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Donnerstag,
03.11.2016 22:05
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PR Newswire
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Bristow Group Reports Second Quarter Fiscal Year 2017 Results
Zeitungsständer (Symbolbild).
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PR Newswire
HOUSTON, Nov. 3, 2016
HOUSTON, Nov. 3, 2016 /PRNewswire/ -- Bristow Group Inc. (NYSE: BRS) today reported the following results for the quarter ended September 30, 2016. All amounts shown are dollar amounts in thousands unless otherwise noted:
| | | Three Months Ended | | Six Months Ended | ||||||||||||||||||
| | | 2016 | | 2015 | | % Change | | 2016 | | 2015 | | % Change | ||||||||||
| Operating revenue | | $ | 343,662 | | $ | 419,011 | | (18.0)% | | $ | 699,846 | | $ | 859,122 | | (18.5)% | ||||||
| Net loss | | (29,797) | | (47,132) | | 36.8% | | (70,569) | | (50,389) | | (40.0)% | ||||||||||
| Diluted loss per share | | (0.85) | | (1.21) | | 29.8% | | (2.02) | | (1.49) | | (35.6)% | ||||||||||
| Adjusted EBITDAR (1) | | 77,354 | | 92,764 | | (16.6)% | | 147,717 | | 213,811 | | (30.9)% | ||||||||||
| Adjusted net income (loss) (1) | | (12,314) | | 1,271 | | * | | (24,322) | | 19,876 | | (222.4)% | ||||||||||
| Adjusted diluted earnings (loss) per share (1) | | (0.35) | | 0.04 | | * | | (0.69) | | 0.56 | | (223.2)% | ||||||||||
| Operating cash flow | | 43,436 | | 42,323 | | 2.6% | | 28,038 | | 58,260 | | (51.9)% | ||||||||||
| Capital expenditures | | 80,803 | | 79,212 | | 2.0% | | 101,866 | | 146,989 | | (30.7)% | ||||||||||
| | | September 30, | | June 30, | | % Change | ||||
| Cash | | $ | 100,668 | | $ | 122,711 | | (18.0)% | ||
| Undrawn borrowing capacity on Revolving Credit Facility | | 165,970 | | 192,470 | | (13.8)% | ||||
| Total liquidity | | $ | 266,638 | | $ | 315,181 | | (15.4)% | ||
_______________
| (1) | A full reconciliation of non-GAAP financial measurements is included at the end of this news release |
| * percentage change too large to be meaningful or not applicable | |
For the September 2016 quarter, we reported a GAAP net loss of $29.8 million or diluted loss per share of $0.85 compared to a GAAP net loss of $47.1 million or diluted loss per share of $1.21 for the September 2015 quarter. Additionally, we reported an adjusted net loss of $12.3 million or adjusted diluted loss per share of $0.35 for the September 2016 quarter compared to adjusted net income of $1.3 million or adjusted diluted earnings per share of $0.04 for the September 2015 quarter.
For the September 2016 year-to-date period, we reported a GAAP net loss of $70.6 million or diluted loss per share of $2.02 compared to a GAAP net loss of $50.4 million or diluted loss per share of $1.49 for the September 2015 year-to-date period. Additionally, we reported an adjusted net loss of $24.3 million or adjusted diluted loss per share of $0.69 for the September 2016 year-to-date period compared to adjusted net income of $19.9 million or adjusted diluted earnings per share of $0.56 for the September 2015 year-to-date period.
BUSINESS AND FINANCIAL UPDATE
- The September 2016 quarter results are consistent with our view that our global oil and gas business is bottoming with financial results in line with internal expectations.
- We had $267 million of liquidity as of September 30, 2016 after $80.8 million of capital expenditures and $43.4 million of operating cash flows during the September 2016 quarter.
- U.K. SAR continues to generate stable cash flows; however the post-Brexit depreciation of British pound sterling reduced net income by $5.6 million, diluted earnings per share by $0.16 and adjusted EBITDAR by $7.4 million in the September 2016 quarter.
"While our results continue to be impacted by the challenges facing the oil and gas industry, we have been successful on a number of fronts, including generating positive cash flow, reducing and deferring capital expenditures and amending our bank group facilities in order to improve our business in fiscal 2017 and beyond," said Bristow Group President and Chief Executive Officer Jonathan Baliff. "We continue to be laser focused on safety, liquidity and improving cash generation through revenue and cost savings."
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