Bristow Group Reports Financial Results For Its 2014 Fiscal First Quarter Ended June 30, 2013

  Bristow Group Reports Financial Results For Its 2014 Fiscal First Quarter
                             Ended June 30, 2013

-- FIRST QUARTER GAAP NET INCOME OF $26.9 MILLION ($0.74 PER DILUTED SHARE)

-- FIRST QUARTER ADJUSTED NET INCOME OF $36.5 MILLION ($1.00 PER DILUTED
SHARE), WHICH EXCLUDES THE IMPACT OF SPECIAL ITEMS AND ASSET DISPOSITIONS

-- NEW DIVIDEND POLICY APPROVED BY BOARD WITH A GOAL OF AN ANNUALIZED
QUARTERLY DIVIDEND PAYOUT RATIO OF 20-30% OF FORWARD ADJUSTED EARNINGS PER
SHARE

-- COMPANY REAFFIRMS GUIDANCE RANGE FOR FULL FISCAL YEAR 2014 ADJUSTED EPS OF
$4.20 - $4.50

PR Newswire

HOUSTON, Aug. 5, 2013

HOUSTON, Aug. 5, 2013 /PRNewswire/ -- Bristow Group Inc. (NYSE: BRS) today
reported net income for the June 2013 quarter of $26.9 million, or $0.74 per
diluted share, compared to net income of $23.7 million, or $0.65 per diluted
share, in the same period a year ago. Adjusted net income, which excludes
special items and asset disposition effects, increased 23% to $36.5 million,
or $1.00 per diluted share, for the June 2013 quarter, compared to $29.6
million or $0.81 per diluted share, in the June 2012 quarter.

Adjusted earnings before interest, taxes, depreciation, amortization and rent
("adjusted EBITDAR"), which excludes special items and asset disposition
effects, was $102.5 million for the June 2013 quarter compared to $84.3
million in the same period a year ago, an increase of 22%. Net cash provided
by operating activities totaled $36.4 million for the June 2013 quarter
compared to $55.4 million in the June 2012 quarter.

The improvement in adjusted EBITDAR, adjusted net income and adjusted diluted
earnings per share compared to the June 2012 quarter was primarily driven by:

  oImproved pricing and increased activity with new and existing clients in
    our Europe and West Africa Business Units;
  oAircraft operating in Canada for our Canadian affiliate, Cougar
    Helicopters Inc. ("Cougar"), beginning in October 2012; and
  oAn improvement in earnings for our Other International Business Unit,
    driven by increased earnings from unconsolidated affiliates, primarily
    from Lider in Brazil.

"This was a record first quarter for Bristow, with excellent top-line growth
leading to revenue and adjusted earnings per share at levels never before seen
in this period. The results coming out of our core businesses in Europe and
West Africa are now being matched by excellent performance from our
investments in Brazil and Atlantic Canada," said William E. Chiles, President
and Chief Executive Officer of Bristow Group.

"This financial performance is even more notable given the operational
challenges and maintenance expenses associated with the Eurocopter EC225s
suspension of operations which impacted our adjusted EBITDAR margins in the
quarter. We look forward to the commercial, operational, and financial
benefits of the EC225 return to service and the contribution from the Gap SAR
and INPEX contracts during the rest of our fiscal year and new contract wins
in East Africa for the future."

FIRST QUARTER FY2014 RESULTS

  oOperating revenue increased 12% to $359.5 million compared to $320.7
    million in the same period a year ago.
  oOperating income increased 40% to $56.1 million compared to $40.0 million
    in the June 2012 quarter.
  oNet income increased by 14% to $26.9 million, or $0.74 per diluted share,
    compared to $23.7 million, or $0.65 per diluted share, in the June 2012
    quarter. Adjusted net income, which excludes special items and asset
    disposition effects, increased 23% to $36.5 million, or $1.00 per diluted
    share, compared to $29.6 million, or $0.81 per diluted share, in the June
    2012 quarter.
  oAdjusted EBITDAR, which excludes special items and asset disposition
    effects, increased 22% to $102.5 million compared to $84.3 million in the
    same period a year ago.
  oCash as of June 30, 2013 totaled $160.0 million compared to $215.6 million
    as of March 31, 2013. Our total liquidity, including cash on hand and
    availability on our revolving credit facility, was $407.4 million as of
    June 30, 2013 compared to $415.0 million as of March 31, 2013.

The 12% increase in operating revenue primarily resulted from:

  oThe addition of new contracts with improved pricing and improvements in
    flight activity in our Europe and West Africa Business Units, and
  oThe addition of eight aircraft operating in Canada that contributed $16.1
    million ($8.2 million in North America and $7.9 million in Corporate and
    other).

Our GAAP results for the June 2013 quarter were impacted by the following
items that are excluded from our adjusted non-GAAP financial measures for the
quarter:

  oA loss on disposal of assets of $1.7 million, which compares to a loss of
    $5.3 million in the June 2012 quarter, and
  oA charge to interest expense of $12.7 million, resulting from the
    write-off of unamortized deferred financing fees related to a potential
    financing in connection with our bid to provide search and rescue ("SAR")
    services in the U.K. During the June 2013 quarter, we increased our
    borrowing capacity on our revolving credit facility from $200 million to
    $350 million and cancelled this potential financing. This special item
    decreased net income by $8.3 million and earnings per share by $0.23
    during the June 2013 quarter.

The June 2012 quarter was also impacted by a special item in the form of $2.2
million of severance costs related to the termination of a contract in the
Southern North Sea, which decreased operating income by $2.2 million, net
income by $1.7 million and earnings per share by $0.05 during that period.

After adjusting for the loss on disposal of assets and for special items in
the June 2013 and 2012 quarters, we saw an improvement in the financial
measures used by management to assess and measure our financial performance,
including a 21.8% improvement in adjusted operating income, an improvement in
adjusted operating margin from 14.8% to 16.1%, a 21.6% improvement in adjusted
EBITDAR, an improvement in adjusted EBITDAR margin from 26.3% to 28.5%, a
23.2% improvement in adjusted net income and a 23.5% improvement in adjusted
diluted earnings per share.

This improvement was driven by strong revenue performance and the increase in
earnings from unconsolidated affiliates in the June 2013 quarter, partially
offset by the increases in salaries and benefits, maintenance expense, general
and administrative expense, and rent expense.

Despite the significant increase in operating revenue across most of our
business units, adjusted EBITDAR margin decreased compared to the June 2012
quarter for certain business units due to additional maintenance and labor
costs incurred in the June 2013 quarter to support Eurocopter AS332L aircraft
returned to service after we ceased operating Eurocopter EC225 aircraft in
October 2012. Additionally, as we spoke about in last quarter, we are
incurring costs in Europe and Australia in anticipation of new contract
start-ups later in fiscal year 2014, including the Gap SAR and INPEX
contracts.

A significant portion of the costs related to the AS332L aircraft and contract
additions are non-recurring; therefore, we expect adjusted EBITDAR margin to
improve in these affected markets over the remainder of our fiscal year 2014.

FIRST QUARTER FY2014 BUSINESS UNIT RESULTS

Europe Business Unit

The assets of our Europe Business Unit have continued to expand over the last
twelve months with the addition of large aircraft. These new aircraft, as well
as an overall increase in activity with existing clients and under new
contracts primarily in the Northern North Sea in the U.K. resulted in $21.4
million of increased revenue and were the primary contributor to the revenue
growth. We increased our fleet in this market by executing operating leases
for new large aircraft beginning in late fiscal year 2012 and fiscal year
2013. While adjusted EBITDAR increased almost 5% year-over-year as a result
of the operation of the additional aircraft, maintenance and salary increases
(discussed above) resulted in a decrease in adjusted EBITDAR margin to 30.3%
in the June 2013 quarter compared to 32.2% in the June 2012 quarter.

West Africa Business Unit

Activity levels continued to be strong in our West Africa Business Unit,
leading to a 14.2% increase in operating revenue for the June 2013 quarter
compared to the June 2012 quarter. These strong activity levels also resulted
in a 12.1% improvement in adjusted EBITDAR compared with June 2012 quarter.
However, due to the timing of maintenance activities, adjusted EBITDAR margins
remained mostly flat in this business unit, at 31.3% for the June 2013 quarter
compared to 31.9% for the June 2012 quarter.

North America Business Unit

Our entry into the Atlantic Canada market through our investment in Cougar
drove the improvement in revenue, adjusted EBITDAR and adjusted EBITDAR margin
in North America. Offsetting this improvement was a decline in activity in
our U.S. Gulf of Mexico business, primarily related to small aircraft.
Aircraft operating for Cougar in Canada contributed $8.2 million in revenue in
the June 2013 quarter. Driven by this performance, North America's adjusted
EBITDAR and adjusted EBITDAR margin improved to $17.0 million and 29.2%,
respectively, in the June 2013 quarter compared to $12.2 million and 23.2%,
respectively, in the June 2012 quarter.

Australia Business Unit

Operating revenue for Australia remained flat due to an increase in operating
revenue from new contracts and ad hoc work, offset by a decrease in activity
due to the end of short-term contracts and impact of foreign currency exchange
rate changes. However, as a result of costs we incurred in the June 2013
quarter in anticipation of contracts that start in the fourth quarter of the
current fiscal year, adjusted EBITDAR and adjusted EBITDAR margin decreased to
$6.8 million and 17.7%, respectively, in the June 2013 quarter from $10.3
million and 27.0%, respectively, in the June 2012 quarter.

Other International Business Unit

Our Other International Business Unit saw an increase in adjusted EBITDAR
margin to 67.4% in the June 2013 quarter compared to 36.2% in the same quarter
a year ago, primarily resulting from an increase of $11.0 million in earnings
from unconsolidated affiliates. This increase was driven by our investment in
Lider, which improved by $8.6 million in the June 2013 quarter due to the
addition of new aircraft on contract, cost controls and the impact of foreign
currency items compared to the June 2012 quarter. This business unit's growth
outlook also includes following global clients into emerging areas, including
new contract wins in East Africa for the future.

UPDATE ON EC225 OPERATIONS

Eurocopter, the manufacturer of the EC225 Super Puma aircraft, has indicated
that they have determined the root causes of the gear shaft failure in the
EC225 that occurred in 2012. This determination has been reviewed and verified
by airworthiness authorities and independent third parties. The definitive
solution to the problem will be a redesign of the gear shaft with earliest
possible availability being in the middle of calendar year 2014. However, in
July 2013 the European Aviation Safety Authority (the "EASA") issued an
airworthiness directive providing for interim solutions involving minor
aircraft modifications and new maintenance/operating procedures for mitigating
shaft failure and enhancing early detection.

The Civil Aviation Authorities in the U.K. and Norway have issued safety
directives, which superseded and revoked the safety directive of October 2012
and now permits a return to service of the EC225 aircraft over harsh
environments conditional upon compliance with the EASA airworthiness
directive. We have commenced the required modifications and are carrying out
the required inspections on our EC225 fleet in the U.K., Norway and Australia.

Currently, no client contracts have been cancelled in connection with the
suspension in operations of the EC225 aircraft and we believe we have the
contractual right to continue to receive monthly standing charges billed to
our clients. In certain instances we have agreed to reduced monthly standing
charge billings for the affected aircraft. We have been able to substantially
replace the lost utilization from the EC225 aircraft with other aircraft,
mitigating the impact on our results of operations during the June 2013
quarter.

The current situation will continue until the necessary modifications are made
to the EC225 fleet and we are confident that the interim modifications will
allow us to operate the aircraft safely, which could result in our return to
revenue service for the EC225 aircraft in the third quarter of our fiscal year
2014. Until then, this situation could have a material adverse effect on our
future business, financial condition and results of operations.

DIVIDEND

On August 1, 2013, our Board of Directors approved our tenth consecutive
quarterly dividend. This dividend of $0.25 per share will be paid on
September 13, 2013 to shareholders of record on August 30, 2013 and is 67%
higher than the first dividend paid in June 2011. Based on shares outstanding
as of June 30, 2013, the total quarterly dividend payment will be
approximately $9.1 million. Additionally, our board of directors approved a
dividendpolicy with a goal of an annualized quarterly dividend payout ratio
of 20-30% of forward adjusted earnings per share, although actual dividend
payments are at the discretion of the board and may not meet this ratio.

GUIDANCE

Bristow is reaffirming our adjusted diluted earnings per share guidance for
the full fiscal year 2014 of $4.20 to $4.50, reflecting our expectation for
continued growth, and improving operational and capital efficiency.

"Our continued improvement in operating and commercial performance has
delivered this first quarter's strong net income and cash generation, as seen
in the over 20% growth in adjusted EBITDAR over the same period a year ago,"
said Jonathan E. Baliff, Senior Vice President and Chief Financial Officer of
Bristow Group. "Combined with the proceeds from the recent sale of our
interest in the FB entities in Europe, Bristow has liquidity to fund our Oil &
Gas business and civilian SAR growth while providing a balanced return through
growing quarterly dividends and potential share repurchases."

As a reminder, our earnings per share guidance does not include gains and
losses on asset dispositions as well as special items, because their timing
and amounts are more variable and less predictable. This guidance is based on
current foreign currency exchange rates. In providing this guidance, we have
not included the impact of any changes in accounting standards and any impact
from significant acquisitions or divestitures. Changes in events or other
circumstances that we do not currently anticipate or predict could result in
earnings per share for fiscal year 2014 that are significantly above or below
this guidance, including the impact of the suspension of EC225 aircraft and
changes in the market and industry. Factors that could cause such changes are
described below under the Forward-Looking Statements Disclosure.

CONFERENCE CALL

Management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m.
CT) on Tuesday, August 6, 2013 to review financial results for the fiscal year
2014 first quarter ended June 30, 2013. This release and the most recent
investor slide presentation are available in the investor relations area of
our web page at www.bristowgroup.com. The conference call can be accessed as
follows:

Via Webcast:

  oVisit Bristow Group's investor relations Web page at www.bristowgroup.com
  oLive: Click on the link for "Bristow Group Fiscal 2014 First Quarter
    Earnings Conference Call"
  oReplay: A replay via webcast will be available approximately one hour
    after the call's completion and will be accessible for approximately 90
    days

Via Telephone within the U.S.:

  oLive: Dial toll free 1-877-941-9205
  oReplay: A telephone replay will be available through August 20, 2013 and
    may be accessed by calling toll free 1-800-406-7325, passcode: 4627637#

Via Telephone outside the U.S.:

  oLive: Dial 1-480-629-9771
  oReplay: A telephone replay will be available through August 20, 2013 and
    may be accessed by calling 1-303-590-3030, passcode: 4627637#

ABOUT BRISTOW GROUP INC.

Bristow Group Inc. is the leading provider of helicopter services to the
worldwide offshore energy industry based on the number of aircraft operated
and one of two helicopter service providers to the offshore energy industry
with global operations. The Company has major transportation operations in
the North Sea, Nigeria and the U.S. Gulf of Mexico, and in most of the other
major offshore oil and gas producing regions of the world, including Alaska,
Australia, Brazil, Canada, Russia and Trinidad. For more information, visit
the Company's website at www.bristowgroup.com.

FORWARD-LOOKING STATEMENTS DISCLOSURE

Statements contained in this news release that state the Company's or
management's intentions, hopes, beliefs, expectations or predictions of the
future are forward-looking statements. These forward-looking statements
include statements regarding earnings guidance, EC225 return to service,
capital allocation strategy, operational and capital performance, shareholder
return, liquidity and market and industry conditions. It is important to note
that the Company's actual results could differ materially from those projected
in such forward-looking statements. Risks and uncertainties include without
limitation: fluctuations in the demand for our services; fluctuations in
worldwide prices of and demand for natural gas and oil; fluctuations in levels
of natural gas and oil exploration and development activities; the impact of
competition; actions by customers; the risk of reductions in spending on
helicopter services by governmental agencies; changes in tax and other laws
and regulations; changes in foreign exchange rates and controls; risks
associated with international operations; operating risks inherent in our
business, including the possibility of declining safety performance; general
economic conditions including the capital and credit markets; our ability to
obtain financing; the risk of grounding of segments of our fleet for extended
periods of time or indefinitely; our ability to re-deploy our aircraft to
regions with greater demand; our ability to acquire additional aircraft and
dispose of older aircraft through sales into the aftermarket; the possibility
that we do not achieve the anticipated benefit of our fleet investment
program; availability of employees; and political instability, war or acts of
terrorism in any of the countries where we operate. Additional information
concerning factors that could cause actual results to differ materially from
those in the forward-looking statements is contained from time to time in the
Company's SEC filings, including but not limited to the Company's quarterly
report on Form 10-Q for the quarter ended June 30, 2013 and annual report on
Form 10-K for the fiscal year ended March 31, 2013. Bristow Group Inc.
disclaims any intention or obligation to revise any forward-looking
statements, including financial estimates, whether as a result of new
information, future events or otherwise.

(financial tables follow)

BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts and percentages)
(Unaudited)
                                                   Three Months Ended

                                                   June 30,
                                                   2013          2012
Gross revenue:
Operating revenue from non-affiliates            $ 336,248     $ 314,849
Operating revenue from affiliates                23,299        5,805
Reimbursable revenue from non-affiliates         39,382        41,954
Reimbursable revenue from affiliates             65            —
                                                   398,994       362,608
Operating expense:
Direct cost                                      255,256       222,768
Reimbursable expense                             36,743        40,172
Depreciation and amortization                    22,819        21,372
General and administrative                       40,308        34,977
                                                   355,126       319,289
Loss on disposal of assets                       (1,721)       (5,315)
Earnings from unconsolidated affiliates, net of    13,972        1,989
losses
Operating income                                 56,119        39,993
Interest income                                  119           88
Interest expense                                 (20,370)      (8,774)
Other income (expense), net                      (1,366)       (931)
Income before provision for income taxes         34,502        30,376
Provision for income taxes                       (7,590)       (6,180)
Net income                                       26,912        24,196
Net income attributable to noncontrolling          (26)          (534)
interests
Net income attributable to Bristow Group         $ 26,886      $ 23,662
Earnings per common share:
Basic                                            $ 0.74        $ 0.66
Diluted                                          $ 0.74        $ 0.65
Non-GAAAP measures:
Adjusted operating income                        $ 57,840      $ 47,470
Adjusted operating margin                        16.1      %   14.8      %
Adjusted EBITDAR                                 $ 102,473     $ 84,273
Adjusted EBITDAR margin                          28.5      %   26.3      %
Adjusted net income                              $ 36,504      $ 29,618
Adjusted diluted earnings per share              $ 1.00        $ 0.81

BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
                                                   June 30,     March 31,

                                                   2013         2013
ASSETS
Current assets:
Cash and cash equivalents                        $ 159,992     $ 215,623
Accounts receivable from non-affiliates          260,719       254,520
Accounts receivable from affiliates              7,937         8,261
Inventories                                      157,946       153,969
Assets held for sale                             13,627        8,290
Prepaid expenses and other current assets        32,266        35,095
Total current assets                             632,487       675,758
Investment in unconsolidated affiliates          276,997       272,123
Property and equipment – at cost:
Land and buildings                               109,125       108,593
Aircraft and equipment                           2,461,555     2,306,054
                                                   2,570,680     2,414,647
Less – Accumulated depreciation and                (507,390)     (493,575)
amortization
                                                   2,063,290     1,921,072
Goodwill                                         28,845        28,897
Other assets                                     56,868        52,842
Total assets                                     $ 3,058,487   $ 2,950,692
LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current liabilities:
Accounts payable                                 $ 73,138      $ 69,821
Accrued wages, benefits and related taxes        47,709        56,084
Income taxes payable                             6,839         11,659
Other accrued taxes                              8,128         7,938
Deferred revenue                                 23,916        21,646
Accrued maintenance and repairs                  15,506        15,391
Accrued interest                                 6,475         14,249
Other accrued liabilities                        20,251        20,714
Deferred taxes                                   3,911         —
Short-term borrowings and current maturities of    6,950         22,323
long-term debt
Total current liabilities                        212,823       239,825
Long-term debt, less current maturities          882,823       764,946
Accrued pension liabilities                      121,476       126,647
Other liabilities and deferred credits           53,532        57,196
Deferred taxes                                   159,926       151,121
Stockholders' investment:
Common stock                                     369           367
Additional paid-in capital                       737,070       731,883
Retained earnings                                1,112,644     1,094,803
Accumulated other comprehensive loss             (204,242)     (199,683)
Treasury shares                                  (26,304)      (26,304)
Total Bristow Group stockholders' investment     1,619,537     1,601,066
Noncontrolling interests                         8,370         9,891
Total stockholders' investment                   1,627,907     1,610,957
Total liabilities and stockholders' investment   $ 3,058,487   $ 2,950,692

BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
                                                       Three Months Ended

                                                       June 30,
                                                       2013        2012
Cash flows from operating activities:
Net income                                           $ 26,912    $ 24,196
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization                        22,819      21,372
Deferred income taxes                                11,768      (6,071)
Write-off of deferred financing fees                  12,733      —
Discount amortization on long-term debt              921         870
Loss on disposal of assets                           1,721       5,315
Stock-based compensation                             2,869       2,848
Equity in earnings from unconsolidated affiliates (in  (4,974)     4,129
excess of) less than dividends received
Tax benefit related to stock-based compensation      (2,522)     (404)
Increase (decrease) in cash resulting from changes
in:
Accounts receivable                                  (6,949)     (10,081)
Inventories                                          (4,112)     (1,869)
Prepaid expenses and other assets                    (791)       3,816
Accounts payable                                     4,339       960
Accrued liabilities                                  (18,782)    11,212
Other liabilities and deferred credits               (9,539)     (881)
Net cash provided by operating activities            36,413      55,412
Cash flows from investing activities:
Capital expenditures                                 (179,532)   (86,555)
Proceeds from asset dispositions                     1,893       20,227
Investment in unconsolidated affiliate               —           (850)
Net cash used in investing activities                (177,639)   (67,178)
Cash flows from financing activities:
Proceeds from borrowings                             103,357     —
Debt issuance costs                                   (12,733)    —
Repayment of debt                                    (1,733)     (21,800)
Partial prepayment of put/call obligation            (14)        (17)
Common stock dividends paid                          (9,045)     (7,145)
Issuance of common stock                             3,004       311
Tax benefit related to stock-based compensation      2,522       404
Net cash provided by (used in) financing activities  85,358      (28,247)
Effect of exchange rate changes on cash and cash       237         5,713
equivalents
Net decrease in cash and cash equivalents            (55,631)    (34,300)
Cash and cash equivalents at beginning of period     215,623     261,550
Cash and cash equivalents at end of period           $ 159,992   $ 227,250

BRISTOW GROUP INC. AND SUBSIDIARIES
SELECTED OPERATING DATA
(In thousands, except flight hours and percentages)
(Unaudited)
                                                    Three Months Ended

                                                    June 30,
                                                    2013          2012
 Flight hours (excluding Bristow Academy and
 unconsolidated affiliates):
 Europe                                           16,294        17,236
 West Africa                                      11,716        10,754
 North America                                    15,922        20,169
 Australia                                        2,794         2,792
 Other International                              3,365         4,177
 Consolidated                                     50,091        55,128
 Operating revenue:
 Europe                                           $ 137,159     $ 123,235
 West Africa                                      75,779        66,355
 North America                                    58,235        52,625
 Australia                                        38,213        38,171
 Other International                              32,893        33,227
 Corporate and other                              18,115        7,420
 Intra-business unit eliminations                 (847)         (379)
 Consolidated                                     $ 359,547     $ 320,654
 Operating income (loss):
 Europe                                           $ 20,021      $ 21,876
 West Africa                                      19,253        16,131
 North America                                    8,123         6,475
 Australia                                        3,280         6,509
 Other International                              18,442        7,387
 Corporate and other                              (11,279)      (13,070)
 Loss on disposal of assets                       (1,721)       (5,315)
 Consolidated                                     $ 56,119      $ 39,993
 Operating margin:
 Europe                                           14.6      %   17.8      %
 West Africa                                      25.4      %   24.3      %
 North America                                    13.9      %   12.3      %
 Australia                                        8.6       %   17.1      %
 Other International                              56.1      %   22.2      %
 Consolidated                                     15.6      %   12.5      %
 Adjusted EBITDAR:
 Europe                                           $ 41,492      $ 39,664
 West Africa                                      23,720        21,163
 North America                                    17,023        12,200
 Australia                                        6,774         10,325
 Other International                              22,185        12,014
 Corporate and other                              (8,721)       (11,093)
 Consolidated                                     $ 102,473     $ 84,273
 Adjusted EBITDAR margin:
 Europe                                             30.3    %     32.2    %
 West Africa                                      31.3      %   31.9      %
 North America                                    29.2      %   23.2      %
 Australia                                        17.7      %   27.0      %
 Other International                              67.4      %   36.2      %
 Consolidated                                     28.5      %   26.3      %

BRISTOW GROUP INC. AND SUBSIDIARIES
AIRCRAFT COUNT
As of June 30, 2013
(Unaudited)
                            Aircraft in Consolidated Fleet
                Percentage
                            Helicopters
                of Current
                Quarter
                                                            Fixed                 Unconsolidated
                Operating   Small  Medium  Large  Training
                                                            Wing   Total^^(1)(2) Affiliates^(3) Total
                Revenue
Europe        38     %    —      10      52     —         —      62             64             126
West Africa   21     %    9      26      6      —         3      44             —              44
North America 16     %    62     24      11     —         —      97             —              97
Australia     11     %    2      7       15     —         —      24             —              24
Other           9      %    3      30      13     —         —      46             134            180
International
Corporate and   5      %    —      —       —      80        —      80             —              80
other
Total         100    %    76     97      97     80        3      353            198            551
Aircraft not
currently in
fleet:^(4)
On order                  —      14      44     —         —      58
Under option              —      26      44     —         —      70

_________

^(1) Includes 12 aircraft held for sale and 72 leased aircraft as follows:

                       Held for Sale Aircraft in Consolidated Fleet
                       Helicopters
                                                         Fixed
                       Small    Medium  Large  Training         Total
                                                         Wing
Europe               —        —       —      —         —      —
West Africa          —        —       —      —         —      —
North America        7        —       —      —         —      7
Australia            —        —       —      —         —      —
Other International  1        4       —      —         —      5
Corporate and other  —        —       —      —         —      —
Total                8        4       —      —         —      12
                       Leased Aircraft in Consolidated Fleet
                       Helicopters
                                                         Fixed
                       Small    Medium  Large  Training         Total
                                                         Wing
Europe               —        1       17     —         —      18
West Africa          —        1       —      —         —      1
North America        1        12      2      —         —      15
Australia            2        —       3      —         —      5
Other International  —        —       —      —         —      —
Corporate and other  —        —       —      33        —      33
Total                3        14      22     33        —      72

^(2)    The average age of our fleet, excluding training aircraft, was 11
        years as of June 30, 2013.
        The 198 aircraft operated by our unconsolidated affiliates do not
        include those aircraft leased from us. Includes 57 helicopters
        (primarily medium) and 32 fixed wing aircraft owned and managed by
^(3) Lider, our unconsolidated affiliate in Brazil, which is included in
        our Other International business unit. On July 15, 2013, we sold our
        interest in the unconsolidated affiliates operating 64 aircraft in
        Europe.
        This table does not reflect aircraft which our unconsolidated
        affiliates may have on order or under option. On July 11, 2013, we
^(4) entered into an agreement to order 11 AW189 large aircraft which are
        reflected in this table. These aircraft orders have delivery dates in
        fiscal years 2015 and 2016.

BRISTOW GROUP INC. AND SUBSIDIARIES
GAAP RECONCILIATIONS
These financial measures have not been prepared in accordance with generally
accepted accounting principles ("GAAP") and have not been audited or reviewed
by our independent auditor. These financial measures are therefore considered
non-GAAP financial measures. A description of the adjustments to and
reconciliations of these non-GAAP financial measures to the most comparable
GAAP financial measures is as follows:
                                Three Months Ended

                                June 30,
                                2013                    2012
                                (In thousands, except

                                per share amounts)
    Adjusted operating          $    57,840             $    47,470
    income
    Loss on disposal of         (1,721)                 (5,315)
    assets
    Special items ^(i)        —                       (2,162)
    Operating income          $    56,119             $    39,993
    Adjusted EBITDAR          $    102,473            $    84,273
    Loss on disposal of         (1,721)                 (5,315)
    assets
    Special items ^(i)        —                       (2,162)
    Depreciation and            (22,819)                (21,372)
    amortization
    Rent expense              (23,061)                (16,274)
    Interest expense          (20,370)                (8,774)
    Provision for income        (7,590)                 (6,180)
    taxes
    Net income                $    26,912             $    24,196
    Adjusted net income       $    36,504             $    29,618
    Loss on disposal of         (1,342)                 (4,234)
    assets ^(ii)
    Special items ^(i)          (8,276)                 (1,722)
    (ii)
    Net income attributable     $    26,886             $    23,662
    to Bristow Group
    Adjusted diluted            $    1.00               $    0.81
    earnings per share
    Loss on disposal of         (0.04)                  (0.12)
    assets ^(ii)
    Special items ^(i)          (0.23)                  (0.05)
    (ii)
    Diluted earnings per        0.74                    0.65
    share

       Our GAAP results for the June 2013 quarter were impacted by the
^(i)  following items that are excluded from our adjusted non-GAAP financial
       measures for the quarter:
       • A loss on disposal of assets of $1.7 million, which compares to a
         loss of $5.3 million in the June 2012 quarter, and
         A charge to interest expense of $12.7 million, resulting from the
         write-off of unamortized deferred financing fees related to a
       • potential financing in connection with our bid to provide SAR
         services in the U.K. During the June 2013 quarter, we increased our
         borrowing capacity on our revolving credit facility from $200 million
         to $350 million and cancelled this potential financing.
       The June 2012 quarter was also impacted by a special item in the form
       of $2.2 million of severance costs related to the termination of a
       contract in the Southern North Sea.
       These amounts are presented after applying the appropriate tax effect
^(ii) to each item and dividing by the weighted average shares outstanding
       during the period to calculate the earnings per share impact.

Linda McNeill
Investor Relations
(713) 267-7622

SOURCE Bristow Group Inc.

Website: http://www.bristowgroup.com
 
Press spacebar to pause and continue. Press esc to stop.