SEC Info - Bristow Group Inc - ‘10-K’ for 3/31/16

Bristow Group Inc – ‘10-K’ for 3/31/16 – ‘R21’

On: Friday, 5/27/16, at 3:31pm ET · For: 3/31/16 · Accession #: 73887-16-40 · File #: 1-31617

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QUARTERLY FINANCIAL INFORMATION (Unaudited)



	Fiscal Quarter Ended
	June 30⁽¹⁾⁽²⁾			September 30⁽³⁾⁽⁴⁾			December 31⁽⁵⁾⁽⁶⁾			March 31⁽⁷⁾⁽⁸⁾

	(In thousands, except per share amounts)
Fiscal year 2016
Gross revenue	$	466,996		$	446,911		$	419,887		$	381,719
Operating income (loss) ⁽⁹⁾	4,834			(29,833		)	22,077			(37,923		)
Net income (loss) attributable to Bristow Group ⁽⁹⁾	(3,257		)	(47,132		)	3,202			(25,255		)
Earnings (loss) per share:
Basic	$	(0.27	)	$	(1.21	)	$	0.09		$	(0.72	)
Diluted	$	(0.27	)	$	(1.21	)	$	0.09		$	(0.72	)
Fiscal year 2015
Gross revenue	$	472,538		$	475,636		$	460,140		$	450,355
Operating income ⁽⁹⁾	65,192			44,064			8,916			27,702
Net income attributable to Bristow Group ⁽⁹⁾	44,109			26,082			(968		)	15,077
Earnings (loss) per share:
Basic	$	1.24		$	0.74		$	(0.03	)	$	0.43
Diluted	$	1.23		$	0.73		$	(0.03	)	$	0.43

_______________

⁽¹⁾

Operating income, net income and diluted earnings per share for the fiscal quarter ended June 30, 2015 included: (a) a decrease of $8.0 million, $5.6 million and $0.16, respectively, from severance expense related to separation programs designed to increase efficiency and reduce costs across the organization, (b) a decrease of $10.5 million, $7.9 million and $0.23 due to fleet changes that resulted in additional depreciation expense and (c) a decrease of $5.4 million, $3.5 million and $0.10, respectively, due to impairment charges on inventory. Diluted earnings per share for the fiscal quarter ended June 30, 2015 was impacted by a decrease of $0.18 due to the accretion of redeemable noncontrolling interests.

⁽²⁾

Operating income, net income and diluted earnings per share for the fiscal quarter ended June 30, 2014 included: (a) a decrease of $1.0 million, $0.7 million and $0.02, respectively, from our North America restructuring and (b) a decrease of $3.7 million, $2.4 million and $0.07, respectively, for CEO succession. Net income and diluted earnings per share for the fiscal quarter ended June 30, 2014 included a decrease of $0.7 million and $0.02 respectively, in premiums as a result of the repurchase of a portion of the 6¼% Senior Notes (included in extinguishment of debt).

⁽³⁾

Operating income, net income and diluted earnings per share for the fiscal quarter ended September 30, 2015 included: (a) a decrease of $5.7 million, $4.2 million and $0.12, respectively, from severance expense related to separation programs designed to increase efficiency and reduce costs across the organization, (b) a decrease of $10.5 million, $7.9 million and $0.22 due to fleet changes that resulted in additional depreciation expense and (c) a decrease of $22.3 million, $25.6 million and $0.73, respectively, due to impairment of goodwill related to our Bristow Norway and Bristow Academy reporting units. Diluted earnings per share for the fiscal quarter ended September 30, 2015 was impacted by an increase of $0.14 due to the accretion of redeemable noncontrolling interests.

⁽⁴⁾

Operating income, net income and diluted earnings per share for the fiscal quarter ended September 30, 2014 included: (a) a decrease of $0.6 million, $0.4 million and $0.01, respectively, from North America restructuring, (b) a decrease of $1.8 million, $1.2 million and $0.03, respectively, for CEO succession and (c) a decrease of $3.4 million, $2.7 million and $0.08, respectively, for additional inventory allowances related to excess inventory identified for an older large aircraft model we removed from our fleet. Net income and diluted earnings per share for the fiscal quarter ended September 30, 2015 included a decrease of $0.8 million and $0.02, respectively, in premiums as a result of the repurchase of a portion of the 6 ¼ Senior Notes (included in other income (expense), net).

⁽⁵⁾

Operating income, net income and diluted earnings per share for the fiscal quarter ended December 31, 2015 included: (a) a decrease of $7.3 million, $5.4 million and $0.15, respectively, from severance expense related to separation programs designed to increase efficiency and reduce costs across the organization and (b) a decrease of $5.0 million, $3.8 million and $0.11 due to fleet changes that resulted in additional depreciation expense. Net income and diluted earnings per share for the fiscal quarter ended December 31, 2015 included a decrease of $9.5 million and $0.27, respectively, due to tax valuation allowance.

⁽⁶⁾

Operating income, net income and diluted earnings per share for the fiscal quarter ended December 31, 2014 included: (a) a decrease of $3.8 million, $3.0 million and $0.09, respectively, for additional inventory allowances related to excess inventory identified for an older large aircraft model we removed from our fleet, (b) a decrease of $5.3 million, $4.2 million and $0.12, respectively, for an accounting correction related to improperly capitalizing profit on intercompany technical services billings and (c) an increase of $0.8 million, $0.6 million and $0.02, respectively, for an accrued maintenance cost reversal. Net income and diluted earnings per share for the fiscal quarter ended December 31, 2015 included: (a) an increase of $2.5 million and $0.07, respectively, from a gain on sale of HCA and (b) a decrease of $0.6 million and $0.02, respectively, in premiums as a result of the repurchase of a portion of the 6 ¼ Senior Notes (included in other income (expense), net).

⁽⁷⁾

Operating income, net income and diluted earnings per share for the fiscal quarter ended March 31, 2016 included: (a) a decrease of $5.9 million, $2.3 million and $0.07, respectively, from organizational restructuring costs to increase efficiency and reduced costs across the organization and (b) a decrease of $3.6 million, $3.2 million and $0.09 due to fleet changes that resulted in additional depreciation expense and (c) a decrease of $27.4 million, $15.7 million and $0.44, respectively, due to impairment of goodwill related to our Africa region and impairment of goodwill and intangibles for Eastern Airways. Net income and diluted earnings per share for the fiscal quarter ended March 31, 2016 included a decrease of $5.1 million and $0.14, respectively, due to tax valuation allowance.


⁽⁸⁾	Operating income, net income and diluted earnings per share for the fiscal quarter ended March 31, 2015 included: (a) a decrease of $10.4 million, $8.0 million and $0.23, respectively, due to fleet changes that resulted in additional depreciation expense and (b) a decrease of $0.9 million, $0.6 million and $0.02 for severance costs in West Africa.

⁽⁹⁾

The fiscal quarters ended June 30, September 30 and December 31, 2015, and March 31, 2016 included $7.7 million, $14.0 million, $2.2 million and $6.8 million, respectively, in loss on disposal of assets included in operating income which also decreased net income by $5.9 million, $10.8 million, $1.7 million and $3.7 million, respectively, and diluted earnings per share by $(0.17), $(0.31), $(0.05) and $(0.10), respectively. The fiscal quarters ended June 30, September 30 and December 31, 2014, and March 31, 2015 included $0.6 million, $0.1 million, $(26.3) million and $(10.3) million, respectively in gain (loss) on disposal of assets included in operating income which also increased (decreased) net income by $0.5 million, $0.1 million, $(21.0) million and $(8.1) million, respectively, and diluted earnings per share by $0.01, zero, $(0.60) and $(0.23), respectively.