FLYING SMART.
FLYING RIGHT.

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News Release

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Bristow Group Reports Financial Performance for Its 2012 Third Fiscal Quarter and Nine-Month Period Ended December 31, 2011

  • RECORD NINE MONTH OPERATING REVENUE AND CASH FLOW OF $880.5 MILLION AND $193.9 MILLION
  • THIRD QUARTER EPS OF $0.70 ($0.76 ON AN ADJUSTED BASIS, WHICH EXCLUDES THE IMPACT OF ASSET DISPOSITION)
  • COMPANY REVISES RANGE ON FULL FISCAL YEAR 2012 EPS GUIDANCE DOWN TO $2.90 - $3.10, EXCLUDING THE IMPACT OF SPECIAL ITEMS AND ASSET DISPOSITION

HOUSTON, Feb. 2, 2012 /PRNewswire/ -- Bristow Group Inc. (NYSE: BRS) today reported net income for the December 2011 quarter of $25.5 million, or $0.70 per diluted share, compared to net income of $41.8 million, or $1.13 per diluted share, in the same period a year ago.  Adjusted net income, which excludes special items and asset disposition effects, was $27.8 million, or $0.76 per diluted share, for the December 2011 quarter, an increase from $26.3 million, or $0.71 per diluted share, for the December 2010 quarter.  

Operating revenue for the December 2011 quarter increased 5% to $296.7 million from $282.6 million in the December 2010 quarter, with revenue growth in our Europe and West Africa Business Units being partially offset by lower revenue in our North America, Australia and Other International Business Units.  

Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), which excludes special items and asset disposition effects, was $68.9 million for the December 2011 quarter compared to $64.4 million in the same period a year ago.  Net cash provided by operating activities increased 67% to $76.9 million in the December 2011 quarter from $46.2 million in the December 2010 quarter and grew 68% to $193.9 million for the nine months ended December 31, 2011 from $115.4 million in the prior fiscal year-to-date period.

The December 2011 quarter's financial performance was negatively affected by the following:

  • A $2.2 million decrease in earnings from unconsolidated affiliates, primarily resulting from the unfavorable impact of foreign currency exchange rate changes on earnings from our investment in Lider in Brazil, which is included in our Other International Business Unit, and
  • A $2.8 million loss on disposal of assets due primarily to $2.3 million of impairment charges recorded to reduce the carrying value of two aircraft held for sale.

Adjusted operating income and adjusted EBITDA improved over the December 2010 quarter primarily due to the revenue growth in Europe and West Africa, but also due to lower incentive compensation cost at the corporate level.  

We continue to see significant growth opportunities across most of our major markets as tender activity is robust and as new work has started in the December 2011 quarter, with more work commencing in the March 2012 quarter and in fiscal year 2013.  

"Results for the December quarter were in line with expectations that our second half of fiscal year 2012 will be better than the first half," said William E. Chiles, President and Chief Executive Officer of Bristow Group.  "Record operating revenue was driven by strength in Nigeria and the North Sea with revenue and margins in Australia improving sequentially combined with a slow but steady recovery in the U.S. Gulf of Mexico."

"Going forward, we are still expecting improvement in our financial results for the rest of fiscal year 2012 driven by stronger levels of activity in our Europe, Australia and Other International Business Units; however, management is disappointed with our operating results and is taking significant action to address the bottom line."  Mr. Chiles added, "That being said, our record operating cash flows are providing us with higher levels of financial flexibility and are key to providing a more balanced return for our shareholders through dividends and a well-managed share buyback program."    

THIRD QUARTER FY2012 RESULTS

  • Operating revenue increased 5% to $296.7 million compared to $282.6 million in the same period a year ago.
  • Operating income decreased 6.6% to $43.6 million in the December 2011 quarter compared to $46.6 million in the December 2010 quarter.  Adjusted operating income increased 7.5% to $46.4 million compared to $43.2 million in the December 2010 quarter.
  • Net income decreased by 38.9% to $25.5 million, or $0.70 per share, compared to $41.8 million, or $1.13 per diluted share, in the December 2010 quarter.  Adjusted net income increased 5.7% to $27.8 million, or $0.76 per diluted share, compared to $26.3 million, or $0.71 per diluted share, in the December 2010 quarter.  
  • Adjusted EBITDA increased 7% to $68.9 million for the December 2011 quarter compared to $64.4 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. However, operating margin decreased slightly despite the increase in operating revenue as a result of increased salaries and benefits, maintenance, insurance, fuel, depreciation and lease costs.

Our West Africa Business Unit saw increased flying activity over the prior year quarter as activity under new and existing contracts plus ad hoc flying more than 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 December 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 continues to see benefit from an increase in activity as drilling and completion permits are being issued; however, the pace of the new work coming on line is uncertain.  We continue to see benefit from a reduction in cost structure for this business unit.  

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 just recently been offset by new work.  We are beginning to see the expected turnaround in this market, as revenue increased 10% and operating margin increased to 9.4% from 1.9% in the September 2011 quarter.  We expect this improvement to continue in the March 2012 quarter.  

We continue to see substantial growth opportunity in our Other International Business Unit as new aircraft commence work in a number of locations.  However, our quarterly results continue to be impacted negatively by the effect of foreign currency exchange rate changes on our earnings from Lider in Brazil.  Despite a loss on our earnings from Lider in the December quarter, our operating margin has improved across this business unit due to strong returns in other markets, including Malaysia.

YEAR-TO-DATE FY2012 RESULTS

  • Operating revenue increased 4.7% to $880.5 million compared to $841.2 million in the same period a year ago.
  • Operating income decreased 36.0% to $89.6 million compared to $139.9 million in the fiscal year 2011 period.  Adjusted operating income decreased 9.7% to $119.9 million compared to $132.8 million in the fiscal year 2011 period.  
  • Net income decreased 51.4% to $49.3 million, or $1.34 per diluted share, compared to $101.4 million, or $2.77 per diluted share, for the fiscal year 2011 period.  Adjusted net income decreased 13.4% to $71.1 million, or $1.93 per diluted share, compared to $82.1 million, or $2.24 per diluted share, for the fiscal year 2011 period.
  • Adjusted EBITDA was $189.1 million compared to $195.2 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.  On December 15, 2011, we entered into an accelerated share repurchase agreement with an independent financial institution.  We paid $25 million to purchase shares of our common stock.  Our effective per share purchase prices will be based generally on the average of the daily volume weighted average prices per share of our common stock, less a discount, calculated during an averaging period which began on December 20, 2011 and will last up to three months.

LEASING STRATEGY

We initiated a new financing strategy in the December 2011 quarter whereby we will be using operating leases to a greater extent than in the past.  As part of this strategy, on December 29, 2011, we sold two aircraft for $47.9 million and entered into two separate agreements to lease back these aircraft, each with base terms of 60 months.  Additionally, on December 30, 2011, we transferred our interest in two aircraft previously included in construction in progress within property and equipment on our condensed consolidated balance sheet in return for $23.4 million in progress payments previously paid on these aircraft.  We also signed two separate agreements to lease back these aircraft, commencing at time of delivery, which is currently anticipated to be in June and July 2012.    We expect to enter into more operating leases in future periods, with an initial aim for these leases to account for 20-30% of our Large Aircraft Equivalent ("LACE") aircraft.  

GUIDANCE

Bristow is revising the diluted earnings per share guidance provided in November 2011 for the full fiscal year 2012 of $3.05 to $3.30 down to $2.90 to $3.10 as a result of work shifting to fiscal year 2013 and the impact of foreign currency exchange rate changes in Brazil.

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.

"We continue to see success in implementing Bristow Value Added ("BVA"), with an almost doubling of operating cash flow in the first nine months of fiscal year 2012 from the prior year period," said Jonathan E. Baliff, Senior Vice President and Chief Financial Officer of Bristow Group.  "This cash flow generation combined with our strong balance sheet allows Bristow to have a safe financial profile, strategic flexibility, and creates a balanced return for shareholders through a growing dividend and opportunistic share repurchases."  

CONFERENCE CALL

Management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Friday, February 3, to review financial results for the fiscal year 2012 third quarter ended December 31, 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/investorrelations.  The conference call can be accessed as follows:

Via Webcast:

  • Visit Bristow Group's investor relations Web page at http://www.bristowgroup.com/investorrelations
  • Live: Click on the link for "Bristow Group Fiscal 2012 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 1-877-941-8609
  • Replay: A telephone replay will be available through February 17, 2012 and may be accessed by calling toll free 1-800-406-7325, passcode: 4503255#

Via Telephone outside the U.S.:

  • Live: Dial 480-629-9771
  • Replay: A telephone replay will be available through February 17, 2012 and may be accessed by calling 303-590-3030, passcode: 4503255#

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 December 31, 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


Nine Months Ended



December 31,


December 31,



2011


2010


2011


2010

Gross revenue:














Operating revenue from non-affiliates


$

290,848


$

264,064


$

856,657


$

788,711


Operating revenue from affiliates



5,853



18,543



23,861



52,442


Reimbursable revenue from non-affiliates



34,557



34,918



102,531



80,914


Reimbursable revenue from affiliates



77



344



383



599






331,335



317,869



983,432



922,666

Operating expense:














Direct cost



200,283



186,937



600,540



559,211


Reimbursable expense



33,258



34,548



99,162



79,746


Impairment of inventories







24,610




Depreciation and amortization



22,709



21,338



70,848



61,637


General and administrative



31,768



33,715



100,716



95,132






288,018



276,538



895,876



795,726














Gain (loss) on disposal of assets



(2,865)



(33)



(3,060)



3,582

Earnings from unconsolidated affiliates, net of losses



3,101



5,341



5,057



9,355


Operating income



43,553



46,639



89,553



139,877
















Interest income



129



417



453



877

Interest expense



(9,756)



(13,773)



(28,170)



(36,263)

Other income (expense), net



(323)



(2,792)



608



(2,388)


Income before benefit (provision) for income taxes



33,603



30,491



62,444



102,103

Benefit (provision) for income taxes



(7,118)



11,823



(11,779)



(33)


Net income



26,485



42,314



50,665



102,070


Net income attributable to noncontrolling interests



(953)



(555)



(1,377)



(623)


Net income attributable to Bristow Group


$

25,532


$

41,759


$

49,288


$

101,447















Earnings per common share:














Basic


$

0.71


$

1.15


$

1.36


$

2.82


Diluted


$

0.70


$

1.13


$

1.34


$

2.77
















Adjusted EBITDA


$

68,933


$

64,435


$

189,132


$

195,221

Adjusted operating income


$

46,418


$

43,172


$

119,900


$

132,795

Adjusted net income


$

27,790


$

26,285


$

71,089


$

82,133

Adjusted earnings per share


$

0.76


$

0.71


$

1.93


$

2.24




BRISTOW GROUP INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)




December 31,


March 31,




2011


2011




(Unaudited)








ASSETS

Current assets:









Cash and cash equivalents


$

244,908


$

116,361



Accounts receivable from non-affiliates



231,416



247,135



Accounts receivable from affiliates



9,533



15,384



Inventories



157,321



196,207



Assets held for sale



30,645



31,556



Prepaid expenses and other current assets



11,805



22,118




Total current assets



685,628



628,761


Investment in unconsolidated affiliates



199,901



208,634


Property and equipment – at cost:









Land and buildings



79,284



98,054



Aircraft and equipment



2,217,454



2,116,259







2,296,738



2,214,313



Less – Accumulated depreciation and amortization



(477,280)



(446,431)







1,819,458



1,767,882


Goodwill



29,121



32,047


Other assets



31,909



38,030




Total assets


$

2,766,017


$

2,675,354












LIABILITIES AND STOCKHOLDERS' INVESTMENT


Current liabilities:









Accounts payable


$

38,172


$

56,972



Accrued wages, benefits and related taxes



41,294



34,538



Income taxes payable



9,270



15,557



Other accrued taxes



3,596



4,048



Deferred revenues



9,168



9,613



Accrued maintenance and repairs



13,652



16,269



Accrued interest



8,087



2,279



Other accrued liabilities



19,973



19,613



Deferred taxes



6,164



12,176



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



14,893



8,979




Total current liabilities



164,269



180,044


Long-term debt, less current maturities



817,893



698,482


Accrued pension liabilities



97,222



99,645


Other liabilities and deferred credits



14,320



30,109


Deferred taxes



148,840



148,299










Stockholders' investment:









Common stock



362



363



Additional paid-in capital



699,472



689,795



Retained earnings



984,573



951,660



Accumulated other comprehensive loss



(144,099)



(130,117)



Treasury shares



(25,085)





Total Bristow Group Inc. stockholders' investment                                          



1,515,223



1,511,701



Noncontrolling interests



8,250



7,074




Total stockholders' investment



1,523,473



1,518,775




Total liabilities and stockholders' investment


$

2,766,017


$

2,675,354





BRISTOW GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)






Nine Months Ended




December 31,




2011


2010





Cash flows from operating activities:



Net income


$

50,665


$

102,070

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








Depreciation and amortization



70,848



61,637


Deferred income taxes



(6,816)



(3,648)


Discount amortization on long-term debt



2,507



2,360


(Gain) loss on disposal of assets



3,060



(3,582)


Impairment of inventories



24,610




Gain on sale of joint ventures





(572)


Stock-based compensation



9,664



10,763


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









dividends received



7,716



(1,447)


Tax benefit related to stock-based compensation



(130)



(230)

Increase (decrease) in cash resulting from changes in:








Accounts receivable



21,677



(26,514)


Inventories



6,921



(6,414)


Prepaid expenses and other assets



7,382



(8,365)


Accounts payable



(15,741)



(3,546)


Accrued liabilities



8,741



(5,340)


Other liabilities and deferred credits



2,838



(1,773)

Net cash provided by operating activities



193,942



115,399










Cash flows from investing activities:








Capital expenditures



(250,425)



(122,748)


Deposits on assets held for sale





1,000


Proceeds from sale of joint ventures





1,291


Proceeds from asset dispositions



103,537



17,175

Net cash used in investing activities



(146,888)



(103,282)










Cash flows from financing activities:








Proceeds from borrowings



159,993



253,013


Debt issuance costs



(871)



(3,339)


Repayment of debt and debt redemption premiums



(36,214)



(246,553)


Distributions to noncontrolling interest owners





(637)


Partial prepayment of put/call obligation



(47)



(44)


Acquisition of noncontrolling interests



(262)



(800)


Repurchase of common stock



(25,085)




Common stock dividends paid



(16,236)




Issuance of common stock



2,611



754


Tax benefit related to stock-based compensation



130



230

Net cash provided by financing activities



84,019



2,624

Effect of exchange rate changes on cash and cash equivalents



(2,526)



8,329

Net increase in cash and cash equivalents



128,547



23,070

Cash and cash equivalents at beginning of period



116,361



77,793

Cash and cash equivalents at end of period


$

244,908


$

100,863




BRISTOW GROUP INC. AND SUBSIDIARIES

SELECTED OPERATING DATA

(In thousands, except flight hours and percentages)

(Unaudited)


















Three Months Ended



Nine Months Ended



December 31,



December 31,



2011



2010



2011



2010


Flight hours (excludes Bristow Academy and
unconsolidated affiliates) :
















Europe


14,009




13,676




43,532




41,075


West Africa


11,034




9,885




31,283




29,217


North America


17,609




20,079




58,901




64,762


Australia


2,425




3,234




8,186




9,793


Other International


5,772




11,417




19,008




35,471




50,849




58,291




160,910




180,318


















Operating revenue:
















Europe

$

106,837



$

100,094



$

328,827



$

283,691


West Africa


66,866




52,568




180,193




166,443


North America


42,430




45,397




134,203




151,771


Australia


33,490




37,930




104,879




105,923


Other International


37,207




41,175




106,947




109,757


Corporate and other


10,261




6,454




26,543




25,398


Intrasegment eliminations


(390)




(1,011)




(1,074)




(1,830)


Consolidated total

$

296,701



$

282,607



$

880,518



$

841,153


















Operating income (loss):
















Europe

$

20,792



$

25,470



$

67,627



$

65,381


West Africa


18,130




15,995




45,481




48,789


North America


1,834




1,917




5,989




16,129


Australia


3,139




7,139




8,239




21,185


Other International


12,453




11,595




26,452




24,962


Corporate and other


(9,930)




(15,444)




(61,175)




(40,151)


Gain (loss) on disposal of other assets


(2,865)




(33)




(3,060)




3,582


Consolidated total

$

43,553



$

46,639



$

89,553



$

139,877



Operating margin:
















Europe


19.5

%



25.4

%



20.6

%



23.0

%

West Africa


27.1

%



30.4

%



25.2

%



29.3

%

North America


4.3

%



4.2

%



4.5

%



10.6

%

Australia


9.4

%



18.8

%



7.9

%



20.0

%

Other International


33.5

%



28.2

%



24.7

%



22.7

%

Consolidated total


14.7

%



16.5

%



10.2

%



16.6

%



BRISTOW GROUP INC. AND SUBSIDIARIES

AIRCRAFT COUNT

As of December 31, 2011




Aircraft in Consolidated Fleet









Helicopters












Small


Medium


Large


Training


Fixed   Wing


Total

(1)

Unconsolidated
Affiliates (2)


Total

Europe



15


42




57


64



121

West Africa


12


25


7



4


48




48

North America


67


24


2




93




93

Australia


2


10


18




30




30

Other International


5


44


16




65


122



187

Corporate and other





71



71




71

Total


86


118


85


71


4


364


186



550

Aircraft not currently in fleet: (3)

















On order




16




16





Under option



12


28




40








_________

(1)

Includes 16 aircraft held for sale and 41 leased aircraft as follows:




                   Held for Sale Aircraft in Consolidated Fleet






                   Helicopters










Small


Medium


Large


Training


Fixed
Wing


Total




Europe



2


3




5




West Africa


2


1





3




North America



1





1




Australia



1


3




4




Other International



3





3




Corporate and other










Total


2


8


6




16






















                   Leased Aircraft in Consolidated Fleet






                   Helicopters










Small


Medium


Large


Training


Fixed
Wing


Total




Europe




3




3




West Africa






1


1




North America


1


9


2




12




Australia


2






2




Other International










Corporate and other





23



23




Total


3


9


5


23


1


41



















(2)

The 186 aircraft operated by our unconsolidated affiliates do not include 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. 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


Nine Months Ended




December 31,


December 31,




2011



2010


2011



2010




(In thousands, except per share amounts)

Adjusted EBITDA


$

68,933



$

64,435


$

189,132



$

195,221


Gain (loss) on disposal of assets



(2,865)




(33)



(3,060)




3,582


Special items






1,200



(24,610)




1,200


Interest expense



(9,756)




(13,773)



(28,170)




(36,263)


Depreciation and amortization



(22,709)




(21,338)



(70,848)




(61,637)


Benefit (provision) for income taxes



(7,118)




11,823



(11,779)




(33)

Net income


$

26,485



$

42,314


$

50,665



$

102,070

















Adjusted operating income


$

46,418



$

43,172


$

119,900



$

132,795


Gain (loss) on disposal of assets



(2,865)




(33)



(3,060)




3,582


Special items






3,500



(27,287)




3,500

Operating income


$

43,553



$

46,639


$

89,553



$

139,877

















Adjusted net income


$

27,790



$

26,285


$

71,089



$

82,133


Gain (loss) on disposal of assets



(2,258)




(27)



(2,482)




2,972


Special items






15,501



(19,319)




16,342

Net income attributable to Bristow Group


$

25,532



$

41,759


$

49,288



$

101,447

































Adjusted earnings per share


$

0.76



$

0.71


$

1.93



$

2.24


Gain (loss) on disposal of assets



(0.06)






(0.07)




0.08


Special items






0.42



(0.53)




0.45

Earnings per share



0.70




1.13



1.34




2.77







Three Months Ended




December 31, 2010




Adjusted

Operating

Income


Adjusted

EBITDA


Adjusted

Net Income


Adjusted

Diluted

Earnings

Per

Share




(In thousands, except per share amounts)

Power-by-the-hour credit


$

3,500


$

3,500


$

2,894


$

0.08

Retirement of 6 1/8% Senior Notes





(2,300)



(3,966)



(0.11)

Tax items







16,573



0.45


Total special items


$

3,500


$

1,200


$

15,501



0.42


















Nine Months Ended




December 31, 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)


















Nine Months Ended




December 31, 2010




Adjusted

Operating

Income


Adjusted

EBITDA


Adjusted

Net Income


Adjusted

Diluted

Earnings

Per

Share




(In thousands, except per share amounts)

Power-by-the-hour credit


$

3,500


$

3,500


$

2,904


$

0.08

Retirement of 6 1/8% Senior Notes





(2,300)



(3,900)



(0.11)

Tax items







17,338



0.47


Total special items


$

3,500


$

1,200


$

16,342



0.45



SOURCE: Bristow Group Inc.