Bristow Group reports decreases due to contract delays

7 January 2014

Bristow Group Inc. (NYSE: BRS) said it has reported net income for the December 2013 quarter of USD18.9m, or USD0.51 per diluted share, compared to net income of USD36.4m, or USD1.00 per diluted share, in the same period a year ago.

Adjusted net income decreased 27% to USD31.3m, or USD0.85 per diluted share, for the December 2013 quarter, compared to USD42.6m, or USD1.17 per diluted share, in the December 2012 quarter.

Adjusted earnings before interest, taxes, depreciation, amortization and rent (adjusted EBITDAR), which also excludes special items and asset disposition effects, was USD100.7m for the December 2013 quarter compared to USD109.2m in the same period a year ago, a decrease of eight percent. Net cash provided by operating activities totaled USD137.3m for the nine months ended December 31, 2013, compared to USD202.7m for the same period a year ago.

The company said the decrease in adjusted EBITDAR, adjusted net income and adjusted diluted earnings was driven by contract revenue being delayed from the December 2013 quarter to the March 2014 quarter, leading to LACE rate declines while overall costs increased slightly on a sequential basis versus the September 2013 quarter.

Bristow Group is the provider of helicopter services to the worldwide offshore energy industry based on the number of aircraft operated and one of two helicopter service providers to the offshore energy industry with global operations. The company has major transportation operations in the North Sea, Nigeria and the US Gulf of Mexico, and in most of the other major offshore oil and gas producing regions of the world, including Australia, Brazil, Canada, Russia and Trinidad. For more information, visit the company´s website at www.bristowgroup.com.

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