FLYING SMART.
FLYING RIGHT.

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News Release

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Bristow Group Reports Financial Performance for Its 2012 Second Fiscal Quarter and Six-Month Period Ended September 30, 2011


- QUARTER AND SIX MONTH EPS OF $0.07 AND $0.65 WITH QUARTER AND SIX MONTH ADJUSTED EPS OF $0.63 AND $1.18, WHICH EXCLUDES NON-CASH ASSET IMPAIRMENT CHARGES OF $27.3 MILLION AND ASSET DISPOSITION EFFECTS
- OPERATING CASH FLOW OF $117 MILLION FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2011, ALMOST DOUBLE THE $69 MILLION IN THE PRIOR YEAR'S PERIOD
- COMPANY REVISES RANGE ON FULL FISCAL YEAR 2012 EPS GUIDANCE TO $3.05 - $3.30, EXCLUDING SPECIAL ITEMS AND ASSET DISPOSITION EFFECTS
- COMPANY ANNOUNCES UP TO $100 MILLION SHARE BUYBACK PROGRAM

HOUSTON, Nov. 7, 2011 /PRNewswire via COMTEX/ -- Bristow Group Inc. (NYSE: BRS) today reported net income for the September 2011 quarter of $2.7 million, or $0.07 per diluted share, compared to net income of $38.9 million, or $1.06 per diluted share, in the same period a year ago. Adjusted net income, excluding non-cash asset impairment charges of $27.3 million and asset disposition effects, for the September 2011 quarter was $23.3 million, or $0.63 per diluted share, compared to $37.1 million, or $1.01 per diluted share, in the September 2010 quarter.

Operating revenue for the September 2011 quarter increased 4% to $297.1 million from $286.5 million in the September 2010 quarter. Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), which excludes special items and asset disposition effects, was $62.1 million for the September 2011 quarter compared to $72.7 million in the same period a year ago. Net cash provided by operating activities increased to $64.1 million in the September 2011 quarter from $43.5 million in the September 2010 quarter and to $117.0 million for the six months ended September 30, 2011 from $69.2 million in the prior fiscal year-to-date period.

The September 2011 quarter's financial performance was negatively affected by several factors, including:

  • A $24.6 million write-down of inventory spare parts to lower of cost or market as management has made the determination to operate certain older aircraft types for a shorter period than originally anticipated,
  • An $8.8 million decrease in earnings from unconsolidated affiliates, primarily resulting from an unfavorable impact of exchange rate changes on earnings from our investment in Lider in Brazil, which is reflected in our Other International Business Unit,
  • An impairment charge of $2.7 million recorded in depreciation and amortization resulting from the abandonment of certain assets located in Creole, Louisiana and used in our North America Business Unit as we ceased operations from that location, and
  • A loss on disposal of assets of $1.6 million, primarily due to a $1.1 million loss on the disposal of a fixed wing aircraft previously operating in Nigeria that was damaged in an incident upon landing and a $0.4 million impairment charge to reduce the carrying value of three aircraft held for sale, which compares to a gain on disposal of assets of $1.9 million in the September 2010 quarter.

In addition to these items, cost increases across most of our business units have outpaced revenue growth when compared to the prior year quarter. We continue to see significant growth opportunities across most of our major markets as tender activity is robust and as new work starts in the second half of fiscal year 2012 and in fiscal year 2013. However, costs we incurred in advance of this activity (either to start up new operations or to maintain resources that will be needed in future periods), have resulted in increased operating expense in excess of revenue growth in the September 2011 quarter.

Our management reviews our operating results when adjusted for certain items not considered to be part of our normal and recurring operations, which includes gains or losses on asset dispositions and any special items during the reporting period. During the September 2011 quarter, the write-down of inventory spare parts, and the impairment charge on the abandonment of assets at the Creole, Louisiana location have been identified as special items. After adjusting for these items and for losses on asset dispositions, our adjusted operating income, adjusted EBITDA, adjusted net income and adjusted earnings per share were $38.5 million, $62.1 million, $23.3 million and $0.63, respectively, which all decreased from the prior year quarter as a result of reduced earnings from Lider and the cost increases noted above. No special items were identified for the September 2010 quarter.

"Growth across all of our regions is accelerating with new aircraft adding value for our clients in the latter half of this fiscal year and in fiscal year 2013," said William E. Chiles, President and Chief Executive Officer of Bristow Group. "However, we are dissatisfied with the quarter's results which were impacted by the need to incur additional costs ahead of this activity. This has resulted in increased operating expense in excess of revenue growth in the current quarter and deterioration in operating margin today to support future growth."

Mr. Chiles reiterated, "Going forward, we are expecting stronger levels of activity in our Europe, Australia and Other International Business Units; but the higher costs for future growth during the first half of this fiscal year have led to a revision of our earnings per share guidance range for the current fiscal year. Despite these costs, we continued to generate record operating cash flows during fiscal year 2012 which were considerably stronger than fiscal year 2011. We also expect sequential improvement in our financial results and continue to anticipate a stronger second half compared to the first half of fiscal year 2012, particularly in the fourth quarter."

SECOND QUARTER FY2012 RESULTS

  • Operating revenue increased 4% to $297.1 million compared to $286.5 million in the same period a year ago.
  • Operating income decreased $44.0 million to $9.6 million in the September 2011 quarter compared to $53.6 million in the September 2010 quarter. Adjusted operating income decreased 25.5% to $38.5 million compared to $51.7 million in the September 2010 quarter.
  • Net income decreased by $36.2 million to $2.7 million, or $0.07 per share, compared to $38.9 million, or $1.06 per diluted share, in the September 2010 quarter. Adjusted net income decreased 37.3% to $23.3 million, or $0.63 per diluted share, compared to $37.1 million, or $1.01 per diluted share, in the September 2010 quarter.
  • Adjusted EBITDA was $62.1 million for the September 2011 quarter compared to $72.7 million in the same period a year ago.

Our Europe Business Unit saw an increase in flying activity over the prior year quarter as a result of new contracts with existing clients, which resulted in increased operating income. However, operating margin decreased slightly despite the increase in operating revenue and operating income as a result of increased salaries and benefits, maintenance, insurance and fuel costs.

Our West Africa Business Unit saw increased flying activity over the prior year quarter as activity associated with three new contracts and activity under existing contracts offset the impact of the non-renewal of a major contract in the prior fiscal year. Despite the increase in operating revenue, operating income and margin for West Africa decreased in the September 2011 quarter primarily as a result of an increase in operating expense and the non-renewal of the major contract in the prior fiscal year.

Our North America Business Unit saw some benefit in the current quarter from an increase in activity as drilling and completion permits are being issued at an increasing pace. We are also seeing the benefit from a reduction in cost structure. Operating revenue, operating income and operating margin improved sequentially over the June 2011 quarter. When excluding the impact of the impairment of the Creole, Louisiana assets, operating margin improved from 3.6% in the June 2011 quarter to 11.0% in the September 2011 quarter. Based on current discussions with our major clients, especially concerning activity for large aircraft, we anticipate the level of activity in the Gulf to continue to improve during the second half of fiscal year 2012.

Our Australia Business Unit saw a decrease in revenue over the prior year quarter resulting from the loss of a major contract in May 2011, which has not been offset by new work. We are expecting a turnaround in this market over the second half of fiscal year 2012, especially in the fourth quarter, as new work begins. This new work is expected to replace the work from the contract loss in May 2011. The level of fixed cost we are carrying in anticipation of the increased activity, coupled with the decrease in revenue, has resulted in a substantial decrease in operating income and operating margin compared with the prior year period. We expect to see considerable improvement in operating income and operating margin in the second half of fiscal year 2012.

We continue to see substantial growth opportunity in our Other International Business Unit. However, in the current quarter we realized a loss from Lider due to foreign currency exchange rate changes. Additionally, our results were impacted by cessation of operations in Libya. We are also incurring start up costs in new markets for operations that will begin later in fiscal year 2012. Depending on exchange rate movements in Brazil and the timing of the start ups, we expect to recover much of the lost income and margin over the second half of the fiscal year.

YEAR-TO-DATE FY2012 RESULTS

  • Operating revenue increased 4.5% to $583.8 million compared to $558.5 million in the same period a year ago.
  • Operating income decreased 50.7% to $46.0 million compared to $93.2 million in the fiscal year 2011 period. Adjusted operating income decreased 18% to $73.5 million compared to $89.6 million in the fiscal year 2011 period.
  • Net income decreased 60.2% to $23.8 million, or $0.65 per diluted share, compared to $59.7 million, or $1.63 per diluted share, for the six months ended September 30, 2010. Adjusted net income decreased 23.8% to $43.2 million, or $1.18 per diluted share, compared to $56.7 million, or $1.55 per diluted share, for the six months ended September 30, 2010.
  • Adjusted EBITDA was $120.2 million for the six months ended September 30, 2011 compared to $130.8 million in the same period a year ago.

SHARE BUY-BACK

In November 2011, our board of directors authorized us to spend up to $100 million to repurchase shares of our common stock. The timing and method of any repurchases will depend on a variety of factors, including market conditions, is subject to our results of operations, financial condition, cash requirements and other factors, and may be suspended or discontinued at any time.

GUIDANCE

Bristow is revising the diluted earnings per share guidance provided in May 2011 for the full fiscal year 2012 of $3.55 to $3.90 to a range of $3.05 to $3.30.

As a reminder, our GAAP earnings per share guidance does not include gains and losses on disposals of assets 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, the Company has 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 the Company does not currently anticipate or predict could result in earnings per share for fiscal year 2012 that are significantly above or below this guidance. Factors that could cause such changes are described below under Forward-Looking Statements Disclosure.

"Despite the impact of higher than anticipated cost levels in the current quarter to advance revenue growth expected from several large awards, we continue to see success in implementing Bristow Value Added (BVA), with an almost doubling of operating cash flow in the first half of fiscal year 2012 from the prior year period," said Jonathan E. Baliff, Senior Vice President and Chief Financial Officer of Bristow Group. "We expect to continue generating significant cash flow while maintaining prudent balance sheet management and financial strength which provides the underpinnings for the stock buyback authorization and a balanced return for our shareholders."

CONFERENCE CALL

Management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Tuesday, November 8, to review financial results for the fiscal year 2012 second quarter ended September 30, 2011. This release and the most recent investor slide presentation are available in the investor relations area of our web page at http://www.bristowgroup.com/. 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 2012 Second 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 1-877-941-8609
  • Replay: A telephone replay will be available through November 22, 2011 and may be accessed by calling toll free 1-800-406-7325, passcode: 4476349#

Via Telephone outside the U.S.:

  • Live: Dial 480-629-9818
  • Replay: A telephone replay will be available through November 22, 2011 and may be accessed by calling 303-590-3030, passcode: 4476349#

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, Russia and Trinidad. 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 earnings guidance, capital allocation strategy, the impact of activity levels, business performance, and other 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. 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 September 30, 2011 and the annual report on Form 10-K for the fiscal year ended March 31, 2011. 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

(Unaudited)

(In thousands, except per share amounts)




Three Months Ended


Six Months Ended





September 30,


September 30,



2011


2010


2011


2010










Gross revenue:














Operating revenue from non-affiliates


$

288,780


$

270,053


$

565,809


$

524,647


Operating revenue from affiliates



8,276



16,484



18,008



33,899


Reimbursable revenue from non-affiliates



33,673



25,933



67,974



45,996


Reimbursable revenue from affiliates



263



89



306



255






330,992



312,559



652,097



604,797

Operating expense:














Direct cost



203,635



189,110



400,257



372,274


Reimbursable expense



32,770



25,020



65,904



45,198


Impairment of inventories



24,610



--



24,610



--


Depreciation and amortization



25,431



20,968



48,139



40,299


General and administrative



29,303



30,515



68,948



61,417






315,749



265,613



607,858



519,188














Gain (loss) on disposal of assets



(1,611)



1,897



(195)



3,615

Earnings from unconsolidated affiliates, net of losses



(4,037)



4,716



1,956



4,014


Operating income



9,595



53,559



46,000



93,238
















Interest income



153



168



324



460

Interest expense



(9,459)



(11,452)



(18,414)



(22,490)

Other income (expense), net



727



(111)



931



404


Income before benefit (provision) for income taxes



1,016



42,164



28,841



71,612

Benefit (provision) for income taxes



1,945



(3,316)



(4,661)



(11,856)


Net income



2,961



38,848



24,180



59,756


Net income attributable to noncontrolling interests



(250)



32



(424)



(68)


Net income attributable to Bristow Group


$

2,711


$

38,880


$

23,756


$

59,688















Earnings per common share:














Basic


$

0.07


$

1.07


$

0.66


$

1.66


Diluted


$

0.07


$

1.06


$

0.65


$

1.63
















Adjusted EBITDA


$

62,127


$

72,687


$

120,199


$

130,786

Adjusted operating income


$

38,493


$

51,662


$

73,482


$

89,623

Adjusted net income


$

23,287


$

37,132


$

43,227


$

56,720

Adjusted earnings per share


$

0.63


$

1.01


$

1.18


$

1.55


BRISTOW GROUP INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)




September 30,


March 31,




2011


2011




(Unaudited)








ASSETS

Current assets:









Cash and cash equivalents


$

140,279


$

116,361



Accounts receivable from non-affiliates



259,204



247,135



Accounts receivable from affiliates



8,400



15,384



Inventories



157,266



196,207



Assets held for sale



31,642



31,556



Prepaid expenses and other current assets



14,431



22,118




Total current assets



611,222



628,761


Investment in unconsolidated affiliates



202,437



208,634


Property and equipment - at cost:









Land and buildings



77,701



98,054



Aircraft and equipment



2,210,853



2,116,259







2,288,554



2,214,313



Less - Accumulated depreciation and amortization



(465,235)



(446,431)







1,823,319



1,767,882


Goodwill



29,247



32,047


Other assets



34,193



38,030




Total assets


$

2,700,418


$

2,675,354












LIABILITIES AND STOCKHOLDERS' INVESTMENT


Current liabilities:









Accounts payable


$

47,008


$

56,972



Accrued wages, benefits and related taxes



34,831



34,538



Income taxes payable



14,356



15,557



Other accrued taxes



5,276



4,048



Deferred revenues



11,560



9,613



Accrued maintenance and repairs



13,942



16,269



Accrued interest



2,268



2,279



Other accrued liabilities



19,689



19,613



Deferred taxes



7,020



12,176



Short-term borrowings and current maturities of long-term debt



13,273



8,979




Total current liabilities



169,223



180,044


Long-term debt, less current maturities



751,087



698,482


Accrued pension liabilities



97,237



99,645


Other liabilities and deferred credits



13,398



30,109


Deferred taxes



144,621



148,299










Stockholders' investment:









Common stock



362



363



Additional paid-in capital



696,268



689,795



Retained earnings



964,444



951,660



Accumulated other comprehensive loss



(143,627)



(130,117)



Total Bristow Group Inc. stockholders' investment



1,517,447



1,511,701



Noncontrolling interests



7,405



7,074




Total stockholders' investment



1,524,852



1,518,775




Total liabilities and stockholders' investment


$

2,700,418


$

2,675,354



BRISTOW GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)






Six Months Ended




September 30,




2011


2010





Cash flows from operating activities:



Net income


$

24,180


$

59,756

Adjustments to reconcile net income to net cash provided by operating activities:








Depreciation and amortization



48,139



40,299


Deferred income taxes



(10,237)



4,385


Discount amortization on long-term debt



1,666



1,565


Gain (loss) on disposal of assets



195



(3,615)


Impairment of inventories



24,610



--


Gain on sale of joint ventures



--



(572)


Stock-based compensation



7,480



8,019


Equity in earnings from unconsolidated affiliates less than (in excess of)









dividends received



5,285



(890)


Tax benefit related to stock-based compensation



(109)



(179)

Increase (decrease) in cash resulting from changes in:








Accounts receivable



(6,352)



(24,940)


Inventories



7,916



(3,000)


Prepaid expenses and other assets



3,297



(14,363)


Accounts payable



5,382



9,774


Accrued liabilities



4,863



(2,917)


Other liabilities and deferred credits



678



(4,138)

Net cash provided by operating activities



116,993



69,184










Cash flows from investing activities:








Capital expenditures



(149,262)



(63,943)


Deposits on assets held for sale



--



1,000


Proceeds from sale of joint ventures



--



1,291


Proceeds from asset dispositions



12,040



17,178

Net cash used in investing activities



(137,222)



(44,474)










Cash flows from financing activities:








Proceeds from borrowings



88,493



10,012


Repayment of debt and debt redemption premiums



(32,518)



(7,630)


Distributions to noncontrolling interest owners



--



(637)


Partial prepayment of put/call obligation



(31)



(28)


Acquisition of noncontrolling interest



(262)



(800)


Common stock dividends paid



(10,833)



--


Issuance of common stock



1,629



111


Tax benefit related to stock-based compensation



109



179

Net cash provided by financing activities



46,587



1,207

Effect of exchange rate changes on cash and cash equivalents



(2,440)



4,791

Net increase in cash and cash equivalents



23,918



30,708

Cash and cash equivalents at beginning of period



116,361



77,793

Cash and cash equivalents at end of period


$

140,279


$

108,501


BRISTOW GROUP INC. AND SUBSIDIARIES

SELECTED OPERATING DATA

(In thousands, except flight hours and percentages)

(Unaudited)



Three Months Ended



Six Months Ended



September 30,



September 30,



2011



2010



2011



2010


Flight hours (excludes Bristow Academy and unconsolidated affiliates) :
















Europe


15,341




14,432




29,523




27,399


West Africa


10,620




9,572




20,249




19,332


North America


20,858




23,279




41,292




44,683


Australia


2,379




3,318




5,761




6,558


Other International


6,807




12,577




13,236




24,055




56,005




63,178




110,061




122,027




Operating revenue:
















Europe

$

113,702



$

97,967



$

221,990



$

183,597


West Africa


61,076




56,225




113,327




113,875


North America


47,860




54,292




91,773




106,374


Australia


30,469




34,238




71,389




67,993


Other International


35,191




35,960




69,740




68,582


Corporate and other


9,435




8,362




16,282




18,944


Intrasegment eliminations


(677)




(507)




(684)




(819)


Consolidated total

$

297,056



$

286,537



$

583,817



$

558,546


















Operating income (loss):
















Europe

$

23,586



$

21,612



$

46,835



$

39,911


West Africa


16,120




17,158




27,351




32,794


North America


2,571




8,904




4,155




14,212


Australia


576




6,094




5,100




14,046


Other International


2,089




11,102




13,999




13,367


Corporate and other


(33,736)




(13,208)




(51,245)




(24,707)


Gain (loss) on disposal of other assets


(1,611)




1,897




(195)




3,615


Consolidated total

$

9,595



$

53,559



$

46,000



$

93,238


















Operating margin:
















Europe


20.7

%



22.1

%



21.1

%



21.7

%

West Africa


26.4

%



30.5

%



24.1

%



28.8

%

North America


5.4

%



16.4

%



4.5

%



13.4

%

Australia


1.9

%



17.8

%



7.1

%



20.7

%

Other International


5.9

%



30.9

%



20.1

%



19.5

%

Consolidated total


3.2

%



18.7

%



7.9

%



16.7

%


BRISTOW GROUP INC. AND SUBSIDIARIES

AIRCRAFT COUNT

As of September 30, 2011




Aircraft in Consolidated Fleet








Helicopters












Small


Medium


Large


Training


Fixed Wing


Total (1)


Unconsolidated

Affiliates (2)


Total

Europe


--


17


41


--


--


58


64



122

West Africa


12


26


7


--


3


48


--



48

North America


68


26


--


--


--


94


--



94

Australia


2


14


17


--


--


33


--



33

Other International


5


41


17


--


--


63


122



185

Corporate and other


--


--


--


70


--


70


--



70

Total


87


124


82


70


3


366


186



552

Aircraft not currently in fleet: (3)(4)

















On order


--


--


10


--


--


10





Under option


--


12


25


--


--


37






_________


(1)

Includes 19 aircraft held for sale.



(2)

The 186 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.



(4)

Subsequent to September 30, 2011, we entered into agreements to purchase or lease 8 new technology large aircraft for approximately $144 million that are not reflected in the table above.



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. Adjusted EBITDA is calculated by taking our net income and adjusting for interest expense, depreciation and amortization, benefit (provision) for income taxes, gain (loss) on disposal of assets and special items, if any. Adjusted operating income, adjusted net income and adjusted diluted earnings per share are each adjusted for gain (loss) on disposal of assets and special items, if any, during the reported periods. Management believes these non-GAAP financial measures provide meaningful supplemental information regarding our results because they exclude amounts that management does not consider part of our normal and recurring operations when assessing and measuring the operational and financial performance of the organization. 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


Six Months Ended




September 30,


September 30,




2011



2010


2011



2010




(In thousands, except per share amounts)

Adjusted EBITDA


$

62,127



$

72,687


$

120,199



$

130,786


Gain (loss) on disposal of assets



(1,611)




1,897



(195)




3,615


Special items



(24,610)




--



(24,610)




--


Interest expense



(9,459)




(11,452)



(18,414)




(22,490)


Depreciation and amortization



(25,431)




(20,968)



(48,139)




(40,299)


Benefit (provision) for income taxes



1,945




(3,316)



(4,661)




(11,856)

Net income


$

2,961



$

38,848


$

24,180



$

59,756

















Adjusted operating income


$

38,493



$

51,662


$

73,482



$

89,623


Gain (loss) on disposal of assets



(1,611)




1,897



(195)




3,615


Special items



(27,287)




--



(27,287)




--

Operating income


$

9,595



$

53,559


$

46,000



$

93,238

















Adjusted net income


$

23,287



$

37,132


$

43,227



$

56,720


Gain (loss) on disposal of assets



(1,257)




1,748



(152)




2,968


Special items



(19,319)




--



(19,319)




--

Net income attributable to Bristow Group


$

2,711



$

38,880


$

23,756



$

59,688



































Adjusted earnings per share


$

0.63



$

1.01


$

1.18



$

1.55


Gain (loss) on disposal of assets



(0.03)




0.05



--




0.08


Special items



(0.53)




--



(0.53)




--

Earnings per share



0.07




1.06



0.65




1.63








Three and Six Months Ended






September 30, 2011






Adjusted

Operating

Income


Adjusted

EBITDA


Adjusted

Net Income


Adjusted

Diluted

Earnings

Per

Share






(In thousands, except per share amounts)



Impairment of inventories


$

24,610


$

24,610


$

17,579


$

0.48



Impairment of assets in Creole, Louisiana



2,677



--



1,740



0.05




Total special items


$

27,287


$

24,610


$

19,319



0.53



















SOURCE: Bristow Group Inc.