 11
                aircraft. </font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="3%">&#160;</td>
            <td align="justify" valign="bottom" width="79%">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(2)</sup></font></div>
            </td>
            <td align="justify" valign="bottom" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Signed
                customer contracts are currently in place for&#160;eight of these 19
                aircraft. </font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="3%">&#160;</td>
            <td align="justify" valign="bottom" width="79%">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(3)</sup></font></div>
            </td>
            <td align="justify" valign="bottom" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
                of December 31, 2006, options with respect to six of these aircraft
                were
                &#8220;subject to availability,&#8221; which means that the delivery time for the
                aircraft subject to these options will depend upon the number of
                manufacturing slots available at the time the options are exercised.
                As a
                result, the delivery time for these aircraft may be extended beyond
                those
                specified in the purchase agreement with the manufacturer, and these
                medium aircraft were included in the 2011-2013 period in the table
                above.
                However, we can accelerate the delivery of these aircraft at our
                option to
                as early as January 1, 2008, subject to the manufacturer&#8217;s availability to
                fill customer orders at the time an option is exercised.
                </font></div>
            </td>
          </tr>

      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following chart presents an analysis of our aircraft orders and options during
      fiscal year 2007:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td align="justify" valign="bottom" width="32%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td colspan="21" valign="bottom" width="48%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                Months Ended</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="32%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td colspan="6" valign="bottom" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>June
                30, 2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="6" valign="bottom" width="14%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>September
                30, 2006</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="5" valign="bottom" width="14%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31, 2006</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="32%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Orders</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Options</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Orders</strong></font></div>
            </td>
            <td valign="top" width="1%">&#160;</td>
            <td valign="top" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Options</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Orders</strong></font></div>
            </td>
            <td valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Options</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="justify" valign="bottom" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beginning
                of quarter</font></div>
            </td>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
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            <td align="left" valign="bottom" width="1%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3</font></div>
            </td>
            <td align="left" valign="middle" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">End
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            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">51</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">47</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="top" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">42</font></div>
            </td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">35</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      early
      calendar year 2007, we ordered three additional large aircraft (for which no
      option previously existed) which will be delivered in fiscal year 2009, thereby
      increasing our aircraft commitments by $63.6 million, and obtained the option
      to
      purchase eight additional large aircraft and the right to trade in older
      aircraft to the same manufacturer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">55</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Contractual
      Obligations, Commercial Commitments and Off Balance Sheet
      Arrangements</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      various contractual obligations which are recorded as liabilities in our
      consolidated financial statements. Other items, such as certain purchase
      commitments, interest payments and other executory contracts are not recognized
      as liabilities in our consolidated financial statements but are included in
      the
      table below. For example, we are contractually committed to make certain minimum
      lease payments for the use of property and equipment under operating lease
      agreements. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following tables summarize our significant contractual obligations and other
      commercial commitments on an undiscounted basis as of December 31, 2006 and
      the
      future periods in which such obligations are expected to be settled in cash.
      In
      addition, the table reflects the timing of principal and interest payments
      on
      outstanding borrowings. Additional details regarding these obligations are
      provided in the &#8220;Condensed Notes to Consolidated Financial Statements&#8221; included
      elsewhere in this Quarterly Report and the &#8220;Notes to Consolidated Financial
      Statements&#8221; included in the Annual Report.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><br>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="bottom" width="31%">&#160;</td>
              <td colspan="20" valign="bottom" width="52%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Payments
                  Due by Period</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="31%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td colspan="3" valign="bottom" width="8%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td colspan="4" rowspan="2" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                  Months</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Ending</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>March
                  31,</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2007</strong></font></div>
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              <td valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td colspan="11" valign="bottom" width="30%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Fiscal
                  Year Ending March 31,</strong></font></div>
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            <tr>
              <td align="left" valign="bottom" width="31%">&#160;</td>
              <td colspan="3" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total</strong></font></div>
              </td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td colspan="3" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2008-2009</strong></font></div>
              </td>
              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="3" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2010-2011</strong></font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td colspan="3" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2012
                  and</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>beyond</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="31%">&#160;</td>
              <td colspan="20" valign="bottom" width="52%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(In
                  thousands)</strong></font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Contractual
                  cash obligations:</font></div>
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              <td align="justify" valign="bottom" width="1%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
              <td align="justify" valign="bottom" width="7%">&#160;</td>
              <td align="justify" colspan="2" valign="bottom" width="3%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
              <td align="justify" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
              <td align="justify" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
              <td align="justify" valign="bottom" width="6%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="justify" valign="bottom" width="2%">&#160;</td>
              <td align="justify" valign="bottom" width="1%">&#160;</td>
              <td align="justify" valign="bottom" width="6%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Long-term
                  debt and short-term</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">borrowings:</font></div>
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              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="7%">&#160;</td>
              <td align="right" colspan="2" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Principal</font></div>
              </td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="7%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">259,947</font></div>
              </td>
              <td align="right" colspan="2" valign="bottom" width="3%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,749</font></div>
              </td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,453</font></div>
              </td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">365</font></div>
              </td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="2%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">234,380</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest</font></div>
              </td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="7%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">93,451</font></div>
              </td>
              <td align="right" colspan="2" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,111</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">29,211</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28,451</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31,678</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aircraft
                  operating leases </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(1)</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(2)</sup></font></div>
              </td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="7%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">63,963</font></div>
              </td>
              <td align="right" colspan="2" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,814</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12,600</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,387</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">36,162</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                  operating leases </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(1)</sup></font></div>
              </td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="7%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,765</font></div>
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              <td align="right" colspan="2" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">865</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,957</font></div>
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              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,676</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6,267</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pension
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              </td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="7%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">179,411</font></div>
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              <td align="right" colspan="2" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,799</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">21,820</font></div>
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              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19,721</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">135,071</font></div>
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            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aircraft
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              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="7%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">330,978</font></div>
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              <td align="right" colspan="2" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">84,067</font></div>
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              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">185,573</font></div>
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              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">49,420</font></div>
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              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,918</font></div>
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            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                  purchase obligations </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(4)</sup></font></div>
              </td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="top" width="7%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,919</font></div>
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              <td align="right" colspan="2" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">29,183</font></div>
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              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="top" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,403</font></div>
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              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="top" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,333</font></div>
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              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="top" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
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            </tr>
            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%" style="border-bottom: #ffffff solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                  contractual cash obligations</font></div>
              </td>
              <td align="right" valign="top" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="top" width="7%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">984,434</font></div>
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              <td align="right" colspan="2" valign="top" width="3%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">134,588</font></div>
              </td>
              <td align="right" valign="top" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="right" valign="top" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="top" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">277,017</font></div>
              </td>
              <td align="right" valign="top" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="right" valign="top" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="top" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">117,353</font></div>
              </td>
              <td align="right" valign="top" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="right" valign="top" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="top" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">455,476</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                  commercial commitments</font></div>
              </td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="7%">&#160;</td>
              <td align="right" colspan="2" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="6%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Debt
                  guarantees </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(5)</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
              </td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="7%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31,286</font></div>
              </td>
              <td align="right" colspan="2" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,716</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19,570</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                  guarantees </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(6)</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
              </td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="7%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,108</font></div>
              </td>
              <td align="right" colspan="2" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,108</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Letter
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              </td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,682</font></div>
              </td>
              <td align="right" colspan="2" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,682</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="justify" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                  other commercial commitments</font></div>
              </td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="top" width="7%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">39,076</font></div>
              </td>
              <td align="right" colspan="2" valign="top" width="3%">&#160;</td>
              <td align="right" valign="top" width="1%">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,790</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="top" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11,716</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
              </td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="2%">&#160;</td>
              <td align="right" valign="top" width="1%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="6%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19,570</font></div>
              </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(1)</sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 162pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Represents
      minimum rental payments required under operating leases that have initial or
      remaining non-cancelable lease terms in excess of one year</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(2)</sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 162pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Represents
      nine aircraft that we sold on December 30, 2005 for $68.6 million in aggregate
      to a subsidiary of General Electric Capital Corporation and then leased back
      under separate operating leases with terms of ten years expiring in January
      2016. A deferred gain on the sale of the aircraft was recorded in the amount
      of
      approximately $10.8 million in aggregate, which is being amortized over the
      lease term.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(3)</sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 162pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Represents
      expected funding for pension benefits in future periods. These amounts are
      undiscounted and are based on the expectation that the pension will be fully
      funded in approximately 20 years. However, see &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Pension
      Plan&#8221; for discussion of possible increases in the required level of pension plan
      contributions in future periods. As of December 31, 2006, we had recorded on
      our
      balance sheet a $153.6 million pension liability and a $45.1 million prepaid
      pension asset associated with this obligation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(4)</sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 162pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
      purchase obligations primarily represent unfilled purchase orders for aircraft
      parts and commitments associated with upgrading facilities at our bases and
      amounts committed to Timken in future periods related to the supply agreement
      effective December 1, 2006 (See Note 2 in the &#8220;Condensed Notes to Consolidated
      Financial Statements&#8221; included elsewhere in this Quarterly Report)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">56</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(5)</sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 162pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      guaranteed the repayment of up to &#163;10 million ($19.6 million) of the debt of FBS
      Limited and $11.7 million of the debt of RLR, both unconsolidated
      affiliates</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(6)</sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 162pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Relates
      to an indemnity agreement between us and Afianzadora Sofimex, S.A. to support
      issuance of surety bonds on behalf of HC from time to time. As of December
      31,
      2006, surety bonds with and aggregate value of 33.6 million Mexican pesos ($3.1
      million) were outstanding</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(7)</sup></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 162pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      January 2006, a letter of credit was issued against the revolving credit
      facility for $2.5 million in conjunction with the additional collateral for
      the
      sale and leaseback financing discussed in Note 6 in the &#8220;Notes to Consolidated
      Financial Statements&#8221; included in the Annual Report. The letter of credit
      expires January 27, 2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      do not
      expect the guarantees shown in the table above to become obligations that we
      will have to fund.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Other</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Historically,
      in addition to the expansion of our business through purchases of new and used
      aircraft, we have also established new joint ventures with local partners or
      purchased significant ownership interests in companies with ongoing helicopter
      operations, particularly in countries where we have no operations or our
      operations are limited in scope, and we continue to evaluate similar
      opportunities which could enhance our operations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Financial
      Condition and Sources of Liquidity</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      future cash requirements include the contractual obligations discussed in the
      previous section and our normal operations. Normally our operating cash flows
      are sufficient to fund our cash needs. Although there can be no assurances,
      we
      believe that our existing cash, future cash flows from operations and borrowing
      capacity under the Credit Facilities will be sufficient to meet our liquidity
      needs in the foreseeable future based on existing commitments. However, the
      expansion of our business through purchases of additional aircraft and increases
      in flight hours from our existing aircraft fleet may require additional cash
      in
      the future to fund the resulting increase in new aircraft and&#160;working
      capital requirements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consistent
      with our desire to maintain a conservative use of leverage to fund growth,
      we
      raised capital through the sale of the Preferred Stock in September and October
      2006.&#160;As of December&#160;31, 2006, we had&#160;options to acquire an
      additional eight large aircraft and an additional 27&#160;medium aircraft.
      Related to the three aircraft ordered early in calendar year 2007, we have
      options for eight additional large aircraft.&#160; Depending on market
      conditions, we may exercise these additional options to acquire aircraft,
      purchase other aircraft or elect to expand our business through acquisition,
      including acquisitions under consideration or negotiation. These strategic
      decisions would require us to access additional sources of capital. Our decision
      to use equity, debt or a combination of the two would depend on our financial
      position and market conditions at that time, but we currently expect to use
      debt
      financing. See &#8220;Risk Factors&#160;&#8212; In order to grow our business, we may
      require additional capital in the future, which may not be available to us&#8221;
included elsewhere in this Quarterly Report.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
      and
      cash equivalents were $219.7 million and $122.5&#160;million, as of December 31,
      2006 and March&#160;31, 2006, respectively. Working capital as of December 31,
      2006 and March&#160;31, 2006, was $400.7 million and $283.3&#160;million,
      respectively. The increase in working capital during Current Period was
      primarily a result of the $97.2&#160;million increase in cash and cash
      equivalents.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Critical
      Accounting Policies and Estimates</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">See
      Item
      7. &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of
      Operations &#8212; Critical Accounting Policies and Estimates&#8221; in the Annual Report
      for a discussion of our critical accounting policies. Other than the item
      included below, there have been no material changes to our critical accounting
      policies and estimates provided in the Annual Report.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Stock-Based
      Compensation</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      historically compensated our executives and employees through the awarding
      of
      stock-based compensation, including stock options and restricted stock units.
      Based on the requirements of Statement of Financial Accounting Standards
      (&#8220;SFAS&#8221;) No.123 (R), &#8220;Share-Based Payment,&#8221; which we adopted on April&#160;1,
      2006, we have begun to account for stock-based compensation awards in the
      Current Quarter using a fair-value based method, resulting in compensation
      expense for stock option awards being recorded in our condensed consolidated
      statements of income. We use a Black-</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">57</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Scholes
      option pricing model to estimate the fair value of share-based awards under
      SFAS
      No. 123(R), which is the same valuation technique we previously used for pro
      forma disclosures under SFAS No. 123, &#8220;Accounting for Stock-Based Compensation.&#8221;
The Black-Scholes option pricing model incorporates various assumptions,
      including the risk-free interest rate, volatility, dividend yield and the
      expected term of the options, in order to determine the fair value of the
      options on the date of grant. Judgment is also required in estimating the amount
      of stock-based awards that are expected to be forfeited. Additionally, the
      service period over which compensation expense associated with awards of
      restricted stock units are recorded in our statements of income involve certain
      assumptions as to the expected vesting of the restricted stock units, which
      is
      based on factors relating to the future performance of our stock. As the
      determination of these various assumptions is subject to significant management
      judgment and different assumptions could result in material differences in
      amounts recorded in our condensed consolidated financial statements, management
      believes that accounting estimates related to the valuation of stock options
      and
      the service period for restricted stock units are critical
      estimates.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      risk-free interest rate is based on the U.S. Treasury yield curve in effect
      at
      the time of grant for a period equal to the expected term of the option.
      Expected volatilities are based on historical volatility of shares of our common
      stock, which has not been adjusted for any expectation of future volatility
      given uncertainty related to the future performance of our common stock at
      this
      time. We also use historical data to estimate the expected term of the options
      within the option pricing model; separate groups of employees that have similar
      historical exercise behavior are considered separately for valuation purposes.
      The expected term of the options represents the period of time that the options
      granted are expected to be outstanding. For a detail of the assumptions used
      for
      the Current Quarter and Current Period, see Note 8 in the &#8220;Condensed Notes to
      Consolidated Financial Statements&#8221; included elsewhere in this Quarterly Report.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Recent
      Accounting Pronouncements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      September 2006, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued SFAS
      No. 158, &#8220;Employers&#8217; Accounting for Defined Benefit Pension and Other
      Postretirement Plans - an amendment of FASB Statements No. 87, 88, 106 and
      132(R).&#8221; SFAS No. 158 requires an employer to recognize the overfunded or
      underfunded status of a defined benefit postretirement plan as an asset or
      liability in its statement of financial position and recognize changes in that
      funded status in the year in which the changes occur through comprehensive
      income. SFAS No. 158 is effective for our current fiscal year</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      and will
      be adopted in the consolidated financial statements to be included in our Annual
      Report on Form 10-K for fiscal year 2007</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      anticipate that the adoption of SFAS No. 158 will have no impact on our net
      income or comprehensive income. Rather, we expect that the primary impact will
      be the reflection of a net accrued pension liability ($108.5 million as of
      December 31, 2006) versus the current presentation of showing the prepaid
      pension costs ($45.1 million as of December 31, 2006) separately from the
      accrued pension liabilities ($153.6 million as of December 31,
      2006).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      September 2006, the FASB issued SFAS No. 157, &#8220;Fair Value Measurements.&#8221; SFAS
      No. 157 defines fair value, establishes a framework for measuring fair value
      and
      requires enhanced disclosures about fair value measurements. SFAS No. 157
      clarifies the principle that fair value should be based on the assumptions
      market participants would use when pricing an asset or liability and establishes
      a fair value hierarchy that prioritizes the information used to develop those
      assumptions. Under the standard, fair value measurements will be separately
      disclosed by level within the fair value hierarchy (i.e., levels 1, 2, and
      3, as
      defined). Companies are required to provide enhanced disclosure regarding fair
      value measurements in the level 3 category (recurring fair value measurements
      using significant unobservable inputs), including a reconciliation of the
      beginning and ending balances separately for each major category of assets
      and
      liabilities. SFAS No. 157 is effective for financial statements issued for
      our
      fiscal year 2009 and interim periods therein. We have not yet completed our
      evaluation of the impact of SFAS No. 157.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      September 2006, the SEC released Staff Accounting Bulletin (&#8220;SAB&#8221;) No. 108,
&#8220;Considering the Effects of Prior Year Misstatements When Quantifying
      Misstatements in Current Year Financial Statements.&#8221; SAB No. 108 provides
      guidance on how the effects of the carryover or reversal of prior year financial
      statement misstatements should be considered in quantifying a current year
      misstatement. Prior practice allowed the evaluation of materiality on the basis
      of either (1) the error quantified as the amount by which the current year
      income statement was misstated (&#8220;rollover method&#8221;) or (2) the cumulative error
      quantified as the cumulative amount by which the current year balance sheet
      was
      misstated (&#8220;iron curtain method&#8221;). Reliance on either method in prior years
      could have resulted in misstatement of the financial statements. SAB No. 108
      requires both methods to be used in evaluating materiality. Immaterial prior
      year errors may be corrected with the first filing of prior year financial
      statements after adoption. The cumulative effect of the </font></div>
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          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">correction
      would be reflected in the opening balance sheet with appropriate disclosure
      of
      the nature and amount of each individual error corrected in the cumulative
      adjustment, as well as a disclosure of the cause of the error and that the
      error
      had been deemed to be immaterial in the past. SAB No. 108 is effective for
      our
      current fiscal year </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
      will
      be adopted in the consolidated financial statements to be included in our Annual
      Report on Form 10-K for fiscal year 2007.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      We do
      not believe that the adoption of this bulletin will have a material impact
      on
      our consolidated results of operations, cash flows or financial position upon
      adoption; however, due to the nature of the guidance, a final determination
      of
      the impact of SAB No. 108 cannot be made until the period of
      adoption.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      September 2006, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      FASB
      approved FASB Staff Position (&#8220;FSP&#8221;) AUG AIR-1, &#8220;Accounting for Planned Major
      Maintenance Activities,&#8221; which prohibits the accruing as a liability the future
      costs of periodic major overhauls and maintenance of plant and equipment. Other
      previously acceptable methods of accounting for planned major overhauls and
      maintenance will continue to be permitted. The new requirements apply to our
      fiscal year 2008 and must be retrospectively applied. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      do not
      believe that the adoption of this staff position will have a material impact
      on
      our consolidated results of operations, cash flows or financial position upon
      adoption; however, we have not yet completed our evaluation of the impact of
      FSP
      AUG AIR-1.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      June
      2006, the FASB issued FASB Interpretation (&#8220;FIN&#8221;) No. 48, &#8220;Accounting for
      Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109,&#8221;
which clarifies the accounting for uncertainty in income taxes recognized in
      an
      enterprise&#8217;s financial statements in accordance with SFAS No. 109, &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounting
      for Income Taxes.&#8221;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#160;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FIN
      No.
      48 prescribes a recognition threshold and measurement</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">attribute
      for the financial statement recognition and measurement of a tax
      position</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">taken
      or
      expected to be taken in a tax return and provides guidance on</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">derecognition,
      classification, interest and penalties, accounting in interim periods,
      disclosure,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
      transition.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FIN
      No.
      48 requires enterprises to evaluate tax positions using a two-step</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">process
      consisting of recognition and measurement. The effects of a tax position will
      be
      recognized in the period in which the enterprise determines that it is more
      likely</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">than
      not
      (defined as a more than 50% likelihood) that a tax position will be sustained
      upon examination, including resolution of any</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">related
      appeals or litigation processes, based on the technical merits of the position.
      A tax position that meets the more-likely-than-not recognition threshold
      is</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">measured
      as the largest amount of tax benefit that is greater than 50% likely of being
      recognized upon ultimate settlement. FIN No. 48 is effective for our fiscal
      year
      2008. We have not yet completed our evaluation of the impact that the adoption
      of this interpretation will have on our consolidated results of operations,
      cash
      flows or financial position.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">See
      Note
      8 in the &#8220;Condensed Notes to Consolidated Financial Statements&#8221; included
      elsewhere in this Quarterly Report for discussion and disclosure made in
      connection with the adoption of SFAS No. 123(R).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Internal
      Review and Governmental Investigations </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Internal
      Review </em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      February 2005, we voluntarily advised the staff of the SEC that the Audit
      Committee of our board of directors had engaged special outside counsel to
      undertake a review of certain payments made by two of our affiliated entities
      in
      a foreign country. The review of these payments, which initially focused on
      Foreign Corrupt Practices Act matters, was subsequently expanded by such special
      outside counsel to cover operations in other countries and other issues. In
      connection with this review, special outside counsel to the Audit Committee
      retained forensic accountants. As a result of the findings of the Internal
      Review (which was completed in late 2005), our quarter ended December&#160;31,
      2004 and prior financial statements were restated. We also provided the SEC
      with
      documentation resulting from the Internal Review, which eventually resulted
      in a
      formal SEC investigation. For further information on the restatements, see
      our
      Annual Report on Form 10-K for fiscal year 2005.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
      additional discussion of the SEC investigation, the Internal Review, and related
      proceedings, see Note 4 in the &#8220;Condensed Notes to Consolidated Financial
      Statements&#8221; included elsewhere in this Quarterly Report.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      communicated the Audit Committee&#8217;s conclusions with respect to the findings of
      the Internal Review to regulatory authorities in the jurisdictions in which
      the
      relevant activities took place where appropriate. Until final resolution of
      all
      of these issues, such disclosure may result in legal and administrative
      proceedings, the institution of administrative, civil injunctive or criminal
      proceedings involving us and/or current or former employees, officers and/or
      directors who are within the jurisdictions of such authorities, the imposition
      of fines and other penalties, remedies and/or sanctions, </font></div>
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          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">including
      precluding us from participating in business operations in their countries.
      To
      the extent that violations of the law may have occurred in countries in which
      we
      operate, related proceedings could also result in sanctions requiring us to
      curtail our business operations in one or more such countries for a period
      of
      time. In the event that we curtail our business operations in any such country,
      we then may face difficulties exporting our aircraft from such country. During
      the Current Quarter and the Current Period, we made payments of $0.4 million
      and
      $9.0 million respectively, for the taxes attributable to underreported employee
      payroll. Operating income for the Comparable Quarter and the Comparable Period
      included $1.0 million and $3.0 million, respectively, attributable to this
      accrual. Since December 31, 2005, no additional accruals were required for
      taxes
      attributable to underreported employee payroll. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Although
      we recorded an accrual for the expected outcome in December 2006 (see below),
      we
      cannot predict the ultimate outcome of the SEC investigation, nor can we predict
      whether other applicable U.S. and foreign governmental authorities will initiate
      separate investigations. The outcome of the SEC investigation and any related
      legal and administrative proceedings could include the institution of
      administrative, civil injunctive or criminal proceedings involving us and/or
      current or former employees, officers and/or directors, the imposition of fines
      and other penalties, remedies and/or sanctions, modifications to business
      practices and compliance programs and/or referral to other governmental agencies
      for other appropriate actions. It is not possible to accurately predict at
      this
      time when matters relating to the SEC investigation will be completed, the
      final
      outcome of the SEC investigation, what if any actions may be taken by the SEC
      or
      by other governmental agencies in the U.S.&#160;or in foreign jurisdictions, or
      the effect that such actions may have on our consolidated financial statements.
      As a result of the disclosure and remediation of a number of activities
      identified in the Internal Review, we may encounter difficulties conducting
      business in certain foreign countries and retaining and attracting additional
      business with certain customers. We cannot predict the extent of these
      difficulties; however, our ability to continue conducting business in these
      countries and with these customers and through agents may be significantly
      impacted. It is also possible that we may become subject to claims by third
      parties, possibly resulting in litigation. The matters identified in the
      Internal Review and their effects could have a material adverse effect on our
      business, financial condition and results of operations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      we
      continue to respond to the SEC investigation and other governmental authorities
      and take other actions relating to improper activities that have been identified
      in connection with the Internal Review, there can be no assurance that
      restatements, in addition to those reflected in our Annual Report on
      Form&#160;10-K for fiscal year 2005, will not be required or that our historical
      financial statements included in this Quarterly Report will not change or
      require further amendment. As part of our ongoing compliance program, we
      received evidence that foreign affiliates of our minority owned operating entity
      in Kazakhstan may have made improper gifts or payments to government employees.
      We engaged an outside accounting firm to investigate this matter and such
      investigation is underway. The results of such investigation, including our
      view
      as to whether improper activities took place, will be disclosed to the SEC
      by us
      as appropriate. In addition, as we continue to operate our compliance program,
      other situations involving foreign operations, similar to those matters
      disclosed to the SEC in February 2005 and described above, could arise that
      warrant further investigation and subsequent disclosures. As a result, new
      issues may be identified that may impact our financial statements and the scope
      of the restatements described above and lead us to take other remedial actions
      or otherwise adversely impact us.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
      fiscal years 2005 and 2006 and the Current Period, we incurred approximately
      $2.2&#160;million, $10.5&#160;million and $0.1 million, respectively, in legal
      and other professional costs in connection with the Internal Review. In
      addition, in December 2006, we recorded a charge of $3.0 million for costs
      and
      fees we currently expect to incur in connection with the resolution of the
      SEC
      investigation regarding the findings resulting from the Internal Review, a&#160;
substantial portion of which relates to legal fees in connection with the
      investigation.&#160; There can be no assurance that the amounts currently
      recorded will be sufficient to resolve such matters or that such matters can
      ultimately be resolved until final action by the SEC. We expect to incur
      additional costs associated with the Internal Review and in the conduct of
      our
      new compliance program, which will be expensed as incurred and which could
      be
      significant in the fiscal quarters in which they are recorded.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Many
      of
      the improper actions identified in the Internal Review resulted in decreasing
      the costs incurred by us in performing our services. The remedial actions we
      are
      taking have resulted in an increase in these costs and, if we cannot raise
      our
      prices simultaneously and to the same extent as our increased costs, our
      operating income will decrease.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition, we face legal actions relating to the remedial actions which we have
      taken as a result of the Internal Review, and may face further legal action
      of
      this type in the future. In November 2005, two of our consolidated foreign
      affiliates were named in a lawsuit filed with the High Court of Lagos State,
      Nigeria by Mr.&#160;Benneth Osita Onwubalili and </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">his
      affiliated company, Kensit Nigeria Limited, which allegedly acted as agents
      of
      our affiliates in Nigeria. The claimants allege that an agreement between the
      parties was terminated without justification and seek damages of
      $16.3&#160;million. We have responded to this claim and are continuing to
      investigate this matter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Document
      Subpoena from U.S.&#160;Department of Justice </em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      June
      2005, one of our subsidiaries received a document subpoena from the DOJ. The
      subpoena related to a grand jury investigation of potential antitrust violations
      among providers of helicopter transportation services in the U.S. Gulf of
      Mexico. The subpoena focused on activities during the period from
      January&#160;1, 2000 to June&#160;13, 2005. We believe we have submitted to the
      DOJ substantially all documents responsive to the subpoena. We have had
      discussions with the DOJ and provided documents related to our operations in
      the
      United States as well as internationally. We intend to continue to provide
      additional information as required by the DOJ in connection with the
      investigation. There is no assurance that, after review of any information
      furnished by us or by third parties, the DOJ will not ultimately conclude that
      violations of U.S. antitrust laws have occurred. The period of time necessary
      to
      resolve the DOJ investigation is uncertain, and this matter could require
      significant management and financial resources that could otherwise be devoted
      to the operation of our business.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      outcome of the DOJ investigation and any related legal proceedings in other
      countries could include civil injunctive or criminal proceedings involving
      us or
      our current or former officers, directors or employees, the imposition of fines
      and other penalties, remedies and/or sanctions, including potential disbarments,
      and referrals to other governmental agencies. In addition, in cases where
      anti-competitive conduct is found by the government, there is a greater
      likelihood for civil litigation to be brought by third parties seeking recovery.
      Any such civil litigation could have serious consequences for our company,
      including the costs of the litigation and potential orders to pay restitution
      or
      other damages or penalties, including potentially treble damages, to any parties
      that were determined to be injured as a result of any impermissible
      anti-competitive conduct. Any of these adverse consequences could have a
      material adverse effect on our business, financial condition and results of
      operations. The DOJ investigation, any related proceedings in other countries
      and any third-party litigation, as well as any negative outcome that may result
      from the investigation, proceedings or litigation, could also negatively impact
      our relationships with customers and our ability to generate
      revenue.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with this matter, we incurred $2.6&#160;million, $0.7 million and
      $1.5&#160;million in legal and other professional fees in fiscal year 2006, the
      Current Quarter and the Current Period, respectively, and significant
      expenditures may continue to be incurred in the future. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><a name="ITEM3QandQ">Item
      3.</a></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><a name="ITEM3QandQ">
      Quantitative and Qualitative Disclosures about Market
      Risk</a>.</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      may be
      exposed to certain market risks arising from the use of financial instruments
      in
      the ordinary course of business. This risk arises primarily as a result of
      potential changes in the fair market value of financial instruments that would
      result from adverse fluctuations in foreign currency exchange rates, credit
      risk, and interest rates as discussed in &#8220;Item 7A. Quantitative and Qualitative
      Disclosures About Market Risk&#8221; in the Annual Report. Significant matters
      concerning market risk arising during the Current Quarter and the Current Period
      are discussed below.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Foreign
      Currency Risk</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Foreign
      currency transaction gains and losses result from the effect of changes in
      exchange rates on transactions denominated in currencies other than a company&#8217;s
      functional currency, including transactions between consolidated companies.
      An
      exception is made where an intercompany loan or advance is deemed to be of
      a
      long-term investment nature, in which instance the foreign currency transaction
      gains and losses are included with cumulative translation gains and losses
      and
      are reported in stockholders&#8217; investment as accumulated other comprehensive
      gains or losses. Translation adjustments, which are reported in accumulated
      other comprehensive gains or losses, are the result of translating a foreign
      entity&#8217;s financial statements from its functional currency to U.S. dollars, our
      reporting currency. Balance sheet information is presented based on the exchange
      rate as of the balance sheet date, and income statement information is presented
      based on the average conversion rate for the period. The various components
      of
      equity are presented at their historical average exchange rates. The resulting
      difference after applying the different exchange rates is the cumulative
      translation adjustment. The functional currency of Bristow Aviation is the
      British pound sterling.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">61</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      a
      result of the change in exchange rates during the three and nine months ended
      December 31, 2006, we recorded foreign currency transaction losses of
      approximately $3.4 million and $9.6 million, respectively, primarily related
      to
      the British pound sterling, compared to foreign currency transaction gains
      of
      approximately $2.3 million and $5.3 million, respectively, during the three
      and
      nine months ended December 31, 2005. These gains and losses arose primarily
      from
      the following U.S. dollar-denominated transactions entered into by Bristow
      Aviation (whose functional currency is the British pound sterling):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                and cash equivalents held in U.S. dollar-denominated accounts.
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beginning
                in July 2006, we reduced a portion of Bristow Aviation&#8217;s U.S.
                dollar-denominated cash balances. </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">U.S.
                dollar-denominated intercompany loans. On August 14, 2006, we entered
                into
                a derivative contract to mitigate our exposure to exchange rate
                fluctuations on our U.S. dollar-denominated intercompany loans. This
                derivative contract provided us with a call option on &#163;12.9 million and a
                put option on $24.5 million, with a strike price of 1.895 U.S. dollars
                per
                British pound sterling, and was exercised by us prior to the scheduled
                expiration on November 14, 2006, resulting in a net loss of $0.3
                million.
                On November 14, 2006, we entered into another derivative contract
                for the
                same amount and strike price that expires on May 14, 2007.&#160; The fair
                value of this contract, which totaled $0.9 million as of December
                31,
                2006, is recorded as a derivative asset within other assets on our
                balance
                sheet.&#160; The change in fair value of this contract from November 14 to
                December 31, 2006 resulted in a gain of $0.5 million, which served
                to
                offset a portion of the foreign currency transaction losses recorded
                for
                the three and nine months ended December 31,
                2006.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Euro-
                and Nigerian Naira-denominated intercompany loans and U.S.
                dollar-denominated receivables. The economic effect of the foreign
                currency transaction losses during the three and nine months ended
                December 31, 2006 was offset by a corresponding benefit during those
                periods reflected as a cumulative translation adjustment in
                stockholders&#8217;&#160;investment on our condensed consolidated balance sheet.
                We are evaluating alternatives to further mitigate these remaining
                foreign
                currency exchange exposures.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following table presents the applicable exchange rates (of one British pound
      sterling into U.S. dollars) for the indicated periods:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr bgcolor="white">
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                Months Ended</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nine
                Months Ended</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31,</strong></font></div>
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            <td align="left" valign="top" width="1%">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="48%">&#160;</td>
            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
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            <td colspan="2" valign="top" width="3%">&#160;</td>
            <td colspan="2" valign="bottom" width="5%" style="border-bottom: black thin solid;">
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            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font></div>
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            <td colspan="2" valign="bottom" width="6%" style="border-bottom: black thin solid;">
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            <td align="left" valign="top" width="1%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">High</font></div>
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            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="left" colspan="2" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="5%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">
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            <td align="right" valign="bottom" width="6%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="5%">
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            <td align="left" valign="top" width="2%">&#160;</td>
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            <td align="right" valign="bottom" width="5%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="justify" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="6%">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      of
      December 31, 2006 and March 31, 2006, the exchange rate was $1.96 and $1.74,
      respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      occasionally use off-balance sheet hedging instruments to manage risks
      associated with our operating activities conducted in foreign currencies. In
      limited circumstances and when considered appropriate, we will use forward
      exchange contracts to hedge anticipated transactions. We have historically
      used
      these instruments primarily in the buying and selling of spare parts,
      maintenance services and equipment. As of December 31, 2006, we did not have
      any
      nominal forward exchange contracts outstanding.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">62</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
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      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><a name="ITEM4CONTROLS"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      4. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Controls
      and Procedures.</em></strong></font></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Material
      Weaknesses Previously Disclosed</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      discussed in &#8220;Item 9A. Controls and Procedures&#8221; of the Annual Report, our
      management, including our Chief Executive Officer (principal executive officer,
      &#8220;CEO&#8221;) and Chief Financial Officer (principal financial officer, &#8220;CFO&#8221;),
      concluded that, as of March 31, 2006, the Company did not maintain effective
      internal control over financial reporting because of the material weaknesses
      described below.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                did not have sufficient technical expertise to address or establish
                adequate policies and procedures associated with accounting matters.
                In
                addition, we did not maintain policies and procedures to ensure adequate
                management review of the information supporting the financial
                statements.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                did not have sufficient technical tax expertise to establish and
                maintain
                adequate policies and procedures associated with the operation of
                certain
                complex tax structures. As a result, we failed to establish proper
                procedures to ensure the actions required to enable us to realize
                the
                benefits of these structures as previously recognized in our financial
                statements were performed.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
      of
      these material weaknesses resulted in more than a remote likelihood that a
      material misstatement of the annual or interim financial statements will not
      be
      prevented or detected.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Evaluation
      of Disclosure Controls and Procedures</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      of
      December 31, 2006, we carried out an evaluation, under the supervision of our
      CEO and CFO, of the effectiveness of the design and operation of our disclosure
      controls and procedures pursuant to Exchange Act Rule 13a-15. Although the
      changes discussed below have substantially addressed the material weaknesses
      associated with the control environment previously disclosed, the changes have
      not been in effect for a sufficient period of time to permit validation of
      their
      operation; therefore, as of December 31, 2006, our CEO and CFO concluded, after
      the evaluation described above, that our disclosure controls and procedures
      were
      not effective, as of such date.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Changes
      in Internal Control Over Financial Reporting</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
      the three months ended December 31, 2006, management made the following changes
      to our internal control over financial reporting to address the material
      weaknesses discussed above:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                implemented a number of financial policies related to the application
                of
                accounting principles generally accepted in the United States of
                America
                and other accounting procedures, which were developed in prior
                periods;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                continued the self-reporting process for underpaid payroll taxes
                in
                various jurisdictions; and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
                continued to operate under and we enhanced the changes implemented
                prior
                to March 31, 2006.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0.3pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Management
      believes that once the&#160;changes discussed in the Annual Report, as well as
      the changes discussed above, have been operating for a sufficient period of
      time, the material weaknesses identified above will be remediated.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Outside
      of these remediation efforts, there has been no other change in our internal
      control over financial reporting that occurred during the period covered by
      this
      Quarterly Report that has materially affected, or is reasonably likely to
      materially affect, our internal control over financial reporting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PART
      II &#8212; OTHER INFORMATION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><a name="LEGAL">Item
      1. </a></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><a name="LEGAL">Legal
      Proceedings</a>.</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      certain actions or claims pending that have been discussed and previously
      reported in Part I. Item 3. &#8220;Legal Proceedings&#8221; in the Annual Report.
      Developments in these previously reported matters are described in Note 5 in
      the
&#8220;Condensed Notes to Consolidated Financial Statements&#8221; in Part I. Item 1.
&#8220;Financial Statements&#8221; of this Quarterly Report, which is incorporated herein by
      reference.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><a name="RISK"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1A. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Risk
      Factors.</em></strong></font></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following is a modified risk factor discussion that should be read in
      conjunction with the risk factor discussion in the Annual Report and our
      Quarterly Report on Form 10-Q for the quarters ended June 30 and September
      30,
      2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>The
      SEC investigation, any related proceedings in other countries and the
      consequences of the activities identified in the Internal Review could result
      in
      civil or criminal proceedings, the imposition of fines and penalties, the
      commencement of third-party litigation, the incurrence of expenses, the loss
      of
      business and other adverse effects on our company.</em></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      February 2005, we voluntarily advised the staff of the SEC that the Audit
      Committee of our board of directors had engaged special outside counsel to
      undertake a review of certain payments made by two of our affiliated entities
      in
      a foreign country. The review of these payments, which initially focused on
      Foreign Corrupt Practices Act matters, was subsequently expanded by such special
      outside counsel to cover operations in other countries and other issues (the
      &#8220;Internal Review&#8221;). In connection with this review, special outside counsel to
      the Audit Committee retained forensic accountants. As a result of the findings
      of the Internal Review (which was completed in late 2005), our quarter ended
      December 31, 2004 and prior financial statements were restated. We also provided
      the SEC with documentation resulting from the Internal Review which eventually
      resulted in a formal SEC investigation. For further information on the
      restatements, see our fiscal year 2005 Annual Report.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      October 2005, the Audit Committee reached certain conclusions with respect
      to
      findings from the Internal Review. The Audit Committee concluded that, over
      a
      considerable period of time, (1) improper payments were made by, and on behalf
      of, certain foreign affiliated entities directly or indirectly to foreign
      officials, (2) improper payments were made by certain foreign affiliated
      entities to employees of certain customers, (3) inadequate employee payroll
      declarations and, in certain instances, tax payments were made by us or our
      affiliated entities in certain jurisdictions, (4) inadequate valuations for
      customs purposes may have been declared in certain jurisdictions resulting
      in
      the underpayment of import duties, and (5) an affiliated entity, with the
      assistance of our personnel, engaged in transactions which appear to have
      assisted in the circumvention of currency transfer restrictions and other
      regulations. In addition, as a result of the Internal Review, the Audit
      Committee and management determined that there were deficiencies in our books
      and records and internal controls with respect to the foregoing and certain
      other activities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based
      on
      the Audit Committee&#8217;s findings and recommendations, the board of directors took
      disciplinary action with respect to our personnel who it determined bore
      responsibility for these matters. The disciplinary actions included termination
      or resignation of employment (including of certain members of senior
      management), changes of job responsibility, reductions in incentive compensation
      payments and reprimands. One of our affiliates also obtained the resignation
      of
      certain of its personnel.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      took
      remedial actions, including correcting underreported payroll taxes, disclosing
      to certain customers inappropriate payments made to customer personnel and
      terminating certain agency, business and joint venture relationships. We also
      took steps to reinforce our commitment to conduct our business with integrity
      by
      creating an internal corporate compliance function, instituting a new code
      of
      business integrity, and developing and implementing a training program for
      all
      employees. In addition to the disciplinary actions referred to above, we took
      steps to strengthen our control environment by hiring new key members of senior
      and financial management, including persons with appropriate technical
      accounting and legal expertise, expanding our corporate finance group and
      internal audit staff, realigning reporting lines within the accounting function
      so that field accounting reports directly to the corporate accounting function
      instead of operations management, and improving the management of our tax
      structure to comply </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">with
      its
      intended design. Our compliance program is in full operation and clear corporate
      policies have been established and communicated to our relevant
      personnel.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      communicated the Audit Committee&#8217;s conclusions with respect to the findings of
      the Internal Review to regulatory authorities in the jurisdictions in which
      the
      relevant activities took place where appropriate. Until final resolution of
      all
      of these issues, such disclosure may result in legal and administrative
      proceedings, the institution of administrative, civil injunctive or criminal
      proceedings involving us and/or current or former employees, officers and/or
      directors who are within the jurisdictions of such authorities, the imposition
      of fines and other penalties, remedies and/or sanctions, including precluding
      us
      from participating in business operations in their countries. To the extent
      that
      violations of the law may have occurred in countries in which we operate,
      related proceedings could also result in sanctions requiring us to curtail
      our
      business operations in one or more such countries for a period of time. In
      the
      event that we curtail our business operations in any such country, we then
      may
      face difficulties exporting our aircraft from such country. During the three
      and
      nine months ended December 31, 2006, we made payments of $0.4 million and $9.0
      million, respectively, for the taxes attributable to underreported employee
      payroll. Operating income for three and nine months ended December 31, 2005
      included $1.0 million and $3.0 million, respectively, attributable to this
      accrual. Since December 31, 2005, no additional accruals were required for
      taxes
      attributable to underreported employee payroll.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Although
      we recorded an accrual for the expected outcome in December 2006 (see below),
      we
      cannot predict the ultimate outcome of the SEC investigation, nor can we predict
      whether other applicable U.S. and foreign governmental authorities will initiate
      separate investigations. The outcome of the SEC investigation and any related
      legal and administrative proceedings could include the institution of
      administrative, civil injunctive or criminal proceedings involving us and/or
      current or former employees, officers and/or directors, the imposition of fines
      and other penalties, remedies and/or sanctions, modifications to business
      practices and compliance programs and/or referral to other governmental agencies
      for other appropriate actions. It is not possible to accurately predict at
      this
      time when matters relating to the SEC investigation will be completed, the
      final
      outcome of the SEC investigation, what if any actions may be taken by the SEC
      or
      by other governmental agencies in the U.S. or in foreign jurisdictions, or
      the
      effect that such actions may have on our consolidated financial statements.
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      a
      result of the disclosure and remediation of a number of activities identified
      in
      the Internal Review, we may encounter difficulties conducting business in
      certain foreign countries and retaining and attracting additional business
      with
      certain customers. We cannot predict the extent of these difficulties; however,
      our ability to continue conducting business in these countries and with these
      customers and through agents may be significantly impacted. It is also possible
      that we may become subject to claims by third parties, possibly resulting in
      litigation. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      matters identified in the Internal Review and their effects could have a
      material adverse effect on our business, financial condition and results of
      operations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      we
      continue to respond to the SEC investigation and other governmental authorities
      and take other actions relating to improper activities that have been identified
      in connection with the Internal Review, there can be no assurance that
      restatements, in addition to those reflected in our fiscal year 2005 Annual
      Report, will not be required or that our historical financial statements
      included in this Quarterly Report will not change or require further amendment.
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      part
      of our ongoing compliance program, we received evidence that foreign affiliates
      of our minority owned operating entity in Kazakhstan may have made improper
      gifts or payments to government employees. We engaged an outside accounting
      firm
      to investigate this matter and such investigation is underway. The results
      of
      such investigation, including our view as to whether improper activities took
      place, will be disclosed to the SEC by us as appropriate. In addition, as we
      continue to operate our compliance program, other situations involving foreign
      operations, similar to those matters disclosed to the SEC in February 2005
      and
      described above, could arise that warrant further investigation and subsequent
      disclosures. As a result,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      new
      issues may be identified that may impact our financial statements and the scope
      of the restatements described above and lead us to take other remedial actions
      or otherwise adversely impact us.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
      fiscal years 2005 and 2006 and the nine months ended December 31, 2006, we
      incurred approximately $2.2 million, $10.5 million and $0.1 million,
      respectively, in legal and other professional costs in connection with the
      Internal Review. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition, in December 2006, we recorded a charge of $3.0 million for costs
      and
      fees we currently expect to incur in connection with the resolution of the
      SEC
      investigation regarding the findings resulting from the Internal Review, a
      substantial portion of which relates to legal fees in connection with the
      investigation.&#160; There can be no assurance that the amounts currently
      recorded will be sufficient to resolve such matters or that such matters can
      ultimately be resolved until final action by the SEC. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      expect
      to incur additional costs associated with the Internal Review and in the conduct
      of our new compliance program, which will be expensed as incurred and which
      could be significant in the fiscal quarters in which they are
      recorded.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">65</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Many
      of
      the improper actions identified in the Internal Review resulted in decreasing
      the costs incurred by us in performing our services. The remedial actions we
      are
      taking have resulted in an increase in these costs and, if we cannot raise
      our
      prices simultaneously and to the same extent as our increased costs, our
      operating income will decrease.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition, we face legal actions relating to the remedial actions which we have
      taken as a result of the Internal Review, and may face further legal action
      of
      this type in the future. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      November 2005, two of our consolidated foreign affiliates were named in a
      lawsuit filed with the High Court of Lagos State, Nigeria by Mr. Benneth Osita
      Onwubalili and his affiliated company, Kensit Nigeria Limited, which allegedly
      acted as agents of our affiliates in Nigeria. The claimants allege that an
      agreement between the parties was terminated without justification and seek
      damages of $16.3 million. We have responded to this claim and are continuing
      to
      investigate this matter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><a name="ITEM2UNREGISTERED"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      2. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Unregistered
      Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity
      Securities.</em></strong></font></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="bottom" width="12%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Period</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>
                  (1)</sup></font></div>
              </td>
              <td align="left" valign="bottom" width="15%">&#160;</td>
              <td colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total
                  Number of Shares Purchased</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>
                  (2)</sup></font></div>
              </td>
              <td valign="bottom" width="1%">&#160;</td>
              <td colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Average
                  Price Paid Per Share</strong></font></div>
              </td>
              <td valign="bottom" width="1%">&#160;</td>
              <td colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total
                  Number of Shares Purchased as Part of Publicly Announced
                  Program</strong></font></div>
              </td>
              <td valign="bottom" width="1%">&#160;</td>
              <td colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Approximate
                  Dollar Value of Shares That May Yet Be Purchased Under the
                  Program</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr>
              <td align="left" colspan="2" valign="bottom" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">November
                  1, 2006 &#8722;</font></div>
              </td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="10%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="10%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="10%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="10%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr>
              <td align="left" colspan="2" valign="bottom" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">November
                  30, 2006</font></div>
              </td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,207</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">35.57</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="right" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(1)
        </sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
        shares
        were purchased during the periods of October 1, 2006 &#8722; October 31, 2006 and
        December 1, 2006 &#8722; December 31, 2006.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>(2)
        </sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        total
        number of shares purchased in the period consists of shares withheld by us
        in
        satisfaction of withholding taxes due upon the vesting of restricted stock
        units
        granted to an employee under our 2004 Stock Incentive Plan. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">66</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><a name="EXHIBITS"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      6. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Exhibits.</em></strong></font></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following exhibits are filed as part of this Quarterly Report: </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Number</strong></font></div>
            </td>
            <td align="justify" valign="top" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Description
                of Exhibit</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="8%">&#160;</td>
            <td valign="top" width="79%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15.1*&#160;&#160;</font></div>
            </td>
            <td align="left" valign="bottom" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Letter
                from KPMG LLP dated February 5, 2007, regarding unaudited interim
                information. </font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31.1**</font></div>
            </td>
            <td align="left" valign="bottom" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rule
                13a-14(a) Certification by President and Chief Executive Officer
                of
                Registrant.</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31.2**</font></div>
            </td>
            <td align="left" valign="bottom" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rule
                13a-14(a) Certification by Executive Vice President and Chief Financial
                Officer of Registrant.</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32.1**</font></div>
            </td>
            <td align="left" valign="bottom" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certification
                of Chief Executive Officer of registrant pursuant to 18 U.S.C. Section
                1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
                of
                2002.</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32.2**</font></div>
            </td>
            <td align="left" valign="bottom" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certification
                of Chief Financial Officer of Registrant pursuant to 18 U.S.C. Section
                1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
                of
                2002.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Filed
      herewith.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">**</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Furnished
      herewith. </font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">67</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><a name="SIGNATURES">SIGNATURES</a></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned thereunto
      duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BRISTOW
      GROUP INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
      Perry L Elders</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 88.2pt">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 270pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Perry
      L.
      Elders</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 270pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Executive
      Vice President and Chief Financial Officer</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
      Elizabeth D. Brumley</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 270pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Elizabeth
      D. Brumley</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 270pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Vice
      President and Chief Accounting Officer</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
      5, 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="center">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">68</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#INDEX">TABLE
          OF CONTENTS</a></font></div>
        <div style="WIDTH: 100%" align="left">
        </div>
      </div>
    </div><br><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Index
      to Exhibits</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="#cceeff">
            <td valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Number</strong></font></div>
            </td>
            <td align="justify" valign="top" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Description
                of Exhibit</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="8%">&#160;</td>
            <td valign="top" width="79%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="exv15w1.htm">15.1*&#160;</a>&#160;</font></div>
            </td>
            <td align="left" valign="bottom" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Letter
                from KPMG LLP dated February 5, 2007, regarding unaudited interim
                information. </font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="exv31w1.htm">31.1**</a></font></div>
            </td>
            <td align="left" valign="bottom" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rule
                13a-14(a) Certification by President and Chief Executive Officer
                of
                Registrant.</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="exv31w2.htm">31.2**</a></font></div>
            </td>
            <td align="left" valign="bottom" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rule
                13a-14(a) Certification by Executive Vice President and Chief Financial
                Officer of Registrant.</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="exv32w1.htm">32.1**</a></font></div>
            </td>
            <td align="left" valign="bottom" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certification
                of Chief Executive Officer of registrant pursuant to 18 U.S.C. Section
                1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
                of
                2002.</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="exv32w2.htm">32.2**</a></font></div>
            </td>
            <td align="left" valign="bottom" width="79%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certification
                of Chief Financial Officer of Registrant pursuant to 18 U.S.C. Section
                1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
                of
                2002.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Filed
      herewith.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">**</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Furnished
      herewith. </font></div>
  </body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>2
<FILENAME>exv15w1.htm
<DESCRIPTION>LETTER TO KPMG LLP
<TEXT>
<html>
  <head>
    <title>
      LETTER TO KPMG LLP
</title>
<!-- Licensed to: Bristow Group Inc.-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
      15.1</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Bristow
      Group Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Houston,
      Texas</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Re:
      Registration Statement No. 333-115473 and No. 333-121207 on Form S-8
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">With
      respect to the subject registration statement, we acknowledge our awareness
      of
      the use therein of our report dated February 5, 2007 related to our review
      of
      interim financial information.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to Rule 436 under the Securities Act of 1933 (the &#8220;Act&#8221;), such report is not
      considered part of a registration statement prepared or certified by an
      independent registered public accounting firm, or a report prepared or certified
      by an independent registered public accounting firm within the meaning of
      Sections 7 and 11 of the Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
      KPMG
      LLP</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Houston,
      Texas</font></div>
  </body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>exv31w1.htm
<DESCRIPTION>RULE13A-14A CERTIFICATION BY PRESIDENT AND CEO
<TEXT>
<html>
  <head>
    <title>
      RULE13A-14A CERTIFICATION BY PRESIDENT AND CEO
</title>
<!-- Licensed to: Bristow Group Inc.-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
      31.1</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CERTIFICATION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I,
      William E. Chiles, President and Chief Executive Officer, certify
      that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.
      I have
      reviewed this Quarterly Report on Form 10-Q of Bristow Group Inc. for the period
      ended December 31, 2006;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.
      Based
      on my knowledge, this report does not contain any untrue statement of a material
      fact or omit to state a material fact necessary to make the statements made,
      in
      light of the circumstances under which such statements were made, not misleading
      with respect to the period covered by this report;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.
      Based
      on my knowledge, the financial statements, and other financial information
      included in this report, fairly present in all material respects the financial
      condition, results of operations and cash flows of the registrant as of, and
      for, the periods presented in this report;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.
      The
      registrant&#8217;s other certifying officer and I are responsible for establishing and
      maintaining disclosure controls and procedures (as defined in Exchange Act
      Rules
      13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
      defined in Exchange Act Rules 13(a)-15(f) and 15(d)-(f)) for the registrant
      and
      have:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)
      Designed such disclosure controls and procedures, or caused such disclosure
      controls and procedures to be designed under our supervision, to ensure that
      material information relating to the registrant, including its consolidated
      subsidiaries, is made known to us by others within those entities, particularly
      during the period in which this quarterly report is being prepared;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
      Designed such internal control over financial reporting, or caused such internal
      control over financial reporting to be designed under our supervision, to
      provide reasonable assurance regarding the reliability of financial reporting
      and the preparation of financial statements for external purposes in accordance
      with generally accepted accounting principles;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
      Evaluated the effectiveness of the registrant&#8217;s disclosure controls and
      procedures and presented in this report our conclusions about the effectiveness
      of the disclosure controls and procedures,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">as
      of the
      end of the period covered by this report based on such evaluation;
      and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)
      Disclosed in this report any change in the registrant&#8217;s internal control over
      financial reporting that occurred during the registrant&#8217;s most recent fiscal
      quarter that has materially affected, or is reasonably likely to materially
      affect, the registrant&#8217;s internal control over financial reporting;
      and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.
      The
      registrant&#8217;s other certifying officer and I have disclosed, based on our most
      recent evaluation of internal control over financial reporting, to the
      registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of
      directors:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)
      All
      significant deficiencies and material weaknesses in the design or operation
      of
      internal control over financial reporting which are reasonably likely to
      adversely affect the registrant&#8217;s ability to record, process, summarize and
      report financial information; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
      Any
      fraud, whether or not material, that involves management or other employees
      who
      have a significant role in the registrant&#8217;s internal control over financial
      reporting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 243pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
      William E. Chiles</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 88.2pt">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">William
      E. Chiles</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">President
      and Chief Executive Officer</font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
      5, 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>exv31w2.htm
<DESCRIPTION>RULE 13A-14A CERTIFICATION BY EVP AND CFO
<TEXT>
<html>
  <head>
    <title>
      RULE 13A-14A CERTIFICATION BY EVP AND CFO
</title>
<!-- Licensed to: Bristow Group Inc.-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
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</head>
  <body bgcolor="#ffffff">
    <div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
        31.2</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CERTIFICATION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I,
        Perry
        L. Elders, Executive Vice President and Chief Financial Officer, certify
        that:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.
        I have
        reviewed this Quarterly Report on Form 10-Q of Bristow Group Inc. for the
        period
        ended December 31, 2006;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.
        Based
        on my knowledge, this report does not contain any untrue statement of a material
        fact or omit to state a material fact necessary to make the statements made,
        in
        light of the circumstances under which such statements were made, not misleading
        with respect to the period covered by this report;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.
        Based
        on my knowledge, the financial statements, and other financial information
        included in this report, fairly present in all material respects the financial
        condition, results of operations and cash flows of the registrant as of,
        and
        for, the periods presented in this report;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.
        The
        registrant&#8217;s other certifying officer and I are responsible for establishing and
        maintaining disclosure controls and procedures (as defined in Exchange Act
        Rules
        13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
        defined in Exchange Act Rules 13(a)-15(f) and 15(d)-(f)) for the registrant
        and
        have:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)
        Designed such disclosure controls and procedures, or caused such disclosure
        controls and procedures to be designed under our supervision, to ensure that
        material information relating to the registrant, including its consolidated
        subsidiaries, is made known to us by others within those entities, particularly
        during the period in which this quarterly report is being prepared;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
        Designed such internal control over financial reporting, or caused such internal
        control over financial reporting to be designed under our supervision, to
        provide reasonable assurance regarding the reliability of financial reporting
        and the preparation of financial statements for external purposes in accordance
        with generally accepted accounting principles;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
        Evaluated the effectiveness of the registrant&#8217;s disclosure controls and
        procedures and presented in this report our conclusions about the effectiveness
        of the disclosure controls and procedures,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">as
        of the
        end of the period covered by this report based on such evaluation;
        and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)
        Disclosed in this report any change in the registrant&#8217;s internal control over
        financial reporting that occurred during the registrant&#8217;s most recent fiscal
        quarter that has materially affected, or is reasonably likely to materially
        affect, the registrant&#8217;s internal control over financial reporting;
        and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.
        The
        registrant&#8217;s other certifying officer and I have disclosed, based on our most
        recent evaluation of internal control over financial reporting, to the
        registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of
        directors:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)
        All
        significant deficiencies and material weaknesses in the design or operation
        of
        internal control over financial reporting which are reasonably likely to
        adversely affect the registrant&#8217;s ability to record, process, summarize and
        report financial information; and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
        Any
        fraud, whether or not material, that involves management or other employees
        who
        have a significant role in the registrant&#8217;s internal control over financial
        reporting.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 243pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
        Perry L. Elders</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 88.2pt">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Perry
        L.
        Elders</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
        Vice President and Chief Financial Officer</font></div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
        5, 2007</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>5
<FILENAME>exv32w1.htm
<DESCRIPTION>CERTIFICATION OF CEO PURSUANT TO SECTION 906
<TEXT>
<html>
  <head>
    <title>
      CERTIFICATION OF CEO PURSUANT TO SECTION 906
</title>
<!-- Licensed to: Bristow Group Inc.-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
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</head>
  <body bgcolor="#ffffff"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
      32.1</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CERTIFICATION
      UNDER SECTION 906</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>OF
      THE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SARBANES-OXLEY
      ACT OF 2002</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with the Quarterly Report on Form 10-Q of Bristow Group Inc. (the
      &#8220;Company&#8221;) for the period ended December 31, 2006, as filed with the Securities
      and Exchange Commission as of the date hereof (the &#8220;Report&#8221;), I, William E.
      Chiles, President and Chief Executive Officer of the Company, hereby certify,
      pursuant to 18 U.S.C. &#167; 1350, as adopted pursuant to &#167; 906 of the Sarbanes-Oxley
      Act of 2002, that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)
      the
      Report fully complies with the requirements of Section 13(a) or 15(d), as
      appropriate, of the Securities Exchange Act of 1934, as amended;
      and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)
      the
      information contained in the Report fairly presents, in all material respects,
      the financial condition and results of operations of the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 180pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
      William E. Chiles</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 88.2pt">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 180pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:
      William E. Chiles</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 180pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:
      President and Chief Executive Officer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
      5, 2007</font></div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>6
<FILENAME>exv32w2.htm
<DESCRIPTION>CERTIFICATION OF CFO PURSUANT TO SECTION 906
<TEXT>
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  <head>
    <title>
      CERTIFICATION OF CFO PURSUANT TO SECTION 906
</title>
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  <body bgcolor="#ffffff"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
      32.2</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CERTIFICATION
      UNDER SECTION 906</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>OF
      THE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SARBANES-OXLEY
      ACT OF 2002</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with the Quarterly Report on Form 10-Q of Bristow Group Inc. (the
      &#8220;Company&#8221;) for the period ended December 31, 2006, as filed with the Securities
      and Exchange Commission as of the date hereof (the &#8220;Report&#8221;), I, Perry L.
      Elders, Executive Vice President and Chief Financial Officer of the Company,
      hereby certify, pursuant to 18 U.S.C. &#167; 1350, as adopted pursuant to &#167; 906 of
      the Sarbanes-Oxley Act of 2002, that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)
      the
      Report fully complies with the requirements of Section 13(a) or 15(d), as
      appropriate, of the Securities Exchange Act of 1934, as amended;
      and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)
      the
      information contained in the Report fairly presents, in all material respects,
      the financial condition and results of operations of the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 180pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
      Perry L. Elders</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 88.2pt">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 180pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:
      Perry L. Elders</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 180pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:
      Executive Vice President and </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 216pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
      Financial Officer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
      5, 2007</font></div>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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