Bristow Group Reports First Quarter Fiscal Year 2018 Results

HOUSTON, Aug. 3, 2017

	Three Months Ended June 30,
	2017				2016				% Change
Operating revenue	$ ARIVA.DE Börsen-Geflüster Kurse Bristow Group -   0,00%	339,729			$	356,184			(4.6)%
Net loss attributable to Bristow Group	(55,275)				(40,772)				(35.6)%
Diluted loss per share	(1.57)				(1.17)				(34.2)%
Adjusted EBITDA (1)	15,203				19,080				(20.3)%
Adjusted net loss (1)	(29,138)				(12,008)				(142.7)%
Adjusted diluted loss per share (1)	(0.83)				(0.34)				(144.1)%
Operating cash flow	(51,179)				(14,828)				(245.2)%
Capital expenditures	12,553				21,063				(40.4)%
Rent expense	58,675				51,283				14.4%
	June 30, 2017				March 31, 2017				% Change
Cash	$	78,879			$	96,656			(18.4)%
Undrawn borrowing capacity on Revolving Credit Facility	214,129				260,320				(17.7)%
Total liquidity	$	293,008			$	356,976			(17.9)%

For the June 2017 quarter, we reported a GAAP net loss of $55.3 million and diluted loss per share of $1.57 compared to a GAAP net loss of $40.8 million and diluted loss per share of $1.17 for the June 2016 quarter. Additionally, we reported an adjusted net loss of $29.1 million and adjusted diluted loss per share of $0.83 for the June 2017 quarter compared to adjusted net loss of $12.0 million and adjusted diluted loss per share of $0.34 for the June 2016 quarter.

BUSINESS AND FINANCIAL UPDATE

• Our June 2017 quarter adjusted EBITDA was better than our internal expectations as a result of higher revenue primarily from increased activity levels in Europe and Africa, and reduced expenses from the actions taken during the quarter, which included the reversal of $8.0 million in previously accrued annual and long-term incentive bonuses and reduced corporate salary and professional fee expenses.
• We had $293.0 million of total liquidity as of June 30, 2017 with negative operating cash flow during the quarter driven primarily by working capital changes from the timing of receivable collections, and interest and severance payments being only partially offset by $40 million in proceeds from the sale of a SAR S-92.
• In July 2017, we entered into a $230 million Credit Agreement that is currently expected to fund on or before August 30, 2017.  We anticipate an improved fiscal year 2018 liquidity outlook reflecting the benefit of actions taken in fiscal year 2018, including cost reductions and the suspension of our $2.5 million quarterly dividend.
• Our expectations for fiscal year 2018 full year operating results remain largely consistent with our May 2017 guidance with the bonus accrual benefit not expected to recur.

"While our first quarter financial performance continues to reflect the difficult environment in the offshore oil and gas industry, I am incredibly proud that our teams delivered safe operations and a more competitive and cost efficient service for our clients as a result of aggressive actions taken during the quarter," said Jonathan Baliff, President and Chief Executive Officer of Bristow Group.

"Even with the better-than-expected first quarter performance, we expect the full fiscal 2018 operating results to be largely consistent with our May 2017 guidance as the current downturn persists with low offshore oil and gas activity levels. However, since the beginning of this fiscal year, we have taken several actions designed to significantly strengthen our liquidity. We sold a SAR S-92 for approximately $40 million, announced an agreement for a secured financing of $230 million, and therefore anticipate an improved fiscal 2018 liquidity outlook."

"We remain committed to our four fiscal 2018 priorities for the New Bristow. One, safety improvement remains Bristow's top priority while; two, continuing to improve efficiency with G&A expenses expected to decrease to approximately 12% of revenues; three, further optimizing our portfolio and our fleet, recovering costs incurred as a result of the actions of original equipment manufacturers (OEMs) while reducing or deferring capital expenditures; and four, growing revenue as we better serve our clients in our Europe and Americas Hubs."

Operating revenue from external clients by line of service was as follows:

	Three Months Ended June 30,
	2017				2016				% Change
	(in thousands, except percentages)
Oil and gas services	$	234,775			$	253,087			(7.2)%
Fixed wing services	50,677				50,617				0.1%
U.K. SAR services	52,587				49,549				6.1%
Corporate and other	1,690				2,931				(42.3)%
Total operating revenue	$	339,729			$	356,184 Werbung Mehr Nachrichten zur Bristow Group Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 18.04.24 - PR Newswire Fidelity Emerging Markets Ltd - Transaction in Own Shares 18.04.24 - PR Newswire Miton UK Microcap Trust Plc - Director/PDMR Shareholding 18.04.24 - PR Newswire Ninety One UK Ltd - Form 8.3 - Mondi Plc Auf zur INVEST am 26.+ 27.04.2024    Foto: Landesmesse Stuttgart GmbH - Jetzt kostenloses Ticket sichern! weiterlesen» Anzeige wo-site-teaser-box-16688_site-teaser-box_2024-04-17_09%253A00%253A00_2024-04-22_09%253A00%253A59