Bristow Reports Record Earnings for Q4, 2006

Bristow Group Inc. on Tuesday reported record financial results for its fiscal 2007 fourth quarter and year ended March 31, 2007.

Highlights include:

For the fiscal year ended March 31, 2007:

-- Bristow's results were the highest ever in the Company's history for revenue, operating income, net income and earnings per share;
-- Total revenue of $897.9 million increased by 16.8 percent over the fiscal year ended March 31, 2006, due to increased flight hours, improved pricing and the addition of new aircraft;
-- Operating income of $115.3 million increased by 56.2 percent over the fiscal year ended March 31, 2006, primarily due to increases in revenue and gains on sales of aircraft, partially offset by higher maintenance and salary expense;
-- Net income of $74.2 million rose 28.3 percent versus net income for the fiscal year ended March 31, 2006;
-- Diluted earnings per share increased 11.8 percent to $2.74 compared to the prior year. Diluted earnings per share for the fiscal year ended March 31, 2007 assumes the conversion of the Company's Mandatory Convertible Preferred Stock, which adds approximately 3.4 million shares to the weighted average diluted shares outstanding for fiscal year 2007.

For the quarter ended March 31, 2007:

-- Bristow achieved record quarterly revenue of $228.7 million, an increase of 13.6 percent over the fourth quarter of fiscal year 2006. Revenue gains occurred in most of our business units, driven by a favorable change in mix of aircraft operating, improved pricing and the addition of new aircraft;
-- Operating income of $32.4 million increased by 71.2 percent over the fourth quarter of fiscal year 2006, primarily due to increases in revenue and gains on sales of aircraft, partially offset by higher maintenance and salary expense;
-- Net income of $27.4 million increased 54.0 percent versus net income for the fourth quarter of fiscal year 2006;
-- Diluted earnings per share increased 21.3 percent to $0.91 compared to the fourth quarter of fiscal year 2006, primarily due to the higher level of operating income. Diluted earnings per share for the fourth quarter of fiscal year 2007 assumes the conversion of the Company's Mandatory Convertible Preferred Stock, which adds approximately 6.5 million shares to the weighted average diluted shares calculation for the fourth quarter of fiscal year 2007.

Capital and Liquidity:

-- The March 31, 2007 consolidated balance sheet reflects $871.7 million in stockholders' investment and $259.1 million of indebtedness, or 22.9 percent leverage;
-- We had $184.2 million in cash and an undrawn $100 million revolving credit facility;
-- We generated $104.4 million in cash from operations and spent $304.8 million on capital expenditures, primarily for aircraft, during the fiscal year ended March 31, 2007;
-- Aircraft purchase commitments totaled $331.6 million, with options totaling $739.7 million as of March 31, 2007.

William E. Chiles, president and chief executive officer of Bristow Group Inc., said:

"We are very pleased with our latest fiscal year and quarterly results. This record performance is the result of our strategic efforts over the past year to improve our position, take advantage of expanding business opportunities and to improve our financial performance. I am further encouraged that the Company is still at an early stage of our growth plans, which call for an expansion of our fleet capacity as well as improvements in margins and operating efficiencies. Based on continued robust demand for our services and the limited supply of aircraft, we ordered additional large aircraft during the fourth quarter of fiscal year 2007. We expect to realize the earnings power of our investments in these and other new aircraft throughout fiscal 2008 and 2009, as we place these new aircraft into service."

Bristow Group Inc. is the leading provider of helicopter services to the worldwide offshore energy industry based on the number of aircraft operated. Through its subsidiaries, affiliates and joint ventures, the Company has major transportation operations in the U.S. Gulf of Mexico and the North Sea, and in most of the other major offshore oil and gas producing regions of the world, including Alaska, Australia, Mexico, Nigeria, Russia and Trinidad. Additionally, the Company is a leading provider of production management services for oil and gas production facilities in the U.S. Gulf of Mexico.

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