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Bristow Provides Update on Status of SEC Filings
Key Management and Audit Findings:
- Due to substantial doubt about the Company's ability to continue as a going concern, the Company was required to reclassify from long-term to short-term approximately
$1.4 billionof its debt on its consolidated balance sheets included in the Amended Reports and the Q3 FY2019 10-Q.
- The material weakness previously communicated in
February 2019, did not result in any related misstatements to the financial statements.
- The Company did not detect any indications of accounting irregularities or impropriety.
KPMG LLP'sreconsideration of previously concluded upon audit and review matters resulted in no material change in conclusions from those previously reached.
As previously communicated in
The Company determined that it was necessary to delay the filing of its Q3 FY2019 10-Q to provide additional time to complete the review and allow
As a result of the material weakness, the Company determined it was necessary to file the Amended Reports, and KPMG performed and completed certain other procedures it deemed necessary in order to issue a revised Report of Independent Registered Public Accounting Firm Regarding Internal Control Over Financial Reporting for the Amended FY2018 10-K, including a reconsideration of previously concluded upon audit and review matters. Management devoted significant time and effort to provide additional supporting documentation to KPMG to facilitate the completion of those additional procedures by KPMG.
With the filings made today, the review of existing processes and controls has been completed and a remediation plan has been developed and is being implemented to remediate the previously disclosed material weakness. The material weakness will be considered remediated once these controls have operated for a sufficient period of time for management to conclude, through testing, that these controls are operating effectively. There were limited matters identified through the assessment which were considered breaches of certain debt or lease agreement covenants; however, none of those breaches matured into events of default and were appropriately cured or resolved with the relevant lender and/or lessor.
As disclosed in the filings, the material weakness did not result in any corrected misstatements or material corrections to the financial statements. The Company did not detect any indications of accounting irregularities or impropriety in this process. Further, KPMG's reconsideration of previously concluded upon audit and review matters resulted in no material change in conclusions from those previously reached.
Irrespective of the conclusions noted above, the Company was required to reclassify approximately
Bristow also disclosed in a Form 12b-25 filed with the
FORWARD-LOOKING STATEMENTS DISCLOSURE
Statements contained in this news release that state Bristow's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. These forward-looking statements include statements regarding strategic alternatives and other statements identified by words such as "will," "expect," "believe," "anticipate," "estimate," "should," "intend," "plan," "potential," "predict," "project," "aim," "hope," "predict," and similar words, phrases and expressions, although not all forward-looking statements include such words, phrases or expressions. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. 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
Global Media Relations
Director, Investor Relations