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Bristow Group Reports First Quarter Fiscal Year 2021 Results
August 6, 2020
HOUSTON, Aug. 06, 2020 (GLOBE NEWSWIRE) — Bristow Group Inc. (NYSE: VTOL) today reported net income attributable to the Company of $71.5 million, or $5.16 per diluted share, for its first quarter ended June 30, 2020 (“current quarter”) on operating revenues of $261.5 million compared to net income attributable to the Company of $291.7 million, or a loss of $1.26 per diluted share, for the quarter ended March 31, 2020 (“preceding quarter”) on operating revenues of $274.4 million. The net income in the preceding quarter resulted in a net loss per diluted share due to the dilutive effect of preferred stock; the preferred stock was eliminated upon closing of the Merger.
After the closing of the business combination between Bristow Group Inc. and Era Group Inc. (the “Merger”) on June 11, 2020, the current quarter includes 19 days of operating results from legacy Era Group Inc. The preceding quarter and prior periods only include operating results of legacy Bristow Group Inc.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $97.0 million in the current quarter compared to $310.1 million in the preceding quarter. EBITDA adjusted to exclude special items and gains or losses on asset dispositions was $46.0 million in the current quarter compared to $21.5 million in the preceding quarter. The following table provides a bridge between EBITDA, Adjusted EBITDA and Adjusted EBITDA excluding gains or losses on asset dispositions. See Reconciliation of Non-GAAP Metrics for a reconciliation of net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA.