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10-Q
BRISTOW GROUP INC filed this Form 10-Q on 08/03/2017
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BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


Note 1 — BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The condensed consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities (“Bristow Group”, the “Company”, “we”, “us”, or “our”) after elimination of all significant intercompany accounts and transactions. Our fiscal year ends March 31, and we refer to fiscal years based on the end of such period. Therefore, the fiscal year ending March 31, 2018 is referred to as “fiscal year 2018”. Pursuant to the rules and regulations of the U.S. Securities and Exchange Commission, the information contained in the following notes to condensed consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and related notes thereto contained in our fiscal year 2017 Annual Report (the “fiscal year 2017 Financial Statements”). Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the entire fiscal year.
The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair presentation of the consolidated balance sheet of the Company as of June 30, 2017 and the consolidated statements of operations, comprehensive loss and cash flows for the three months ended June 30, 2017 and 2016.
Foreign Currency
During the three months ended June 30, 2017 and 2016, our primary foreign currency exposure was to the British pound sterling, the euro, the Australian dollar, the Norwegian kroner and the Nigerian naira. The value of these currencies has fluctuated relative to the U.S. dollar as indicated in the following table:
 
 
Three Months Ended 
 June 30,
 
 
2017
 
2016
One British pound sterling into U.S. dollars
 
 
 
 
High
 
1.30

 
1.48

Average
 
1.28

 
1.43

Low
 
1.24

 
1.31

At period-end
 
1.30

 
1.34

One euro into U.S. dollars
 
 
 
 
High
 
1.14

 
1.15

Average
 
1.10

 
1.13

Low
 
1.06

 
1.10

At period-end
 
1.14

 
1.11

One Australian dollar into U.S. dollars
 
 
 
 
High
 
0.77

 
0.78

Average
 
0.75

 
0.75

Low
 
0.74

 
0.72

At period-end
 
0.77

 
0.74

One Norwegian kroner into U.S. dollars
 
 
 
 
High
 
0.1199

 
0.1245

Average
 
0.1174

 
0.1212

Low
 
0.1152

 
0.1163

At period-end
 
0.1194

 
0.1195

One Nigerian naira into U.S. dollars
 
 
 
 
High
 
0.0033

 
0.0050

Average
 
0.0032

 
0.0048

Low
 
0.0032

 
0.0035

At period-end
 
0.0032

 
0.0035

_____________ 
Source: FactSet

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