Third Quarter FY 2012 Earnings Presentation Bristow Group Inc. February 3, 2012 Exhibit 99.1 |
2 Third quarter earnings call agenda Introduction CEO remarks and operational highlights Current and future financial performance - FY12 Q3 Financial discussion - Update on capital return 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, 2011 and our Quarterly Report on Form 10-Q for the quarter ended December 31, 2011. 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. |
Chief Executive comments Bill Chiles, President and CEO 4 |
Operational safety review * Includes consolidated commercial operations only Total Reportable 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) FY11 YTD FY12 FY11 YTD FY12 0.14 0.13 0.15 0.00 0.00 0.25 0.18 0.28 0.23 0.20 0.17 0.15 0.00 0.10 0.20 0.30 J F M A M J J A S O N D 0.31 0.28 0.43 0.00 0.00 0.25 0.18 0.28 0.23 0.25 0.22 0.19 0.00 0.50 J F M A M J J A S O N D 5 1.17 0.78 0.78 0.00 0.54 0.00 0.62 0.00 1.00 2.00 2006 2007 2008 2009 2010 2011 YTD 2012 |
Q3 FY12 highlights • Second half is better than the first half, even with current quarterly performance reduced due to earnings from unconsolidated affiliates and a loss on disposal of assets • $25 million accelerated share repurchase initiated in December • Q3 operating revenue of $296.7M (5% increase from Q3 FY11, no change from Q2 FY12) • Q3 GAAP EPS of $0.70 (38% decrease from Q3 FY11, up from $0.07 in Q2 FY12) • Q3 adjusted EPS * of $0.76 (7% increase from Q3 FY11, 20.6% increase from Q2 FY12) • Q3 operating income of $43.6M (6.6% decrease from Q3 FY11, up from $9.6M in Q2 FY12) • Q3 adjusted operating income * of $46.4M (7.5% increase from Q3 FY11, 20.6% increase from Q2 FY12) • Q3 adjusted EBITDA * of $68.9M (7% increase from Q3 FY11, 11% increase from Q2 FY12) • Q3 operating cash flow of $76.9M (66.5% increase from Q3 FY11, 20% increase from Q2 FY12) * Adjusted EPS, adjusted operating income and adjusted EBITDA 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 December 31, 2011 6 • Record cash flow of over $190 million from operations through Q3 FY12, almost doubled from the same period last year, allows Bristow to deliver a balanced return to our shareholders • Reducing Bristow’s earnings per share guidance for the full FY12 to $2.90 - $3.10 |
Current market environment Source: Barclays Capital Research December 2011 7 • Global spending on E&P is expected to increase 10% to $600 billion in 2012 versus $544 billion in 2011; forecast to top $800 billion by 2015 • The top 20 E&P spenders globally account for nearly 57% of total spending. Of these companies, five of them are our top revenue contributors • Continued cost pressure across the oil service sector • Increasing international helicopter demand and a faster recovery in the Gulf of Mexico will cause tightness in the helicopter supply market • 34% of five-year projected opportunities are in Latin America, with large helicopter demand expected to almost double next year and then again by 2020 in this region • Bristow’s order and option book is aligned to meet this potential market growth; however we also will need market signals that confirm this potential revenue growth before investing significantly in new aircraft |
• Europe represents 37% of total Bristow operating revenue and operating income in Q3 FY12 • Operating revenue increased to $106.8M from $100.1M in Q3 FY11 reflecting higher activity levels • Operating margin declined to 19.5% from 25.4% in prior year quarter largely as a result of labor and pension costs in Norway and increased operational costs in the Southern North Sea Outlook: • Strong activity levels continue with early contract start-ups • New technology large aircraft availability is limited • Significant bid activity continues with major tenders in Norway and UK for 15-20 large aircraft and 6-10 medium aircraft with awards within next 1-2 quarters FY12 operating margin expected to be ~ low twenties Europe (EBU) 8 |
West Africa (WASBU) • Nigeria represents 23% of total Bristow operating revenue and 32% of operating income in Q3 FY12 • Operating revenue of $66.9M increased from $52.6M in Q3 FY11 while operating income increased to $18.1M from $16M in the prior year quarter • Operating margin of 27.1% vs 30.4% in prior year quarter due to increase in maintenance, depreciation and training expenses • Increased activity reflected in over 10% increase in flying hours over prior year quarter Outlook: • Incremental short-term or ad hoc work at attractive rates • Sharing of large aircraft as activity continues to grow • Increased competition in the future FY12 operating margin expected to be ~ low to mid twenties 9 |
Australia (AUSBU) • Australia represented 12% of total Bristow operating revenue and 6% of operating income in Q3 FY12 • Operating revenue of $33.5M declined from $37.9M in Q3 prior year due to the previously announced lost work • Operating income decreased from $7.1M in Q3 FY11 to $3.1M in Q3 FY12 • Sequentially an increase in operating margin from 1.9% in Q2 FY12 to 9.4%, reflecting the start up of short term contracts, but still lower than Q3 FY11 of 18.8% Outlook: • Incremental short-term work which started in November and December will continue until Q1 FY13 • Q4 FY12 expecting margins to improve • Major bids in negotiation involving six large and four medium aircraft FY12 operating margin expected to be ~ low teens 10 |
Other International (OIBU) • OIBU represented 13% of total Bristow operating revenue and 22% of operating income for Q3 FY12 • Operating revenue decreased to $37.2M versus $41.2M in Q3 FY11 due to the cessation of providing maintenance and support for aircraft in Mexico and Brazil and the ceased operation in Libya which were partially offset by new contracts • Increased operating margin of 33.5% over the prior year quarter of 28.2% • Although operationally on plan, Lider equity earnings had a negative impact of $0.4M for Q3 FY12 versus a positive impact of $2.1M in the prior period quarter, due to foreign exchange impact associated with US GAAP accounting Outlook: • Incremental work in Bangladesh, Equatorial Guinea, Suriname and Trinidad has begun • Two large aircraft were moved from Malaysia back to Australia FY12 operating margin expected to be ~ mid to high twenties 11 |
• Operating revenue of $42.4M represents 15% of total Bristow operating revenue • Operating income relatively flat $1.8M vs. $1.9M in the prior year quarter • Operating margin of 4.3% relatively flat compared to 4.2% prior year quarter • Ability to maintain operating income and margin levels from prior year quarter is a result of additional large aircraft contracted as well as cost management Outlook: • Activity in the Gulf of Mexico picking up; however moving into FY13 dependent on deepwater rig availability for actual start ups • Two S-92s fully operational with increasing flight hour utilization • Several inquiries for additional large aircraft to support seismic and deep water exploration FY12 operating margin expected to be ~ single digit range North America (NABU) 12 |
Financial discussion Jonathan Baliff, SVP and CFO 13 |
Financial highlights: Adjusted EPS & EBITDA Summary Q3 FY11 to Q3 FY12 adjusted EPS bridge * Adjusted EPS, adjusted operating income and adjusted EBITDA 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 December 31, 2011. 14 Q3 FY11 to Q3 FY12 adjusted EBITDA bridge (in millions) $0.09 Q3FY2011 Operations Corporate and Other FX Changes Q3FY2012 Q3FY2011 Operations Corporate and Other FX Changes Q3FY2012 $0.01 $0.03 $1.5 $5.2 $0.8 $0.71 $0.76 $68.9 $64.4 |
LACE and LACE rate LACE and LACE Rate excludes Bristow Academy, affiliate aircraft, aircraft held for sale, aircraft construction in progress, and reimbursable revenue; see appendix for LACE calculation 15 350 300 250 200 150 100 50 0 323 324 295 290 279 277 155 153 159 164 161 156 147 150 153 156 159 162 165 4.92 5.72 6.49 7.15 7.42 FY11 FY10 YTDF12 FY09 FY08 FY07 FY11 FY10 YTDF12 FY09 FY08 FY07 6.14 156 161 164 159 153 155 Consolidated commerical aircraft Large Aircraft Equivalent (LACE) LACE LACE Rate 8 0 1 2 3 4 5 6 7 |
Absolute BVA – Six Quarters Sequential quarterly improvement needs to continue Absolute BVA Q2 FY11 – Q3 FY12 See 10-Q/10-K for more information on BVA 16 |
Financial highlights: Strong operating cash flow generation We generated 68% more operating cash flow through Q3 FY12 compared to the same period last year Nine months ended December 31 Net cash provided by operating activities 17 |
Lowering the cost of capital proactively • Increased revolving credit facility to $200 million, the term loan to $250 million, extended the maturity date to December 2016 and lowered the credit spread by 62.5 basis points (26% reduction) • Demonstrating our belief in the value of our company, we initiated a $25 million accelerated share repurchase agreement in December, which we expect to be completed soon • We continue to focus on global fleet management as we anticipate a tightening supply of new technology medium and large helicopters. This quarter we sold seven old technology helicopters with proceeds of $11.1 million 18 |
19 • Aircraft leasing market is very attractive to Bristow, offering lower rates and better terms than previously anticipated • In December 2011 we entered into four operating lease transactions for new technology large aircraft. We expect to execute similar transactions within the next twelve months as the market continues to be strong • Financial statement impact: rent expense is part of direct cost; operating leases will increase cash flow from investing activity and decrease capital expenditures • Going forward, adjusted EBITDAR is a more relevant metric of operational performance compared to adjusted EBITDA as we increase our lease portfolio • Our initial goal is to utilize this financing strategy for up to 20-30 percent of our LACE aircraft over the next few years Operating lease strategy – opportunistically entering market |
Financial highlights: Revised FY12 guidance * Excludes Bristow Academy, aircraft held for sale, CIP, and reimbursable revenue. 20 • EPS guidance range $2.90 - $3.10, excluding aircraft sales and special items • Depreciation and amortization expense ~ $90 – $95 million • SG & A expense ~ $130 - $135 million • Interest expense ~ $35 - $40 million • Tax ~ 20% - 24 % (assuming revenue earned in same regions and same mix) • LACE* (Large Aircraft Equivalent) = 157 • Revenue/LACE Rate* ~ $7.40 - $7.50 million per LACE aircraft per year |
Conclusions • We have just announced major commercial and operational changes that will enhance our operational execution and ensure that we deliver on our promises • Our key objective is to improve our safe and reliable operations while creating acceptable returns in our base business • Cash flow generation is strong and allows Bristow to have a prudent financial profile, strategic flexibility and deliver a balanced return for shareholders 21 |
Appendix 22 |
Organizational Chart - as of December 31, 2011 23 Corporate Region ( # of Aircraft / # of Locations) Joint Venture (No. of aircraft) Key Operated Aircraft Bristow owns and/or operates 364 aircraft as of December 31, 2011 Affiliated Aircraft Bristow affiliates and joint ventures operate 186 aircraft as of December 31, 2011 Business Unit (* % of YTD FY12 Operating Revenue) NABU 15%* AUSBU 12% EBU 37% WASBU 21% OIBU 12% 3% U.S. GoM – 80/7 Alaska – 13/3 UK –38/4 Netherlands – 4/1 Norway – 14/3 FBH - 64 BRS Academy Denmark – 1/1 Trinidad – 10/1 Mexico – 16/5 Brazil –10/9 Lider - 77 Nigeria – 48/7 Australia – 30/10 Other – 14/1 Russia – 7/3 Egypt – –/– India – 1/2 Turkmenistan – 2/1 PAS - 45 Florida – 54/1 Louisiana – 15/1 U. K. – 2/1 Malaysia – 5/2 Bristow |
Aircraft Fleet – Medium and Large As of December 31, 2011 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 30 - 30 - 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 28 2 30 10 85 2 87 16 LACE 79 Medium Helicopters AW139 12 Twin Turbine 7 2 9 - Bell 212 12 Twin Turbine 2 14 16 - Bell 412 13 Twin Turbine 35 20 55 - EC155 13 Twin Turbine 3 - 3 - Sikorsky S-76A/A++ 12 Twin Turbine 17 6 23 - Sikorsky S-76C/C++ 12 Twin Turbine 54 28 82 - 118 70 188 - LACE 55 24 |
Aircraft Fleet – Small, Training and Fixed As of December 31, 2011 (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 25 |
Consolidated Fleet Changes and Aircraft Sales for Q3 FY12 EBU WASBU AUSBU OIBU NABU Total Large 3 - 3 - - 6 Medium 2 1 1 3 1 8 Small - 2 - - - 2 Total 5 3 4 3 1 16 Aircraft held for sale by BU Q 1 FY12 Q 2 FY12 Q 3 FY12 YTD Fleet Count Beginning Period 373 372 366 373 Delivered EC225 2 1 3 S-92 2 3 5 Citation XLS 1 1 Total Delivered 2 3 4 9 Removed Sales (3) �� (5) (7) (15) Other* (4) 1 (3) Total Removed (3) (9) (6) (18) 372 366 364 364 * Includes destroyed aircraft, lease returns and commencements Fleet changes EBU WASBU AUSBU OIBU NABU BA Total Large 3 - - - 2 - 5 Medium - - - - 9 - 9 Small - - 2 - 1 - 3 Fixed - 1 - - - - 1 Training - - - - - 23 23 Total 3 1 2 - 12 23 41 Leased aircraft in consolidated fleet # of A/C Sold Cash Received* Q1 FY12 3 2,478 Q2 FY12 5 10,674 Q3 FY12 9 81,248 Totals 17 94,400 26 * Amounts stated in thousands; In Q3 FY12 two aircraft were sold for $47.9 million and entered into lease back agreements and two aircraft interest previously included in CIP were sold for $23.4 million. |
# Helicopter Class Delivery Date Location Contracted # Helicopter Class Delivery Date Location 1 Large March 2012 EBU 1 of 1 4 Medium June 2012 EBU 1 Large June 2012 OIBU 1 of 1 1 Medium December 2012 OIBU 1 Large June 2012 WASBU 1 of 1 1 Medium March 2013 OIBU 4 Large December 2012 EBU 1 of 4 2 Medium June 2013 OIBU 3 Large March 2013 EBU 3 of 3 1 Medium September 2013 OIBU 1 Large September 2014 NABU 1 Medium September 2013 AUSBU 1 Large December 2014 OIBU 1 Large September 2013 AUSBU 1 Large March 2015 OIBU 2 Medium December 2013 AUSBU 1 Large June 2015 EBU 4 Large December 2013 EBU 1 Large March 2016 EBU 1 Large December 2013 AUSBU 1 Large June 2016 AUSBU 1 Large March 2014 AUSBU 16 7 of 16 1 Large June 2014 AUSBU 1 Large September 2014 AUSBU * Six large ordered aircraft expected to enter service late 1 Large December 2014 AUSBU calendar 2014 are subject to the successful development 1 Large March 2015 AUSBU and certification of the aircraft. 1 Large June 2015 AUSBU Order book does not include two large leased aircraft 1 Large June 2015 NABU under contract with delivery dates in June and September 1 Large September 2015 OIBU 2012 quarters. 1 Large September 2015 EBU 1 Large December 2015 OIBU 1 Large December 2015 EBU 1 Large March 2016 OIBU 2 Large June 2016 EBU 1 Large September 2016 OIBU 1 Large September 2016 EBU 1 Large December 2016 EBU 1 Large December 2016 AUSBU 1 Large March 2017 OIBU 1 Large June 2017 EBU 1 Large September 2017 OIBU 1 Large December 2017 OIBU 40 ORDER BOOK* OPTIONS BOOK Order and options book as of December 31, 2011 Fair market value of our fleet is ~$1.9 billion as of December 31, 2011. 27 |
Adjusted EBITDAR margin trend 1) Calculated by taking adjusted EBITDAR divided by operating revenue 2) Adjusted EBITDAR excludes special items and asset dispositions 28 27.0% 26.5% 26.0% 24.0% 23.5% 25.5% 23.0% 25.0% 24.5% 22.5% 26.4% 24.0% 25.0% 26.7% 25.6% 2008 2009 2010 2011 2012 9 Mos Ended 12/31 Full Year |
Adjusted EBITDAR reconciliation 29 ($ in millions) 2006 2007 2008 2009 Income from continuing operations $54.5 $72.5 $107.7 $125.5 Income tax expense $14.7 $38.8 $44.5 $50.5 Interest expense $14.7 $10.9 $23.8 $35.1 Gain on disposal of assets ($0.1) ($10.6) ($9.4) ($9.1) Depreciation and amortization 42.1 42.5 54.1 65.5 Special items – – (1.4) (42) EBITDA Subtotal 125.8 154.1 219.3 225.6 Rental expense 12.1 18.8 22.8 21.1 Adjusted EBITDAR $137.9 $172.9 $242.1 $246.7 ($ in millions) 2010 2011 Income from continuing operations $113.5 $133.3 Income tax expense $29.0 $7.1 Interest expense $42.4 $46.2 Gain on disposal of assets (18.7) (10.2) Depreciation and amortization 74.7 90.9 Special items – 1.2 EBITDA Subtotal 240.9 268.5 Rental expense 27.3 29.2 Adjusted EBITDAR $268.2 $297.7 ($ in millions) YTD FY11 YTD FY12 TTM as of 12/31/2011 12/31/2011 12/31/2011 Income from continuing operations $102.1 $50.7 $81.9 Income tax expense 0.0 11.8 18.9 Interest expense 36.3 28.2 38.1 Gain on disposal of assets (3.6) 3.1 (3.5) Depreciation and amortization 61.6 70.8 100.1 Special items (1.2) 24.6 27.1 EBITDA Subtotal 195.2 189.1 262.4 Rental expense 21.4 30.9 38.6 Adjusted EBITDAR $216.7 $220.0 $301.1 March 31, March 31, |
Operating margin trend Bristow Group Operating Margin Trend Actual 2008 2009 2010 2011 2012 As Reported Full Year Full Year Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 EBU 23.6% 19.3% 17.2% 16.7% 16.1% 18.1% 17.0% 18.0% 18.4% 19.6% 18.8% 18.8% 17.3% 16.8% 15.5% WASBU 17.9% 21.5% 24.9% 29.3% 25.4% 34.7% 28.5% 26.5% 29.5% 29.8% 24.0% 27.4% 20.6% 25.2% 25.9% NABU 14.5% 12.1% 8.9% 9.7% 3.3% 2.2% 6.1% 10.1% 16.1% 4.2% -4.0% 7.5% 3.6% 5.3% 4.3% AUSBU 17.2% 5.9% 20.1% 23.1% 24.5% 24.5% 23.2% 22.5% 16.3% 17.2% 17.4% 18.2% 10.0% 1.7% 8.7% OIBU 17.3% 27.0% 21.8% 35.1% 15.5% 1.8% 19.2% 6.9% 30.6% 27.7% 45.8% 28.4% 33.6% 5.8% 32.6% Consolidated 16.0% 17.8% 15.4% 18.4% 13.1% 15.2% 15.5% 13.6% 17.1% 14.7% 16.1% 15.4% 11.3% 2.9% 13.1% New methodology (operating income/operating revenue) 2008 2009 2010 2011 2012 Revised * Full Year Full Year Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 EBU 29.2% 24.3% 20.9% 20.5% 19.8% 22.4% 20.8% 21.4% 22.1% 25.4% 23.6% 23.6% 21.5% 20.7% 19.5% WASBU 19.4% 22.8% 26.8% 30.0% 27.3% 35.7% 29.9% 27.1% 30.5% 30.4% 26.1% 28.6% 21.5% 26.4% 27.1% NABU 14.5% 12.2% 8.9% 9.7% 3.3% 2.2% 6.2% 10.2% 16.4% 4.2% -4.0% 7.6% 3.6% 11.0% 4.3% AUSBU 17.9% 6.3% 21.0% 24.5% 25.5% 25.6% 24.3% 23.6% 17.8% 18.8% 19.1% 19.8% 11.1% 1.9% 9.4% OIBU 17.4% 27.3% 21.9% 35.9% 15.3% 1.9% 19.4% 6.9% 30.9% 28.2% 47.1% 28.8% 34.5% 5.9% 33.5% Consolidated ** 16.4% 14.7% 15.9% 17.4% 14.2% 13.9% 15.3% 14.0% 18.0% 15.3% 18.3% 16.4% 12.2% 13.0% 15.6% * - All amounts revised to exclude reimbursable revenue from denominator. ** - Revised to exclude aircraft sales from numerator. 30 |
GAAP reconciliation 31 Adjusted EBITDA Gain (loss) on disposal of assets ................................................... Special items Interest expense Depreciation and amortization ...................................................... Benefit (provision) for income taxes ............................................ Net income Adjusted operating income Gain (loss) on disposal of assets................................................. Special items Gain (loss) on disposal of assets Special items Operating income Adjusted net income Net income attributable to Bristow Group Adjusted earnings per share Gain (loss) on disposal of assets Special items Earnings per share .............................................................................. Three Months Ended Nine Months Ended December 31, December 31, 2011 2010 2011 2010 (In thousands, except per share amounts) $ 68,933 $ 64,435 $ 189,132 $ 195,221 (2,865) (33) (3,060) 3,582 — 1,200 (24,610) 1,200 (9,756) (13,773) (28,170) (36,263) (22,709) (21,338) (70,848) (61,637) 11,823 (11,779) (33) (7,118) $ 26,485 $ 42,314 $ 50,665 $ 102,070 $ 46,418 $ 119,900 $ 132,795 (2,865) (33) (3,060) 3,582 3,500 (27,287) 3,500 43,172 $ — $ 43,553 $ 46,639 $ 89,553 $ 139,877 $ 27,790 $ 26,285 $ 71,089 $ 82,133 (2,258) (27) 2,972 15,501 (19,319) 16,342 (2,482) — $ $ 41,759 $ $ 101,447 25,532 49,288 $ 0.76 $ 0.71 $ 1.93 $ 2.24 (0.06) (0.07) 0.08 — 0.42 (0.53) 0.45 0.70 1.13 1.34 2.77 — ................................................................................ …...................................................................... ……................................................................................. ……....................................................... ................................................................................ ............................................................................. ......................................................................... ................................................ ............................................................................... ........................................ ............................................................ ........................................................................... ............................................................................... ................................................ |
Special items reconciliation Three Months Ended December 31, 2010 Adjusted Operating Income Adjusted EBITDA Adjusted Net Income Adjusted Diluted Earnings Per Share (In thousands, except per share amounts) Power-by-the-hour credit ................................ $ 3,500 $ 3,500 $ 2,894 $ 0.08 Retirement of 6 1/8% Senior Notes………….. — (2,300) (3,966) (0.11) Tax items........................................................ — — 16,573 0.45 Total special items ..................................... $ 3,500 $ 1,200 $ 15,501 0.42 Nine Months Ended December 31, 2011 Adjusted Operating Income Adjusted EBITDA Adjusted Net Income Adjusted Diluted Earnings Per Share (In thousands, except per share amounts) Impairment of inventories ................................ $ (24,610) $ (24,610) $ (17,579) $ (0.48) Impairment of assets in Creole, Louisiana …. ( 2,677) — (1,740) (0.05) Total special items ...................................... $ (27,287) $ (24,610) $ (19,319) (0.53) Nine Months Ended December 31, 2010 Adjusted Operating Income Adjusted EBITDA Adjusted Net Income Adjusted Diluted Earnings Per Share (In thousands, except per share amounts) Power-by-the-hour credit ................................ $ 3,500 $ 3,500 $ 2,904 $ 0.08 Retirement of 6 1/8% Senior Notes………….. — (2,300) (3,900) (0.11) Tax items......................................................... — — 17,338 0.47 Total special items ….................................. $ 3,500 $ 1,200 $ 16,342 0.45 32 |
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 December 31, 2011 $ 832.8 $ 1,523.5 $ 2,356.3 35.3% Adjust for: Unfunded Pension Liability 97.2 97.2 NPV of Lease Obligations 165.0 165.0 Guarantees 15.5 15.5 Letters of credit 1.7 1.7 Adjusted $ 1,112.1 (d) $ 1,523.5 $ 2,635.6 42.2% Calculation of debt to adjusted EBITDAR multiple Adjusted EBITDAR*: FY 2012 $ 301.1 (e) Annualized $ 401.4 = (d) / (e) 3.69:1 33 |
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 34 |