Exhibit 99.1
Bristow Group Summarizes Financial Results for Its Fiscal 2006 Third Quarter
HOUSTON--(BUSINESS WIRE)--Feb. 15, 2006--Bristow Group Inc. (NYSE:BRS),
formerly Offshore Logistics, Inc., today summarized financial results for its
fiscal third quarter ended Dec. 31, 2005, which were reported in its Form 10-Q
filing dated Feb. 9, 2006.
For the three months ended Dec. 31, 2005, net income was $13.4 million or
$0.57 per diluted share on 23.6 million shares, compared to restated net income
of $10.1 million or $0.43 per diluted share on 23.6 million shares for the three
months ended Dec. 31, 2004. Revenues for the third quarter of fiscal 2006
totaled $192.3 million versus a restated $172.2 million for the same three-month
period of fiscal 2005.
For the nine months ended Dec. 31, 2005, net income was $40.0 million or
$1.70 per diluted share on 23.6 million weighted average shares, compared to
restated net income of $38.3 million or $1.65 per diluted share on 23.3 million
shares for the nine months ended Dec. 31, 2004. Revenues for the first nine
months of fiscal 2006 totaled $567.6 million versus a restated $503.2 million
for the same nine-month period of fiscal 2005.
Financial results for the three- and nine-month periods ended Dec. 31, 2004
were affected by restatements that reflect adjustments to accrue for liabilities
and expenses identified in connection with the Company's internal review, to
properly report customer reimbursables as revenues rather than offsetting such
amounts against the related expenses, and to properly record expenses for
severance benefits and payroll taxes associated with certain foreign
subsidiaries. These matters are more fully discussed in the Dec. 31, 2005 Form
10-Q.
At Dec. 31, 2005, the Company's consolidated balance sheet reflected $508.6
million in stockholders' investment, $129.1 million in cash and cash equivalents
and $262.6 million of indebtedness.
William E. Chiles, president and chief executive officer of Bristow Group
Inc., said, "We are pleased to deliver improving financial results and our first
'on time' 10-Q filing in the past year, despite management's attention on
winding up the previously reported internal reviews. These improvements coupled
with other positive ongoing changes, including the recent addition to our
management team, corporate re-branding as Bristow Group Inc., and the
integration and consolidation of our business units, cause us to be optimistic
about the company's future."
Conference Call Scheduled
Management will conduct a conference call starting at 5:00 p.m. EST (4:00
p.m. CST) on Feb. 16, 2006, to review financial results for the three and nine
months ended Dec. 31, 2005. The conference call can be accessed as follows:
Via Webcast:
-- Visit Bristow Group's investor relations Web page at
http://www.bristowgroup.com
-- Click on the link for "FY2006 Third Quarter Conference Call"
-- Webcast replay available approximately one hour after the call's
completion
Via Telephone within U.S.:
-- Toll free 866-700-6067, passcode: 29146704
-- A telephone replay will be available through March 16, 2006 by dialing
toll free 888-286-8010, passcode: 90085903
Via Telephone outside the U.S.:
-- Dial 617-213-8834, passcode: 29146704
-- A telephone replay will be available through March 16, 2006 by dialing
617-801-6888, passcode: 90085903
About Bristow Group Inc.
Bristow Group Inc., formerly Offshore Logistics, Inc., is a major provider
of helicopter transportation services to the oil and gas industry worldwide.
Through its subsidiaries, affiliates and joint ventures, the Company provides
transportation services in most oil and gas producing regions including the U.S.
Gulf of Mexico and Alaska, the North Sea, Africa, Mexico, South America,
Australia, Russia, Egypt and the Far East. Additionally, the Company is a
leading provider of production management services for oil and gas production
facilities in the U.S. Gulf of Mexico. The Company's Common Stock is traded on
the New York Stock Exchange under the symbol BRS.
Forward-Looking Statements Disclosure
Statements contained in this news release that state the Company's or
management's intentions, hopes, beliefs, expectations or predictions of the
future are forward-looking statements. It is important to note that the
Company's actual results could differ materially from those projected in such
forward-looking statements. Additional 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 SEC filings,
including but not limited to the Company's annual report on From 10-K for the
year ended March 31, 2005 and the Company's reports on Form 10-Q for the quarter
ended Dec. 31, 2005. Bristow Group Inc. disclaims any intention or obligation to
revise any forward-looking statements, including financial estimates, whether as
a result of new information, future events or otherwise.
BRISTOW GROUP INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
-------------------- --------------------
2005 2004 2005 2004
(Restated) (Restated)
Operating revenues $192,267 $172,167 $567,609 $503,195
Operating expenses:
Direct costs 148,170 133,107 433,296 382,749
Depreciation and
amortization 10,653 10,790 32,160 31,820
General and
administrative 15,338 11,075 46,005 33,084
Loss (gain) on disposal
of assets 374 (2,021) 1,276 (8,177)
--------- ---------- --------- ----------
174,535 152,951 512,737 439,476
--------- ---------- --------- ----------
Operating income 17,732 19,216 54,872 63,719
Earnings from unconsolidated
affiliates, net of losses 1,351 1,769 1,770 5,690
Interest income 898 985 2,879 2,168
Interest expense (3,903) (4,056) (11,288) (11,970)
Other income (loss), net 2,296 (2,599) 4,308 (2,038)
--------- ---------- --------- ----------
Income before provision
for income taxes and
minority interest 18,374 15,315 52,541 57,569
Provision for income taxes 4,984 5,146 12,453 18,924
Minority interest 10 (61) (84) (299)
--------- ---------- --------- ----------
Net income $13,400 $10,108 $40,004 $38,346
========= ========== ========= ==========
Net income per common share:
Basic $0.57 $0.43 $1.71 $1.67
========= ========== ========= ==========
Diluted $0.57 $0.43 $1.70 $1.65
========= ========== ========= ==========
Weighted average common
shares outstanding:
Basic 23,343 23,272 23,335 22,954
========= ========== ========= ==========
Diluted 23,598 23,617 23,601 23,311
========= ========== ========= ==========
BRISTOW GROUP INC. AND SUBSIDIARIES
SELECTED OPERATING DATA
(In thousands, except percentages)
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
-------------------- --------------------
2005 2004 2005 2004
--------- ---------- --------- ----------
(Restated) (Restated)
Flight hours (excluding
unconsolidated affiliates):
Helicopter Services:
North America 36,211 28,180 109,443 92,604
South and Central
America 9,569 9,560 29,198 33,307
Europe 9,329 9,500 29,323 31,942
West Africa 9,108 8,971 26,647 25,374
Southeast Asia 3,117 3,341 8,844 8,850
Other International 1,487 460 4,209 1,616
--------- ---------- --------- ----------
Total 68,821 60,012 207,664 193,693
========= ========== ========= ==========
Three Months Ended Nine Months Ended
December 31, December 31,
-------------------- --------------------
2005 2004 2005 2004
--------- ---------- --------- ----------
(Restated) (Restated)
Operating revenue:
Helicopter Services:
North America $56,869 $42,832 $170,570 $134,309
South and Central
America 11,427 13,167 31,645 41,257
Europe 65,464 65,238 197,521 190,958
West Africa 29,830 25,749 85,605 71,346
Southeast Asia 15,789 14,990 44,197 39,533
Other International 6,684 4,613 19,281 11,615
Intrasegment
eliminations (9,545) (7,550) (28,151) (23,628)
--------- ---------- --------- ----------
Total Helicopter Services 176,518 159,039 520,668 465,390
Production Management
Services 16,253 14,943 50,163 43,264
Corporate 4,245 2,445 9,836 7,590
Intersegment eliminations (4,749) (4,260) (13,058) (13,049)
--------- ---------- --------- ----------
Consolidated total $192,267 $172,167 $567,609 $503,195
========= ========== ========= ==========
Operating income:
Helicopter Services:
North America $8,785 $4,053 $33,160 $19,356
South and Central
America 1,392 2,862 2,053 9,533
Europe 7,005 8,473 22,503 21,294
West Africa 2,596 1,672 7,041 6,713
Southeast Asia 1,701 1,791 2,785 3,858
Other International 1,402 43 3,198 (634)
--------- ---------- --------- ----------
Total Helicopter Services 22,881 18,894 70,740 60,120
Production Management
Services 1,117 1,219 3,675 2,985
Gain (loss) on disposal
of assets (374) 2,021 (1,276) 8,177
Corporate (5,892) (2,918) (18,267) (7,563)
--------- ---------- --------- ----------
Consolidated total $17,732 $19,216 $54,872 $63,719
========= ========== ========= ==========
Operating margin:
Helicopter Services:
North America 15.4% 9.5% 19.4% 14.4%
South and Central
America 12.2% 21.7% 6.5% 23.1%
Europe 10.7% 13.0% 11.4% 11.2%
West Africa 8.7% 6.5% 8.2% 9.4%
Southeast Asia 10.8% 11.9% 6.3% 9.8%
Other International 21.0% 0.9% 16.6% (5.5)%
Total Helicopter Services 13.0% 11.9% 13.6% 12.9%
Production Management
Services 6.9% 8.2% 7.3% 6.9%
Consolidated total 9.2% 11.2% 9.7% 12.7%
BRISTOW GROUP INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, March 31,
2005 2005
------------ ------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $129,053 $146,440
Accounts receivable 154,906 133,839
Inventories 149,804 140,706
Prepaid expenses and other 25,030 11,459
------------ ------------
Total current assets 458,793 432,444
Investments in unconsolidated affiliates 40,028 37,176
Property and equipment -- at cost:
Land and buildings 34,685 32,543
Aircraft and equipment 825,019 827,031
------------ ------------
859,704 859,574
Less: accumulated depreciation and
amortization (257,143) (250,512)
------------ ------------
602,561 609,062
Goodwill 26,837 26,809
Other assets 45,090 44,085
------------ ------------
$1,173,309 $1,149,576
============ ============
LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current liabilities:
Accounts payable $41,757 $35,640
Accrued liabilities 122,356 101,904
Deferred taxes 5,839 17,740
Current maturities of long-term debt 4,548 6,413
------------ ------------
Total current liabilities 174,500 161,697
Long-term debt, less current maturities 258,089 255,667
Other liabilities and deferred credits 160,443 164,728
Deferred taxes 67,501 69,977
Minority interest 4,186 4,514
Commitments and contingencies
Stockholders' investment:
Common Stock, $0.01 par value,
authorized 35,000,000 shares;
outstanding 23,345,508 shares and
23,314,708 shares at December 31 and
March 31, respectively (exclusive of
1,281,050 treasury shares) 233 233
Additional paid-in capital 157,837 157,100
Retained earnings 429,719 389,715
Accumulated other comprehensive loss (79,199) (54,055)
------------ ------------
508,590 492,993
------------ ------------
$1,173,309 $1,149,576
============ ============
CONTACT: Bristow Group Inc., Houston
Investor Relations:
Joe Baj, 713-267-7605