News
Release|
§
|
Bristow’s
results were the highest ever in the Company’s history for revenue,
operating income, net income and earnings per
share;
|
|
§
|
Total
revenue of $897.9 million increased by 16.8 percent over the fiscal
year
ended March 31, 2006, due to increased flight hours, improved pricing
and
the addition of new aircraft;
|
|
§
|
Operating
income of $115.3 million increased by 56.2 percent over the fiscal
year
ended March 31, 2006, primarily due to increases in revenue and gains
on
sales of aircraft, partially offset by higher maintenance and salary
expense;
|
|
§
|
Net
income of $74.2 million rose 28.3 percent versus net income for the
fiscal
year ended March 31, 2006;
|
|
§
|
Diluted
earnings per share increased 11.8 percent to $2.74 compared to the
prior
year. Diluted earnings per share for the fiscal year ended
March 31, 2007 assumes the conversion of the Company’s Mandatory
Convertible Preferred Stock, which adds approximately 3.4 million
shares
to the weighted average diluted shares outstanding for fiscal year
2007.
|
|
§
|
Bristow
achieved record quarterly revenue of $228.7 million, an increase
of 13.6
percent over the fourth quarter of fiscal year
2006. Revenue gains occurred in most of our business units,
driven by a favorable change in mix of aircraft operating, improved
pricing and the addition of new
aircraft;
|
|
§
|
Operating
income of $32.4 million increased by 71.2 percent over the fourth
quarter
of fiscal year 2006, primarily due to increases in revenue and gains
on
sales of aircraft, partially offset by higher maintenance and salary
expense;
|
|
§
|
Net
income of $27.4 million increased 54.0 percent versus net income
for the
fourth quarter of fiscal year 2006;
|
|
§
|
Diluted
earnings per share increased 21.3 percent to $0.91 compared to the
fourth
quarter of fiscal year 2006, primarily due to the higher level of
operating income. Diluted earnings per share for the fourth
quarter of fiscal year 2007 assumes the conversion of the Company’s
Mandatory Convertible Preferred Stock, which adds approximately 6.5
million shares to the weighted average diluted shares calculation
for the
fourth quarter of fiscal year 2007.
|
|
§
|
The
March 31, 2007 consolidated balance sheet reflects $871.7 million
in
stockholders’ investment and $259.1 million of indebtedness, or 22.9
percent leverage;
|
|
§
|
We
had $184.2 million in cash and an undrawn $100 million revolving
credit
facility;
|
|
§
|
We
generated $104.4 million in cash from operations and spent $304.8
million
on capital expenditures, primarily for aircraft, during the fiscal
year
ended March 31, 2007;
|
|
§
|
Aircraft
purchase commitments totaled $331.6 million, with options totaling
$739.7
million as of March 31, 2007.
|
|
·
|
Visit
Bristow Group’s investor relations Web page at
http://www.bristowgroup.com
|
|
·
|
Live:
Click on the link for “Q4 2007 Bristow Group Inc. Earnings Conference
Call”
|
|
·
|
Replay:
A replay via webcast will be available approximately one hour after
the
call’s completion
|
|
·
|
Live:
Dial toll free (800) 218-0204
|
|
·
|
Replay:
A telephone replay will be available through June 6, 2007, by dialing
toll
free (800) 405-2236, passcode:
11089243
|
|
·
|
Live:
Dial (303) 262-2130
|
|
·
|
Replay:
A telephone replay will be available through June 6, 2007 by dialing
(303)
590-3000, passcode: 11089243
|
|
BRISTOW
GROUP INC. AND SUBSIDIARIES
|
|
||||||||||||
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
||||||||||||
|
(In
thousands, except per share amounts)
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
Three
Months Ended
|
|
Twelve
Months Ended
|
|
||||||||
|
|
|
March
31,
|
|
March
31,
|
|
||||||||
|
|
|
2007
|
|
2006
|
|
2007
|
|
2006
|
|
||||
|
|
|
(Unaudited)
|
|
|
|
|
|
||||||
|
Gross
revenue:
|
|
|
|
|
|
|
|
|
|
||||
|
Operating
revenue from non-affiliates
|
|
$
|
189,316
|
|
$
|
170,591
|
|
$
|
753,744
|
|
$
|
636,887
|
|
|
Operating
revenue from affiliates
|
|
|
13,759
|
|
|
9,604
|
|
|
48,170
|
|
|
51,832
|
|
|
Reimbursable
revenue from non-affiliates
|
|
|
23,136
|
|
|
19,770
|
|
|
90,020
|
|
|
75,861
|
|
|
Reimbursable
revenue from affiliates
|
|
|
2,537
|
|
|
1,366
|
|
|
5,927
|
|
|
4,360
|
|
|
|
|
|
228,748
|
|
|
201,331
|
|
|
897,861
|
|
|
768,940
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
||||
|
Direct
cost
|
|
|
147,971
|
|
|
137,336
|
|
|
586,506
|
|
|
512,518
|
|
|
Reimbursable
expense
|
|
|
25,420
|
|
|
20,411
|
|
|
94,685
|
|
|
78,525
|
|
|
Depreciation
and amortization
|
|
|
10,563
|
|
|
10,096
|
|
|
42,643
|
|
|
42,256
|
|
|
General
and administrative
|
|
|
17,302
|
|
|
15,943
|
|
|
69,342
|
|
|
61,948
|
|
|
Gain
on disposal of assets
|
|
|
(4,911
|
)
|
|
(1,378
|
)
|
|
(10,618
|
)
|
|
(102
|
)
|
|
|
|
196,345
|
|
|
182,408
|
|
|
782,558
|
|
|
695,145
|
|
|
|
Operating
income
|
|
|
32,403
|
|
|
18,923
|
|
|
115,303
|
|
|
73,795
|
|
|
Earnings
from unconsolidated affiliates, net of losses
|
|
|
6,030
|
|
|
4,988
|
|
|
11,423
|
|
|
6,758
|
|
|
Interest
income
|
|
|
2,750
|
|
|
1,280
|
|
|
8,950
|
|
|
4,159
|
|
|
Interest
expense
|
|
|
(2,294
|
)
|
|
(3,401
|
)
|
|
(10,940
|
)
|
|
(14,689
|
)
|
|
Other
income (expense), net
|
|
|
2,320
|
|
304
|
|
|
(8,998
|
)
|
|
4,612
|
|
|
|
Income
before provision for income taxes and minority interest
|
|
|
41,209
|
|
|
22,094
|
|
|
115,738
|
|
|
74,635
|
|
|
Provision
for income taxes
|
|
|
(13,642
|
)
|
|
(4,154
|
)
|
|
(40,366
|
)
|
|
(16,607
|
)
|
|
Minority
interest
|
|
|
(150
|
)
|
|
(135
|
)
|
|
(1,200
|
)
|
|
(219
|
)
|
|
Net
income
|
|
|
27,417
|
|
|
17,805
|
|
|
74,172
|
|
|
57,809
|
|
|
Preferred
stock dividends
|
|
|
(3,162
|
)
|
|
—
|
|
|
(6,633
|
)
|
|
—
|
|
|
Net
income available to common stockholders
|
|
$
|
24,255
|
|
$
|
17,805
|
|
$
|
67,539
|
|
$
|
57,809
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Earnings
per common share:
|
|
|
|
|
|
|
|
|
|
||||
|
Basic
|
|
$
|
1.03
|
|
$
|
0.76
|
|
$
|
2.87
|
|
$
|
2.48
|
|
|
Diluted
|
|
$
|
0.91
|
|
$
|
0.75
|
|
$
|
2.74
|
|
$
|
2.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Weighted
average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|||
|
Basic
|
|
|
23,560
|
|
|
23,361
|
|
|
23,496
|
|
|
23,341
|
|
|
Diluted
|
|
|
30,179
|
|
|
23,594
|
|
|
27,055
|
|
|
23,604
|
|
|
BRISTOW
GROUP INC. AND SUBSIDIARIES
|
|
||||||
|
CONSOLIDATED
BALANCE SHEETS
|
|
||||||
|
(In
thousands)
|
|
||||||
|
|
|
March
31,
|
|
March
31,
|
|
||
|
|
|
2007
|
|
2006
|
|
||
|
ASSETS
|
|
|
|
|
|||
|
Current
assets:
|
|
|
|
|
|
||
|
Cash
and cash equivalents
|
|
$
|
184,188
|
|
$
|
122,482
|
|
|
Accounts
receivable from non-affiliates, net of allowance for doubtful accounts
of
$2.0 million and $4.6 million, respectively
|
|
|
158,770
|
|
|
144,521
|
|
|
Accounts
receivable from affiliates, net of allowance for doubtful accounts
of $3.2
million and $4.6 million, respectively
|
|
|
17,199
|
|
|
15,884
|
|
|
Inventories
|
|
|
157,870
|
|
|
147,860
|
|
|
Prepaid
expenses and other
|
|
|
17,947
|
|
|
16,519
|
|
|
Total
current assets
|
|
|
535,974
|
|
|
447,266
|
|
|
Investments
in unconsolidated affiliates
|
|
|
46,828
|
|
|
39,912
|
|
|
Property
and equipment — at cost:
|
|
|
|
|
|
|
|
|
Land
and buildings
|
|
|
51,850
|
|
|
40,672
|
|
|
Aircraft
and equipment
|
|
|
1,141,578
|
|
|
838,314
|
|
|
|
|
|
1,193,428
|
|
|
878,986
|
|
|
Less:
accumulated depreciation and amortization
|
|
|
(301,520
|
)
|
|
(263,072
|
)
|
|
|
|
|
891,908
|
|
|
615,914
|
|
|
Goodwill
|
|
|
20,368
|
|
|
26,837
|
|
|
Prepaid
pension costs
|
|
|
—
|
|
|
37,207
|
|
|
Other
assets
|
|
|
10,725
|
|
|
9,277
|
|
|
|
|
$
|
1,505,803
|
|
$
|
1,176,413
|
|
|
LIABILITIES
AND STOCKHOLDERS' INVESTMENT
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
||
|
Accounts
payable
|
|
$
|
42,343
|
|
$
|
41,227
|
|
|
Accrued
wages, benefits and related taxes
|
|
|
38,281
|
|
|
45,958
|
|
|
Income
taxes payable
|
|
|
4,377
|
|
|
6,537
|
|
|
Other
accrued taxes
|
|
|
9,084
|
|
|
6,471
|
|
|
Deferred
revenues
|
|
|
16,283
|
|
|
9,994
|
|
|
Accrued
maintenance and repairs
|
12,309
|
10,865
|
|||||
|
Other
accrued liabilities
|
|
|
22,828
|
|
|
20,218
|
|
|
Deferred
taxes
|
|
|
17,611
|
|
|
5,025
|
|
|
Short-term
borrowings and current maturities of long-term debt
|
|
|
4,852
|
|
|
17,634
|
|
|
Total
current liabilities
|
|
|
167,968
|
|
|
163,929
|
|
|
Long-term
debt, less current maturities
|
|
|
254,230
|
|
|
247,662
|
|
|
Accrued
pension liabilities
|
|
|
113,069
|
|
|
136,521
|
|
|
Other
liabilities and deferred credits
|
|
|
17,345
|
|
|
18,016
|
|
|
Deferred
taxes
|
|
|
76,089
|
|
|
68,281
|
|
|
Minority
interest
|
|
|
5,445
|
|
|
4,307
|
|
|
Commitments
and contingencies
|
|
|
|
|
|
|
|
|
Stockholders'
investment:
|
|
|
|
|
|
|
|
|
5.50%
mandatory convertible preferred stock, $.01 par value, authorized
and
outstanding 4,600,000 shares; entitled on liquidation to $230 million;
net
of offering costs of $7.4 million
|
|
|
222,554
|
|
|
—
|
|
|
Common
Stock, $0.01 par value, authorized 35,000,000 shares; outstanding:
23,585,370 shares as of March 31, 2007 and 23,385,473 shares as of
March
31, 2006 (exclusive of 1,281,050 treasury shares)
|
|
|
236
|
|
|
234
|
|
|
Additional
paid-in capital
|
|
|
169,353
|
|
|
158,762
|
|
|
Retained
earnings
|
|
|
515,589
|
|
|
447,524
|
|
|
Accumulated
other comprehensive loss
|
|
|
(36,075
|
)
|
|
(68,823
|
)
|
|
|
|
|
871,657
|
|
|
537,697
|
|
|
|
|
$
|
1,505,803
|
|
$
|
1,176,413
|
|
|
Three
Months Ended March 31,
|
||||||||||||||||||
|
2007
|
2006
|
|||||||||||||||||
|
Pre-tax
Earnings
|
Net
Income
|
Diluted
Earnings
Per
Share
|
Pre-tax
Earnings
|
Net
Income
|
Diluted
Earnings
Per
Share
|
|||||||||||||
|
Investigations:
|
||||||||||||||||||
|
SEC
(1)
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
(284
|
)
|
$
|
(185
|
)
|
$
|
(0.01
|
)
|
|||
|
DOJ
(2)
|
(380
|
)
|
(247
|
)
|
(0.01
|
)
|
(1,188
|
)
|
(772
|
)
|
(0.03
|
)
|
||||||
|
Brazilian
joint venture (3)
|
2,450
|
1,593
|
0.05
|
—
|
—
|
—
|
||||||||||||
|
Resolution
of tax contingencies (4)
|
—
|
1,113
|
0.04
|
—
|
2,800
|
0.12
|
||||||||||||
|
Preferred
Stock
(5)
|
1,683
|
1,094
|
(0.21
|
)
|
—
|
—
|
—
|
|||||||||||
|
Total
|
$
|
3,753
|
$
|
3,553
|
$
|
(0.13
|
)
|
$
|
(1,472
|
)
|
$
|
1,843
|
$
|
0.08
|
||||
|
Twelve
Months Ended March 31,
|
||||||||||||||||||
|
2007
|
2006
|
|||||||||||||||||
|
Pre-tax
Earnings
|
Net
Income
|
Diluted
Earnings
Per
Share
|
Pre-tax
Earnings
|
Net
Income
|
Diluted
Earnings
Per
Share
|
|||||||||||||
|
Investigations:
|
||||||||||||||||||
|
SEC
(1)
|
$
|
(3,109
|
)
|
$
|
(2,021
|
)
|
$
|
(0.07
|
)
|
$
|
(10,492
|
)
|
$
|
(6,820
|
)
|
$
|
(0.29
|
)
|
|
DOJ
(2)
|
(1,923
|
)
|
(1,250
|
)
|
(0.05
|
)
|
(2,583
|
)
|
(1,679
|
)
|
(0.07
|
)
|
||||||
|
Acquisitions
and divestitures:
|
||||||||||||||||||
|
Brazilian
joint venture (3)
|
2,450
|
1,593
|
0.06
|
(1,040
|
)
|
(676
|
)
|
(0.03
|
)
|
|||||||||
|
Expense
of previously deferred acquisition costs (6)
|
(1,889
|
)
|
(1,228
|
)
|
(0.05
|
)
|
—
|
—
|
—
|
|||||||||
|
Turbo
asset sale (7)
|
120
|
(2,424
|
)
|
(0.09
|
)
|
—
|
—
|
—
|
||||||||||
|
Resolution
of tax contingencies (4)
|
—
|
3,413
|
0.13
|
—
|
11,400
|
0.48
|
||||||||||||
|
Foreign
currency transaction gains (losses) (8)
|
(9,763
|
)
|
(6,346
|
)
|
(0.23
|
)
|
5,404
|
3,513
|
0.15
|
|||||||||
|
Preferred
Stock
(5)
|
4,288
|
2,787
|
(0.30
|
)
|
—
|
—
|
—
|
|||||||||||
|
Total
|
$
|
(9,826
|
)
|
$
|
(5,476
|
)
|
$
|
(0.60
|
)
|
$
|
(8,711
|
)
|
$
|
5,738
|
$
|
0.24
|
||
|
(1)
|
Represents
costs incurred in conjunction with the SEC investigation regarding
findings resulting from the internal review initiated by the Audit
Committee of our board of directors in fiscal year 2005 of
certain payments made by two of our affiliated entities in a foreign
country. The costs incurred for the twelve months ended March
31, 2007, consist primarily of $3.0 million (pre-tax) recorded for
costs
and fees we currently expect to incur in connection with the resolution
of
the SEC investigation, a substantial portion of which relates to
legal
fees. There can be no assurance that these amounts currently
recorded will be sufficient to resolve such matters or that such
matters
can ultimately be resolved until final action by the SEC. These
costs are included in general & administrative costs in our
consolidated statements of income.
|
|
(2)
|
Represents
legal and other professional fees incurred in connection with a document
subpoena received from the Antitrust Division of the DOJ in June
2005,
which related to a grand jury investigation of potential antitrust
violations among providers of helicopter transportation services
in the
U.S. Gulf of Mexico focusing on activities during the period from
January
1, 2000 to June 13, 2005. These costs are included in general
& administrative costs in our consolidated statements of
income.
|
|
(3)
|
Represents
a gain on the sale of our investment in a Brazilian joint venture
in March
2007. We had previously recorded an impairment charge during
the three months ended December 31, 2005 to reduce the recorded value
of
our 50 percent investment in this joint venture, as we expected at
that
time that our investment would not be recoverable. These
amounts are included in other income (expense), net in our consolidated
statements of income.
|
|
(4)
|
Represents
the resolution of tax contingencies resulting from our evaluation
of the
need for certain tax reserves in light of the expiration of the related
statutes of limitations in the applicable periods. These
amounts represent a direct reduction in our provision for income
taxes in
our consolidated statements of
income.
|
|
(5)
|
Represents
the effect of the preferred stock offering completed in September
and
October 2006. The net income effect results from interest
income earned on cash proceeds generated from the
offering. Diluted earnings per share for the three and twelve
months ended March 31, 2007 was reduced by the effect of the inclusion
of
weighted average shares resulting from the assumed conversion of
the
preferred stock at the conversion rate that results in the most dilution,
partially offset by the impact of higher interest
income.
|
|
(6)
|
Represents
expense recorded in December 2006 for acquisition costs previously
deferred in connection with an acquisition we were evaluating as
we
determined that the acquisition is no longer probable. This
expense is included within other income (expense), net in our consolidated
statements of income.
|
|
(7)
|
On
November 30, 2006, we completed a sale of the assets of our aircraft
engine overhaul business, Turbo, to Timken Alcor Aerospace Technologies,
Inc. for approximately $14.6 million, including estimated post-closing
adjustments. The sale was effective November 30, 2006 and
resulted in a pre-tax gain of $0.1 million, which is included in
gain on
disposition of assets in our consolidated statements of
income. However, the transaction resulted in additional tax
expense of $2.5 million related to non-deductible goodwill recorded
at the
time we acquired Turbo in 2001.
|
|
(8)
|
Represents
foreign currency transaction gains and losses resulting from changes
in
exchange rates during the applicable periods, primarily related to
the
British pound sterling. These gains and losses arose primarily
from U.S. dollar-denominated transactions entered into by Bristow
Aviation
Holdings, Ltd., one of our consolidated subsidiaries (whose functional
currency is the British pound sterling). The effects of these
foreign currency transaction gains and losses were offset to a large
extent by corresponding charges or benefits in the cumulative translation
adjustment in stockholders’ investment with no overall economic
effect. These amounts are included in other income (expense),
net in our consolidated statements of
income.
|
|
BRISTOW
GROUP INC. AND SUBSIDIARIES
|
|
|
SELECTED
OPERATING DATA
|
|
|
(In
thousands, except flight hours and percentages)
|
|
|
Beginning
with our reporting for the three and twelve months ended March 31,
2007,
we have made changes to the manner in which intercompany lease charges
and
depreciation are presented within our segments. Intercompany
lease revenues and expenses have been eliminated from our segment
reporting, and depreciation expense of aircraft is presented in the
segment that operates the aircraft. Intercompany lease revenue
was previously included in gross revenue for the segment leasing
the
aircraft to other segments with the related lease and operating expenses
being included in the segment operating the aircraft during the
period. Also, depreciation expense associated with aircraft was
previously included within operating expense of the segment leasing
the
aircraft to other segments versus the segment operating the
aircraft. Amounts presented for prior periods presented herein
have been reclassified to conform to current period
presentation. In addition to selected operating data for the
three and twelve months ended March 31, 2007 and the same periods
in the
prior year, we have presented in the tables below selected operating
data
for the last eight quarters based on the new segment
presentation.
|
|
|
|
|
Three
Months Ended
|
|
Twelve
Months Ended
|
|
||||||||
|
|
|
March
31,
|
|
March
31,
|
|
||||||||
|
|
|
2007
|
|
2006
|
|
2007
|
|
2006
|
|
||||
|
(Unaudited)
|
|||||||||||||
|
Flight
hours (excludes unconsolidated affiliates) (Unaudited):
|
|
|
|
|
|
|
|
|
|
||||
|
Helicopter
Services:
|
|
|
|
|
|
|
|
|
|
||||
|
North
America
|
|
|
34,304
|
|
|
34,694
|
|
|
152,803
|
|
|
150,240
|
|
|
South
and Central America
|
|
|
9,528
|
|
|
9,271
|
|
|
38,417
|
|
|
38,469
|
|
|
Europe
|
|
|
10,605
|
|
|
9,325
|
|
|
42,377
|
|
|
38,648
|
|
|
West
Africa
|
|
|
8,329
|
|
|
8,349
|
|
|
36,124
|
|
|
34,185
|
|
|
Southeast
Asia
|
|
|
3,340
|
|
|
3,275
|
|
|
12,668
|
|
|
12,119
|
|
|
Other
International
|
|
|
2,199
|
|
|
1,691
|
|
|
9,318
|
|
|
6,711
|
|
|
Consolidated
total
|
|
|
68,305
|
|
|
66,605
|
|
|
291,707
|
|
|
280,372
|
|
|
Gross
revenue:
|
|
|
|
|
|
|
|
|
|
||||
|
Helicopter
Services:
|
|
|
|
|
|
|
|
|
|
||||
|
North
America
|
|
$
|
56,311
|
|
$
|
54,766
|
|
$
|
239,978
|
|
$
|
216,482
|
|
|
South
and Central America
|
|
|
13,498
|
|
|
12,407
|
|
|
52,820
|
|
|
42,869
|
|
|
Europe
|
|
|
79,368
|
|
|
61,628
|
|
|
297,934
|
|
|
245,294
|
|
|
West
Africa
|
|
|
33,133
|
|
|
27,535
|
|
|
131,141
|
|
|
107,411
|
|
|
Southeast
Asia
|
|
|
20,557
|
|
|
16,883
|
|
|
73,404
|
|
|
61,168
|
|
|
Other
International
|
|
|
13,404
|
|
|
10,583
|
|
|
46,005
|
|
|
35,339
|
|
|
EH
Centralized Operations
|
|
|
3,468
|
|
|
4,052
|
|
|
13,896
|
|
|
10,749
|
|
|
Intrasegment
eliminations
|
|
|
(3,563
|
)
|
|
(2,640
|
)
|
|
(12,058
|
)
|
|
(10,104
|
)
|
|
Total
Helicopter Services
|
|
|
216,176
|
|
|
185,214
|
|
|
843,120
|
|
|
709,208
|
|
|
Production
Management Services
|
|
|
14,216
|
|
|
18,006
|
|
|
64,814
|
|
|
68,170
|
|
|
Corporate
|
|
|
500
|
|
|
653
|
|
|
475
|
|
693
|
|
|
|
Intersegment
eliminations
|
|
|
(2,144
|
)
|
|
(2,542
|
)
|
|
(10,548
|
)
|
|
(9,131
|
)
|
|
Consolidated
total
|
|
$
|
228,748
|
|
$
|
201,331
|
|
$
|
897,861
|
|
$
|
768,940
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating
income:
|
|
|
|
|
|
|
|
|
|
||||
|
Helicopter
Services:
|
|
|
|
|
|
|
|
|
|
||||
|
North
America
|
|
$
|
6,963
|
|
$
|
2,736
|
|
$
|
29,210
|
|
$
|
30,717
|
|
|
South
and Central America
|
|
|
4,484
|
|
|
3,526
|
|
|
15,825
|
|
|
6,662
|
|
|
Europe
|
|
|
15,642
|
|
|
14,689
|
|
|
52,819
|
|
|
48,692
|
|
|
West
Africa
|
|
|
5,779
|
|
|
1,462
|
|
|
18,798
|
|
|
11,981
|
|
|
Southeast
Asia
|
|
|
4,695
|
|
|
3,401
|
|
|
13,370
|
|
|
9,851
|
|
|
Other
International
|
|
|
2,380
|
|
|
3,669
|
|
|
9,309
|
|
|
9,062
|
|
|
EH
Centralized Operations
|
|
|
(6,964
|
)
|
|
(8,922
|
)
|
|
(13,580
|
)
|
|
(25,012
|
)
|
|
Total
Helicopter Services
|
|
|
32,979
|
|
|
20,561
|
|
|
125,751
|
|
|
91,953
|
|
|
Production
Management Services
|
|
|
626
|
|
|
1,651
|
|
|
4,172
|
|
|
5,327
|
|
|
Gain
on disposal of assets
|
|
|
4,911
|
|
|
1,378
|
|
10,618
|
|
|
102
|
||
|
Corporate
|
|
|
(6,113
|
)
|
|
(4,667
|
)
|
|
(25,238
|
)
|
|
(23,587
|
)
|
|
Consolidated
total
|
|
$
|
32,403
|
|
$
|
18,923
|
|
$
|
115,303
|
|
$
|
73,795
|
|
|
Operating
margin (Unaudited):
|
|
|
|
|
|
|
|
|
|
||||
|
Helicopter
Services:
|
|
|
|
|
|
|
|
|
|
||||
|
North
America
|
|
|
12.4
|
%
|
|
5.0
|
%
|
|
12.2
|
%
|
|
14.2
|
%
|
|
South
and Central America
|
|
|
33.2
|
%
|
|
28.4
|
%
|
|
30.0
|
%
|
|
15.5
|
%
|
|
Europe
|
|
|
19.7
|
%
|
|
23.8
|
%
|
|
17.7
|
%
|
|
19.9
|
%
|
|
West
Africa
|
|
|
17.4
|
%
|
|
5.3
|
%
|
|
14.3
|
%
|
|
11.2
|
%
|
|
Southeast
Asia
|
|
|
22.8
|
%
|
|
20.1
|
%
|
|
18.2
|
%
|
|
16.1
|
%
|
|
Other
International
|
|
|
17.8
|
%
|
|
34.7
|
%
|
|
20.2
|
%
|
|
25.6
|
%
|
|
Total
Helicopter Services
|
|
|
15.3
|
%
|
|
11.1
|
%
|
|
14.9
|
%
|
|
13.0
|
%
|
|
Production
Management Services
|
|
|
4.4
|
%
|
|
9.2
|
%
|
|
6.4
|
%
|
|
7.8
|
%
|
|
Consolidated
total
|
|
|
14.2
|
%
|
|
9.4
|
%
|
|
12.8
|
%
|
|
9.6
|
%
|
|
Prior
Segment
Classification
|
New
Segment Classification
|
||||||||||||||
|
Three
Months Ended
|
|||||||||||||||
|
March
31,
2007
|
March
31,
2007
|
December
31, 2006
|
September
30, 2006
|
June
30, 2006
|
|||||||||||
|
(Unaudited)
|
|||||||||||||||
|
Flight
hours (excludes unconsolidated affiliates):
|
|||||||||||||||
|
Helicopter
Services:
|
|||||||||||||||
|
North
America
|
|
34,304
|
|
34,304
|
|
|
34,742
|
|
41,148
|
42,609
|
|
||||
|
South
and Central America
|
|
9,528
|
|
9,528
|
|
|
9,973
|
|
9,631
|
9,285
|
|
||||
|
Europe
|
|
10,605
|
|
10,605
|
|
|
10,917
|
|
10,685
|
10,170
|
|
||||
|
West
Africa
|
|
8,329
|
|
8,329
|
|
|
9,733
|
|
9,179
|
8,883
|
|
||||
|
Southeast
Asia
|
|
3,340
|
|
3,340
|
|
|
3,059
|
|
3,063
|
3,206
|
|
||||
|
Other
International
|
|
2,199
|
|
2,199
|
|
|
2,641
|
|
2,426
|
2,052
|
|
||||
|
Consolidated
total
|
|
68,305
|
|
68,305
|
|
|
71,065
|
|
|
76,132
|
76,205
|
|
|||
|
Gross
revenue:
|
|||||||||||||||
|
Helicopter
Services:
|
|||||||||||||||
|
North
America
|
$
|
61,452
|
$
|
56,311
|
|
$
|
57,795
|
|
$
|
62,504
|
$
|
63,368
|
|
||
|
South
and Central America
|
|
13,814
|
|
13,498
|
|
|
13,173
|
|
13,137
|
13,012
|
|
||||
|
Europe
|
|
78,779
|
|
79,368
|
|
|
73,879
|
|
72,706
|
71,981
|
|
||||
|
West
Africa
|
|
33,133
|
|
33,133
|
|
|
35,062
|
|
31,210
|
31,736
|
|
||||
|
Southeast
Asia
|
|
20,557
|
|
20,557
|
|
|
18,181
|
|
17,626
|
17,040
|
|
||||
|
Other
International
|
|
13,404
|
|
13,404
|
|
|
11,462
|
|
12,184
|
8,955
|
|
||||
|
EH
Centralized Operations
|
|
17,001
|
|
3,468
|
|
|
3,816
|
|
3,538
|
3,074
|
|
||||
|
Intrasegment
eliminations
|
(21,964
|
)
|
(3,563
|
)
|
(2,359
|
)
|
(3,276
|
)
|
(2,860
|
)
|
|||||
|
Total
Helicopter Services
|
216,176
|
216,176
|
211,009
|
209,629
|
206,306
|
||||||||||
|
Production
Management Services
|
14,216
|
14,216
|
15,130
|
17,784
|
17,684
|
||||||||||
|
Corporate
|
500
|
500
|
—
|
—
|
(25
|
)
|
|||||||||
|
Intersegment
eliminations
|
(2,144
|
)
|
(2,144
|
)
|
(2,297
|
)
|
(3,204
|
)
|
(2,903
|
)
|
|||||
|
Consolidated
total
|
$
|
228,748
|
$
|
228,748
|
$
|
223,842
|
$
|
224,209
|
$
|
221,062
|
|||||
|
|
|||||||||||||||
|
Operating
income:
|
|||||||||||||||
|
Helicopter
Services:
|
|||||||||||||||
|
North
America
|
$
|
10,290
|
$
|
6,963
|
$
|
5,907
|
$
|
7,107
|
$
|
9,233
|
|||||
|
South
and Central America
|
3,437
|
4,484
|
3,747
|
3,624
|
3,970
|
||||||||||
|
Europe
|
8,642
|
15,642
|
9,554
|
13,527
|
14,096
|
||||||||||
|
West
Africa
|
3,107
|
5,779
|
5,838
|
2,848
|
4,333
|
||||||||||
|
Southeast
Asia
|
2,868
|
4,695
|
3,030
|
3,210
|
2,435
|
||||||||||
|
Other
International
|
1,651
|
2,380
|
1,642
|
3,771
|
1,516
|
||||||||||
|
EH
Centralized Operations
|
2,984
|
(6,964
|
)
|
(2,265
|
)
|
(2,584
|
)
|
(1,767
|
)
|
||||||
|
Total
Helicopter Services
|
32,979
|
32,979
|
27,453
|
31,503
|
33,816
|
||||||||||
|
Production
Management Services
|
626
|
626
|
739
|
1,394
|
1,413
|
||||||||||
|
Gain
on disposal of assets
|
4,911
|
4,911
|
1,042
|
3,667
|
998
|
||||||||||
|
Corporate
|
(6,113
|
)
|
(6,113
|
)
|
(8,255
|
)
|
(5,703
|
)
|
(5,167
|
)
|
|||||
|
Consolidated
total
|
$
|
32,403
|
$
|
32,403
|
$
|
20,979
|
$
|
30,861
|
$
|
31,060
|
|||||
|
|
|||||||||||||||
|
Operating
margin:
|
|||||||||||||||
|
Helicopter
Services:
|
|||||||||||||||
|
North
America
|
16.7
|
%
|
12.4
|
%
|
10.2
|
%
|
11.4
|
%
|
14.6
|
%
|
|||||
|
South
and Central America
|
24.9
|
%
|
33.2
|
%
|
28.4
|
%
|
27.6
|
%
|
30.5
|
%
|
|||||
|
Europe
|
11.0
|
%
|
19.7
|
%
|
12.9
|
%
|
18.6
|
%
|
19.6
|
%
|
|||||
|
West
Africa
|
9.4
|
%
|
17.4
|
%
|
16.7
|
%
|
9.1
|
%
|
13.7
|
%
|
|||||
|
Southeast
Asia
|
14.0
|
%
|
22.8
|
%
|
16.7
|
%
|
18.2
|
%
|
14.3
|
%
|
|||||
|
Other
International
|
12.3
|
%
|
17.8
|
%
|
14.3
|
%
|
31.0
|
%
|
16.9
|
%
|
|||||
|
Total
Helicopter Services
|
15.3
|
%
|
15.3
|
%
|
13.0
|
%
|
15.0
|
%
|
16.4
|
%
|
|||||
|
Production
Management Services
|
4.4
|
%
|
4.4
|
%
|
4.9
|
%
|
7.8
|
%
|
8.0
|
%
|
|||||
|
Consolidated
total
|
14.2
|
%
|
14.2
|
%
|
9.4
|
%
|
13.8
|
%
|
14.1
|
%
|
|||||
|
New
Segment Classification
|
|||||||||||||
|
Three
Months Ended
|
|||||||||||||
|
March
31,
2006
|
December
31, 2005
|
September
30, 2005
|
June
30, 2005
|
||||||||||
|
(Unaudited)
|
|||||||||||||
|
Flight
hours (excludes unconsolidated affiliates):
|
|||||||||||||
|
Helicopter
Services:
|
|||||||||||||
|
North
America
|
|
|
34,694
|
|
|
38,151
|
|
39,663
|
37,732
|
|
|||
|
South
and Central America
|
|
|
9,271
|
|
|
9,569
|
|
10,113
|
9,516
|
|
|||
|
Europe
|
|
|
9,325
|
|
|
9,329
|
|
10,263
|
9,731
|
|
|||
|
West
Africa
|
|
|
8,349
|
|
|
8,867
|
|
8,625
|
8,344
|
|
|||
|
Southeast
Asia
|
|
|
3,275
|
|
|
3,117
|
|
3,005
|
2,722
|
|
|||
|
Other
International
|
|
|
1,691
|
|
|
1,728
|
|
1,689
|
1,603
|
|
|||
|
Consolidated
total
|
|
|
66,605
|
|
|
70,761
|
|
|
73,358
|
69,648
|
|
||
|
Gross
revenue:
|
|||||||||||||
|
Helicopter
Services:
|
|||||||||||||
|
North
America
|
|
$
|
54,766
|
|
$
|
53,984
|
|
$
|
58,246
|
$
|
49,486
|
|
|
|
South
and Central America
|
|
|
12,407
|
|
|
10,978
|
|
9,897
|
9,587
|
|
|||
|
Europe
|
|
|
61,628
|
|
|
60,586
|
|
63,312
|
59,768
|
|
|||
|
West
Africa
|
|
|
27,535
|
|
|
27,427
|
|
26,539
|
25,910
|
|
|||
|
Southeast
Asia
|
|
|
16,883
|
|
|
15,789
|
|
14,688
|
13,808
|
|
|||
|
Other
International
|
|
|
10,583
|
|
|
9,087
|
|
8,081
|
7,588
|
|
|||
|
EH
Centralized Operations
|
|
|
4,052
|
|
|
3,103
|
|
1,656
|
1,938
|
|
|||
|
Intrasegment
eliminations
|
(2,640
|
)
|
(2,356
|
)
|
(2,976
|
)
|
(2,132
|
)
|
|||||
|
Total
Helicopter Services
|
185,214
|
178,598
|
179,443
|
165,953
|
|||||||||
|
Production
Management Services
|
18,006
|
16,253
|
16,942
|
16,969
|
|||||||||
|
Corporate
|
653
|
8
|
16
|
16
|
|||||||||
|
Intersegment
eliminations
|
(2,542
|
)
|
(2,592
|
)
|
(1,996
|
)
|
(2,001
|
)
|
|||||
|
Consolidated
total
|
$
|
201,331
|
$
|
192,267
|
$
|
194,405
|
$
|
180,937
|
|||||
|
|
|||||||||||||
|
Operating
income:
|
|||||||||||||
|
Helicopter
Services:
|
|||||||||||||
|
North
America
|
$
|
2,736
|
$
|
7,162
|
$
|
12,814
|
$
|
8,005
|
|||||
|
South
and Central America
|
3,526
|
1,803
|
560
|
773
|
|||||||||
|
Europe
|
14,689
|
8,351
|
14,460
|
11,192
|
|||||||||
|
West
Africa
|
1,462
|
3,364
|
3,589
|
3,566
|
|||||||||
|
Southeast
Asia
|
3,401
|
3,071
|
1,584
|
1,795
|
|||||||||
|
Other
International
|
3,669
|
2,682
|
1,273
|
1,438
|
|||||||||
|
EH
Centralized Operations
|
(8,922
|
)
|
(3,628
|
)
|
(5,527
|
)
|
(6,935
|
)
|
|||||
|
Total
Helicopter Services
|
20,561
|
22,805
|
28,753
|
19,834
|
|||||||||
|
Production
Management Services
|
1,651
|
1,117
|
1,239
|
1,320
|
|||||||||
|
Gain
on disposal of assets
|
1,378
|
(373
|
)
|
(1,495
|
)
|
592
|
|||||||
|
Corporate
|
(4,667
|
)
|
(5,817
|
)
|
(6,402
|
)
|
(6,701
|
)
|
|||||
|
Consolidated
total
|
$
|
18,923
|
$
|
17,732
|
$
|
22,095
|
$
|
15,045
|
|||||
|
|
|||||||||||||
|
Operating
margin:
|
|||||||||||||
|
Helicopter
Services:
|
|||||||||||||
|
North
America
|
5.0
|
%
|
13.3
|
%
|
22.0
|
%
|
16.2
|
%
|
|||||
|
South
and Central America
|
28.4
|
%
|
16.4
|
%
|
5.7
|
%
|
8.1
|
%
|
|||||
|
Europe
|
23.8
|
%
|
13.8
|
%
|
22.8
|
%
|
18.7
|
%
|
|||||
|
West
Africa
|
5.3
|
%
|
12.3
|
%
|
13.5
|
%
|
13.8
|
%
|
|||||
|
Southeast
Asia
|
20.1
|
%
|
19.5
|
%
|
10.8
|
%
|
13.0
|
%
|
|||||
|
Other
International
|
34.7
|
%
|
29.5
|
%
|
15.8
|
%
|
19.0
|
%
|
|||||
|
Total
Helicopter Services
|
11.1
|
%
|
12.8
|
%
|
16.0
|
%
|
12.0
|
%
|
|||||
|
Production
Management Services
|
9.2
|
%
|
6.9
|
%
|
7.3
|
%
|
7.8
|
%
|
|||||
|
Consolidated
total
|
9.4
|
%
|
9.2
|
%
|
11.4
|
%
|
8.3
|
%
|