FLYING SMART.
FLYING RIGHT.

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News Release

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Bristow Group Reports Financial Results for Its Quarter and Fiscal Year Ended March 31, 2010

  • Diluted EPS of $0.78 for the quarter ($0.73 excluding special items) and $3.10 for the fiscal year ($3.02 excluding special items)
  • Diluted EPS for fiscal 2010, excluding special items in both periods, increased nine percent

HOUSTON, May 19, 2010 /PRNewswire via COMTEX/ --Bristow Group Inc. (NYSE: BRS) today reported financial results for its March 2010 quarter and full fiscal year ended March 31, 2010.

"We are proud of the positive results we achieved both during the March 2010 quarter and for fiscal 2010, which continued to be a difficult one for the oil services industry," said William E. Chiles, President and Chief Executive Officer of Bristow Group. "Our performance benefited from solid operating results in West Africa and Australia and from our ongoing commitment to taking costs out of our operations. Also, the comparability of our results was affected by special items in both fiscal years, which added $0.08 and $0.79 to our fiscal 2010 and 2009 earnings per share results, respectively. Excluding these special items, our fiscal 2010 earnings per share increased nine percent to $3.02 from $2.78 in fiscal 2009."

MARCH 2010 QUARTER RESULTS

March 2010 quarter revenues totaled $282.4 million compared to $275.0 million in the March 2009 quarter, an increase of three percent.

Operating income in the March 2010 quarter was $42.8 million compared to $47.8 million in the March 2009 quarter. Excluding the special items which occurred in both years as discussed below, operating income improved slightly to $39.9 million in the March 2010 quarter versus $39.7 million in the March 2009 quarter.

Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") totaled $59.4 million in the March 2010 quarter compared to $67.6 million in the March 2009 quarter. Excluding the special items which occurred in both years as discussed below, EBITDA increased to $60.4 million in the March 2010 quarter versus to $59.5 million in the March 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 from continuing operations totaled $28.7 million in the March 2010 quarter, or $0.78 per diluted share, compared to $26.0 million, or $0.72 per diluted share, in the March 2009 quarter. Excluding the special items which occurred in both years as discussed below, net income from continuing operations was $26.9 million, or $0.73 per diluted share, compared to $25.4 million, or $0.71 per diluted share, in the March 2009 quarter.

"Our March 2010 quarterly results benefitted from activity levels that remained robust in Nigeria, despite a challenging political environment," Chiles continued. "In Australia, our local team continues to make improvements in operations and cost structure and we're experiencing higher activity levels.

"In Europe, overall activity levels declined. In our emerging market business unit, Other International, we were negatively impacted by soft results in Brazil, collection issues in Mexico and exit costs in Kazakhstan. Our North America operations remained weak, as we continue to see lower levels of activity in the U.S. Gulf of Mexico. However, our efforts to maintain stable pricing and to upgrade our fleet to larger, more efficient and more profitable aircraft serving facilities farther offshore in deeper water has us well-positioned for opportunities that might arise once market conditions improve.

"Most of our larger customers are primarily national and international oil companies, and with oil prices appearing to stabilize above $70 per barrel, we expect capital spending on both exploration and development to improve this year. Some large projects that were put on hold last year are being restarted, and we see additional opportunities in new and existing markets in the future. In the U.S. Gulf of Mexico, we are watching to see whether regulatory agencies or Congress will act to delay deepwater activities in response to the loss of the Deepwater Horizon drilling rig and the resulting environmental impact.

"We expect to generate stronger results in fiscal 2011 in terms of revenues and earnings per share compared to fiscal 2010 as we put additional newer-technology aircraft to work for our customers and realize the benefit of cost efficiencies from our recently reorganized structure. We expect fiscal 2011 results to be back-end loaded with the first quarter of fiscal 2011 being the weakest quarter of the year. Our strength in production-related activity and our contracting formula - which is designed to provide approximately 70% of our operating income whether or not we fly - reduces the volatility in our financial results as compared with the traditional drilling companies."

Business Unit Highlights:

Beginning in the March 2010 quarter, the following changes in presentation have been reflected:

  • The U.S. Gulf of Mexico and Arctic business units were combined into the North America business unit.
  • There are no longer Latin America, Western Hemisphere ("WH") Centralized Operations and Eastern Hemisphere ("EH") Centralized Operations business units. The Latin America business unit is now included in the Other International business unit.
  • The Bristow Academy business unit and the technical services business previously included with the WH Centralized Operations and EH Centralized Operations business units are now aggregated for reporting purposes in Corporate and Other. The remainder of the costs within WH Centralized Operations and EH Centralized Operations are included in Corporate and Other for reporting purposes or have been allocated to our other business units to the extent these operations support those business units.

The following is a summary of our results for our primary business units:

Australia operating income increased $2.7 million in the March 2010 quarter primarily as a result of an improved cost structure, additional aircraft earning higher rates, and a favorable impact from strengthening in the Australian dollar.

West Africa operating income increased $2.2 million in the March 2010 quarter primarily as a result of improved rates, a reduction in training and certain other costs and lower bad debt expense.

Europe operating income was essentially flat at $19.0 million in the March 2010 quarter as a decline in overall activity was offset by the reduction in depreciation expense, which is discussed under "special items impacting results" below and a favorable impact from the strengthening British pound sterling.

North America operating income decreased $2.9 million in the March 2010 quarter primarily as a result of decreased demand for aircraft driven by a reduction in drilling activity.

Other International operating income decreased $8.9 million in the March 2010 quarter primarily as a result of our exit from Kazakhstan, equity losses for Lider in Brazil and the recording of a bad debt allowance in Mexico.

In addition to the business unit highlights discussed above, March 2010 quarter results were impacted by gains on disposal of assets of $5.3 million compared to $1.7 million in the March 2009 quarter and a decrease in our effective tax rate to 8.2% from 35% in the March 2009 quarter. These items were partially offset by a $1.6 million increase in net interest expense. The decrease in tax rate primarily resulted from our having a larger portion of earnings in tax jurisdictions where our overall tax rate is low, as well as the impact on the March 2009 quarter's tax rate from the tax items also discussed below.

FISCAL YEAR ENDED MARCH 31, 2010 RESULTS

Revenue for the 2010 fiscal year totaled $1.2 billion compared to $1.1 billion in the prior fiscal year, an increase of three percent.

Operating income was $180.9 million in the 2010 fiscal year compared to $201.8 million in fiscal 2009. Excluding the special items which occurred in both years as discussed below, operating income increased 13 percent to $181.5 million compared to $160.8 million in the prior fiscal year.

EBITDA totaled $259.6 million in the 2010 fiscal year compared to $276.7 million in fiscal 2009. Excluding the special items which occurred in both years as discussed below, EBITDA rose 11 percent year-over-year to $259.6 million compared to $234.7 million in the prior fiscal year.

Net income from continuing operations totaled $113.5 million in the 2010 fiscal year, or $3.10 per diluted share, compared to $125.5 million, or $3.57 per diluted share, in the prior fiscal year. Excluding the special items which occurred in both years as discussed below, net income from continuing operations was $110.6 million, or $3.02 per diluted share, compared to $98.3 million, or $2.78 per diluted share, in the prior fiscal year.

Results for the 2010 fiscal year were positively impacted by improved pricing and exchange rates in West Africa, cost reductions and the addition of higher margin aircraft in Australia, a full period's contribution from our Bristow Norway operations, which were consolidated beginning October 31, 2008, and a decrease in our effective tax rate to 20.4% from 28.7% in the prior fiscal year. Negative factors impacting the fiscal 2010 period include decreased demand in the U.S. Gulf of Mexico, weakening in the British pound sterling impacting the results in Europe, the impact on results for our Other International business unit of our exit from Kazakhstan and an allowance recorded against receivables in Mexico not probable of collection, and a $12.3 million increase in net interest expense.

SPECIAL ITEMS IMPACTING RESULTS

The following items impacted the comparability of our results between the March 2010 and March 2009 quarters:


                                    March 2010 Quarter
                                    ------------------
                                                                    Diluted
                                                          Net       Earnings
                                                        Income     Per Share
                                                         from         from
                      Operating                       Continuing   Continuing
                       Income         EBITDA          Operations   Operations
                       ------         ------          ----------   ----------
                          (In thousands, except per share amounts)
    Allowance for
     receivables (1)  $(2,200)        $(2,200)           $(1,430)      $(0.04)
    Depreciation
     correction (2)     3,872               -              2,463         0.07
    Australia local
     tax (3)            1,200           1,200                780         0.02
                        -----           -----                ---
    Total              $2,872         $(1,000)            $1,813         0.05
                       ======         =======             ======

                                    March 2009 Quarter
                                    ------------------
                                                                    Diluted
                                                          Net       Earnings
                                                        Income     Per Share
                                                         from         from
                      Operating                       Continuing   Continuing
                       Income         EBITDA          Operations   Operations
                       ------         ------          ----------   ----------
                          (In thousands, except per share amounts)
    Australia local
     tax (3)           $1,258          $1,258               $818        $0.02
    Power by the
     hour credit (4)    6,800           6,800              4,419         0.12
    Income tax
     items (5)              -               -             (4,673)       (0.13)
                          ---             ---             ------
    Total              $8,058          $8,058               $564         0.01
                       ======          ======               ====



    (1)  Represents a $3.6 million bad debt allowance recorded for
    accounts receivable due from our unconsolidated affiliate in Mexico,
    which we have determined are not probable of collection, which is
    partially offset by a $1.4 million reduction in a bad debt allowance
    for accounts receivable due from a customer in Nigeria; these items
    are included in direct cost.

    (2)  Represents a reduction in depreciation expense recorded in the
    March 2010 quarter for errors in the calculation of depreciation on
    certain aircraft in prior quarters; this correction reduced
    depreciation expense.

    (3)  Represents a net reduction in direct cost in Australia upon
    resolution of local tax matters in the March 2010 and March 2009
    quarters.

    (4)  Represents a reduction in maintenance expense associated with a
    credit resulting from the renegotiation of a "power by the hour"
    contract for aircraft maintenance with a third party provider; this
    credit is included in direct cost.

    (5)  Represents the unfavorable impact on our provision for income
    taxes in the March 2009 quarter resulting from a one time provision
    for potential foreign taxes and a settlement of tax contingencies
    related to certain foreign income taxes.


The following special items impacted the comparability of our results between the fiscal years ended March 31, 2010 and 2009:


                                   Fiscal Year Ended
                                    March 31, 2010
                                    --------------
                                                                    Diluted
                                                          Net       Earnings
                                                        Income     Per Share
                                                         from         from
                      Operating                       Continuing   Continuing
                       Income         EBITDA          Operations   Operations
                       ------         ------          ----------   ----------
                            (In thousands, except per share amounts)
    Allowance
     for
     receivables
     (1)              $(1,100)        $(1,100)         $(715)        $(0.02)
     Depreciation
     correction
     (2)                3,250               -          2,898           0.08
    Australia
     local tax
     (3)                2,041           2,041          1,327           0.04
    Departure
     of
     officers
     (4)               (4,874)         (4,874)       (3,168)          (0.09)
    Hedging
     gains (5)              -           3,936          2,558           0.07
                          ---           -----          -----
    Total               $(683)             $3         $2,900           0.08
                        =====             ===         ======

                                  Fiscal Year Ended
                                   March 31, 2009
                                   --------------
                                                                    Diluted
                                                          Net       Earnings
                                                        Income     Per Share
                                                         from         from
                      Operating                       Continuing   Continuing
                       Income         EBITDA          Operations   Operations
                       ------         ------          ----------   ----------
                            (In thousands, except per share
                                       amounts)
    GOM Asset
     Sale (6)         $36,216         $36,216        $23,406          $0.68
    Australia
     items (7)         (4,071)         (4,071)       (2,899)          (0.08)
    Power by
     the hour
     credit (8)         6,800           6,800          4,843           0.14
     Hurricanes
     in the U.S.
     Gulf of
     Mexico (9)        (2,400)         (2,826)        (1,837)         (0.05)
    Mexico
     restructuring
     (10)               4,429           5,867          3,700           0.11
                        -----           -----          -----
    Total             $40,974         $41,986        $27,213           0.79
                      =======         =======        =======



    (1)    Represents a $3.6 million bad debt allowance recorded for
    accounts receivable due from our unconsolidated affiliate in Mexico,
    which we have determined are not probable of collection, which was
    partially offset by a $2.5 million reduction in a bad debt allowance
    for accounts receivable due from a customer in Kazakhstan; these
    items are included in direct cost.

    (2)    Represents a reduction in depreciation expense recorded in the
    March 2010 quarter for errors in the calculation of depreciation on
    certain aircraft in prior periods; this correction reduced
    depreciation expense.

    (3)    Represents a net expense reduction in Australia upon
    resolution of local tax matters in the fiscal years ended March 31,
    2010 and 2009; the reduction in the fiscal year ended March 31, 2010
    reduced direct cost by $1.1 million and general and administrative
    expense by $0.9 million, and the reduction in the fiscal year ended
    March 31, 2009 reduced direct cost.

    (4)    Represents compensation costs associated with the departure of
    three of the Company's officers during the fiscal year ended March
    31, 2010; these costs are included in general and administrative
    costs.

    (5)    Represents the impact of pre-tax hedging gains of $3.9
    million realized during the fiscal year ended March 31, 2010 due to
    termination of forward contracts on euro-denominated aircraft
    purchase commitments; these gains are included in other income
    (expense), net.

    (6)    Represents the impact on the fiscal year ended March 31, 2009
    of the gain generated from the sale of 53 small aircraft and related
    assets operating in the U.S. Gulf of Mexico on October 30, 2008.

    (7)    Represents expense recorded during the fiscal year ended March
    31, 2009 in Australia related to local tax matters, increases in
    compensation costs retroactive to prior fiscal years and one time
    costs associated with introducing new aircraft into this market and
    moving aircraft within this market; these costs are included in
    direct cost.

    (8)    Represents a reduction in maintenance expense associated with
    a credit resulting from the renegotiation of a "power by the hour"
    contract for aircraft maintenance with a third party provider; this
    credit is included in direct cost.

    (9)    Represents the impact of hurricanes in the U.S. Gulf of Mexico
    during the fiscal year ended March 31, 2009, which resulted in a
    decrease in flight activity (reducing revenue by 1.9 million), an
    increase in direct cost by $0.5 million and a charge of $0.4 million
    which reduced gain on disposal of other assets.

    (10)  Represents the impact of the April 2008 restructuring of our
    ownership interests in affiliates in Mexico, which increased revenue
    by $0.8 million, earnings from unconsolidated affiliates, net of
    losses by $3.7 million and other income (expense), net by $1.4
    million.

CAPITAL AND LIQUIDITY

In the March 2010 quarter net cash generated by operating activities was $32.3 million and net cash used in investing activities was $57.5 million. Net cash generated by operating activities for the quarter included the annual U.K. pension funding payment of $19.9 million. For the fiscal year ended March 31, 2010, net cash generated by operating activities was $195.4 million and net cash used in investing activities was $411.7 million. At March 31, 2010, we had:

  • $1.4 billion in stockholders' investment and $717 million of indebtedness,
  • $78 million in cash and a $100 million undrawn revolving credit facility, and
  • $125 million in aircraft purchase commitments for nine aircraft.

CONFERENCE CALL

Management will conduct a conference call starting at 9:00 a.m. EDT (8:00 a.m. CDT) on Thursday, May 20, 2010, to review financial results for the 2010 fourth quarter and year-ended March 31, 2010. 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 2010 Fourth 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 1-877-941-2928
  • Replay: A telephone replay will be available through June 3, 2010 and may be accessed by calling toll free 1-800-406-7325, passcode: 4297370#

Via Telephone outside the U.S.:

  • Live: Dial 480-629-9725
  • Replay: A telephone replay will be available through June 3, 2010 and may be accessed by calling 303-590-3030, passcode: 4297370#

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, fiscal 2011 results, industry capital spending 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, 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.

    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       Fiscal Year Ended
                                         March 31,               March 31,
                                         ---------               ---------
                                     2010          2009       2010       2009
                                     ----          ----       ----       ----

    Gross revenue:
       Operating revenue from
        non-affiliates           $241,809      $237,909   $999,249   $964,060
       Operating revenue from
        affiliates                 15,199        12,412     61,842     64,904
       Reimbursable revenue from
        non-affiliates             24,805        23,412    103,019     99,608
       Reimbursable revenue from
        affiliates                    570         1,272      3,646      5,231
                                      ---         -----      -----      -----
                                  282,383       275,005  1,167,756  1,133,803
                                  -------       -------  ---------  ---------
    Operating expense:
       Direct cost                173,653       166,971    717,178    718,375
       Reimbursable expense        24,673        23,550    105,853    102,987
       Depreciation and
        amortization               17,365        18,411     74,684     65,514
       General and
        administrative             30,455        24,880    119,701    103,656
                                   ------        ------    -------    -------
                                  246,146       233,812  1,017,416    990,532
                                  -------       -------  ---------    -------

    Gain (loss) on GOM Asset
     Sale                               -        (1,564)         -     36,216
    Gain on disposal of other
     assets                         5,328         3,224     18,665      9,089
    Earnings from
     unconsolidated
     affiliates, net of
     losses                         1,227         4,947     11,852     13,224
                                    -----         -----     ------     ------
       Operating Income            42,792        47,800    180,857    201,800

    Interest income                   215           265      1,012      6,004
    Interest expense              (10,781)       (9,206)   (42,412)   (35,149)
    Other income (expense),
     net                             (987)        1,128      3,036      3,368
                                     ----         -----      -----      -----
       Income from continuing
        operations before
        provision for income
        taxes                      31,239        39,987    142,493    176,023
    Provision for income
     taxes                         (2,571)      (13,999)   (28,998)   (50,493)
                                   ------       -------    -------    -------
       Net income from
        continuing operations      28,668        25,988    113,495    125,530
       Loss from discontinued
        operations, net of tax          -             -          -       (246)
                                      ---           ---        ---       ----
       Net income                  28,668        25,988    113,495    125,284
       Net income attributable
        to noncontrolling
        interests                    (225)         (137)    (1,481)    (2,327)
                                     ----          ----     ------     ------
       Net income attributable
        to Bristow Group           28,443        25,851    112,014    122,957
       Preferred stock dividends        -        (3,163)    (6,325)   (12,650)
                                      ---        ------     ------    -------
       Net income available to
        common stockholders       $28,443       $22,688   $105,689   $110,307
                                  =======       =======   ========   ========

    Basic earnings per common
     share:
       Earnings from continued
        operations                  $0.79         $0.78      $3.23      $3.96
       Loss from discontinued
        operations                      -             -          -          -
                                      ---           ---        ---        ---
       Net earnings                 $0.79         $0.78      $3.23      $3.96
                                    =====         =====      =====      =====

    Diluted earnings per
     common share:
       Earnings from continued
        operations                  $0.78         $0.72      $3.10      $3.57
       Loss from discontinued
        operations                      -             -          -      (0.01)
                                      ---           ---        ---      -----
       Net earnings                 $0.78         $0.72      $3.10      $3.56
                                    =====         =====      =====      =====

    Weighted average number
     of common shares
     outstanding:
       Basic                       35,942        29,110     32,729     27,884
       Diluted                     36,335        35,748     36,119     34,542

    EBITDA                        $59,385       $67,604   $259,589   $276,686

In addition to segment information for the three months ended March 31, 2010 and 2009, we have presented in the tables below the revised segment information for the fiscal years ended March 31, 2010 and 2009 based on the business unit presentation changes discussed above.

                     BRISTOW GROUP INC. AND SUBSIDIARIES
                           SELECTED OPERATING DATA
             (In thousands, except flight hours and percentages)
                                 (Unaudited)


                             Three Months Ended          Fiscal Year Ended
                                  March 31,                  March 31,
                                  ---------                  ---------
                              2010        2009          2010            2009
                              ----        ----          ----            ----

       Flight hours
        (excludes
        Bristow Academy
        and unconsolidated
        affiliates):
         North America      18,301      20,594        79,345         125,980
         Europe             11,843      13,681        54,537          47,493
         West Africa         8,547       9,898        35,142          39,027
         Australia           3,324       3,585        12,302          15,087
         Other
          International     10,704      13,044        44,373          50,553
                            ------      ------        ------          ------
           Consolidated
            total           52,719      60,802       225,699         278,140
                            ======      ======       =======         =======


    Gross revenue:
         North America     $45,453     $47,643      $189,730        $239,426
         Europe            104,730     105,314       452,998         402,858
         West Africa        54,207      51,639       219,212         192,427
         Australia          34,014      26,433       130,698         113,801
         Other
          International     32,080      35,197       135,426         147,395
         Intrasegment
          eliminations        (274)       (497)       (4,123)         (1,990)
         Corporate and
          other             12,173       9,276        43,815          39,886
                            ------       -----        ------          ------
           Consolidated
            total         $282,383    $275,005    $1,167,756      $1,133,803
                          ========    ========    ==========      ==========


    Operating income
     (loss):
         North America      $1,002      $3,857       $11,655         $29,059
         Europe             18,973      19,076        77,053          77,617
         West Africa        18,770      16,553        62,410          41,420
         Australia           8,349       5,601        30,374           6,758
         Other
          International        601       9,466        25,972          39,827
         Gain (loss) on
          GOM Asset Sale         -      (1,564)            -          36,216
         Gain on disposal
          of other assets    5,328       3,224        18,665           9,089
         Corporate and
          other            (10,231)     (8,413)      (45,272)        (38,186)
                           -------      ------       -------         -------
           Consolidated
            total          $42,792     $47,800      $180,857        $201,800
                           =======     =======      ========        ========


    Operating
     margin:
        North America          2.2%        8.1%          6.1%           12.1%
        Europe                18.1%       18.1%         17.0%           19.3%
        West Africa           34.6%       32.1%         28.5%           21.5%
        Australia             24.5%       21.2%         23.2%            5.9%
        Other
         International         1.9%       26.9%         19.2%           27.0%
          Consolidated
           total              15.2%       17.4%         15.5%           17.8%


                      BRISTOW GROUP INC. AND SUBSIDIARIES
                                 AIRCRAFT COUNT
                              AS OF MARCH 31, 2010


                     Aircraft in Consolidated Fleet
                     ------------------------------
                       Helicopters
                       -----------
                                             Fixed       Unconsolidated
                 Small Medium Large Training Wing Total(1) Affiliates(2) Total
                 ----- ------ ----- -------- ---- -------  ------------  -----
    North
     America        75     29     7        -     1     112            -    112
    Europe           -     11    39        -     -      50           63    113
    West Africa     12     34     5        -     3      54            -     54
    Australia        2     10    18        -     -      30            -     30
    Other
     International   5     46    12        -     -      63          141    204
    Bristow
     Academy         -      -     -       81     -      81            -     81
                   ---    ---   ---      ---   ---     ---          ---    ---
    Total           94    130    81       81     4     390          204    594
                   ===    ===   ===      ===   ===     ===          ===    ===
    Aircraft
     not currently
     in fleet:
     (3)
      On order       -      4     5        -     -       9
      Under
       option        -     26    13        -     -      39


    (1)  Includes 15 aircraft held for sale.

    (2)  The 204 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.

The following tables present our selected operating data for all four quarters within the fiscal year ended March 31, 2010 for comparison purposes based on the business unit presentation changes discussed above.

                    BRISTOW GROUP INC. AND SUBSIDIARIES
                          SELECTED OPERATING DATA
            (In thousands, except flight hours and percentages)
                                (Unaudited)


                                         Three Months Ended
                                         ------------------
                             June 30,   Sept. 30,      Dec. 31,    March 31,
                               2009       2009           2009        2010
                               ----       ----           ----        ----

    Flight hours
     (excludes Bristow
     Academy and
     unconsolidated
     affiliates):
       North America          22,117     21,215         17,712      18,301
       Europe                 14,855     14,242         13,597      11,843
       West Africa             8,950      8,470          9,175       8,547
       Australia               2,880      2,794          3,304       3,324
       Other International    11,125     11,810         10,734      10,704
                              ------     ------         ------      ------
               Consolidated
                total         59,927     58,531         54,522      52,719
                              ======     ======         ======      ======


    Gross Revenue:
       North America         $49,856    $48,737        $45,684     $45,453
       Europe                115,065    113,913        119,290     104,730
       West Africa            54,817     51,452         58,736      54,207
       Australia              28,163     30,333         38,188      34,014
       Other International    32,994     37,007         33,345      32,080
       Intrasegment
        eliminations          (2,259)    (1,189)          (401)       (274)
       Corporate
        and other             11,816     11,362          8,464      12,173
                              ------     ------          -----      ------
               Consolidated
                total       $290,452   $291,615       $303,306    $282,383
                            ========   ========       ========    ========


    Operating income (loss):
       North America          $4,426     $4,716         $1,511      $1,002
       Europe                 19,778     19,063         19,239      18,973
       West Africa            13,663     15,064         14,913      18,770
       Australia               5,656      7,011          9,358       8,349
       Other International     7,212     12,978          5,181         601
       Intrasegment
        eliminations           6,009      4,880          2,448       5,328
       Corporate
        and other            (11,972)   (10,145)       (12,924)   (10,231)
                             -------    -------        -------     -------
               Consolidated
                total        $44,772    $53,567        $39,726     $42,792
                             =======    =======        =======     =======


    Operating margin:
       North America             8.9%       9.7%           3.3%        2.2%
       Europe                   17.2%      16.7%          16.1%       18.1%
       West Africa              24.9%      29.3%          25.4%       34.6%
       Australia                20.1%      23.1%          24.5%       24.5%
       Other International      21.9%      35.1%          15.5%        1.9%
               Consolidated
                total           15.4%      18.4%          13.1%       15.2%


                     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 from continuing operations, the most comparable GAAP financial measure to EBITDA, is as follows (in thousands):


                          Three Months Ended         Fiscal Year Ended
                               March 31,                 March 31,
                               ---------                 ---------
                            2010        2009         2010          2009
                            ----        ----         ----          ----
                                             Unaudited)
    Net income from
     continuing
     operations           $28,668     $25,988     $113,495      $125,530
    Provision for
     income taxes           2,571      13,999       28,998        50,493
    Interest expense       10,781       9,206       42,412        35,149
    Depreciation and
     amortization          17,365      18,411       74,684        65,514
                           ------      ------       ------        ------
       EBITDA             $59,385     $67,604     $259,589      $276,686
                          =======     =======     ========      ========

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


                                     March 2010 Quarter
                                     ------------------
                                                                    Diluted
                                                          Net       Earnings
                                                        Income     Per Share
                                                         from         from
                      Operating                       Continuing   Continuing
                       Income         EBITDA          Operations   Operations
                       ------         ------          ----------   ----------
                              (In thousands, except per share amounts)
    As reported        $42,792       $59,385            $28,668       $0.78
    Adjust for
     special items      (2,872)        1,000             (1,813)      (0.05)
                        ------         -----             ------       -----
       Excluding
        special
        items          $39,920       $60,385            $26,855       $0.73
                       =======       =======            =======       =====


                                      March 2009 Quarter
                                      ------------------
                                                                    Diluted
                                                          Net       Earnings
                                                        Income     Per Share
                                                         from         from
                      Operating                       Continuing   Continuing
                       Income         EBITDA          Operations   Operations
                       ------         ------          ----------   ----------
                             (In thousands, except per share amounts)
    As
     reported          $47,800        $67,604            $25,988       $0.72
    Adjust for
     special items      (8,058)       (8,058)               (564)      (0.01)
                        ------         ------               ----       -----
       Excluding
        special
        items          $39,742        $59,546            $25,424       $0.71
                       =======        =======            =======       =====



                                  Fiscal Year Ended
                                    March 31, 2010
                                    --------------
                                                                    Diluted
                                                          Net       Earnings
                                                        Income     Per Share
                                                         from         from
                      Operating                       Continuing   Continuing
                       Income         EBITDA          Operations   Operations
                       ------         ------          ----------   ----------
                             (In thousands, except per share amounts)
    As reported       $180,857       $259,589           $113,495       $3.10
    Adjust for
     special items         683             (3)            (2,900)      (0.08)
                           ---            ---             ------       -----
       Excluding
        special
        items         $181,540       $259,586           $110,595       $3.02
                      ========       ========           ========       =====



                             Fiscal Year Ended
                             -----------------
                               March 31, 2009
                               --------------
                                                                    Diluted
                                                          Net       Earnings
                                                        Income     Per Share
                                                         from         from
                      Operating                       Continuing   Continuing
                       Income         EBITDA          Operations   Operations
                       ------         ------          ----------   ----------
                            (In thousands, except per share amounts)
    As
     reported         $201,800       $276,686           $125,530       $3.57
    Adjust for
     special
     items             (40,974)       (41,986)           (27,213)      (0.79)
                       -------        -------            -------       -----
       Excluding
        special
        items         $160,826       $234,700            $98,317       $2.78
                      ========       ========            =======       =====


SOURCE: Bristow Group Inc.