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Bristow Group Reports Second Quarter Fiscal Year 2021 Results

  • Net loss of $27.9 million, or $0.95 per diluted share, in Q2 FY21
  • EBITDA adjusted to exclude special items and gains or losses on asset dispositions was $54.2 million
    in Q2 FY21 compared to $44.3 million in Q1
  • Adjusted Free Cash Flow excluding Net Capex was $57.0 million in Q2 FY21
  • As of September 30, 2020, unrestricted cash balance was $301.4 million with total liquidity of $358.6 million
  • During September, the Company repurchased 345,327 shares at an average price of $21.93 per share

 

HOUSTON, Nov. 04, 2020 (GLOBE NEWSWIRE) — Bristow Group Inc. (NYSE: VTOL) today reported net loss attributable to the Company of $27.9 million, or $0.95 per diluted share, for its second quarter ended September 30, 2020 (“current quarter”) on operating revenues of $295.7 million compared to net income attributable to the Company of $71.5 million, or $5.16 per diluted share, for the quarter ended June 30, 2020 (“preceding quarter”) on operating revenues of $261.5 million.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $12.6 million in the current quarter compared to $97.0 million in the preceding quarter. EBITDA adjusted to exclude special items and gains or losses on asset dispositions was $54.2 million in the current quarter compared to $44.3 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.

Click here to read the full press release, dated November 4, 2020