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SEC Filings

8-K
BRISTOW GROUP INC filed this Form 8-K on 08/02/2018
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Operating income, operating margin, adjusted EBITDA and adjusted EBITDA margin decreased as a result of the decrease in operating revenue in the June 2018 quarter, which was only partially offset by a decrease in direct costs and general and administrative expense. Additionally, during the June 2018 quarter we incurred $1.5 million of demobilization costs related to the contract that expired on March 31, 2018.
Americas
 
 
Three Months Ended 
 June 30,
 
 
 
 
2018
 
2017
 
% Change
 
 
 
 
 
 
 
 
 
(in thousands, except percentages)
Operating revenue
 
$
53,810

 
$
57,783

 
(6.9
)%
Earnings from unconsolidated affiliates
 
$
(2,907
)
 
$
(535
)
 
*

Operating income
 
$
(7,587
)
 
$
(1,256
)
 
*

Operating margin
 
(14.1
)%
 
(2.2
)%
 
*

Adjusted EBITDA
 
$
(407
)
 
$
6,176

 
*

Adjusted EBITDA margin
 
(0.8
)%
 
10.7
 %
 
*

Rent expense
 
$
6,598

 
$
6,994

 
(5.7
)%
_____________ 
 * percentage change too large to be meaningful or not applicable
Operating revenue decreased in the June 2018 quarter primarily due to a decrease in operating revenue in Canada and Trinidad due to lower activity, partially offset by an increase in activity with our U.S. Gulf of Mexico oil and gas customers as we have seen a stronger than expected recovery as utilization on existing assets has improved.
Earnings from unconsolidated affiliates, net of losses, decreased to a loss of $2.9 million primarily due to a decrease in earnings from our investment in Líder in Brazil due to an unfavorable change in exchange rates and decline in activity.
The decreases in operating income, operating margin, adjusted EBITDA and adjusted EBITDA margin were driven by the decreases in operating revenue and earnings from unconsolidated affiliates discussed above, partially offset by a decrease in rent expense.
Asia Pacific
 
 
Three Months Ended 
 June 30,
 
 
 
 
2018
 
2017
 
% Change
 
 
 
 
 
 
 
 
 
(in thousands, except percentages)
Operating revenue
 
$
54,404

 
$
49,127

 
10.7
 %
Operating loss
 
$
(971
)
 
$
(12,530
)
 
92.3
 %
Operating margin
 
(1.8
)%
 
(25.5
)%
 
92.9
 %
Adjusted EBITDA
 
$
2,086

 
$
(5,720
)
 
*

Adjusted EBITDA margin
 
3.8
 %
 
(11.6
)%
 
*

Rent expense
 
$
8,117

 
$
10,954

 
(25.9
)%
_____________ 
 * percentage change too large to be meaningful or not applicable
Operating revenue increased in the June 2018 quarter primarily due to an increase in operating revenue in Australia due to new contracts and increased activity with oil and gas customers, partially offset by a decrease from our fixed wing operations as Airnorth contributed $19.7 million and $21.0 million in operating revenue for the June 2018 quarter and June 2017 quarter, respectively.

4

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