HOUSTON, Feb. 3 /PRNewswire-FirstCall/ -- Bristow Group Inc. today reported financial results for its fiscal 2010 third quarter ended December 31, 2009.
For the December 2009 quarter: -- Revenue was $303.3 million, an increase of 7% from the December 2008 quarter and 4% from the September 2009 quarter. -- Operating income was $39.7 million, a decrease of 45% from the December 2008 quarter and 26% from the September 2009 quarter. -- Net income was $27.1 million, a decrease of 43% from the December 2008 quarter and 20% from the September 2009 quarter. -- Diluted earnings per share was $0.74, a decrease of $0.58 from the December 2008 quarter and $0.18 from the September 2009 quarter. -- The following items impacted the comparability of our results between the December 2009 and December 2008 quarters: December 2009 Quarter December 2008 Quarter --------------------- --------------------- Diluted Diluted Earnings Earnings Operating Net Per Operating Net Per Income Income Share Income Income Share --------- ------ -------- --------- ------ ------- (In thousands, except per share amounts) GOM Asset Sale(1) $ - $ - $ - $37,780 $24,417 $0.69 Departure of two officers(2) (1,744) (1,448) (0.04) - - - Aircraft incident charge(3) (1,978) (1,642) (0.05) - - - Hedging gains(4) - 2,328 0.06 - - - Tax items(5) - (1,000) (0.03) - 4,001 0.11 --- ------- ------ --- ----- ---- Total $(3,722) $(1,762) $(0.06) $37,780 $28,418 $0.80 ======== ======== ======= ======= ======= ===== ---- (1) Represents the impact on the December 2008 quarter of the gain generated from the sale of 53 aircraft, related inventory, spare parts and offshore fuel equipment in the U.S. Gulf of Mexico (the "GOM Asset Sale") on October 30, 2008 included in gain on GOM Asset Sale on the consolidated statements of income. (2) Represents compensation costs associated with the departure of two of the Company's officers during the December 2009 quarter included in general and administrative costs on the consolidated statements of income. (3) Represents a charge in the December 2009 quarter related to damage to an aircraft operating in Nigeria as a result of a flight incident included in direct cost on the consolidated statements of income. (4) Represents the impact of pre-tax hedging gains of $2.8 million realized during the December 2009 quarter due to termination of forward contracts on euro-denominated aircraft purchase commitments included in other income (expense), net on the consolidated statements of income. (5) Represents the unfavorable impact on our provision for income taxes in the December 2009 quarter from tax contingency items and changes in our expected foreign tax credit utilization and the favorable impact on our provision for income taxes in the December 2008 quarter of a benefit related to tax elections filed in the December 2008 quarter as part of an internal reorganization and the resolution of uncertain tax positions. -- In addition to the items impacting comparability of results in the table above, operating income, net income and diluted earnings per share were also impacted by: -- A $6.9 million increase in operating income in Australia primarily resulting from an improvement in our cost structure in this market since the December 2008 quarter, the addition of aircraft earning higher rates and a favorable impact from changes in exchange rates, -- A $4.3 million increase in operating income in Eastern Hemisphere ("EH") Centralized Operations primarily resulting from an increase in cost allocations to other business units and a shift since the December 2008 quarter to allocate exchange rate exposures to other operating business units, partially offset by a charge of $1.1 million to reduce the carrying value of obsolete inventory, -- A $5.2 million increase in other income (expense), net, which includes the hedging gains of $2.8 million discussed above, -- A decrease in our effective tax rate to 17.3% in the December 2009 quarter from 25.0% in the December 2008 quarter primarily resulting from the indefinite reinvestment outside the U.S. of foreign earnings and our ability to realize foreign tax credits, -- A $4.2 million decrease in operating income in the U.S. Gulf of Mexico primarily resulting from decreased demand for aircraft in this market driven by decreased drilling activity, -- A $3.7 million decrease in operating income in our Other International business unit that primarily resulted from the grounding of our aircraft in Kazakhstan since mid-October 2009, and -- A $4.1 million increase in net interest expense that resulted from lower cash amounts invested and reduced investment performance as well as less capitalized interest. -- Additionally, our results for the December 2009 quarter were favorably impacted by changes in exchange rates versus the December 2008 quarter, which resulted in an increase in operating income of $5.2 million, net income of $6.2 million and diluted earnings per share of $0.17. These increases are primarily reflected in our results for Europe, West Africa and Australia and in other income (expense), net. -- The following items impacted the comparability of our results between the December 2009 and September 2009 quarters: December 2009 Quarter September 2009 Quarter --------------------- ---------------------- Diluted Diluted Earnings Earnings Operating Net Per Operating Net Per Income Income Share Income Income Share --------- ------ -------- --------- ------ ------- (In thousands, except per share amounts) Departure of two officers(1) $(1,744) $(1,448) $(0.04) $ - $ - $ - Aircraft incident charge(2) (1,978) (1,642) (0.05) - - - Hedging gains(3) - 2,328 0.06 - 849 0.02 Tax items(4) - (1,000) (0.03) - (2,075) (0.06) Reversal of bad debt(5) - - - 2,500 1,875 0.05 Mexico earnings change(6) - - - 1,300 1,075 0.03 --- --- --- ----- ----- ---- Total $(3,722) $(1,762) $(0.06) $3,800 $1,724 $0.04 ======== ======== ======= ======= ======= ===== ---- (1) Represents compensation costs associated with the departure of two of the Company's officers during the December 2009 quarter included in general and administrative costs on the consolidated statements of income. (2) Represents a charge in the December 2009 quarter related to damage to an aircraft operating in Nigeria as a result of a flight incident included in direct cost on the consolidated statements of income. (3) Represents the impact of pre-tax hedging gains of $2.8 million and $1.1 million realized during the December 2009 and September 2009 quarters, respectively, due to termination of forward contracts on euro-denominated aircraft purchase commitments included in other income (expense), net on the consolidated statements of income. (4) Represents the unfavorable impact on our provision for income taxes in the December 2009 and September 2009 quarters from tax contingency items and changes in our expected foreign tax credit utilization. (5) Represents the reversal of a bad debt reserve in Kazakhstan in the September 2009 quarter included in direct cost on the consolidated statements of income. (6) Represents out of period earnings from our unconsolidated affiliate in Mexico realized in the September 2009 quarter included in earnings (losses) from unconsolidated affiliates, net on our consolidated statements of income. -- In addition to the items impacting comparability of results in the table above, operating income, net income and diluted earnings per share were also impacted by: -- A decrease in our effective tax rate to 17.3% in the December 2009 quarter from 25.0% in the September 2009 quarter primarily resulting from the indefinite reinvestment outside the U.S. of foreign earnings and our ability to realize foreign tax credits, and -- A $4.9 million decrease in operating income in our Other International business unit primarily resulting from the grounding of our aircraft in Kazakhstan since mid-October 2009. For the nine months ended December 31, 2009: -- Revenue was $885.4 million, an increase of 3% from the nine months ended December 31, 2008. -- Operating income was $138.1 million, a decrease of 10% from the nine months ended December 31, 2008. -- Net income was $84.8 million, a decrease of 15% from the nine months ended December 31, 2008. -- Diluted earnings per share was $2.32, a decrease of $0.52 from the nine months ended December 31, 2008. -- The following items impacted the comparability of our results between the nine months ended December 31, 2009 and 2008: Nine Months Ended ---------------------------------------------------------- December 31, 2009 December 31, 2008 ------------------------------ -------------------------- Diluted Diluted Earnings Earnings Operating Net Per Operating Net Per Income Income Share Income Income Share --------- ------ -------- --------- ------ ------- (In thousands, except per share amounts) GOM Asset Sale(1) $ - $ - $ - $37,780 $24,417 $0.71 Departure of three officers(2) (4,874) (3,720) (0.10) - - - Hedging gains(3) - 3,004 0.08 - - - Tax items(4) - (5,200) (0.14) - 4,700 0.14 --- ------ ----- --- ----- ---- Total $(4,874) $(5,916) $(0.16) $37,780 $29,117 $0.85 ======== ======== ======= ======= ======= ===== ---- (1) Represents the impact on the nine months ended December 31, 2008 of the gain generated from the GOM Asset Sale on October 30, 2008 included in gain on GOM Asset Sale on the consolidated statements of income. (2) Represents compensation costs associated with the departure of three of the Company's officers during the nine months ended December 31, 2009 included in general and administrative costs on the consolidated statements of income. (3) Represents the impact of pre-tax hedging gains of $3.9 million realized during the nine months ended December 31, 2009 due to termination of forward contracts on euro-denominated aircraft purchase commitments included in other income (expense), net on the consolidated statements of income. (4) Represents the unfavorable impact on our provision for income taxes in the nine months ended December 31, 2009 from tax contingency items and changes in our expected foreign tax credit utilization and the favorable impact on our provision for income taxes in the nine months ended December 31, 2008 of a benefit related to tax elections filed in the December 2008 quarter as part of an internal reorganization and the resolution of uncertain tax positions. -- In addition to the items impacting comparability of results in the table above, operating income, net income and diluted earnings per share were also impacted by: -- A $16.1 million increase in operating income in West Africa primarily resulting from a favorable impact from changes in exchange rates and improved pricing, -- A $19.0 million increase in operating income in Australia primarily resulting from cost reductions in this market and the addition of aircraft earning higher rates, -- A $11.3 million increase in operating income in EH Centralized Operations primarily resulting from an increase in cost allocations to other business units and a shift in the current fiscal year to allocate exchange rate exposures to other operating business units, -- A decrease in our effective tax rate to 23.8% in the nine months ended December 31, 2009 from 26.8% the same period a year ago primarily resulting from the indefinite reinvestment outside the U.S. of foreign earnings and our ability to realize foreign tax credits, -- An $8.7 million decrease in operating income in the U.S. Gulf of Mexico primarily resulting from decreased demand for aircraft in this market driven by decreased drilling activity, -- A $9.3 million decrease in operating income in Western Hemisphere ("WH") Centralized Operations primarily resulting from an under recovery of maintenance costs from other Western Hemisphere business units driven by lower flight hours, -- A $6.5 million decrease in operating income in Europe primarily resulting from an unfavorable impact of changes in exchange rates versus the same period a year ago, partially offset by a full period's contribution of operating income from our Bristow Norway operations which were consolidated beginning October 31, 2008, and -- A $10.6 million increase in net interest expense primarily resulting from lower cash amounts invested and reduced investment performance, increased interest expense from our issuance of $115 million of convertible senior notes in June 2008 and less capitalized interest. Capital and Liquidity -- At December 31, 2009, key balance sheet items, capital commitments and liquidity sources were: -- $1.4 billion in stockholders' investment and $717 million of indebtedness, -- $107 million in cash and a $100 million undrawn revolving credit facility, and -- $117 million in aircraft purchase commitments for 11 aircraft. -- Net cash generated by operating activities was $69 million and net cash used in investing activities was $110 million in the December 2009 quarter. CEO Remarks
"We realized solid operating results in Europe, West Africa and Australia during our third fiscal 2010 quarter," said William E. Chiles, President and Chief Executive Officer of Bristow Group.
"In Latin America, our investment in Lider in Brazil contributed to these positive results but was offset by poor performance from our joint venture in Mexico. In Europe, overall activity levels were strong. We're also seeing robust activity levels in Nigeria despite a challenging political environment. In Australia, our local team continues to make improvements in operations and cost structure and in our activity level.
"The U.S. Gulf of Mexico saw continued weakness, but we have not been impacted to as large a degree as other offshore service companies. Our efforts to maintain stable pricing and to upgrade our fleet to larger, more efficient and more profitable aircraft serving larger projects farther offshore in deeper water has us well positioned for opportunities that might arise.
"As previously announced, we changed our management organization structure to better focus on winning and doing work more effectively. Some aspects of the reorganization will take time to fully implement. We believe that this reorganization coupled with financial flexibility and adequate liquidity have positioned us well to weather the current uncertain market in order to benefit from a turnaround in industry conditions which we believe is likely over the next year or two," Chiles added.
CONFERENCE CALL
Management will conduct a conference call starting at 9:00 a.m. EST (8:00 a.m. CST) on Thursday, February 4, 2010, to review financial results for the December 2009 quarter. The conference call can be accessed as follows:
Via Webcast: -- Visit Bristow Group's investor relations Web page at http://www.bristowgroup.com/ -- Live: Click on the link for "Bristow Group Fiscal 2010 Third Quarter Earnings Conference Call" -- Replay: 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.: -- Live: Dial toll free (877) 941-8610 -- Replay: A telephone replay will be available through February 18, 2010 and may be accessed by calling toll free (800) 406-7325, passcode: 4201643# Via Telephone outside the U.S.: -- Live: Dial (480) 629-9819 -- Replay: A telephone replay will be available through February 18, 2010 and may be accessed by calling (303) 590-3030, passcode: 4201643# ABOUT BRISTOW GROUP INC.
Bristow Group Inc. is a leading provider of helicopter services to the worldwide offshore energy industry and one of two helicopter service providers to the offshore energy industry with global operations. Through its subsidiaries, affiliates and joint ventures, the Company has significant operations in most major offshore oil and gas producing regions of the world, including the North Sea, the U.S. Gulf of Mexico, Nigeria, Australia and Latin America. For more information, visit the Company's website at http://www.bristowgroup.com/.
FORWARD-LOOKING STATEMENTS DISCLOSURE
Statements contained in this news release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. These forward-looking statements include statements regarding the impact of activity levels, business performance, turnaround timing, market and industry conditions, liquidity and financial flexibility. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's quarterly report on Form 10-Q for the quarter ended December 31, 2009 and annual report on Form 10-K for the fiscal year ended March 31, 2009. 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.
CONTACT: 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) (Unaudited) Three Months Ended Nine Months Ended ------------------ ----------------- December 31, September 30, December 31, ------------ ------------- ------------ 2009 2008 2009 2009 2008 ---- ---- ---- ---- ---- Gross revenue: Operating revenue from non-affiliates $260,907 $236,491 $247,642 $757,440 $726,151 Operating revenue from affiliates 14,581 16,792 17,460 46,643 52,492 Reimbursable revenue from non- affiliates 27,615 28,617 24,746 78,214 76,196 Reimbursable revenue from affiliates 203 1,087 1,767 3,076 3,959 --- ----- ----- ----- ----- 303,306 282,987 291,615 885,373 858,798 ------- ------- ------- ------- ------- Operating expense: Direct cost 189,456 176,038 173,392 543,525 551,404 Reimbursable expense 28,219 28,689 26,304 81,180 79,437 Depreciation and amortization 20,663 16,663 18,470 57,319 47,103 General and administrative 30,758 25,586 29,686 89,246 78,776 ------ ------ ------ ------ ------ 269,096 246,976 247,852 771,270 756,720 ------- ------- ------- ------- ------- Gain on GOM Asset Sale - 37,780 - - 37,780 Gain on disposal of assets 2,448 (102) 4,880 13,337 5,865 Earnings from unconsolidated affiliates, net of losses 3,068 (1,417) 4,924 10,625 8,277 ----- ------- ----- ------ ----- Operating Income 39,726 72,272 53,567 138,065 154,000 Interest income 365 1,087 210 797 5,739 Interest expense (10,979) (8,276) (10,640) (31,631) (25,943) Other income (expense), net 3,695 (1,522) 1,809 4,023 2,240 ----- ------- ----- ----- ----- Income before provision for income taxes 32,807 63,561 44,946 111,254 136,036 Provision for income taxes (5,681) (15,861) (11,236) (26,427) (36,494) ------- -------- -------- -------- -------- Net income from continuing operations 27,126 47,700 33,710 84,827 99,542 Loss from discontinued operations, net of tax - - - - (246) --- --- --- --- ----- Net income 27,126 47,700 33,710 84,827 99,296 Net income attributable to noncontrolling interests (448) (535) (540) (1,256) (2,190) ----- ----- ----- ------- ------- Net income attributable to Bristow 26,678 47,165 33,170 83,571 97,106 Preferred stock dividends - (3,162) (3,163) (6,325) (9,487) --- ------- ------- ------- ------- Net income available to common stockholders $26,678 $44,003 $30,007 $77,246 $87,619 ======= ======= ======= ======= ======= Basic earnings per common share: Earnings from continued operations $0.74 $1.51 $0.98 $2.43 $3.18 Loss from discontinued operations - - - - (0.01) --- --- --- --- ----- Net earnings $0.74 $1.51 $0.98 $2.43 $3.17 ===== ===== ===== ===== ===== Diluted earnings per common share: Earnings from continued operations $0.74 $1.32 $0.92 $2.32 $2.85 Loss from discontinued operations - - - - (0.01) --- --- --- --- ------ Net earnings $0.74 $1.32 $0.92 $2.32 $2.84 ===== ===== ===== ===== ===== Weighted average number of common shares outstanding: Basic 35,896 29,101 30,491 31,733 27,635 Diluted 36,271 35,628 36,101 36,070 34,185 BRISTOW GROUP INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) December 31, March 31, 2009 2009 ---- ---- (Unaudited) ASSETS Current assets: Cash and cash equivalents $107,059 $300,969 Accounts receivable from non-affiliates 196,927 194,030 Accounts receivable from affiliates 34,710 22,644 Inventories 187,220 165,438 Prepaid expenses and other current assets 26,582 20,226 ------ ------ Total current assets 552,498 703,307 Investment in unconsolidated affiliates 203,916 20,265 Property and equipment - at cost: Land and buildings 93,241 68,961 Aircraft and equipment 2,014,147 1,823,011 --------- --------- 2,107,388 1,891,972 Less - Accumulated depreciation and amortization (400,475) (350,515) --------- --------- 1,706,913 1,541,457 Goodwill 46,971 44,654 Other assets 23,261 24,888 ------ ------ $2,533,559 $2,334,571 ========== ========== LIABILITIES AND STOCKHOLDERS' INVESTMENT Current liabilities: Accounts payable $50,434 $44,892 Accrued wages, benefits and related taxes 39,486 39,939 Income taxes payable 3,429 - Other accrued taxes 2,528 3,357 Deferred revenues 22,697 17,593 Accrued maintenance and repairs 13,352 10,317 Accrued interest 8,609 6,434 Other accrued liabilities 18,406 20,164 Deferred taxes 9,348 6,195 Short-term borrowings and current maturities of long-term debt 19,211 8,948 ------ ----- Total current liabilities 187,500 157,839 Long-term debt, less current maturities 698,144 714,965 Accrued pension liabilities 99,276 81,380 Other liabilities and deferred credits 27,151 16,741 Deferred taxes 149,389 127,266 Stockholders' investment: 5.50% mandatory convertible preferred stock - 222,554 Common stock 359 291 Additional paid-in capital 669,174 436,296 Retained earnings 795,739 718,493 Noncontrolling interests 10,261 11,200 Accumulated other comprehensive loss (103,434) (152,454) --------- --------- 1,372,099 1,236,380 --------- --------- $2,533,559 $2,334,571 ========== ========== BRISTOW GROUP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Nine Months Ended ----------------- December 31, ------------ 2009 2008 ---- ---- Cash flows from operating activities: Net income $84,827 $99,296 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 57,319 47,103 Deferred income taxes 18,892 13,802 Loss on disposal of discontinued operations - 379 Discount amortization on long-term debt 2,213 1,504 Gain on asset dispositions (13,337) (5,865) Gain on GOM Asset Sale - (37,780) Gain on Heliservicio investment sale - (1,438) Stock-based compensation expense 9,914 7,697 Equity in earnings from unconsolidated affiliates (in excess of) below dividends received (6,853) 7,910 Tax benefit related to stock-based compensation (409) (242) Increase (decrease) in cash resulting from changes in: Accounts receivable 794 (9,342) Inventories (11,382) (16,600) Prepaid expenses and other assets 14,555 (22,887) Accounts payable 4,638 5,657 Accrued liabilities 3,216 20,855 Other liabilities and deferred credits (1,370) (6,177) ------ ------ Net cash provided by operating activities 163,017 103,872 Cash flows from investing activities: Capital expenditures (250,272) (388,007) Proceeds from asset dispositions 74,973 86,681 Acquisitions, net of cash received (178,961) (15,590) --------- -------- Net cash used in investing activities (354,260) (316,916) Cash flows from financing activities: Proceeds from borrowings - 115,000 Debt issuance costs - (3,768) Repayment of debt and debt redemption premiums (10,068) (20,996) Partial prepayment of put/call obligation (52) (184) Preferred stock dividends paid (6,325) (9,487) Issuance of common stock 1,336 225,260 Tax benefit related to stock-based compensation 409 242 --- --- Net cash provided by (used in) financing activities (14,700) 306,067 Effect of exchange rate changes on cash and cash equivalents 12,033 (18,420) ------ ------- Net increase (decrease) in cash and cash equivalents (193,910) 74,603 Cash and cash equivalents at beginning of period 300,969 290,050 ------- ------- Cash and cash equivalents at end of period $107,059 $364,653 ======== ======== Supplemental disclosure of cash flow information: Cash paid during the period for: Interest $31,830 $30,446 Income taxes $9,904 $17,109 Non-cash investing activities: Contribution of note receivable and aircraft to RLR $ - $(6,551) Aircraft received for investment in Heliservicio $ - $2,410 BRISTOW GROUP INC. AND SUBSIDIARIES SELECTED OPERATING DATA (In thousands, except flight hours and percentages) (Unaudited) Three Months Ended Nine Months Ended ----------------------------- ------------ December 31, September 30, December 31, -------------- ------------- ------------ 2009 2008 2009 2009 2008 ---- ---- ---- ---- ---- Flight hours (excludes Bristow Academy and unconsolidated affiliates): U.S. Gulf of Mexico 16,452 25,445 18,372 54,593 97,975 Arctic 1,260 1,279 2,843 6,451 7,411 Latin America 7,906 10,836 9,228 25,766 28,970 Europe 13,597 13,241 14,242 42,694 33,812 West Africa 9,175 9,884 8,470 26,595 29,129 Australia 3,304 3,649 2,794 8,978 11,502 Other International 2,828 2,793 2,582 7,903 8,539 ----- ----- ----- ----- ----- Consolidated total 54,522 67,127 58,531 172,980 217,338 ====== ====== ====== ======= ======= Gross revenue: U.S. Gulf of Mexico $42,456 $53,695 $42,614 $130,531 $177,695 Arctic 3,228 3,005 6,123 13,746 14,088 Latin America 19,076 20,707 20,786 59,421 59,964 WH Centralized Operations 1,461 3,134 791 3,737 8,303 Europe 119,267 102,477 113,890 348,200 296,210 West Africa 58,736 50,478 51,452 165,005 140,788 Australia 38,188 25,029 30,333 96,684 87,368 Other International 14,269 17,076 16,221 43,925 52,234 EH Centralized Operations 2,653 2,797 4,559 10,871 9,169 Bristow Academy 6,026 5,563 7,151 20,470 17,286 Intrasegment eliminations (2,054) (974) (2,303) (7,217) (4,335) Corporate - - (2) - 28 --- --- --- --- --- Consolidated total $303,306 $282,987 $291,615 $885,373 $858,798 ======== ======== ======== ======== ======== Operating income (loss): U.S. Gulf of Mexico $4,488 $8,721 $5,509 $16,237 $24,973 Arctic 22 184 2,085 2,712 2,603 Latin America 4,695 5,501 7,314 16,788 19,175 WH Centralized Operations (4,216) (2,509) (4,156) (11,581) (2,281) Europe 15,968 13,757 14,172 48,918 55,434 West Africa 15,092 13,167 14,466 43,796 27,707 Australia 9,727 2,850 6,869 22,771 3,777 Other International 1,695 5,429 6,611 11,593 12,672 EH Centralized Operations (422) (4,705) 2,247 (1,068) (12,370) Bristow Academy (385) (168) 723 1,269 219 Gain on GOM Asset Sale - 37,780 - - 37,780 Gain on disposal of assets 2,448 (102) 4,880 13,337 5,865 Corporate (9,386) (7,633) (7,153) (26,707) (21,554) ------ ------ ------ ------- ------- Consolidated total $39,726 $72,272 $53,567 $138,065 $154,000 ======= ======= ======= ======== ======== Operating margin: U.S. Gulf of Mexico 10.6% 16.2% 12.9% 12.4% 14.1% Arctic 0.7% 6.1% 34.1% 19.7% 18.5% Latin America 24.6% 26.6% 35.2% 28.3% 32.0% Europe 13.4% 13.4% 12.4% 14.0% 18.7% West Africa 25.7% 26.1% 28.1% 26.5% 19.7% Australia 25.5% 11.4% 22.6% 23.6% 4.3% Other International 11.9% 31.8% 40.8% 26.4% 24.3% Bristow Academy (6.4)% (3.0)% 10.1% 6.2% 1.3% Consolidated total 13.1% 25.5% 18.4% 15.6% 17.9% BRISTOW GROUP INC. AND SUBSIDIARIES AIRCRAFT COUNT AS OF DECEMBER 31, 2009 Aircraft in Consolidated Fleet ------------------------------ Helicopters ----------- Unconsolidated Fixed Total Affiliates Small Medium Large Training Wing (1) (2) Total ----- ------ ----- -------- ---- ----- ----------- ----- U.S. Gulf of Mexico 62 26 7 - - 95 - 95 Arctic 13 2 - - 1 16 - 16 Latin America 5 32 2 - - 39 89 128 Europe - 11 40 - - 51 - 51 West Africa 12 32 5 - 4 53 - 53 Australia 2 10 18 - - 30 - 30 Other International - 11 10 - - 21 44 65 EH Centralized Operations - - - - - - 63 63 Bristow Academy - - - 74 - 74 - 74 --- --- --- --- --- --- --- --- Total 94 124 82 74 5 379 196 575 === === === === === === === === Aircraft not currently in fleet:(3) On order - 6 5 - - 11 Under option - 41 13 - - 54 ---- (1) Includes 11 aircraft held for sale. (2) The 196 aircraft operated or managed by our unconsolidated affiliates are in addition to those aircraft leased from us. (3) This table does not reflect aircraft which our unconsolidated affiliates may have on order or under option.
Bristow Group Inc.
CONTACT: Linda McNeill, Investor Relations of Bristow Group Inc.,
+1-713-267-7622
Web Site: http://www.bristowgroup.com/
