Careers HomeRecent NewsEra Group Announces Preliminary Q1 2020 Results
Era Group Announces Preliminary Q1 2020 Results
April 20, 2020
HOUSTON, April 20, 2020 (GLOBE NEWSWIRE) — Era Group Inc. (NYSE: ERA) today released preliminary selective results for its first quarter ended March 31, 2020 (“current quarter”). Operating revenues were approximately $57 million, resulting in earnings before interest, taxes, depreciation and amortization (“EBITDA”) adjusted to exclude special items (“Adjusted EBITDA”) of approximately $8 million. Adjusted EBITDA excluding the impact of foreign exchange losses was approximately $10 million. These preliminary financial results are subject to completion of the Company’s customary quarterly closing and review procedures.
Special items in the current quarter consisted of approximately $4 million of non-routine professional services fees and other expenses related to the expected merger with Bristow Group Inc. Foreign exchange losses in the current quarter were approximately $2 million and were primarily related to the non-cash revaluation of accounts at the Company’s Brazilian subsidiary.
The preliminary financial results discussed in this press release are based on Era management’s preliminary, unaudited analysis of financial results for the quarter ended March 31, 2020. As of the date of this presentation, Era has not completed its financial statement reporting process for the period ended March 31, 2020, and Era’s independent registered accounting firm has not reviewed the preliminary financial data discussed in this press release. During the course of Era’s quarter-end closing procedures and review process, Era may identify items that would require it to make adjustments, which may be material to the information presented above. As a result, the estimates above are subject to risks and uncertainties, including possible adjustments to preliminary operating results.
The Company expects to release financial results for Q1 2020 on May 5, 2020. The Company expects to hold a conference call with senior management to discuss its financial results and business the following day.
The Company’s management uses EBITDA and Adjusted EBITDA to assess the performance and operating results of its business. EBITDA is defined as Earnings before Interest (includes interest income and interest expense), Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for certain special items that occur during the reported period. The Company includes EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of its operating performance. Neither EBITDA nor Adjusted EBITDA is a recognized term under generally accepted accounting principles in the U.S. (“GAAP”). Accordingly, they should not be used as an indicator of, or an alternative to, net income as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management’s discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definitions of EBITDA and Adjusted EBITDA (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies.
ABOUT ERA GROUP
Era is one of the largest helicopter operators in the world and the longest serving helicopter transport operator in the U.S. In addition to servicing its U.S. customers, Era provides helicopters and related services to customers and third-party helicopter operators in other countries, including Brazil, Chile, Colombia, India, Mexico, Spain, and Suriname. Era’s helicopters are primarily used to transport personnel to, from and between offshore oil and gas production platforms, drilling rigs and other installations. In addition, Era’s helicopters are used to perform emergency response services, firefighting, utility, VIP transport and other services. Era also provides a variety of operating lease solutions and technical fleet support to third party operators. To learn more, visit our website at www.erahelicopters.com.
ABOUT BRISTOW GROUP
Bristow Group Inc. is the world’s leading provider of offshore oil and gas transportation, search and rescue (SAR) and aircraft support services to government and civil organizations worldwide. Bristow’s strategically located global fleet supports operations in the North Sea, Nigeria and the U.S. Gulf of Mexico; as well as in most of the other major offshore oil and gas producing regions of the world, including Australia, Brazil, Canada, Guyana and Trinidad. Bristow provides SAR services to the private sector worldwide and to the public sector for all of the United Kingdom on behalf of the Maritime and Coastguard Agency. To learn more, visit the Bristow website at www.bristowgroup.com.