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SEC Filings

BRISTOW GROUP INC filed this Form 8-K on 11/14/2018
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foreign exchange rates and controls; risks associated with international operations; operating risks inherent in our business, including the possibility of declining safety performance; general economic conditions including the capital and credit markets; our ability to obtain financing; the risk of grounding of segments of our fleet for extended periods of time or indefinitely; our ability to re-deploy our aircraft to regions with greater demand; our ability to acquire additional aircraft and dispose of older aircraft through sales into the aftermarket; the possibility that we do not achieve the anticipated benefit of our fleet investment program; availability of employees; and political instability, war or acts of terrorism in any of the countries where we operate. 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 Form 10-K for the fiscal year ended March 31, 2018. 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.


These financial measures have not been prepared in accordance with generally accepted accounting principles (“GAAP”) and have not been audited or reviewed by our independent auditor. These financial measures are therefore considered non-GAAP financial measures. A description of the adjustments to and reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measures, to the extent available without unreasonable effect, is as follows:


Columbia Non-GAAP Reconciliation


(In thousands, except per share amounts)

   CY16      CY17      LTM 9/30/18  

Net Income

   $ 39,281      $ 18,630      $ 60,339  

Loss/(gain) on disposal of assets

     (13,713      (650      (3,559

Special items(3)

     (10,005      16,808        14,119  

Depreciation and amortization

     29,103        28,719        34,360  

Interest expense

     3,702        2,986        2,508  

Provision (benefit) for income taxes

     5,630        5,856        8,936  










Adjusted EBITDA

   $ 53,998      $ 72,349      $ 116,703  










Note 3: Special Items


Non cash employee expenses

     (648      11,725        12,387  

Helifor shut-down

     (6,744      4,769        442  

Non cash accrual adjustments

     (2,866      —        750  

Non recurring insurance premiums

     254        315        540  










Special Items

   ($ 10,005    $ 16,808      $ 14,119