 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 |