Bristow Group Reports Financial Results For Its 2015 Fiscal First Quarter Ended June 30, 2014

  Bristow Group Reports Financial Results For Its 2015 Fiscal First Quarter
                             Ended June 30, 2014

- FIRST QUARTER GAAP NET INCOME OF $44.1 MILLION ($1.23 PER DILUTED SHARE)

- FIRST QUARTER ADJUSTED NET INCOME INCREASES 30% TO $47.4 MILLION ($1.32 PER
DILUTED SHARE) COMPARED TO PRIOR YEAR QUARTER

- GAAP AND ADJUSTED NET INCOME BOTH INCLUDE THE REVERSAL OF A BAD DEBT
ALLOWANCE OF $4.4 MILLION ($0.08 PER DILUTED SHARE)

- FIRST QUARTER ADJUSTED EBITDAR OF $127.6 MILLION, DRIVEN BY EXCELLENT
REVENUE GROWTH

- FIRST QUARTER SHARE REPURCHASES TOTALING $20.2 MILLION WITH $102 MILLION
REPURCHASED SINCE NOVEMBER 2013

- COMPANY REAFFIRMS GUIDANCE FOR FULL FISCAL YEAR 2015 ADJUSTED EPS OF $4.70 -
$5.20

PR Newswire

HOUSTON, Aug. 4, 2014

HOUSTON, Aug. 4, 2014 /PRNewswire/ --Bristow Group Inc. (NYSE: BRS) today
reported net income for the June 2014 quarter of $44.1 million, or $1.23 per
diluted share on a GAAP basis, compared to net income of $26.9 million, or
$0.74 per diluted share, in the same period a year ago.

Adjusted net income, which excludes special items and asset disposition
effects, increased 30% to $47.4 million, or $1.32 per diluted share, for the
June 2014 quarter, compared to $36.5 million, or $1.00 per diluted share, in
the June 2013 quarter.

Adjusted earnings before interest, taxes, depreciation, amortization and rent
("adjusted EBITDAR"), which also excludes special items and asset disposition
effects, increased 25% to $127.6 million for the June 2014 quarter compared to
$102.5 million in the same period a year ago. Net cash provided by operating
activities increased 2.5% to $37.3 million for the three months ended June30,
2014 compared to $36.4 million for the same period a year ago.

The increase in adjusted EBITDAR, adjusted net income and adjusted diluted
earnings per share for the June 2014 quarter compared to the June 2013 quarter
was primarily driven by:

  oAn increase in activity in our Europe Business Unit, including the
    commencement of Search and Rescue ("SAR") work under the U.K. Gap SAR
    contract and the addition of Eastern Airways,
  oThe startup of new contracts in Australia,
  oA favorable shift in the mixto larger aircraft under contract that
    benefited our operations in North America,
  oThe recovery of $6.8 million froman original equipment manufacturer
    ("OEM") provided in the form of maintenance credits resulting from a
    settlement for aircraft performance issues and transportation costs and
    benefited our Europe and Australia Business Units,
  oThe reversal of $4.4 million in bad debt expense in our North America
    Business Unit related to a client that had previously filed for bankruptcy
    for which we have now settled and collected funds, and
  oA favorable impact from changes in foreign currency exchange rates, which
    resulted in an increase to adjusted EBITDAR of $5.9 million.

Additionally, operating income, net income and diluted earnings per share, on
an unadjusted and adjusted basis, were impacted by a $10.1 million increase in
rent expense over the same quarter a year ago as we increased the number of
leased aircraft.

"The strong operating performance we delivered in the first quarter is a true
reflection of the passion and professionalism of our Bristow employees
worldwide as we achieved Target Zero Safety while significantly growing
revenue year over year and sequentially," said Jonathan E. Baliff, President
and Chief Executive Officer of Bristow Group. "Our fiscal first quarter also
delivered respectable margin improvements as we introduced more new technology
large aircraft in ourEurope, Australia and North America Business Units.
This strong start has us positioned for an excellent fiscal year 2015 as we
prepare for UK SAR operations in fiscal year 2016 while also being
laser-focused on serving our existing and new energy clients with safe, value
added services."

FIRST QUARTER FY2015 RESULTS

  oOperating revenue increased 22% to $437.3 million compared to $359.5
    million in the same period a year ago.
  oOperating income increased 16% to $65.2 million compared to $56.1 million
    in the June 2013 quarter.
  oGAAP net income increased 64% to $44.1 million, or $1.23 per diluted
    share, compared to $26.9 million, or $0.74 per diluted share, in the June
    2013 quarter.
  oCash as of June30, 2014 totaled $133.8 million compared to $204.3 million
    as of March31, 2014. Our total liquidity, including cash on hand and
    availability on our revolving credit facility, was $331.3 million as of
    June30, 2014 compared to $529.9 million as of March31, 2014.
  oGAAP results for the June 2014 quarter were affected by the following
    special items that are excluded from our adjusted non-GAAP financial
    measures for the quarter:

       o$1.0 million in costs related to the restructuring of our North
         America Business Unit,
       o$3.7 million in expense related to CEO succession,
       o$0.9 million in premium and fees associated with the repurchase of
         some of our 6 ¼% Senior Notes due 2022, and
       oA gain on disposal of assets of $0.6 million compared to a loss of
         $1.7 million in the June 2013 quarter.

FIRST QUARTER FY2015 BUSINESS UNIT RESULTS

Europe Business Unit

The operations of our Europe Business Unit have continued to expand since the
June 2013 quarter with the net addition of five large aircraft. These
additional 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. and Norway, resulted in $12.4 million of increased operating revenue.
Additionally, we began operating the U.K. Gap SAR contract at two bases in
June and July 2013 resulting in an increase of $12.0 million in operating
revenue for the June 2014 quarter compared to the prior year quarter. Also, we
acquired a 60% interest in Eastern Airways in February 2014, which contributed
$39.8 million to the increase in operating revenue and $9.3 million in
adjusted EBITDAR for the June 2014 quarter. Adjusted EBITDAR increased almost
66% year-over-year and adjusted EBITDAR margin increased to 34.1% in the June
2014 quarter compared to 30.3% in the June 2013 quarter primarily due to a
benefit from the recovery of $4.8 million in maintenance credits from an OEM
during the June 2014 quarter, partially offset by a decrease in earnings from
unconsolidated affiliates of $2.7 million due to the sale of the FB Entities
in July 2013. Sequential quarterly adjusted EBITDAR increased to $68.7 million
in the June 2014 compared to $63.6 million in the March 2014 quarter while
EBITDAR margins remained strong at 34.1% in June 2014 compared to 37.3% in
theMarch 2014 quarter.

West Africa Business Unit

Pricing improvements drove revenue increases in our West Africa Business Unit,
leading to a 5.5% increase in operating revenue for the June 2014 quarter
compared to the June 2013 quarter. However, an increase in salaries and
benefits due to annual salary increases, training costs associated with the
introduction of a new aircraft type into this market that are not expected to
impact expense in future quarters, unplanned aircraft maintenance and an
increase in value-added taxes, resulted in a 13.8% decrease in adjusted
EBITDAR compared with the June 2013 quarter as well as a decrease in adjusted
EBITDAR margin to 25.6% for the June 2014 quarter compared to 31.3% for the
June 2013 quarter.

North America Business Unit

An increase in medium and large aircraft in this business unit, the decrease
in small aircraft on contract in the U.S. Gulf of Mexico and the planned
closure of Alaska operations drove the approximately flat revenue results in
North America year over year. However, North America's adjusted EBITDAR and
adjusted EBITDAR margin improved to $22.9 million and 39.7%, respectively, in
the June 2014 quarter compared to $17.0 million and 29.2%, respectively, in
the June 2013 quarter, driven by this change in the mix of fleet on contract
in the U.S. Gulf of Mexico to more medium and large aircraft.A reversal of
bad debt expense of $4.4 million also added to adjusted EBITDAR. This bad
debt expense reversal related to a client that had previously filed for
bankruptcy for which we have now settled and collected funds. These
increases were partially offset by a decrease in earnings from unconsolidated
affiliates, net of losses, related to our Canadian based Cougar investment.
Sequentially, adjusted EBITDAR margin improved to 39.7% in the June 2014
quarter compared to 35.4% in the March 2014 quarter primarily due to similar
year over year drivers. Before the benefit of the reversal of bad debt
expense of $4.4 million, adjusted EBITDAR margin was 32.2% for the June 2014
quarter.

Australia Business Unit

Operating revenue for our Australia Business Unit increased 21.7% to $46.5
million in the June 2014 quarter from $38.2 million in the June 2013 quarter
due to the start of new contracts, including the INPEX contract. Also, during
the June 2014 quarter, we were able to recover $2.0 million in credits for
maintenance expense from an OEM as settlements for aircraft performance and
transportation costs. As a result of these contracts and maintenance expense
credits, adjusted EBITDAR and adjusted EBITDAR margin increased in the June
2014 quarter to $11.0 million and 23.7%, respectively, from $6.8 million and
17.7%, respectively, in the June 2013 quarter and remained flat sequentially
from the March 2014 quarter marginof 24.0%. We continue to incur salaries and
benefits, depreciation, insurance, training and lease costs related to the new
contracts which led to slight declines in operating income and operating
margin.

Other International Business Unit

Operating revenue for our Other International Business Unit increased in the
June 2014 quarter primarily due to increased activity in Trinidad and start-up
of a contract in Tanzania, partially offset by a decline in aircraft on
contract in Malaysia, Russia and Mexico. Adjusted EBITDAR and adjusted EBITDAR
margin for the June 2014 quarter decreased to $14.7 million and 41.4%,
respectively, compared to $22.2 million and 67.4%, respectively, in the June
2013 quarter, primarily due to a decrease in earnings from unconsolidated
affiliates, net of losses, and the decline in activity in Malaysia, partially
offset by increased activity in Trinidad and the new contract in Tanzania. The
primary driver of the decrease in earnings from unconsolidated affiliates, net
of losses, is a decrease in earnings from our investment in Lider in Brazil of
$4.2 million in the June 2014 quarter resulting from a reduction in aircraft
sales and higher income taxes as compared to the June 2013 quarter.
Sequentially, earnings from our investment in Líder, excluding special items,
decreased slightly as a result of foreign currency effects.

GUIDANCE

We are reaffirming our adjusted diluted earnings per share guidance for the
full fiscal year 2015 of $4.70 to $5.20, reflecting our expectation of strong
operating performance to continue through our fiscal year.

"The fiscal first quarter of 2015 exceeded our internal expectations as we
delivered record results for a first quarter. We experienced business growth
in key markets, with an impressive increase of 22% in operating revenue over
the same period a year ago and 8% sequentially. Particularly impressive, is
Bristow's ability to drive increases in Gross Cash Flow returns and BVA, while
spending record amounts on capital expenditures for growth. Bristow has a
talented team of professionals across the organization at all levels, all
striving for excellence. This dedication is represented in the strength of
our results and the continued expectation for growth," said John H. Briscoe,
Senior Vice President and Chief Financial Officer of Bristow Group.

As a reminder, our adjusted diluted earnings per share guidance excludes the
effect of special items and asset dispositions because their timing and
amounts are more variable and less predictable. Further, 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 or
significant acquisitions and divestitures. Events or other circumstances that
we do not currently anticipate or cannot predict, including any issues
involved with the return to full revenue service of the EC225 aircraft and
changes in the market and industry, could result in earnings per share for
fiscal year 2015 that are significantly above or below this guidance. Factors
that could cause such changes are described below under the Forward-Looking
Statements Disclosure and the Risk Factors in our quarterly report on Form
10-Q for the quarter ended June 30, 2014 and annual report on Form 10-K for
the fiscal year ended March 31, 2014.

DIVIDEND AND SHARE REPURCHASE

On July 31, 2014, our Board of Directors approved our fourteenth consecutive
quarterly dividend. This dividend of $0.32 per share will be paid on September
15, 2014 to shareholders of record on August 29, 2014 and is 113% higher than
the first dividend paid in June 2011. Based on shares outstanding as of
June30, 2014, the total quarterly dividend payment will be approximately
$11.4 million. Additionally, during the June 2014 quarter, we spent $20.2
million to repurchase 270,598 shares of our Common Stock. Subsequently, in
July 2014, we spent an additional $3.8 million to repurchase another 52,428
shares of our Common Stock. Since we first commenced a share repurchase
program in December 2011, we have repurchased over 5% of our Common Stock. As
of July 31, 2014, we had $31.7 million of repurchase authority remaining from
$133.4 million that was authorized for share repurchases between November 5,
2013 and November 5, 2014.

CONFERENCE CALL

Management will conduct a conference call starting at 10:00 a.m. EDT (9:00
a.m. CDT) on Tuesday, August 5, 2014 to review financial results for the
fiscal year 2015 first quarter ended June30, 2014. 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 2015 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 1-888-296-4204
  oReplay: A telephone replay will be available through August 19, 2014 and
    may be accessed by calling toll free 1-888-203-1112, passcode: 9991575#

Via Telephone outside the U.S.:

  oLive: Dial 1-719-457-2623
  oReplay: A telephone replay will be available through August 19, 2014 and
    may be accessed by calling 1-719-457-0820, passcode: 9991575#

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
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 deployment 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 oil and natural gas; fluctuations in levels
of oil and natural gas production, exploration and development activities; the
impact of competition; actions by clients; 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 June30, 2014 and annual report on
Form 10-K for the fiscal year ended March 31, 2014. 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.

Linda McNeill
Investor Relations
(713) 267-7622

(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,
                                                      2014         2013
Gross revenue:
Operating revenue from non-affiliates                 $ 415,905    $ 336,248
Operating revenue from affiliates                     21,430       23,299
Reimbursable revenue from non-affiliates              35,203       39,382
Reimbursable revenue from affiliates                  —            65
                                                      472,538      398,994
Operating expense:
Direct cost                                           293,863      255,256
Reimbursable expense                                  32,608       36,743
Depreciation and amortization                         25,334       22,819
General and administrative                            60,432       40,308
                                                      412,237      355,126
Gain (loss) on disposal of assets                     610          (1,721)
Earnings from unconsolidated affiliates, net of       4,281        13,972
losses
Operating income                                      65,192       56,119
Interest expense, net                                 (7,127)      (20,251)
Other income (expense), net                           (1,239)      (1,366)
Income before provision for income taxes              56,826       34,502
Provision for income taxes                            (11,823)     (7,590)
Net income                                            45,003       26,912
Net income attributable to noncontrolling interests   (894)        (26)
Net income attributable to Bristow Group              $ 44,109     $ 26,886
Earnings per common share:
Basic                                                 $ 1.24       $ 0.74
Diluted                                               $ 1.23       $ 0.74
Non-GAAP measures:
Adjusted operating income                             $ 69,304     $ 57,840
Adjusted operating margin                             15.8      %  16.1      %
Adjusted EBITDAR                                      $ 127,623    $ 102,473
Adjusted EBITDAR margin                               29.2      %  28.5      %
Adjusted net income                                   $ 47,369     $ 36,504
Adjusted diluted earnings per share                   $ 1.32       $ 1.00



BRISTOW GROUP INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)
                                                   June 30,      March 31,
                                                   2014          2014
ASSETS
Current assets:
Cash and cash equivalents                          $ 133,804     $ 204,341
Accounts receivable from non-affiliates            303,580       292,650
Accounts receivable from affiliates                7,018         4,793
Inventories                                        150,913       137,463
Assets held for sale                               30,293        29,276
Prepaid expenses and other current assets          54,787        53,084
Total current assets                               680,395       721,607
Investment in unconsolidated affiliates            265,955       262,615
Property and equipment – at cost:
Land and buildings                                 149,829       145,973
Aircraft and equipment                             2,828,915     2,646,150
                                                   2,978,744     2,792,123
Less – Accumulated depreciation and amortization   (536,362)     (523,372)
                                                   2,442,382     2,268,751
Goodwill                                           57,771        56,680
Other assets                                       94,215        88,604
Total assets                                       $ 3,540,718   $ 3,398,257
LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current liabilities:
Accounts payable                                   $ 102,278     $ 89,818
Accrued wages, benefits and related taxes          68,430        71,192
Income taxes payable                               62            13,588
Other accrued taxes                                7,681         9,302
Deferred revenue                                   30,224        31,157
Accrued maintenance and repairs                    18,493        17,249
Accrued interest                                   8,145         16,157
Other accrued liabilities                          54,755        45,853
Deferred taxes                                     14,090        12,372
Short-term borrowings and current maturities of    13,851        14,207
long-term debt
Deferred sale leaseback advance                    152,347       136,930
Total current liabilities                          470,356       457,825
Long-term debt, less current maturities            941,257       827,095
Accrued pension liabilities                        82,365        86,823
Other liabilities and deferred credits             59,876        78,126
Deferred taxes                                     179,232       169,519
Temporary equity                                   24,245        22,283
Stockholders' investment:
Common stock                                       374           373
Additional paid-in capital                         767,918       762,813
Retained earnings                                  1,277,976     1,245,220
Accumulated other comprehensive loss               (147,298)     (156,506)
Treasury shares                                    (124,122)     (103,965)
Total Bristow Group stockholders' investment       1,774,848     1,747,935
Noncontrolling interests                           8,539         8,651
Total stockholders' investment                     1,783,387     1,756,586
Total liabilities and stockholders' investment     $ 3,540,718   $ 3,398,257



BRISTOW GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)
                                                       Three Months Ended
                                                       June 30,
                                                       2014        2013
Cash flows from operating activities:
Net income                                             $ 45,003    $ 26,912
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization                          25,334      22,819
Deferred income taxes                                  8,406       11,768
Write-off of deferred financing fees                   164         12,733
Discount amortization on long-term debt                1,055       921
(Gain) loss on disposal of assets                      (610)       1,721
Stock-based compensation                               4,187       2,869
Equity in earnings from unconsolidated affiliates (in  (4,281)     (4,974)
excess of) less than dividends received
Tax benefit related to stock-based compensation        (166)       (2,522)
Increase (decrease) in cash resulting from changes
in:
Accounts receivable                                    (972)       (6,949)
Inventories                                            (11,033)    (4,112)
Prepaid expenses and other assets                      (1,850)     (791)
Accounts payable                                       7,511       4,339
Accrued liabilities                                    (23,027)    (18,782)
Other liabilities and deferred credits                 (12,376)    (9,539)
Net cash provided by operating activities              37,345      36,413
Cash flows from investing activities:
Capital expenditures                                   (200,447)   (179,532)
Proceeds from asset dispositions                       6,643       1,893
Net cash used in investing activities                  (193,804)   (177,639)
Cash flows from financing activities:
Proceeds from borrowings                               148,044     103,357
Debt issuance costs                                    —           (12,733)
Repayment of debt                                      (35,848)    (1,733)
Partial prepayment of put/call obligation              (15)        (14)
Repurchase of common stock                             (20,157)    —
Common stock dividends paid                            (11,353)    (9,045)
Issuance of common stock                               975         3,004
Tax benefit related to stock-based compensation        166         2,522
Net cash provided by financing activities              81,812      85,358
Effect of exchange rate changes on cash and cash       4,110       237
equivalents
Net decrease in cash and cash equivalents              (70,537)    (55,631)
Cash and cash equivalents at beginning of period       204,341     215,623
Cash and cash equivalents at end of period             $ 133,804   $ 159,992



BRISTOW GROUP INC. AND SUBSIDIARIES

SELECTED OPERATING DATA

(In thousands, except flight hours and percentages)

(Unaudited)
                                                      Three Months Ended
                                                      June 30,
                                                      2014         2013
Flight hours (excluding Bristow Academy and
unconsolidated affiliates):
Europe                                                24,038       16,294
West Africa                                           10,684       11,716
North America                                         11,820       15,922
Australia                                             2,845        2,794
Other International                                   3,791        3,365
Consolidated                                          53,178       50,091
Operating revenue:
Europe                                                $ 201,681    $ 137,159
West Africa                                           79,958       75,779
North America                                         57,515       58,235
Australia                                             46,516       38,213
Other International                                   35,533       32,893
Corporate and other                                   17,072       18,115
Intra-business unit eliminations                      (940)        (847)
Consolidated                                          $ 437,335    $ 359,547
Operating income (loss):
Europe                                                $ 40,369     $ 20,021
West Africa                                           16,662       19,253
North America                                         12,546       8,123
Australia                                             2,253        3,280
Other International                                   10,402       18,442
Corporate and other                                   (17,650)     (11,279)
Gain (loss) on disposal of assets                     610          (1,721)
Consolidated                                          $ 65,192     $ 56,119
Operating margin:
Europe                                                20.0      %  14.6      %
West Africa                                           20.8      %  25.4      %
North America                                         21.8      %  13.9      %
Australia                                             4.8       %  8.6       %
Other International                                   29.3      %  56.1      %
Consolidated                                          14.9      %  15.6      %
Adjusted EBITDAR:
Europe                                                $ 68,677     $ 41,492
West Africa                                           20,443       23,720
North America                                         22,860       17,023
Australia                                             11,008       6,774
Other International                                   14,708       22,185
Corporate and other                                   (10,073)     (8,721)
Consolidated                                          $ 127,623    $ 102,473
Adjusted EBITDAR margin:
Europe                                                34.1      %  30.3      %
West Africa                                           25.6      %  31.3      %
North America                                         39.7      %  29.2      %
Australia                                             23.7      %  17.7      %
Other International                                   41.4      %  67.4      %
Consolidated                                          29.2      %  28.5      %



BRISTOW GROUP INC. AND SUBSIDIARIES

AIRCRAFT COUNT

As of June 30, 2014

(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        46     %    —      8       62     —         30     100           —              100
West Africa   18     %    8      29      7      —         3      47            —              47
North America 13     %    33     23      13     —         —      69            —              69
Australia     11     %    2      8       19     —         —      29            —              29
Other         8      %    2      33      10     —         —      45            131            176
International
Corporate and 4      %    —      —       —      73        —      73            —              73
other
Total         100    %    45     101     111    73        33     363           131            494
Aircraft not
currently in
fleet:^(4)
On order                  —      7       30     —         —      37
Under option              —      20      31     —         —      51

^(1) Includes 15 aircraft held for sale and 91 leased aircraft as follows:

                     Held for Sale Aircraft in Consolidated Fleet
                     Helicopters
                                                     Fixed
                     Small  Medium  Large  Training         Total
                                                     Wing
Europe               —      —       5      —         —      5
West Africa          —      2       —      —         —      2
North America        —      —       —      —         —      —
Australia            —      —       1      —         —      1
Other International  2      4       —      —         —      6
Corporate and other  —      —       —      1         —      1
Total                2      6       6      1         —      15
                     Leased Aircraft in Consolidated Fleet
                     Helicopters
                                                     Fixed
                     Small  Medium  Large  Training         Total
                                                     Wing
Europe               —      1       20     —         13     34
West Africa          —      1       1      —         —      2
North America        1      13      4      —         —      18
Australia            2      2       4      —         —      8
Other International  —      —       —      —         —      —
Corporate and other  —      —       —      29        —      29
Total                3      17      29     29        13     91

^(2) The average age of our fleet, excluding training aircraft, was 10 years
     as of June 30, 2014.
     The 131 aircraft operated by our unconsolidated affiliates do not include
     those aircraft leased from us. Includes 57 helicopters (primarily medium)
^(3) and 29 fixed wing aircraft owned and managed by Líder, our unconsolidated
     affiliate in Brazil, which is included in our Other International
     business unit.
^(4) This table does not reflect aircraft which our unconsolidated affiliates
     may have on order or under option.

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,
                                     2014           2013
                                     (In thousands, except

                                     per share amounts)
 Adjusted operating income           $  69,304      $ 57,840
 Gain (loss) on disposal of assets   610            (1,721)
 Special items                       (4,722)        —
 Operating income                    $  65,192      $ 56,119
 Adjusted EBITDAR                    $  127,623     $ 102,473
 Gain (loss) on disposal of assets   610            (1,721)
 Special items                       (5,594)        —
 Depreciation and amortization       (25,334)       (22,819)
 Rent expense                        (33,116)       (23,061)
 Interest expense                    (7,363)        (20,370)
 Provision for income taxes          (11,823)       (7,590)
 Net income                          $  45,003      $ 26,912
 Adjusted net income                 $  47,369      $ 36,504
 Gain (loss) on disposal of assets   483            (1,342)
 Special items                       (3,743)        (8,276)
 Net income attributable to          $  44,109      $ 26,886
 Bristow Group
 Adjusted diluted earnings per       $  1.32        $ 1.00
 share
 Gain (loss) on disposal of assets   0.01           (0.04)
 Special items                       (0.10)         (0.23)
 Diluted earnings per share          1.23           0.74
                               Three Months Ended
                               June 30, 2014
                                                                    Adjusted

                               Adjusted                             Diluted
                                            Adjusted    Adjusted
                               Operating                            Earnings
                                            EBITDAR     Net Income
                               Income                               Per

                                                                    Share
                               (In thousands, except per share amounts)
   North America               $ (1,033)    $ (1,033)   $ (671)     $ (0.02)
   restructuring^(1)
   CEO succession^(2)          (3,689)      (3,689)     (2,398)     (0.07)
   Repurchase of 6 ¼% Senior   —            (872)       (674)       (0.02)
   Notes^(3)
   Total special items         $ (4,722)    $ (5,594)   $ (3,743)   (0.10)
                               Three Months Ended
                               June 30, 2013
                                                                    Adjusted

                               Adjusted                             Diluted
                                            Adjusted    Adjusted
                               Operating                            Earnings
                                            EBITDAR     NetIncome
                               Income                               Per

                                                                    Share
                               (In thousands, except per share amounts)
   Cancellation of potential   $ —          $ —         $ (8,276)   $ (0.23)
   financing^(4)
   Total special items         $ —          $ —         $ (8,276)   (0.23)

     Relates to a charges associated with the restructuring of our North
^(1) America business unit and planned closure of our Alaska operations which
     related primarily to employee severance and retention costs.
^(2) Relates to CEO succession cost.
^(3) Relates to premium and fees associated with the repurchase of some of our
     6 ¼% Senior Notes due 2022.
^(4) Relates to the cancellation of potential financing.





SOURCE Bristow Group Inc.

Website: http://www.bristowgroup.com
 
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