Bristow Group Inc. Reports Fiscal 2006 Fourth Quarter and Year-End Financial Results.HOUSTON Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; -- Bristow Bristow, or Bristowe, can refer to the following. People
See: New York Stock Exchange : BRS BRS - Big Red Switch. This abbreviation is fairly common on-line. ) today reported financial results for its fiscal 2006 fourth quarter and year ended March 31, 2006. Highlights included the following: For the year ended March 31, 2006: --Net income of $57.8 million was up 12.1 percent over fiscal year 2005; earnings per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share of $2.45 rose 10.9 percent over the same period; --Total revenue in fiscal year 2006 increased by 14.1 percent to $768.9 million; --The revenue increase was driven primarily by significant improvements in the North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. business unit complemented by growth in other business units; --Operating income improved substantially in the North America and Other International business units, offset by declines in South and Central America Central America, narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific. due to previously reported decreases in flight activity in Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. and Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. ; --General and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. for fiscal 2006 included $13.1 million ($0.43 per diluted share after tax) of costs related to the SEC and DOJ (Department Of Justice) The legal arm of the U.S. government that represents the public interest of the United States. It is headed by the Attorney General. investigations, versus $2.2 million for fiscal 2005, which we expect to continue but to a lesser extent in future periods; and --The effective tax rate for fiscal 2006 was 22.3 percent due to reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of reserves for tax contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. , which is expected to continue in the next year, but to a more limited extent. For the quarter ended March 31, 2006: --Net income of $17.8 million was up 34.7 percent over the March quarter a year ago; earnings per diluted share of $0.75 rose 33.9 percent for the same three-month period; --Total revenue of $201.3 million increased by 18.1 percent over the fourth quarter of fiscal year 2005 from growth in all business units; --The earnings improvement was driven primarily by increases in the Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. business units, partially offset by declines
in North America;
--General and administrative costs for the March 2006 quarter included $1.4 million ($0.05 per diluted share after tax) of costs related to the SEC and DOJ investigations, which we expect to continue but to a lesser extent in future periods; and --The effective tax rate for the March 2006 quarter of 18.8 percent was below the rate for the full fiscal year 2006 due to changes in estimates and had the effect of increasing net income by $800,000 ($0.03 per diluted share). William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack E. Chiles Chiles is a surname, and may refer to:
tr.v. re·in·forced, re·in·forc·ing, re·in·forc·es 1. To give more force or effectiveness to; strengthen: The news reinforced her hopes. our uncompromising operating standards. In the process, we strengthened our management team, consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: our business units, improved our reporting infrastructure and re-branded our worldwide operations under a single identity, vision, mission and set of core values. The strength of these financial results is an indication of these improvements. Given these positive changes, Bristow Group has entered fiscal year 2007 well positioned to capitalize To regard the cost of an improvement or other purchase as a capital asset for purposes of determining Income Tax liability. To calculate the net worth upon which an investment is based. To issue company stocks or bonds to finance an investment. upon the gains we have made over the past year and very strong market conditions." CONFERENCE CALL Management will conduct a conference call starting at 10:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT (9:00 a.m. CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT ) on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , June June: see month. 9, 2006, to review financial results for the three months and fiscal year ended March 31, 2006. The conference call can be accessed as follows: Via Webcast: --Visit Bristow Group's investor relations Investor relations The process by which the corporation communicates with its investors. Web page at http://www.bristowgroup.com --Click on the link for "FY2006 Fourth Quarter Conference Call" --Webcast replay available approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. one hour after the call's completion Via Telephone within U.S.: --Toll free (888) 396-2356, passcode: 10560838 --A telephone replay will be available through June 16, 2006 by dialing toll free (888) 286-8010, passcode: 64969461 Via Telephone outside the U.S.: --Dial (617) 847-8709, passcode: 10560838 --A telephone replay will be available through June 16, 2006 by dialing (617) 801-6888, passcode: 64969461 ABOUT BRISTOW GROUP INC. Bristow Group Inc. is a major provider of helicopter helicopter, type of aircraft in which lift is obtained by means of one or more power-driven horizontal propellers called rotors. When the rotor of a helicopter turns it produces reaction torque which tends to make the craft spin also. services to the oil and gas industry worldwide. Through its subsidiaries, affiliates and joint ventures, the Company provides transportation services in most oil and gas producing regions including the U.S. Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east and Alaska Alaska (əlă`skə), largest in area of the United States but third smallest (exceeding only Vermont and Wyoming) in population, occupying the northwest extremity of the North American continent, separated from the coterminous United States , the North Sea, Africa, Mexico, South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , Russia Russia, officially the Russian Federation, Rus. Rossiya, republic (2005 est. pop. 143,420,000), 6,591,100 sq mi (17,070,949 sq km). , Egypt Egypt (ē`jĭpt), Arab. Misr, biblical Mizraim, officially Arab Republic of Egypt, republic (2005 est. pop. 77,506,000), 386,659 sq mi (1,001,449 sq km), NE Africa and SW Asia. and the Far East. Additionally, the Company is a leading provider of production management services for oil and gas production facilities in the U.S. Gulf of Mexico. The Company's Common Stock trades on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol BRS. FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. DISCLOSURE Statements contained in this news release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. These forward-looking statements include expected costs related to the SEC and DOJ investigations and effective tax rate. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. 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 From 10-K for the year ended March 31, 2006. 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.
BRISTOW GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
March 31, March 31,
------------------- -------------------
2006 2005 2006 2005
--------- --------- --------- ---------
Gross revenue:
Operating revenue from non-
affiliates $170,591 $139,038 $636,887 $545,233
Operating revenue from
affiliates 9,604 13,729 51,832 63,689
Reimbursable revenue from
non-affiliates 19,770 16,846 75,861 61,969
Reimbursable revenue from
affiliates 1,366 838 4,360 2,755
--------- --------- --------- ---------
201,331 170,451 768,940 673,646
--------- --------- --------- ---------
Operating expenses:
Direct costs 137,336 117,970 512,518 454,836
Reimbursable expense 20,411 17,420 78,525 63,303
Depreciation and
amortization 10,096 8,873 42,256 40,693
General and administrative 15,943 12,161 61,948 45,245
Loss (gain) on disposal of
assets (1,378) 138 (102) (8,039)
--------- --------- --------- ---------
182,408 156,562 695,145 596,038
--------- --------- --------- ---------
Operating income 18,923 13,889 73,795 77,608
Earnings from unconsolidated
affiliates, net of losses 4,988 3,910 6,758 9,600
Interest income 1,280 1,020 4,159 3,188
Interest expense (3,401) (3,695) (14,689) (15,665)
Other income (expense), net 304 912 4,612 (1,126)
--------- --------- --------- ---------
Income before provision
for income taxes and
minority interest 22,094 16,036 74,635 73,605
Provision for income taxes 4,154 2,911 16,607 21,835
Minority interest (135) 89 (219) (210)
--------- --------- --------- ---------
Net income $17,805 $13,214 $57,809 $51,560
========= ========= ========= =========
Net income per common share:
Basic $0.76 $0.57 $2.48 $2.24
========= ========= ========= =========
Diluted $0.75 $0.56 $2.45 $2.21
========= ========= ========= =========
Weighted average common shares
outstanding:
Basic 23,361 23,304 23,341 23,041
========= ========= ========= =========
Diluted 23,594 23,560 23,604 23,381
========= ========= ========= =========
BRISTOW GROUP INC. AND SUBSIDIARIES
SELECTED OPERATING DATA
(In thousands, except percentages)
(Unaudited)
Three Months Ended Twelve Months Ended
March 31, March 31,
------------------- -------------------
2006 2005 2006 2005
--------- --------- --------- ---------
Flight hours (excludes
unconsolidated affiliates):
Helicopter Services:
North America 32,966 25,767 142,409 118,371
South and Central America 9,271 9,044 38,469 42,351
Europe 9,325 8,035 38,648 35,542
West Africa 8,349 7,147 34,185 31,918
Southeast Asia 3,275 2,697 12,119 11,547
Other International 1,691 1,170 6,711 3,389
--------- --------- --------- ---------
Consolidated total 64,877 53,860 272,541 243,118
========= ========= ========= =========
Three Months Ended Twelve Months Ended
March 31, March 31,
------------------- -------------------
2006 2005 2006 2005
--------- --------- --------- ---------
Gross revenue:
Helicopter Services:
North America $58,014 $44,709 $228,584 $179,019
South and Central America 12,743 12,208 44,554 53,699
Europe 61,039 55,247 242,941 223,698
West Africa 27,536 25,645 107,411 94,432
Southeast Asia 16,882 13,907 61,168 53,024
Other International 10,582 6,990 35,339 21,344
EH Centralized Operations 15,329 12,802 54,933 56,169
Intrasegment eliminations (16,950) (16,076) (65,876) (60,567)
--------- --------- --------- ---------
Total Helicopter Services 185,175 155,432 709,054 620,818
Production Management
Services 18,007 15,718 68,170 58,982
Corporate 653 981 693 1,684
Intersegment eliminations (2,504) (1,680) (8,977) (7,838)
--------- --------- --------- ---------
Consolidated total $201,331 $170,451 $768,940 $673,646
========= ========= ========= =========
Operating income:
Helicopter Services:
North America $4,704 $6,620 $37,863 $25,977
South and Central America 3,036 2,551 5,042 12,083
Europe 10,078 7,685 30,630 29,374
West Africa (277) (356) 5,632 5,891
Southeast Asia 2,014 144 4,800 4,002
Other International 3,173 3,046 7,549 2,879
EH Centralized Operations (2,167) (4,196) 437 (4,441)
--------- --------- --------- ---------
Total Helicopter Services 20,561 15,494 91,953 75,765
Production Management
Services 1,652 922 5,327 3,907
Gain (loss) on disposal of
assets 1,378 (138) 102 8,039
Corporate (4,668) (2,389) (23,587) (10,103)
--------- --------- --------- ---------
Consolidated total $18,923 $13,889 $73,795 $77,608
========= ========= ========= =========
Operating margin:
Helicopter Services:
North America 8.1% 14.8% 16.6% 14.5%
South and Central America 23.8% 20.9% 11.3% 22.5%
Europe 16.5% 13.9% 12.6% 13.1%
West Africa -1.0% -1.4% 5.2% 6.2%
Southeast Asia 11.9% 1.0% 7.8% 7.5%
Other International 30.0% 43.6% 21.4% 13.5%
EH Centralized Operations -14.1% -32.8% 0.8% -7.9%
Total Helicopter Services 11.1% 10.0% 13.0% 12.2%
Production Management
Services 9.2% 5.9% 7.8% 6.6%
Consolidated
total 9.4% 8.1% 9.6% 11.5%
BRISTOW GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, March 31,
2006 2005
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $122,482 $146,440
Accounts receivable from non-affiliates,
net of allowance for doubtful accounts of
$4.6 million and $6.9 million,
respectively 144,521 118,260
Accounts receivable from affiliates, net
of allowance for doubtful accounts of
$4.6 million and $2.4 million,
respectively 15,884 15,579
Inventories 147,860 140,706
Prepaid expenses and other 16,519 11,459
----------- -----------
Total current assets 447,266 432,444
Investments in unconsolidated affiliates 39,912 37,176
Property and equipment -- at cost:
Land and buildings 40,672 32,543
Aircraft and equipment 838,314 827,031
----------- -----------
878,986 859,574
Less: accumulated depreciation and
amortization (263,072) (250,512)
----------- -----------
615,914 609,062
Goodwill 26,837 26,809
Prepaid pension costs 37,207 36,543
Other assets 9,277 7,542
----------- -----------
$1,176,413 $1,149,576
=========== ===========
LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current liabilities:
Accounts payable $49,714 $35,640
Accrued wages, benefits and related taxes 45,958 46,548
Income taxes payable 6,537 19,486
Other accrued taxes 6,471 6,269
Deferred revenues 9,994 12,411
Other accrued liabilities 22,596 28,221
Deferred taxes 5,025 6,709
Short-term borrowings and current
maturities of long-term debt 17,634 6,413
----------- -----------
Total current liabilities 163,929 161,697
Long-term debt, less current maturities 247,662 255,667
Accrued pension liabilities 136,521 157,999
Other liabilities and deferred credits 18,016 12,413
Deferred taxes 68,281 64,293
Minority interest 4,307 4,514
Commitments and contingencies
Stockholders' investment:
Common Stock, $0.01 par value, authorized
35,000,000 shares; outstanding 23,385,473
shares in 2006 and 23,314,708 shares in
2005 (exclusive of 1,281,050 treasury
shares) 234 233
Additional paid-in capital 158,762 157,100
Retained earnings 447,524 389,715
Accumulated other comprehensive loss (68,823) (54,055)
----------- -----------
537,697 492,993
----------- -----------
$1,176,413 $1,149,576
=========== ===========
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion