Bristow Group Reports Fiscal 2006 4Q & Year-End Results
Bristow Group Inc. (NYSE: BRS) 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 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 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 due to previously reported decreases in flight activity in Mexico and Brazil;
- General and administrative costs for fiscal 2006 included $13.1 million ($0.43 per diluted share after tax) of costs related to the SEC and DOJ 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 of reserves for tax contingencies, 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 and Southeast Asia 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 E. Chiles, president and chief executive officer of Bristow Group Inc., said, "In many ways, fiscal 2006 was a pivotal year for our Company. We made a number of significant organizational changes that improved our business culture and reinforced our uncompromising operating standards. In the process, we strengthened our management team, consolidated 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 upon the gains we have made over the past year and very strong market conditions."
Bristow Group Inc. is a major provider of helicopter 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 and Alaska, the North Sea, Africa, Mexico, South America,
Australia, Russia, Egypt 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 under the symbol
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