Bristow Group Inc

CIK:0000073887|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue:
Operating revenue from non-affiliates	$ 291,348	$ 321,580	$ 595,478	$ 660,046
Operating revenue from affiliates	13,336	11,817	25,782	23,112
Reimbursable revenue from non-affiliates	13,536	15,946	30,136	32,853
Total consolidated revenue	318,220	349,343	651,396	716,011
Operating expense:
Direct cost	236,655	277,217	494,414	557,268
Reimbursable expense	12,840	15,194	28,974	31,098
Prepetition restructuring charges	0	0	13,476	0
Depreciation and amortization	31,303	30,489	62,642	61,430
General and administrative	37,820	38,839	72,590	78,940
Operating expense	318,618	361,739	672,096	728,736
Loss on impairment	(62,101)	(117,220)	(62,101)	(117,220)
Loss on disposal of assets	(230)	(1,293)	(4,017)	(2,971)
Earnings from unconsolidated affiliates, net of losses	633	1,461	2,980	(86)
Operating loss	(62,096)	(129,448)	(83,838)	(133,002)
Interest expense, net	(22,445)	(26,433)	(48,766)	(53,577)
Reorganization items	(93,943)	0	(170,299)	0
Gain (loss) on sale of subsidiaries	420	0	(55,883)	0
Other expense, net	(6,637)	(3,204)	(10,510)	(7,154)
Loss before benefit for income taxes	(184,701)	(159,085)	(369,296)	(193,733)
Benefit for income taxes	21,782	15,655	37,289	18,506
Net loss	(162,919)	(143,430)	(332,007)	(175,227)
Net income attributable to noncontrolling interests	(55)	(517)	(213)	(584)
Net loss attributable to Bristow Group	$ (162,974)	$ (143,947)	$ (332,220)	$ (175,811)
Loss per common share:
Basic (in dollars per share)	$ (4.54)	$ (4.02)	$ (9.25)	$ (4.93)
Diluted (in dollars per share)	$ (4.54)	$ (4.02)	$ (9.25)	$ (4.93)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net loss	$ (332,007)	$ (175,227)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	62,642	61,430
Deferred income taxes	(45,252)	(27,651)
Write off of deferred financing fees	4,038	0
Discount amortization on long-term debt	1,520	3,101
Reorganization expense, other	119,333	0
Loss on disposal of assets	4,017	2,971
Loss on impairment	62,101	117,220
Loss on sale of subsidiaries	55,883	0
Deferral of lease payments	285	2,841
Stock-based compensation	1,526	3,714
Equity in earnings from unconsolidated affiliates less than dividends received	636	2,812
Increase (decrease) in cash resulting from changes in:
Accounts receivable	(20,805)	6,792
Inventories	(201)	(3,785)
Prepaid expenses and other assets	(2,675)	2,980
Accounts payable	12,745	7,651
Accrued liabilities	32,890	(26,703)
Other liabilities and deferred credits	(13,841)	(5,048)
Net cash used in operating activities	(57,165)	(26,902)
Cash flows from investing activities:
Capital expenditures	(25,950)	(17,302)
Proceeds from asset dispositions	5,003	8,462
Cash transferred in sale of subsidiaries, net of cash received	(22,458)	0
Net cash used in investing activities	(43,405)	(8,840)
Cash flows from financing activities:
Proceeds from borrowings	225,585	387
Debt issuance costs	(14,130)	(2,554)
Repayment of debt	(99,228)	(29,970)
Partial prepayment of put/call obligation	(1,323)	(27)
Dividends paid to noncontrolling interest	0	(580)
Issuance of common stock	0	2,830
Repurchases for tax withholdings on vesting of equity awards	0	(1,504)
Net cash provided by (used in) financing activities	110,904	(31,418)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	4,406	(5,272)
Net decrease in cash, cash equivalents and restricted cash	14,740	(72,432)
Cash and cash equivalents at beginning of period	178,055	380,223
Cash, cash equivalents and restricted cash at end of period	192,795	307,791
Cash paid during the period for:
Interest	37,165	48,555
Income taxes	$ 8,631	$ 9,919

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Mar. 31, 2019
Current assets:
Cash and cash equivalents	$ 153,885	$ 178,055
Restricted cash	38,910	0
Accounts receivables from non-affiliates	211,058	203,631
Accounts receivable from affiliates	17,735	13,160
Inventories	113,514	121,308
Assets held for sale	0	5,350
Prepaid expenses and other current assets	42,545	44,009
Total current assets	577,647	565,513
Investment in unconsolidated affiliates	109,986	118,203
Property and equipment – at cost:
Land and buildings	238,208	244,273
Aircraft and equipment	2,403,726	2,497,622
Total property and equipment, at cost	2,641,934	2,741,895
Less – Accumulated depreciation and amortization	(963,634)	(907,715)
Total property and equipment, net	1,678,300	1,834,180
Right-of-use asset	331,743	0
Goodwill	0	18,436
Other assets	94,899	116,267
Total assets	2,792,575	2,652,599
Current liabilities:
Accounts payable	93,433	99,573
Accrued wages, benefits and related taxes	45,774	48,151
Income taxes payable	3,234	3,646
Other accrued taxes	7,775	6,729
Deferred revenue	6,161	11,932
Accrued maintenance and repairs	24,932	24,337
Accrued interest	2,649	17,174
Current portion of operating lease liabilities	83,630	0
Other accrued liabilities	58,434	38,679
Short-term borrowings and current maturities of long-term debt	947,041	1,418,630
Total current liabilities	1,273,063	1,668,851
Long-term debt, less current maturities	75,611	8,223
Long-term Debt, Current Maturities	947,041	1,418,630
Accrued pension liabilities	18,706	25,726
Other liabilities and deferred credits	7,905	26,229
Deferred taxes	59,862	111,203
Long-term operating lease liabilities	251,399	0
Liabilities not subject to compromise	1,686,546	1,840,232
Liabilities subject to compromise	624,867	0
Total Liabilities	2,311,413	1,840,232
Commitments and contingencies (Note 8)
Stockholders’ investment:
Common stock, $.01 par value, authorized 90,000,000; outstanding: 35,918,916 as of September 30 and March 31 (exclusive of 1,291,441 treasury shares)	386	386
Additional paid-in capital	863,546	862,020
Retained earnings	123,378	455,598
Accumulated other comprehensive loss	(321,802)	(327,989)
Treasury shares, at cost (2,756,419 shares)	(184,796)	(184,796)
Total Bristow Group stockholders’ investment	480,712	805,219
Noncontrolling interests	450	7,148
Total stockholders’ investment	481,162	812,367
Total liabilities and stockholders’ investment	$ 2,792,575	$ 2,652,599