Print Page  |  Close Window

SEC Filings

8-K
BRISTOW GROUP INC filed this Form 8-K on 08/02/2018
Entire Document
 << Previous Page | Next Page >>
Exhibit
        

Exhibit 99.1
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12387011&doc=3
News Release


FOR IMMEDIATE RELEASE

Bristow Group Reports First Quarter Fiscal Year 2019 Results

HOUSTON, August 2, 2018 – Bristow Group Inc. (NYSE: BRS) today reported the following results for the three months ended June 30, 2018. All amounts shown are dollar amounts in thousands unless otherwise noted:
 
 
Three Months Ended 
 June 30,
 

 
 
2018
 
2017
 
% Change
Operating revenue
 
$
350,987

 
$
339,729

 
3.3
 %
Net loss attributable to Bristow Group
 
(32,108
)
 
(55,275
)
 
41.9
 %
Diluted loss per share
 
(0.90
)
 
(1.57
)
 
42.7
 %
Adjusted EBITDA (1)
 
26,769

 
15,203

 
76.1
 %
Adjusted net loss (1)
 
(29,123
)
 
(29,138
)
 
0.1
 %
Adjusted diluted loss per share (1)
 
(0.82
)
 
(0.83
)
 
1.2
 %
Operating cash flow
 
(44,119
)
 
(51,179
)
 
13.8
 %
Capital expenditures
 
8,895

 
12,553

 
(29.1
)%
Rent expense
 
50,081

 
58,675

 
(14.6
)%
 
 
June 30, 
 2018
 
March 31,  
 2018
 
% Change
Cash
 
$
316,550

 
$
380,223

 
(16.7
)%
Undrawn borrowing capacity on ABL Facility (2)
 
25,216

 

 
*

Total liquidity
 
$
341,766

 
$
380,223

 
(10.1
)%
______________ 
* percentage change too large to be meaningful or not applicable
(1) 
A full reconciliation of non-GAAP financial measurements is included at the end of this news release
(2) 
Our new $75 million Asset-Backed Revolving Credit Facility (ABL Facility) closed on April 17, 2018 and, therefore, availability under such facility is not included in liquidity as of March 31, 2018.
“The New Bristow delivered improved revenue and adjusted EBITDA performance both compared to the prior year’s first fiscal quarter and sequentially, led by our Search and Rescue and fixed-wing businesses in the U.K. and higher adjusted EBITDA in Australia,” said Jonathan Baliff, President and Chief Executive Officer of Bristow Group. “Our first quarter results continue to reflect our global team’s delivery of excellent aviation safety performance in an environment that remains challenging in our oil and gas footprint. Our global team continues to execute our fiscal 2019 STRIVE priorities with a focus on being a leader in every market we serve and a return to profitability.”
BUSINESS AND FINANCIAL HIGHLIGHTS
Net loss was $32.1 million ($0.90 per diluted share) for the June 2018 quarter compared to a net loss of $55.3 million ($1.57 per diluted share) for the June 2017 quarter.
Adjusted net loss was $29.1 million ($0.82 per diluted share) for the June 2018 quarter compared to an adjusted net loss of $29.1 million ($0.83 per diluted share) for the June 2017 quarter.
Adjusted EBITDA for the June 2018 quarter of $26.8 million was up 76% over the June 2017 quarter, and up 17% over the March 2018 quarter, benefiting from $12.2 million of original equipment manufacturer (“OEM”) cost recoveries.
We are reaffirming our fiscal 2019 adjusted EBITDA guidance of $90 million - $140 million provided in May 2018.

1

 << Previous Page | Next Page >>