FLYING SMART.
FLYING RIGHT.

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News Release

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Bristow Group Reports Financial Results for Its 2011 Third Fiscal Quarter and Nine-Month Period Ended December 31, 2010

  • $1.13 DILUTED EPS ON NET INCOME OF $41.8 MILLION, UP $0.39, A 53% INCREASE OVER THE PRIOR YEAR QUARTER.
  • $46.6 MILLION IN OPERATING INCOME, A 17% INCREASE OVER THE PRIOR YEAR QUARTER DUE TO OPERATIONAL IMPROVEMENT IN OTHER INTERNATIONAL, EUROPE, WEST AFRICA AND NORTH AMERICA BUSINESS UNITS.
  • REVERSAL OF DEFERRED TAX LIABILITIES AS A RESULT OF THE COMPLETION OF GLOBAL RESTRUCTURING OF BRISTOW'S OPERATIONS AS PART OF THE CONTINUING IMPLEMENTATION OF OUR GLOBAL BUSINESS STRATEGY.

HOUSTON, Feb. 2, 2011 /PRNewswire via COMTEX/ -- Bristow Group Inc. (NYSE: BRS) today reported a 57% increase in net income for the three months ended December 31, 2010 to $41.8 million, or $1.13 per diluted share, compared to $26.7 million, or $0.74 per diluted share, in the December 2009 quarter. The quarter benefited from year-over-year improvement in the underlying operations and a significant reduction in our effective tax rate primarily resulting from the reversal of deferred tax liabilities recorded in prior fiscal years, which was driven by a global restructuring of Bristow's operations as part of the continuing implementation of our global business strategy.

Revenue for the three months ended December 31, 2010 totaled $317.9 million compared to $303.3 million in the same period a year ago. Earnings before interest, taxes, depreciation and amortization ("EBITDA") totaled $65.6 million compared to $64.4 million in the December 2009 quarter. Results benefited from revenue increases in the following business units: Other International (primarily Brazil, Suriname and Russia), Australia and Europe compared to the same quarter a year ago, primarily driven by the addition of new contracts and increases in both price and activity for certain customers. These increases were partially offset by a lower level of gain (loss) on disposal of assets year-over-year.

Excluding the special items discussed below and the gain (loss) on disposal of assets, our operating income, EBITDA, net income and diluted earnings per share totaled $43.2 million, $64.4 million, $26.3 million and $0.71, respectively, for the three months ended December 31, 2010, and $39.0 million, $60.9 million, $23.8 million and $0.66, respectively, for the three months ended December 31, 2009.

"As we discussed last quarter, Bristow continued to see improvement in our operational results during our third fiscal quarter," said William E. Chiles, President and Chief Executive Officer of Bristow Group. "The underlying performance of our business continues to be strong with improving operating margins year-over-year in a majority of our business units. The amendment to our credit facility completed during the quarter almost doubles our liquidity position while lowering the overall cost of debt. When combined with the commercial and tax benefits realized as a part of the recent reorganization, our financial results are demonstrating the benefit of the Bristow global team's efforts to deliver on our promises.

"As we go into the final quarter of this fiscal year, we continue to expect revenue and earnings per share for the current fiscal year to be stronger than fiscal year 2010 as additional newer-technology aircraft go to work for our customers and we focus on improving returns and lowering our after tax cost of capital. We continue to anticipate a stronger second half compared to the first half of fiscal year 2011," Chiles added.

THIRD QUARTER FY2011 RESULTS

  • Revenue totaled $317.9 million compared to $303.3 million in same period a year ago.
  • Operating income totaled $46.6 million compared to $39.7 million in the December 2009 quarter.
  • EBITDA totaled $65.6 million compared to $64.4 million in the December 2009 quarter. EBITDA is a measure that has not been prepared in accordance with Accounting Principles Generally Accepted in the United States of America ("GAAP"). Please refer to disclosures contained at the end of this news release for additional information about EBITDA.
  • Net income totaled $41.8 million, or $1.13 per diluted share, compared to $26.7 million, or $0.74 per diluted share, in the December 2009 quarter.

Our results for the three months ended December 31, 2010 were significantly affected by the following items:

  • A reduction in maintenance expense (included in direct cost) associated with a credit resulting from the renegotiation of a "power-by-the-hour" contract for aircraft maintenance with a third party provider, which increased operating income and EBITDA by $3.5 million, net income by $2.9 million and diluted earnings per share by $0.08.
  • The early retirement of the 6 1/8% Senior Notes, which resulted in a $2.3 million early redemption premium (included in other income (expense), net) and the non-cash write-off of $2.4 million of unamortized debt issuance costs (included in interest expense) and decreased EBITDA by $2.3 million, net income by $4.0 million and diluted earnings per share by $0.11.
  • A reduction in tax expense primarily related to adjustments to deferred tax liabilitiesthat were no longer required as a result of the restructuring during the three months ended December 31, 2010, which increased net income by $16.6 million and diluted earnings per share by $0.45.

Our results for the three months ended December 31, 2009 were significantly affected by the following items:

  • Compensation expense included in general and administrative expense incurred in connection with the departure of two of the Company's officers, which decreased operating income and EBITDA by $1.7 million, net income by $1.4 million and diluted earnings per share by $0.04.
  • Hedging gains included in other income (expense), net resulting from the termination of forward contracts on euro-denominated aircraft purchase commitments which increased EBITDA by $2.8 million, net income by $2.3 million and diluted earnings per share by $0.06.

During the December 2010 quarter, we experienced a small loss on the sale of aircraft compared to gains during the December 2009 quarter of $2.4 million; however, we continue to see opportunities for sale of our aircraft in the aftermarket.

Our Europe business unit added three new customers, which along with higher equity earnings from our military training unconsolidated affiliate, FB Heliservices Limited, price escalations under existing contracts and renegotiated rates on contract renewals, increased our operating margin in this market.

Our North America business unit continued to benefit during the quarter from contracts with BP in the U.S. Gulf of Mexico despite a decline in the number of aircraft supporting well control and spill cleanup efforts from five at the end of September to three at the end of December. This work mostly offset lost business from customers stalled by the deepwater moratorium, which has now been lifted. A decrease in costs in this market resulted in a slight increase in operating margin.

Our West Africa business was impacted by the loss of a major customer in this market. However, lower operating expense combined with the addition of new contracts, increased rates on existing contracts and fewer flight delay penalties resulted in improved operating margin. We are continuing to seek permanent work to replace the earnings associated with the lost work with the major customer.

Our Australia business unit was impacted by higher compensation costs and increased depreciation expense, which despite a favorable impact from exchange rate changes, resulted in decreased operating earnings and margin.

Our Other International business unit's operating margin improved substantially as a result of increased revenue in Brazil, the Baltic Sea, Suriname, Ghana and Russia. Additionally, our earnings from our affiliates in Brazil and Mexico improved over the prior year quarter.

YEAR-TO-DATE RESULTS THROUGH DECEMBER 31, 2010

  • Revenue totaled $922.7 million compared to $885.4 million for the same period a year ago.
  • Operating income was $139.9 million compared to $138.1 million for the nine months ended December 31, 2009.
  • EBITDA totaled $200.0 million compared to $200.2 million for the nine months ended December 31, 2009.
  • Net income totaled $101.4 million, or $2.77 per diluted share, compared to $83.6 million, or $2.32 per diluted share, for the nine months ended December 31, 2009.

Our year-to-date results through December 31, 2010 benefitted from revenue increases in Australia, Europe, West Africa, North America and Other International compared to the same period a year ago, which was driven by the addition of new contracts and increases in rates on existing contracts in excess of reduced activity for certain customers.

Our results for the nine months ended December 31, 2010 were significantly affected by the following items:

  • A reduction in maintenance expense (included in direct cost) associated with a credit resulting from the renegotiation of a "power-by-the-hour" contract for aircraft maintenance with a third party provider, which increased operating income and EBITDA by $3.5 million, net income by $2.9 million and diluted earnings per share by $0.08.
  • The early retirement of the 6 1/8% Senior Notes, which resulted in a $2.3 million early redemption premium (included in other income (expense) net) and the non-cash write-off of $2.4 million of unamortized debt issuance costs (included in interest expense) and decreased EBITDA by $2.3 million, net income by $3.9 million and diluted earnings per share by $0.11.
  • A reduction in tax expense primarily related to adjustments to deferred tax liabilitiesthat were no longer required as a result of the restructuring during the three months ended December 31, 2010, which increased net income by $17.3 million and diluted earnings per share by $0.47.

Our results for the nine months ended December 31, 2009 were significantly affected by the following items:

  • Compensation expense included in general and administrative expense incurred in connection with the departure of three of the Company's officers, which decreased operating income and EBITDA by $4.9 million, net income by $3.9 million and diluted earnings per share by $0.11.
  • Hedging gains included in other income (expense), net resulting from the termination of forward contracts on euro-denominated aircraft purchase commitments which increased EBITDA by $3.9 million, net income by $3.0 million and diluted earnings per share by $0.08.
  • An increase in tax expense resulting from tax contingency items and changes in our expected foreign tax credit utilization, which decreased net income by $5.2 million and diluted earnings per share by $0.14.

During the December 2010 quarter, we experienced lower gain on aircraft sales, which totaled $3.6 million compared to $13.3 million in the prior year period.

Excluding these items listed above and gain on disposal of assets in both periods, our operating income, EBITDA, net income and diluted earnings per share totaled $132.8 million, $195.2 million, $82.1 million and $2.24, respectively, for the nine months ended December 31, 2010, and $129.6 million, $187.8 million, $78.9 million and $2.19, respectively, for the nine months ended December 31, 2009.

CAPITAL AND LIQUIDITY

For the nine months ended December 31, 2010, net cash generated by operating activities was $115.4 million and net cash used in investing activities was $103.3 million. At December 31, 2010, we had:

  • $1.5 billion in stockholders' investment and $725.5 million of indebtedness,
  • $232.9 million in total liquidity consisting of $100.9 million in cash and a $132 million undrawn under our revolving credit facility, and
  • $105.3 million in aircraft purchase commitments for nine aircraft.

During the December 2010 quarter, we completed the amendment to our bank credit facility, extending the facility for five years and increasing the amount of the facility to $375 million. The facility consists of a $200 million term loan and a $175 million revolver. We used proceeds of the term loan and $43 million drawn on the revolver to primarily redeem our 6 1/8% Senior Notes early in December 2010.

CONFERENCE CALL

Management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Thursday, February 3, 2011, to review financial results for the fiscal 2011 third quarter. 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 2011 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 1-877-941-2333
  • Replay: A telephone replay will be available through February 17 and may be accessed by calling toll free 1-800-406-7325, passcode: 4401176#

Via Telephone outside the U.S.:

  • Live: Dial 480-629-9723
  • Replay: A telephone replay will be available through February 17 and may be accessed by calling 303-590-3030, passcode: 4401176#

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, Mexico, 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 the impact of activity levels including, business performance, fiscal 2011 results 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 and nine months ended December 31, 2010 and annual report on Form 10-K for the fiscal year ended March 31, 2010. 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




Three Months Ended

December 31,



Nine Months Ended

December 31,





2010



2009




2010



2009




(Unaudited)

(In thousands, except per share amounts)

Gross revenue:
















Operating revenue from non-affiliates


$

264,064


$

260,907



$

788,711


$

757,440



Operating revenue from affiliates



18,543



14,581




52,442



46,643



Reimbursable revenue from non-affiliates



34,918



27,615




80,914



78,214



Reimbursable revenue from affiliates



344



203




599



3,076






317,869



303,306




922,666



885,373


Operating expense:
















Direct cost



186,937



189,456




559,211



543,525



Reimbursable expense



34,548



28,219




79,746



81,180



Depreciation and amortization



21,338



20,663




61,637



57,319



General and administrative



33,715



30,758




95,132



89,246







276,538



269,096




795,726



771,270


















Gain (loss) on disposal of assets



(33)



2,448




3,582



13,337


Earnings from unconsolidated affiliates, net of losses



5,341



3,068




9,355



10,625



Operating income



46,639



39,726




139,877



138,065

















Interest income



417



365




877



797


Interest expense



(13,773)



(10,979)




(36,263)



(31,631)


Other income (expense), net



(2,792)



3,695




(2,388)



4,023



Income before provision for income taxes



30,491



32,807




102,103



111,254


(Provision for) benefit from income taxes



11,823



(5,681)




(33)



(26,427)



Net income



42,314



27,126




102,070



84,827



Net income attributable to noncontrolling interests



(555)



(448)




(623)



(1,256)



Net income attributable to Bristow Group



41,759



26,678




101,447



83,571



Preferred stock dividends



--



--




--



(6,325)



Net income available to common stockholders


$

41,759


$

26,678



$

101,447


$

77,246

















Earnings per common share:
















Basic


$

1.15


$

0.74



$

2.82


$

2.43



Diluted


$

1.13


$

0.74



$

2.77


$

2.32



BRISTOW GROUP INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS




December 31,


March 31,




2010


2010




(Unaudited)






(In thousands)


ASSETS

Current assets:









Cash and cash equivalents


$

100,863


$

77,793



Accounts receivable from non-affiliates, net of allowance for doubtful accounts of $0.7 million and $0.2 million, respectively



233,730



203,312



Accounts receivable from affiliates, net of allowance for doubtful accounts of $5.6 million

and $4.7 million, respectively



20,915



16,955



Inventories



195,537



186,863



Prepaid expenses and other current assets



38,292



31,448




Total current assets



589,337



516,371


Investment in unconsolidated affiliates



206,139



204,863


Property and equipment - at cost:









Land and buildings



96,593



86,826



Aircraft and equipment



2,141,804



2,036,962







2,238,397



2,123,788



Less - Accumulated depreciation and amortization



(450,897)



(404,443)







1,787,500



1,719,345


Goodwill



31,636



31,755


Other assets



24,124



22,286






$

2,638,736


$

2,494,620












LIABILITIES AND STOCKHOLDERS' INVESTMENT

Current liabilities:









Accounts payable


$

47,068


$

48,545



Accrued wages, benefits and related taxes



41,877



35,835



Income taxes payable



--



2,009



Other accrued taxes



2,851



3,056



Deferred revenue



8,009



19,321



Accrued maintenance and repairs



15,035



10,828



Accrued interest



8,143



6,430



Other accrued liabilities



19,304



14,508



Deferred taxes



13,268



10,217



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



8,039



15,366




Total current liabilities



163,594



166,115


Long-term debt, less current maturities



717,469



701,195


Accrued pension liabilities



112,248



106,573


Other liabilities and deferred credits



32,107



20,842


Deferred taxes



137,189



143,324


Commitments and contingencies (Note 5)








Stockholders' investment:









Common stock, $.01 par value, authorized 90,000,000; outstanding: 36,289,089 as

of December 31 and 35,954,040 as of March 31 (exclusive of 1,291,325 treasury shares)



363



359



Additional paid-in capital



686,952



677,397



Retained earnings



920,792



820,145



Accumulated other comprehensive loss



(138,687)



(148,102)






1,469,420



1,349,799



Noncontrolling interests



6,709



6,772






1,476,129



1,356,571






$

2,638,736


$

2,494,620



BRISTOW GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS




Nine Months Ended

December 31,




2010


2009




(Unaudited)




(In thousands)


Cash flows from operating activities:









Net income


$

102,070


$

84,827


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









Depreciation and amortization



61,637



57,319



Deferred income taxes



(3,648)



18,892



Discount amortization on long-term debt



2,360



2,213



Gain on disposal of assets



(3,582)



(13,337)



Gain on sales of joint ventures



(572)



--



Stock-based compensation



10,763



9,914



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



(1,447)



(6,853)



Tax benefit related to stock-based compensation



(230)



(409)


Increase (decrease) in cash resulting from changes in:









Accounts receivable



(26,514)



794



Inventories



(6,414)



(11,382)



Prepaid expenses and other assets



(8,365)



14,555



Accounts payable



(3,546)



4,638



Accrued liabilities



(5,340)



3,216



Other liabilities and deferred credits



(1,773)



(1,370)


Net cash provided by operating activities



115,399



163,017


Cash flows from investing activities:









Capital expenditures



(122,748)



(250,272)



Deposits on assets held for sale



1,000



--



Proceeds from sales of joint ventures



1,291



--



Proceeds from asset dispositions



17,175



74,973



Acquisition, net of cash received



--



(178,961)


Net cash used in investing activities



(103,282)



(354,260)


Cash flows from financing activities:









Proceeds from borrowings



253,013



--



Debt issuance costs



(3,339)



--



Repayment of debt



(246,553)



(10,068)



Distribution to noncontrolling interest owners



(637)



--



Partial prepayment of put/call obligation



(44)



(52)



Acquisition of noncontrolling interest



(800)



--



Preferred stock dividends paid



--



(6,325)



Issuance of common stock



754



1,336



Tax benefit related to stock-based compensation



230



409


Net cash provided by (used in) financing activities



2,624



(14,700)


Effect of exchange rate changes on cash and cash equivalents



8,329



12,033


Net increase (decrease) in cash and cash equivalents



23,070



(193,910)


Cash and cash equivalents at beginning of period



77,793



300,969


Cash and cash equivalents at end of period


$

100,863


$

107,059











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,



2010



2009



2010



2009


Gross revenue:
















Europe

$

129,828



$

119,290



$

349,114



$

348,268


North America


45,629




45,684




153,721




144,277


West Africa


53,725




58,736




170,931




165,005


Australia


41,440




38,188




114,095




96,684


Other International


41,865




33,345




110,979




103,346


Corporate and other


6,393




8,464




25,656




31,642


Intrasegment eliminations


(1,011)




(401)




(1,830)




(3,849)


Consolidated total

$

317,869



$

303,306



$

922,666



$

885,373




Operating income (loss):
















Europe

$

25,470



$

19,239



$

65,381



$

58,080


North America


1,917




1,511




16,129




10,653


West Africa


15,995




14,913




48,789




43,640


Australia


7,139




9,358




21,185




22,025


Other International


11,595




5,181




24,962




25,371


Corporate and other


(15,444)




(12,924)




(40,151)




(35,041)


Gain on disposal of other assets


(33)




2,448




3,582




13,337


Consolidated total

$

46,639



$

39,726



$

139,877



$

138,065




Operating margin:
















Europe


19.6

%


16.1

%


18.7

%


16.7

%

North America


4.2

%


3.3

%


10.5

%


7.4

%

West Africa


29.8

%


25.4

%


28.5

%


26.4

%

Australia


17.2

%


24.5

%


18.6

%


22.8

%

Other International


27.7

%


15.5

%


22.5

%


24.5

%

Consolidated total


14.7

%


13.1

%


15.2

%


15.6

%



Flight hours (excludes Bristow Academy and

unconsolidated affiliates):
















Europe


13,676




13,597




41,075




42,694


North America


20,079




17,712




64,762




61,044


West Africa


9,885




9,175




29,217




26,595


Australia


3,234




3,304




9,793




8,978


Other International


11,417




10,734




35,471




33,669


Consolidated total


58,291




54,522




180,318




172,980



BRISTOW GROUP INC. AND SUBSIDIARIES

AIRCRAFT COUNT

AS OF DECEMBER 31, 2010




Aircraft in Consolidated Fleet








Helicopters












Small


Medium


Large


Training


Fixed Wing


Total(1)


Unconsolidated Affiliates(2)


Total

Europe


--


16


40


--


--


56


63



119

North America


72


27


5


--


--


104


--



104

West Africa


12


26


5


--


3


46


--



46

Australia


3


14


18


--


--


35


--



35

Other International


5


43


12


--


--


60


133



193

Corporate and other


--


--


--


77


--


77


--



77

Total


92


126


80


77


3


378


196



574

Aircraft not currently in fleet:(3)

















On order


--


3


6


--


--


9





Under option


--


25


9


--


--


34






_________


(1)

Includes 14 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. AND SUBSIDIARIES

GAAP RECONCILIATIONS

EBITDA is a measure that has not been prepared in accordance with GAAP and has not been audited or reviewed by our independent auditors. EBITDA is therefore considered a non-GAAP financial measure. A description of adjustments and a reconciliation to net income, the most comparable GAAP financial measure to EBITDA, is as follows (in thousands):



Three Months Ended



Nine Months Ended



December 31,



December 31,



2010



2009



2010



2009



(Unaudited)


Net income

$

42,314



$

27,126



$

102,070



$

84,827


Provision for (benefit from) income taxes


(11,823)




5,681




33




26,427


Interest expense


13,773




10,979




36,263




31,631


Depreciation and amortization


21,338




20,663




61,637




57,319


EBITDA

$

65,602



$

64,449



$

200,003



$

200,204



A reconciliation of our operating income, EBITDA, net income and diluted earnings per share as reported to the calculations of each of these items excluding certain amounts described earlier in this earnings release is as follows:



Three Months Ended

December 31, 2010


Nine Months Ended

December 31, 2010



Operating Income



EBITDA



Net Income



Diluted

Earnings

Per

Share



Operating Income



EBITDA



Net Income



Diluted

Earnings

Per

Share


(Unaudited)

(In thousands, except per share amounts)

As reported

$

46,639


$

65,602


$

41,759


$

1.13


$

139,877


$

200,003


$

101,447


$

2.77

Adjust for:
























Power-by-

the-hour

credit


(3,500)



(3,500)



(2,894)


$

(0.08)



(3,500)



(3,500)



(2,904)


$

(0.08)

Retirement

of 6 1/8%

Senior

Notes


-



2,300



3,966


$

0.11



-



2,300



3,900


$

0.11

Tax items


-



-



(16,573)


$

(0.45)



-



-



(17,338)


$

(0.47)

Loss

(gain) on

disposal

of assets


33



33



27


$

-



(3,582)



(3,582)



(2,972)


$

(0.08)

Adjusted

$

43,172


$

64,435


$

26,285


$

0.71


$

132,795


$

195,221


$

82,133


$

2.24




Three Months Ended

December 31, 2009


Nine Months Ended

December 31, 2009



Operating Income



EBITDA



Net Income



Diluted

Earnings

Per

Share



Operating Income



EBITDA



Net Income



Diluted

Earnings

Per

Share


(Unaudited)

(In thousands, except per share amounts)

As reported

$

39,726


$

64,449


$

26,678


$

0.74


$

138,065


$

200,204


$

83,571


$

2.32

Adjust for:
























Officer

severance

costs


1,744



1,744



1,442


$

0.04



4,874



4,874



3,944


$

0.11

Hedging

gains


-



(2,804)



(2,318)


$

(0.06)



-



(3,936)



(3,001)


$

(0.08)

Tax items


-



-



-


$

-



-



-



5,200


$

0.14

Gain on

disposal

of assets


(2,448)



(2,448)



(2,024)


$

(0.06)



(13,337)



(13,337)



(10,792)


$

(0.30)

Adjusted

$

39,022


$

60,941


$

23,778


$

0.66


$

129,602


$

187,805


$

78,922


$

2.19


SOURCE: Bristow Group Inc.