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| 8-K - FORM 8-K - Bristow Group Inc | d356498d8k.htm |
 Fourth Quarter FY 2012
Earnings Presentation
Bristow Group Inc.
May 24, 2012
Exhibit 99.1 |
 2
Fourth quarter earnings call agenda
Introduction
CEO remarks and operational highlights
Current and future financial performance
-
Q4 and FY12 Financial discussion
-
FY13 –
Moving Forward
Closing remarks
Questions and answers
Linda McNeill, Director Investor Relations
Bill Chiles, President and CEO
Jonathan Baliff, SVP and CFO
Bill Chiles, President and CEO |
 3
Forward-looking statements
This presentation may contain “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements include
statements about our future business, operations, capital expenditures, fleet composition,
capabilities and results; modeling information, earnings guidance, expected operating margins
and other financial projections; future dividends, share repurchase and other uses of excess
cash; plans, strategies and objectives of our management, including our plans and strategies to
grow earnings and our business, our general strategy going forward and our business model;
expected actions by us and by third parties, including our customers, competitors and
regulators; the valuation of our company and its valuation relative to relevant financial
indices; assumptions underlying or relating to any of the foregoing, including assumptions regarding
factors impacting our business, financial results and industry; and other matters. Our
forward-looking statements reflect our views and assumptions on the date of this
presentation regarding future events and operating performance. They involve known and unknown
risks, uncertainties and other factors, many of which may be beyond our control, that may cause
actual results to differ materially from any future results, performance or achievements
expressed or implied by the forward-looking statements. These risks, uncertainties and
other factors include those discussed under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our
Annual Report on Form 10-K for the fiscal year-ended March 31, 2012. We do not undertake
any obligation, other than as required by law, to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise. |
 4
Chief Executive Officer comments
,
President
and
CEO
Bill
Chiles |
 5
Operational safety review
* Includes consolidated commercial operations only
Total Recordable Injury Rate per 200,000 man-
hours (cumulative)
Lost Work Case Rate per 200,000
man-hours (cumulative)
Air Accident Rate* per 100,000
Flight Hours (Fiscal Year)
FY12
FY12
0.78
0.78
0
0.54
0
0.53
0
1
2
3
2007
2008
2009
2010
2011
2012
0
0
0.25
0.18
0.28
0.23
0.25
0.22
0.19
0.20
0.22
0.23
0
0.3
A
M
J
J
A
S
O
N
D
J
F
M
0
0
0.25
0.18
0.28
0.23
0.20
0.17
0.15
0.13
0.15
0.14
0
0.3
A
M
J
J
A
S
O
N
D
J
F
M |
 6
Q4 and FY12 highlights
•
Increased LACE Rate with high utilization yielded an excellent quarter for Bristow
with adjusted EPS of $1.22 •
Record cash flow of over $230 million from operations in FY12, an increase of over
50% from the same period last year
•
Total liquidity (cash plus undrawn revolver capacity) of $402 million is over 50%
increase from $261 million in FY11
•
Board of Directors approved 33% increase in the quarterly dividend
•
Bristow’s
earnings
per
diluted
share
guidance
for
the
full
FY13
is
$3.25
-
$3.55
•
Q4 operating revenue of $318.7M (16.4% increase
from Q4 FY11, 7.4% increase from Q3 FY12)
•
Q4 GAAP EPS of $0.39 (53.6% decrease from Q4
FY11, 44.3% decrease from in Q3 FY12)
•
Q4 adjusted EPS* of $1.22 (41.9% increase from Q4
FY11, 60.5% increase from Q3 FY12)
•
Q4 adjusted EBITDAR* of $99.5M (22.7% increase
from Q4 FY11, 21.6%
increase
from Q3 FY12) * Adjusted
EPS
and
adjusted
EBITDAR
amounts
exclude
gains
and
losses
on
dispositions
of
assets
and
any
special
items
during
the
period.
See
reconciliation of these items to GAAP measures in appendix and our earnings release
for the quarter ended March 31, 2012. •
FY12 operating revenue of $1.2B (7.6% increase
from FY11)
•
FY12 GAAP EPS of $1.73 (51.9% decrease from
FY11)
•
FY12 adjusted EPS* of $3.12 (1.3% increase from
FY11)
•
FY12 adjusted EBITDAR* of $319.5M (7.3% increase
from FY11) |
 7
•
Price of oil continues to fluctuate given political instability in the
Middle East and North Africa coupled with the uncertainty in Europe
•
Global E & P spending remains strong with approximately 12% and
13% growth expected for 2012 and 2013, respectively
•
Most of our customers in Australia have locked in pricing for their
existing LNG projects, securing continued operations for this market
•
Market signals confirm robust offshore market in Europe and
deepwater growth in Latin America, particularly Brazil, U.S. Gulf of
Mexico and West Africa
•
Based on the number of outstanding global tenders, the
supply/demand balance for new technology medium and large
helicopters is tightening
Current market environment |
 8
•
Europe represents 39% of Bristow operating
revenue and 41% of adjusted EBITDAR* in Q4
FY12
•
Operating revenue increased to $121.0M from
$101.2M in Q4 FY11 due to increased flying
activity
•
Adjusted EBITDAR margin increased to 36.1%
in Q4 FY12 from 34.4% in Q4 FY11 reflecting
higher activity levels and was 32.9% for FY12
Outlook:
•
Awarded GAP Search and Rescue contract
in the Northern North Sea that will require
four large aircraft beginning in July 2013
•
Historically high bidding activity for
contracts for over 20 large aircraft all
starting between October 2012 –
September 2014
FY13 adjusted EBITDAR margin
expected to be ~ in the low thirties
Europe (EBU)
* Operating revenue and adjusted EBITDAR percentages exclude corporate and
other. |
 9
West Africa (WASBU)
•
Nigeria represents 22% of Bristow operating
revenue and 23% of adjusted EBITDAR* in Q4
FY12
•
Operating revenue of $66.2M in Q4 FY12
increased from $50.8M in Q4 FY11 due to new
contracts and price increases
•
Adjusted EBITDAR margin of 36.6% in Q4 FY12
vs 34.3% in Q4 FY11 and 35% for FY12
•
Increased activity reflected in increase in flying
hours and ad hoc work over prior year quarter
Outlook:
•
Opportunities exist for the extension of
several contracts with improved contract
terms
•
Key changes to our operating model in
order to compete more effectively on a
local basis
FY13 adjusted EBITDAR margin
expected to be ~ low thirties
* Operating revenue and adjusted EBITDAR percentages exclude corporate and
other. |
 10
Australia (AUSBU)
•
Australia represented 14% of Bristow operating
revenue and adjusted EBITDAR* in Q4 FY12
•
Operating revenue of $43.4M in Q4 FY12
increased f rom $40.8M in Q4 FY11 due to
increased utilization
•
Adjusted EBITDAR increased to $15.5M in Q4
FY12 from $12.7M in Q4 FY11 and was $36.0M
for FY12
•
Increase in adjusted EBITDAR margin to 35.6% in
Q4 FY12 from 23.5% in Q3 FY12, reflecting higher
utilization, which increased the adjusted EBITDAR
margin for FY12 to 24.3%
Outlook:
•
Awaiting the results of a large tender
•
Some short term contracts roll off in Q1
FY13 and will allow for ad hoc work or
redeployment
FY13 adjusted EBITDAR margin
expected to be ~ mid to high
twenties
* Operating revenue and adjusted EBITDAR percentages exclude corporate and
other. |
 11
Other International (OIBU)
•
Other International represented 11% of Bristow
operating revenue and 14% of adjusted EBITDAR* in
Q4 FY12
•
Operating
revenue
decreased
to
$34.6M
in
Q4
FY12
vs. $36.3M in Q4 FY11 due to exiting Libya and was
partially offset by new contracts
•
Adjusted EBITDAR margin of 42.9% in Q4 FY12
decreased over Q4 FY11 of 59.4% and was 39.5% for
FY12 (Lider Impact)
•
Lider equity earnings decreased to $1.0M in Q4 FY12
from $6.2M in Q4 FY11, negative $3.3M in FY12 vs.
$8.5M in FY11 due to the foreign exchange impact
and aircraft maintenance in Q4 FY12
Outlook:
•
Awaiting result of the Petrobras tender for up to
10 large aircraft
•
Major IOC contract in Brazil extended until
FY14 while adding a fourth medium aircraft
•
Exploring East Africa as future growth market
FY13 adjusted EBITDAR margin
* Operating revenue and adjusted EBITDAR percentages exclude corporate and
other. expected to be ~ low to mid forties |
 12
•
•
North America represents 14% of Bristow operating
revenue and 8% of adjusted EBITDAR in Q4 FY12
•
Adjusted EBITDAR increased to $8.2M in Q4 FY12 vs.
$3.4M in Q4 FY11
•
Adjusted EBITDAR margin of 19.4% in Q4 FY12
increased significantly from 8.5% in Q4 FY11; FY12
adjusted EBITDAR margin was 17.3%.
•
Increase in adjusted EBITDAR margin from prior year
quarter is a result of the higher LACE Rates for larger
aircraft as well as cost management
Outlook:
•
Activity in the Gulf of Mexico picking up with
continued inquiries for additional medium and
large aircraft to support seismic and deepwater
exploration
•
Successfully negotiating better contract terms
with several clients in GoM and Alaska
•
Supply and demand on medium and large
aircraft tightening significantly
FY13 adjusted EBITDAR margin expected
to be ~ low twenties
North America (NABU)
* Operating revenue and adjusted EBITDAR percentages exclude corporate and
other. |
 13
Financial discussion
Jonathan
Baliff
,
SVP
and
CFO |
 14
Financial highlights:
Adjusted EPS Summary
Q4FY11 to Q4 FY12 adjusted EPS bridge
FY11 to FY12 adjusted EPS
* Adjusted EPS amounts exclude gains and losses on dispositions of assets and any special items
during the period. See reconciliation of these items to GAAP in our earnings release for the
quarter ended March 31, 2012. |
 15
Financial highlights:
Adjusted EBITDAR Summary
Q4FY11 to Q4 FY12 adjusted EBITDAR bridge (in millions)
FY11 to FY12 adjusted EBITDAR bridge (in millions)
* Adjusted EBITDAR amounts exclude gains and losses on dispositions of assets and any special
items during the period. See reconciliation of these items to GAAP in our earnings release for
the quarter ended March 31, 2012. |
 16
BVA –
Six Quarters
Sequential quarterly improvement
BVA Q3 FY11 –
Q4 FY12
See 10-K for more information on BVA
•
FY12 consolidated BVA is
-$0.7M, representing 8.4M
year-over-year increase
•
Positive change in BVA
driven is by:
Revenue growth in
Europe, West Africa,
and North America
Capital efficiency
through leasing of
aircraft and working
capital management
Some margin
improvements |
 17
LACE rate increases drove BVA and cash flow improvement
as overall LACE declined due to aircraft sales
LACE
and
LACE
Rate
excludes
Bristow
Academy,
affiliate
aircraft,
aircraft
held
for
sale,
aircraft
construction in progress, and reimbursable revenue
($ in millions)
See appendix for more information on LACE and LACE Rate
161
164
159
153
149
5.72
6.14
6.49
7.15
7.89
0
1
2
3
4
5
6
7
8
9
141
144
147
150
153
156
159
162
165
168
FY08
FY09
FY10
FY11
FY12
LACE
LACE Rate
324
295
290
279
268
161
164
159
153
149
0
50
100
150
200
250
300
350
FY08
FY09
FY10
FY11
FY12
Consolidated commerical aircraft
Large Aircraft Equivalent (LACE) |
 18
Adjusted EBITDAR margin has returned to pre-
recession levels
Calculated by taking adjusted EBITDAR divided by operating revenue; adjusted
EBITDAR excludes special items and asset dispositions |
 19
Our progress on BVA has yielded increased operating
cash flow generation in FY12
Bristow generated 53% more operating cash flow in FY12
compared to FY11
Net cash provided by operating activities
See 10-K for more information on cash flow provided by operating
activities 87.6
127.9
195.4
151.4
231.3
0
40
80
120
160
200
240
280
FY08
FY09
FY10
FY11
FY12 |
 20
Operating lease strategy: lowering the cost and amount of
capital needed to grow
•
We leased nine existing and in-construction aircraft for $171.2 million from
December 2011 to March 2012
•
Currently
approximately
14%
of
our
commercial
fleet
is
leased
on
a
LACE
basis
•
The initial aim for the operating leases to account for 20-30% of our LACE
Leased aircraft as of March 31, 2012
Large
Medium
Small
Total
Leased LACE
Total LACE
% Leased
EBU
9
-
-
9
9
45
20.0%
WASBU
-
1
-
1
1
22
2.3%
AUSBU
1
-
2
3
2
19
10.5%
OIBU
1
-
-
1
1
33
3.0%
NABU
2
11
1
14
8
30
25.8%
Total
13
12
3
28
20
149
13.6% |
 21
Changes in fleet strategy have been driven by Client
Promise and BVA initiatives
•
In Q2 FY12, management updated our global fleet strategy
which incorporated aspects of Client Promise and BVA
•
Subsequent pre-tax inventory written down $25.9M (non-cash)
•
Excellent year for aircraft sales with significant transactions
improving fleet mix
•
29 aircraft were sold for $53.8M; 12 in Q4 FY12 including nine
AS 332L large aircraft sold for $28.9M
Aircraft
impairments
•
Seven other AS332Ls impaired, resulting in a non-cash charge
of $23.6M
•
Non-cash impairment charge of $2.8M on two medium aircraft
to be sold in Q2 FY13
Inventory
review
Aircraft
sales
Aircraft
impairment |
 22
All of these efforts have led to a robust cash and liquidity
position at year end
Total liquidity as of March 31
•
Total liquidity, including cash on
hand and unused revolver
capacity, has increased by more
than 50% from FY11
•
In FY12 cash on hand increased
by ~ 125%
•
In Q4 FY12 we have also paid
down over $75M of long and short
term debt
•
Higher liquidity allows for internal
funding of growth and protection in
uncertain economic times |
 23
Financial highlights:
FY13 guidance
•
EPS guidance range $3.25
- $3.55 excluding aircraft sales and
special items •
Depreciation and amortization expense ~ $90 –
$95 million
•
SG & A expense ~ $135 -
$140 million
•
Interest expense ~ $38 -
$43 million
•
Tax ~
20% -
24 %
(assuming revenue earned in same regions and same mix)
•
LACE* (Large Aircraft Equivalent) ~ 152-156 (FY13 average)
•
LACE Rate* ~ $7.90 -
$8.20 million per LACE aircraft per year
•
Anticipate a second half better than the first half
* Excludes Bristow Academy, aircraft held for sale, CIP, and reimbursable
revenue. |
 24
Conclusions
•
We have built a great company –
now the focus is on
execution
•
Target Zero / Client Promise is the top priority
•
Smarter growth with a prudent capital structure, low cost
and capital efficient financings
•
Strong financial profile with liquidity, cash flow and a
commitment to credit quality
•
Balanced shareholder return: growth and capital return
through dividend increases and opportunistic share
repurchases |
 25
Appendix |
 26
Organizational
Chart
-
as
of
March
31,
2012
Business
Unit
(*
%
of
FY12
Operating
Revenue)
Corporate
Region
( # of Aircraft / # of Locations)
Joint
Venture
(No.
of
aircraft)
Key
Operated Aircraft
Bristow owns and/or operates 361
aircraft as of March 31, 2012
Affiliated Aircraft
Bristow affiliates and joint
ventures operate 195 aircraft
as of March 31, 2012 |
 27
Aircraft Fleet –
Medium and Large
As of March 31, 2012
Next Generation Aircraft
Medium capacity 12-16 passengers
Large capacity 18-25 passengers
Mature Aircraft Models
Aircraft
Type
No. of PAX
Engine
Consl
Unconsl
Total
Ordered
Large Helicopters
AS332L Super Puma
18
Twin Turbine
25
-
25
-
AW189
16
Twin Turbine
-
-
-
6
EC225
25
Twin Turbine
18
-
18
-
Mil MI 8
20
Twin Turbine
7
-
7
-
Sikorsky S-61
18
Twin Turbine
2
-
2
-
Sikorsky S-92
19
Twin Turbine
30
2
32
9
82
2
84
15
LACE
75
Medium Helicopters
AW139
12
Twin Turbine
7
2
9
-
Bell 212
12
Twin Turbine
2
14
16
-
Bell 412
13
Twin Turbine
34
20
54
-
EC155
13
Twin Turbine
3
-
3
-
Sikorsky S-76A/A++
12
Twin Turbine
16
6
22
-
Sikorsky S-76C/C++
12
Twin Turbine
54
33
87
-
116
75
191
-
LACE
53 |
 28
Aircraft Fleet –
Small, Training and Fixed
As of March 31, 2012 (continued)
Next Generation Aircraft
Mature Aircraft Models
Small capacity 4-7 passengers
Training capacity 2-6 passengers
•LACE does not include held for sale, training and fixed wing
helicopters Aircraft
Type
No. of PAX
Engine
Consl
Unconsl
Total
Ordered
Small Helicopters
Bell 206B
4
Turbine
1
2
3
-
Bell 206 L-3
6
Turbine
4
6
10
-
Bell 206 L-4
6
Turbine
29
1
30
-
Bell 407
6
Turbine
39
-
39
-
BK 117
7
Twin Turbine
2
-
2
-
BO-105
4
Twin Turbine
2
-
2
-
EC135
7
Twin Turbine
6
3
9
-
83
12
95
-
LACE
21
Training Helicopters
AW139
12
Twin Turbine
-
3
3
-
Bell 412
13
Twin Turbine
-
8
8
-
Bell 212
12
Twin Turbine
-
15
15
-
AS355
4
Twin Turbine
2
-
2
-
AS350BB
4
Turbine
-
36
36
-
Agusta 109
8
Twin Turbine
-
2
2
-
Bell 206B
6
Single Engine
14
-
14
-
Robinson R22
2
Piston
11
-
11
-
Robinson R44
2
Piston
2
-
2
-
Sikorsky 300CB/Cbi
2
Piston
46
-
46
-
Fixed Wing
1
-
1
-
76
64
140
-
Fixed Wing
4
42
46
-
Total
361
195
556
15
TOTAL LACE (Large Aircraft Equivalent)
149 |
 29
Consolidated Fleet Changes and Aircraft Sales for
Q4 FY12
Q 1 FY12
Q 2 FY12
Q 3 FY12
Q 4 FY12
YTD
Fleet Count Beginning Period
373
372
366
364
373
Delivered
EC225
2
1
3
S-92
2
3
1
6
Bell 412EP
1
1
Citation XLS
1
1
Total Delivered
2
3
4
2
11
Removed
Sales
(3)
(5)
(7)
(10)
(25)
Other*
(4)
1
5
2
Total Removed
(3)
(9)
(6)
(5)
(23)
372
366
364
361
361
* Includes destroyed aircraft, lease returns and commencements
Fleet changes
EBU
WASBU
AUSBU
OIBU
NABU
Total *
Large
3
-
3
1
-
7
Medium
2
1
1
6
-
10
Small
-
-
-
-
-
-
Total
5
1
4
7
-
17
* Table does not include two training helicopters held for sale
Aircraft held for sale by BU
EBU
WASBU
AUSBU
OIBU
NABU
BA
Total
Large
9
-
1
1
2
-
13
Medium
-
1
-
-
11
-
12
Small
-
-
2
-
1
-
3
Fixed
-
1
-
-
-
-
1
Training
-
-
-
-
-
28
28
Total
9
2
3
1
14
28
57
Leased aircraft in consolidated fleet
# of A/C Sold
Cash
Received*
Q1 FY12
3
2,478
Q2 FY12
5
10,674
Q3 FY12
7
9,075
Q4 FY12
14
31,640
Totals
29
53,867
* Amounts stated in thousands |
 30
Operating Revenue, LACE and LACE rate by BU
Op revenue*
LACE
LACE Rate*
AUSBU
148.3
19
7.78
NABU
176.5
30
5.79
WASBU
246.3
22
11.46
EBU
449.9
45
10.10
IBU
141.5
34
4.22
Total
1,162.5
149
7.89
* $ in millions
Operating Revenue, LACE, and LACE Rate by BU
as of March 31, 2012 |
 31
#
Helicopter
Class
Delivery Date
Location
Contracted
#
Helicopter
Class
Delivery Date
1
Large
June 2012
OIBU
1 of 1
1
Medium
June 2013
1
Large
June 2012
WASBU
1 of 1
2
Medium
September 2013
5
Large
December 2012
EBU
3 of 5
1
Large
September 2013
2
Large
March 2013
EBU
2 of 2
2
Medium
December 2013
1
Large
September 2014
NABU
5
Large
December 2013
1
Large
December 2014
OIBU
1
Large
March 2014
1
Large
March 2015
OIBU
1
Large
June 2014
1
Large
June 2015
EBU
1
Medium
September 2014
1
Large
March 2016
EBU
1
Large
September 2014
1
Large
June 2016
AUSBU
2
Medium
December 2014
15
7 of 15
1
Large
December 2014
2
Medium
March 2015
* Six large ordered aircraft expected to enter service late
1
Large
March 2015
calendar 2014 are subject to the successful development
2
Medium
June 2015
and certification of the aircraft.
2
Large
June 2015
Order book does not include two large leased aircraft
2
Large
September 2015
under contract with delivery dates in June and September
2
Large
December 2015
2012 quarters.
1
Large
March 2016
2
Large
June2016
2
Large
September 2016
2
Large
December 2016
1
Large
March 2017
1
Large
June2017
1
Large
September 2017
1
Large
December 2017
40
ORDER BOOK*
OPTIONS BOOK
Order and options book as of March 31, 2012
Fair market value of our fleet is ~$1.9
billion as of March 31, 2012. |
 32
Adjusted EBITDAR margin* trend and reconciliation
($ in millions)
2008
2009
2010
2011
2012
Income from continuing operations
$107.7
$125.5
$113.5
$133.3
$65.2
Income tax expense
$44.5
$50.5
$29.0
$7.1
$14.2
Interest expense
$23.8
$35.1
$42.4
$46.2
$38.1
Gain on disposal of assets
($9.4)
($9.1)
(18.7)
(10.2)
31.7
Depreciation and amortization
54.1
65.5
74.7
90.9
96.1
Special items
(1.4)
(42)
–
1.2
28.1
EBITDA Subtotal
219.3
225.6
240.9
268.5
273.5
Rental expense
22.8
21.1
27.3
29.2
46.0
Adjusted EBITDAR
$242.1
$246.7
$268.2
$297.7
$319.5
Fiscal year ended March 31,
Q1
Q2
Q3
Q4
YTD
Q1
Q2
Q3
Q4
YTD
Q1
Q2
Q3
Q4
YTD
EBU
31.2%
31.7%
31.9%
28.0%
30.8%
29.8%
31.5%
34.6%
34.4%
32.7%
33.0%
31.4%
30.7%
36.1%
32.9%
WASBU
31.7%
36.8%
33.7%
39.1%
36.0%
33.7%
36.9%
35.8%
34.3%
35.2%
29.5%
35.5%
37.2%
36.6%
35.0%
NABU
18.3%
20.0%
14.9%
17.7%
17.8%
20.8%
25.8%
15.9%
8.5%
18.5%
14.3%
20.6%
14.8%
19.4%
17.3%
AUSBU
26.5%
36.7%
34.4%
31.3%
32.4%
33.2%
26.1%
27.0%
31.1%
29.3%
20.2%
14.4%
23.5%
35.6%
24.3%
OIBU
34.4%
37.6%
25.9%
25.1%
31.0%
18.3%
40.2%
37.4%
59.4%
39.3%
48.1%
19.1%
47.8%
42.9%
39.5%
Consolidated
24.7%
27.8%
24.7%
23.9%
25.3%
23.8%
27.5%
25.9%
29.6%
26.7%
23.4%
24.0%
27.6%
31.2%
26.6%
2010
2011
2012
* Adjusted EBITDAR excludes special items and asset dispositions and calculated by taking adjusted
EBITDAR divided by operating revenue |
 33
GAAP reconciliation
Three Months Ended
Fiscal Year
Ended
March
31,
March
31,
2012
2011
2012
2011
Adjusted EBITDAR
Gain (loss) on disposal of assets
Special items
Rent expense
.............................................................
Interest expense
.......................................................
Depreciation and amortization
................................
Benefit (provision) for income taxes ............................
Net income
.....................................................................
Adjusted operating income ...........................................
Gain (loss) on disposal of assets................................
Special items .............................................................
Operating income
.........................................................
Adjusted net income
.....................................................
Gain (loss) on disposal of assets................................
Special items
.............................................................
Net income attributable to Bristow Group........................
Adjusted earnings per share
............................................
Gain (loss) on disposal of assets
Special items
...............................................................
Earnings per share
............................................................
$
99,458
$
81,055
$
319,488
297,714
5,096
(31,670)
(3,451)
(2,445)
(28,061)
(1,245)
(15,143)
(46,041)
(29,184)
(9,960)
(38,130)
(46,187)
(25,296)
(27,740)
(96,144)
(89,377)
(2,422)
(14,201)
(7,104)
$
14,576
31,225
$
65,241
133,295
60,963
$
180,864
$
(31,670)
8,678
(33,428)
(1,806)
$
115,766
$
189,724
$
114,641
$
113,045
(26,008)
7,145
(25,103)
12,125
$
63,530
$
132,315
$
3.12
$
3.08
(0.71)
0.19
(0.68)
0.34
1.73
3.60
(28,610)
(7,071)
$
8,678
$
0.86
0.11
(0.13)
0.84
$
1.12
(0.67)
(0.16)
0.39
182,852
50,057
$
5,096
(5,306)
49,847
$
(28,610)
(6,140)
26,213
$
$
44,558
(24,533)
(5,783)
$
14,242
$
31,711
4,195
(5,038)
$
30,868
$
(9,924)
(7,746)
.........................................................
................................
................................................................
................................
(Unaudited)
(In thousands, except per share amounts)
$
$ |
 34
Special items reconciliation
Three Months Ended
March 31, 2012
Adjusted
Operating
Income
Adjusted
EBITDAR
Adjusted
Net Income
Adjusted
Diluted
Earnings
Per Share
Impairment of inventories
(1)
Impairment of aircraft
(2)
.....................
AS332L sale costs
(3)
.........................
Tax items
(4)
.......................................
Total special items..........................
$
(1,309)
$
(1,309)
$
(934)
(Unaudited)
(In thousands, except per share amounts)
$
(0.03)
(2,690)
—
(2,661)
(0.07)
(2,142)
(2,142)
(0.04)
—
(795)
(0.02)
$
(6,141)
$
(3,451)
$
(5,783)
(0.16)
(1,393)
—
Fiscal Year Ended
March 31, 2012
Adjusted
Operating
Income
Adjusted
EBITDAR
Adjusted
Net Income
Adjusted
Diluted
Earnings
Per Share
Impairment of inventories..........................
Impairment of aircraft
.............................
Impairment
of assets in Creole,
Louisiana
...............................................
AS332L sale costs.................................
Tax items
..............................................
Total special items...............................
$
(25,919)
$
(25,919)
$
(18,514)
$
(0.50)
(2,690)
—
(2,661)
(0.07)
(2,677)
—
(1,740)
(0.05)
(2,142)
(2,142)
(1,393)
(0.04)
—
—
(795)
(0.02)
$
(33,428)
$
(28,061)
$
(25,103)
(0.68)
(In thousands, except per share amounts)
(Unaudited)
.............. |
 35
Leverage Reconciliation
*Adjusted EBITDAR exclude gains and losses on dispositions of assets
Debt
Investment
Capital
Leverage
(a)
(b)
(c) = (a) + (b)
(a) / (c)
(in millions)
As of March 31, 2012
757.2
$
1,521.8
$
2,279.1
$
33.2%
Adjust for:
Unfunded Pension Liability
111.7
111.7
NPV of Lease Obligations
190.2
190.2
Guarantees
16.0
16.0
Letters of credit
1.5
1.5
Adjusted
1,076.7
$
(d)
1,521.8
$
2,598.5
$
41.4%
Calculation of debt to adjusted EBITDAR multiple
Adjusted EBITDAR*:
FY 2012
319.5
$
(e)
Annualized
426.0
$
= (d) / (e)
3.37:1 |
 36
Bristow Group Inc. (NYSE: BRS)
2103
City
West
Blvd.,
4
th
Floor
Houston, Texas 77042
t
713.267.7600
f
713.267.7620
bristowgroup.com
Contact Us |