Conta Hogar

Bristow Group Inc
10-Q
02/08/2016
OR
Commission File Number 00

Bristow Group Inc.
(Exact name of registrant
in its charter)
____________________________
Created by Morningstar Document Research.
http://documentresearch.morningstar.com/
Bristow Group Inc

10-Q
02/08/2016
OR
Delaware
(State or other jurisdiction of
incorporation or organization)
2103 City West Blvd.,
4 th
Floor
Houston, Texas
(Address of principal executive offices)
____________________________
72-0679819
(IRS Employer
Identification Number)
77,042
(Zip Code)
Bristow Group Inc

10-Q
02/08/2016
Registrant s telephone number, including area code:
Large acceleratedAccelerated filer o
Non-accelerated filer o
(Do not check if a smaller reporting company)
Indicate by check mark whether the registrant

is a shell company (as defined in Rule 12b-2
of the Exchange Act).
o Yes
No
____________________________
Smaller reporting company o
Bristow Group Inc

10-Q
02/08/2016
INDEX FORM 10-Q
Page
PART I
Item 1.
Item 2.
Item 3.
Item 4.
PART II
Financial Statements
Management s Discussion and Analysis of
Financial Condition and Results of Operations
Quantitative and Qualitative Disclosures
about Market Risk
Controls and Procedures
Item 1.
Item 1A.
Item 2.
Legal Proceedings
Risk Factors
Unregistered Sales of Equity Securities
and Use of Proceeds
Item 3.
Defaults Upon Senior Securities
Item 4.
Mine Safety Disclosures
Item 5.
Other Information
Item 6.
Exhibits
Signatures
____________________________
1
47
80
80
81
81
81
81
81
81
82
83
Bristow Group Inc

10-Q
02/08/2016
Condensed Consolidated Statements of Operations
Three Months Ended

December 31,
2015.00
20
(Unaudited)
(In thousands, except per share amounts)
Gross revenue:
Operating revenue from non-affiliates
Operating revenue from affiliates
Reimbursable revenue from non-affiliates
Operating expense:
Direct cost
Reimbursable expense
Depreciation and amortization
General and administrative
Loss on impairment
Loss on disposal of assets
Earnings from unconsolidated affiliates,
net of losses
Operating income (loss)
Interest expense, net
Gain on sale of unconsolidated affiliates
Other income (expense), net
Income (loss) before provision for income
taxes
Provision for income taxes
Net income (loss)
Net income attributable to noncontrolling
interests
Net income (loss) attributable to Bristow
Group
Accretion of redeemable noncontrolling
interest
Net income (loss) attributable to common
stockholders
Earnings (loss) per common share:
Basic
Diluted
$374,979
20,178
$408,388
21,930
24,730
419,887
29,822
460,140
288,135
23,380
32,320
59,513
403,348
295,425
28,549
23,625
72,531
420,130
(2,154)
7,692
(3,805)
(26,331)
(958)
22,077
8,916
(9,536)
650
13,191
(6,976)
3,921
(5,223)
638
(9,623)
3,568
(366)
(567)
71
(1,039)
3,202
(968)
$3,202
($968)
$0.09
$0.09
($0.03)
($0.03)
Cash dividends declared per common share
____________________________
$0.34
$0.32
Nine Months Ended

December 31,
2014.00
2015.00
2014.00
nts)
$408,388
21,930
$1,193,002
61,277
$1,242,462
65,649
29,822
460,140
79,515
1,333,794
100,203
1,408,314
295,425
28,549
23,625
72,531
420,130
926,378
76,242
106,853
174,302
1,283,775
891,483
94,466
77,164
194,687
1,257,800
(3,805)
(26,331)
(958)
(27,713)
(23,856)
(1,372)
(7,167)
(25,594)
419
8,916
(2,922)
118,172
(6,976)
3,921
(5,223)
638
(24,384)
(6,935)
(34,241)
(21,675)
3,921
(9,143)
91,275
(567)
71
(1,039)
(9,500)
(43,741)
(3,446)
(18,376)
72,899
(3,676)
(968)
(47,187)
69,223
(1,498)
($968)
($48,685)
$69,223
($0.03)
($0.03)
($1.40)
($1.40)
$1.96
$1.94
$0.32
$1.02
$0.96
Bristow Group Inc

10-Q
02/08/2016
Condensed Consolidated Statements of Comprehensive Income
Three Months Ended

December 31,
2015.00
Net income (loss)

Other comprehensive income:
Currency translation adjustments
Total comprehensive income (loss)
interests
Currency translation adjustments attributable
to noncontrolling interests
Total comprehensive (income) loss attributable
to noncontrolling
interests
Total comprehensive income (loss) attributable
to Bristow Group
interests
to common stockholders
____________________________
(Unaudited)
(In thousands)
$3,568
(3,639)
(20,17
(71)
(20,10
(366)
(1,03
(605)
2,3
(971)
1,3
(1,042)
(18,76
($1,042)
($18,76
Nine Months Ended

December 31,
2014.00
2015.00
2014.00
$71
($43,741)
$72,899
(20,175)
(7,981)
(30,691)
(20,104)
(51,722)
42,208
(1,039)
(3,446)
(3,676)
2,381
(34)
2,415
1,342
(3,480)
(1,261)
(18,762)
(55,202)
40,947
(1,498)
($18,762)
($56,700)
$40,947
Bristow Group Inc

10-Q
02/08/2016
Condensed Consolidated Balance Sheets
December 31,
March 31,
2015.00
(Unaudited)
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents
Accounts receivable from non-affiliates
Accounts receivable from affiliates
Inventories
Assets held for sale
Prepaid expenses and other current assets
Total current assets
Investment in unconsolidated affiliates
Property and equipment at cost:
Land and buildings
Aircraft and equipment
Less Accumulated depreciation and amortization
Goodwill
Other assets
Total assets
LIABILITIES, REDEEMABLE NONCONTROLLING
INTERESTS AND STOCKHOLDERS INVESTMENT
Current liabilities:
Accounts payable
Accrued wages, benefits and related taxes
Income taxes payable
Other accrued taxes
Deferred revenue
Accrued maintenance and repairs
Accrued interest
Other accrued liabilities
Deferred taxes
Short-term borrowings and current maturities
of long-term debt
Contingent consideration
Deferred sale leaseback advance
Total current liabilities
Long-term debt, less current maturities
Accrued pension liabilities
Other liabilities and deferred credits
$131,908
225,665
6,110
$104,1
250,6
8,0
146,590
52,916
48,691
611,880
203,983
147,1
57,8
70,0
637,8
216,3
246,667
2,589,856
2,836,523
(521,627)
2,314,896
52,530
168,800
$3,352,089
171,9
2,493,8
2,665,8
(508,72
2,157,1
75,6
143,7
$3,230,7
$79,951
61,489
18,825
8,805
26,259
24,734
5,574
47,686
14,302
47,243
$84,1
81,6
7,9
13,3
36,7
23,3
12,8
48,6
17,7
18,7
29,021
33,9
55,9
435,0
845,6
99,5
39,7
363,889
1,175,760
82,620
33,151
Deferred taxes
Commitments and contingencies (Note 5)
Redeemable noncontrolling interests
Stockholders investment:
Common stock, $.01 par value, authorized
90,000,000; outstanding: 34,944,932
as of December 31 and 34,838,374 as of March
31 (exclusive of 1,291,441 treasury shares)
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury shares, at cost (2,756,419 shares)
Total Bristow Group stockholders investment
Noncontrolling interests
Total stockholders investment
Total liabilities, redeemable noncontrolling
interests and stockholders investment
____________________________
131,899
165,6
24,874
26,2
377
794,676
1,199,977
(278,344)
(184,796)
1,531,890
8,006
1,539,896
$3,352,089
781,8
1,284,4
(270,32
(184,79
1,611,5
7,2
1,618,7
$3,230,7
rch 31,
2015.00
$104,146
250,610
8,008
147,169
57,827
70,091
637,851
216,376
171,959
2,493,869
2,665,828
(508,727)
2,157,101
75,628
143,764
$3,230,720
$84,193
81,648
7,926
13,335
36,784
23,316
12,831
48,667
17,704
18,730
33,938
55,934
435,006
845,692
99,576
39,782
165,655
26,223
376
781,837
1,284,442
(270,329)
(184,796)
1,611,530
7,256
1,618,786
$3,230,720
Bristow Group Inc

10-Q
02/08/2016
Condensed Consolidated Statements of Cash Flows
Nine Months Ended

December 31,
2015.00
(Unaudited)
(In thousands)
Cash flows from operating activities:
Net income (loss)
Adjustments to reconcile net income to
net cash provided by operating activities:
Deferred income taxes
Write-off of deferred financing fees
Discount amortization on long-term debt
Loss on impairment
Stock-based compensation
Equity in earnings from unconsolidated
affiliates less than dividends received
Tax benefit related to stock-based compensation
Increase (decrease) in cash resulting
from changes in:
Accounts receivable
Inventories
Prepaid expenses and other assets
Accounts payable
Accrued liabilities
Net cash provided by operating activities
Cash flows from investing activities:
Capital expenditures
Proceeds from asset dispositions
Proceeds from sale of unconsolidated affiliates
Net cash used in investing activities
Cash flows from financing activities:
Proceeds from borrowings
Repayment of debt
Partial prepayment of put/call obligation
Acquisition of noncontrolling interest
Dividends paid to noncontrolling interest
Payment of contingent consideration
Repurchase of common stock
Common stock dividends paid
($43,741)
106,853
(37,628)
973
23,856
27,713
16,641
2,227
(44)
31,858
(5,555)
(2,645)
(2,527)
(46,289)
(16,008)
55,684
(343,365)
19,152
(324,213)
910,421
(567,121)
(42)
(7,311)
(153)
(8,000)
(35,627)
Issuance of common stock

Net cash provided by (used in) financing
activities
Effect of exchange rate changes on cash
and cash equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning
of period
Cash and cash equivalents at end of period
Cash paid during the period for:
Interest
Income taxes
Supplemental disclosure of non-cash investing
activities:
Deferred sale leaseback advance
Completion of deferred sale leaseback
Accrued proceeds on insurance claim
Aircraft purchased with short-term borrowings
____________________________
44
292,211
4,080
27,762
104,146
$131,908
$36,453
$21,073
$18,285
($74,480)
$0
$14,794
2014.00
$72,899
77,164
(7,875)
660
3,212
25,594
(3,921)
7,167
13,651
4,196
(1,642)
(11,350)
(15,578)
(13,354)
19,353
4,547
(12,313)
162,410
(499,285)
404,361
4,185
(90,739)
347,860
(373,169)
(46)
(3,170)
(80,831)
(33,935)
2,217
1,642
(139,432)
(15,214)
(82,975)
204,341
$121,366
$36,268
$28,902
$69,680
($183,688)
$7,604
$0
Bristow Group Inc

10-Q
02/08/2016
Condensed Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests
Redeemable Noncontrolling
March 31, 2015

Issuance of common stock
Acquisition of noncontrolling interests
Distributions paid to noncontrolling
interests
Common stock dividends ($1.02 per share)
Net income (loss)
interests
Other comprehensive income
December 31, 2015
____________________________
$26,223
Total Bristow Group Stockhol

Common
Stock
$376
1
(5,467)
(426)
3,046
1,498
$24,874
$377
ow Group Stockholders Investment

Common
Stock
(Shares)
34,838,374
106,558
Additional
Paid-in
Capital
$781,837
14,683
(1,844)
Retained
Earnings
$1,284,442
(153)
(35,627)
(47,187)
(1,498)
34,944,932
$794,676
$1,199,977
Accumulated
Other
Comprehensive
Income (Loss)
($270,329)
Treasury
Stock
($184,796)
Noncontrolling
Interests
$7,256
(42)
392
400
(8,015)
($278,344)
($184,796)
$8,006
ing
Total
Stockholders
Investment
$1,618,786
14,684
(1,844)
(42)
(153)
(35,627)
392
(46,787)
(1,498)
(8,015)
$1,539,896
Bristow Group Inc

10-Q
02/08/2016
Foreign Currency
Three Months Ended

December 31,
2015.00
One British pound sterling into U.S. dollars
High
Average
Low
At period-end
One euro into U.S. dollars
High
Average
Low
At period-end
One Australian dollar into U.S. dollars
High
Average
Low
At period-end
One Norwegian kroner into U.S. dollars
High
Average
Low
At period-end
One Nigerian naira into U.S. dollars
High
Average
Low
At period-end
____________________________
2014.00
1.55
1.52
1.47
1.47
1.62
1.58
1.55
1.56
1.14
1.10
1.06
1.09
1.28
1.25
1.21
1.21
0.74
0.72
0.70
0.73
0.89
0.85
0.81
0.82
0.12
0.12
0.11
0.11
0.16
0.15
0.13
0.13
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
2014.00
Nine Months Ended

December 31,
2015.00
2014.00
1.59
1.53
1.46
1.47
1.72
1.64
1.55
1.56
1.16
1.10
1.06
1.09
1.39
1.31
1.21
1.21
0.81
0.74
0.69
0.73
0.95
0.90
0.81
0.82
0.14
0.12
0.11
0.11
0.17
0.16
0.13
0.13
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
Bristow Group Inc

10-Q
02/08/2016
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Three Months Ended

December 31,
2015.00
One Brazilian real into U.S. dollars
High
Average
Low
At period-end
____________________________
0.27
0.26
0.25
0.25
2014.00
0.42
0.39
0.37
0.37
2014.00
Nine Months Ended

December 31,
2015.00
0.34
0.29
0.24
0.25
2014.00
0.46
0.43
0.37
0.37
Bristow Group Inc

10-Q
02/08/2016
Revenue
Operating expense
net of losses
Non-operating expense
Income before provision for income taxes
Net income
Cumulative translation adjustment
____________________________
Three Months Ended

December 31, 2015
($14,920)
16,971
8,694
5,194
15,939
(2,200)
13,739
(4,244)
$9,495
Nine Months Ended

December 31, 2015
($83,892)
87,393
(1,146)
(262)
2,093
(349)
1,744
(8,015)
($6,271)
Bristow Group Inc

10-Q
02/08/2016
Interest Expense, Net
Interest income
Interest expense
Three Months Ended

December 31,
2015.00
$181
(9,717)
($9,536)
____________________________
2014.00
$118
(7,094)
($6,976)
Nine Months Ended

December 31,
2015.00
$619
(25,003)
($24,384)
2014.00
$740
(22,415)
($21,675)
Bristow Group Inc

10-Q
02/08/2016
Goodwill
Europe
March 31, 2015
Impairments (1)
Foreign currency translation
December 31, 2015
$35,701
(12,051)
278
$23,928
____________________________
Bristow Academy
$10,190
(10,223)
33
$0
Australia
$23,791
West Africa
$5,946
(1,134)
$22,657
(1)
$5,945
Total
$75,628
(22,274)
(824)
$52,530
Bristow Group Inc

10-Q
02/08/2016
Other Intangible Assets
March 31, 2015

Foreign currency translation
December 31, 2015
March 31, 2015
Amortization expense
December 31, 2015
Weighted average remaining contractual
life, in years
____________________________
Client contracts
$8,165
(36)
$8,129
Client relationships
$13,056
(214)
$12,842
($7,399)
(610)
($8,009)
($1,583)
(658)
($2,241)
0.10
12.10
Trade name and trademarks

$5,148
(48)
$5,100
Internally developed soft

$1,179
(7)
$1,172
Licenses
$758
(22)
$736
($323)
(241)
($564)
($244)
(182)
($426)
($542)
(39)
($581)
14.10
3.10
3.00
Total
$28,306
(327)
$27,979
($10,091)
(1,730)
($11,821)
7.00
Bristow Group Inc

10-Q
02/08/2016
Other Intangible Assets
2016.00
2017.00
2018.00
2019.00
2020.00
Thereafter
$374
1,410
1,533
1,173
971
10,697
$16,158
____________________________
Bristow Group Inc

10-Q
02/08/2016
Property and Equipment and Assets Held for Sale
Three Months Ended

December 31,
2015.00
2014.00
Number of aircraft delivered:

Medium
Large
Total aircraft
Capital expenditures (in thousands):
Aircraft and related equipment (1)
8
8
2
4
6
$165,394
$165,269
Other
Total capital expenditures
30,982
$196,376
31,897
$197,166
____________________________
Nine Months Ended

December 31,
2014.00
2015.00
2014.00
1
10
11
5
12
17
$276,547
$402,753
66,818
$343,365
96,532
$499,285
Bristow Group Inc

10-Q
02/08/2016
Property and Equipment and Assets Held for Sale
Three Months Ended

December 31,
2015.00
(In thousands, except for number of aircraft)
Number of aircraft sold or disposed of (1)
Proceeds from sale or disposal of assets
3
$3,045
3
$6,717
($2,154)
($717)
$0
12
$25,614
(1)
Gain (loss) from sale or disposal of assets
Number of aircraft impaired
Impairment charges on aircraft held for
sale
____________________________
Nine Months Ended

December 31,
2014.00
2015.00
2014.00
aircraft)
3
$6,717
16
$19,152
26
$404,361
($717)
($1,825)
$3,157
12
$25,614
11
$22,031
18
$28,751
Bristow Group Inc

10-Q
02/08/2016
December 31,
2015.00
Assets
Accounts receivable
Inventories
Property and equipment, net
Goodwill
Other assets
Total assets
Liabilities
Accounts payable
Accrued liabilities
Accrued interest
Deferred taxes
Current maturities of long-term debt
Deferred taxes
Temporary equity
Total liabilities
____________________________
$126,634
559,058
104,360
57,498
847,550
350
252,813
46,584
98,554
$1,245,851
$575,301
144,252
1,646,001
7,949
2,373,503
161,662
82,620
9,162
14,119
24,874
$2,665,940
March 31,
2015.00
$91,190
521,989
100,065
42,659
755,903
64
243,357
61,242
78,637
$1,139,203
$379,357
154,306
1,489,369
1,128
9,643
2,033,803
168,245
99,576
11,948
14,457
26,223
$2,354,252
Bristow Group Inc

10-Q
02/08/2016
Revenue
Net loss
____________________________
Three Months Ended

December 31,
2015.00
$355,036
(4,906)
(66,425)
2014.00
$371,974
(13,633)
(58,582)
Nine Months Ended

December 31,
2015.00
$1,119,169
(32,479)
(210,140)
2014.00
$1,147,406
10,085
(143,930)
Bristow Group Inc

10-Q
02/08/2016
Note 3 DEBT
December 31,
2015.00
6 % Senior Notes due 2022
Term Loan
Revolving Credit Facility
Term Loan Credit Facility
Airnorth debt
Eastern Airways debt
Other debt
3% Convertible Senior Notes due 2038, including
zero and $0.9 million of unamortized discount,
respectively
Total debt
Less short-term borrowings and current
maturities of long-term debt
Total long-term debt
____________________________
$401,535
339,138
232,050
200,000
20,273
15,213
14,794
1,223,003
(47,243)
$1,175,760
March 31,
2015.00
$401,535
222,179
83,800
23,119
19,680
114,109
864,422
(18,730)
$845,692
Bristow Group Inc

10-Q
02/08/2016
Note 3 DEBT
Contractual coupon interest

Amortization of debt discount
Total interest expense
____________________________
Three Months Ended

December 31,
2015.00
$0
$0
2014.00
$862
1,054
$1,916
Nine Months Ended

December 31,
2014.00
2015.00
$725
891
$1,616
2014.00
$2,588
3,121
$5,709
Bristow Group Inc

10-Q
02/08/2016
Non-recurring Fair Value Measurements
Quoted Prices in Active

Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Inventories
Goodwill
$0
$8,871
52,916
Total assets
$0
$61,787
____________________________
Significant
Unobservable
Inputs
(Level 3)
Balance as of
December 31,
2015.00
Total
Loss for the
Three Months
Ended
December 31,
2015.00
$0
$0
52,530
$8,871
52,916
52,530
$52,530
$114,317
$0
Total
Loss for the
Nine Months
Ended
December 31,
2015.00
($5,439)
(22,031)
(22,274)
($49,744)
Bristow Group Inc

10-Q
02/08/2016
Non-recurring Fair Value Measurements
Quoted Prices in Active

Markets for
Identical Assets
(Level 1)
Inventories
Total assets
____________________________
$0
$0
Significant Other
Observable Inputs
(Level 2)
$4,588
15,313
$19,901
Significant
Unobservable
Inputs
(Level 3)
Balance as of
December 31,
2014.00
Total
Loss for the
Three Months
Ended
December 31,
2014.00
$0
$0
$4,588
15,313
$19,901
($3,805)
(25,614)
($29,419)
Total
Loss for the
Nine Months
Ended
December 31,
2014.00
($7,167)
(28,751)
($35,918)
Bristow Group Inc

10-Q
02/08/2016
Recurring Fair Value Measurements
Rabbi Trust investments

Total assets
Contingent consideration: (1)
Current
Long-term
Total liabilities
____________________________
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
$2,326
$2,326
Significant
Other
Observable
Inputs
(Level 2)
$0
$0
$0
$0
$0
$0
Significant
Unobservable
Inputs
(Level 3)
Balance as of
December 31,
2015.00
$0
$0
$2,326
$2,326
$29,021
3,081
$32,102
$29,021
3,081
$32,102
Balance Sheet
Classification
Other assets
Bristow Group Inc

10-Q
02/08/2016
Recurring Fair Value Measurements
Rabbi Trust investments

Total assets
Contingent consideration: (1)
Current
Long-term
Total liabilities
____________________________
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
$2,379
$2,379
Significant
Other
Observable
Inputs
(Level 2)
$0
$0
$0
$0
$0
$0
Significant
Unobservable
Inputs
(Level 3)
Balance as of
March 31,
2015.00
$0
$0
$2,379
$2,379
$33,938
4,967
$38,905
$33,938
4,967
$38,905
Balance Sheet
Classification
Other assets
Bristow Group Inc

10-Q
02/08/2016
Balance as of
Change in
Payment of Cougar
Balance as of
March 31, 2015

fair value of contingent consideration
second year earn-out
December 31, 2015
____________________________
Significant
Unobservable
Inputs (Level 3)
$38,905
1,197
(8,000)
$32,102
1,197
(8,000)
Bristow Group Inc

10-Q
02/08/2016
Fair Value of Debt
6 % Senior Notes
Term Loan
Revolving Credit Facility
Term Loan Credit Facility
Airnorth debt
Eastern Airways debt
December 31, 2015

Carrying
Value
$401,535
339,138
232,050
200,000
20,273
15,213
3% Convertible Senior Notes

Other Debt
____________________________
14,794
$1,223,003
Fair Value
$313,699
339,138
232,050
200,000
20,273
15,213
14,794
$1,135,167
March 31, 2015

Carrying
Value
$401,535
222,179
83,800
Fair Value
$381,458
222,179
83,800
23,119
19,680
23,119
19,680
114,109
115,288
$864,422
$845,524
Bristow Group Inc

10-Q
02/08/2016
Note 5 COMMITMENTS AND CONTINGENCIES
Three Months Ending March
Fiscal Year Ending Ma

201
Commitments as of December 31, 2015: (1)

(2)
Number of aircraft:
Medium
Large (3)
U.K. SAR
Other SAR
Related expenditures (in thousands) (4)
Medium and large
U.K. SAR
Other SAR
10
4
1
1
14
$2,141
2,228
8,853
$13,222
$64,440
57,833
$122,273
$3,783
$68,619
Options as of December 31, 2015:

Number of aircraft:
Medium
Large
Related expenditures (in thousands) (4)
____________________________
scal Year Ending March 31,

2017.00
2018.00
2019.00
2020 and therea
10
5
4
4
14
$64,440
57,833
$66,266
55,145
$60,683
$109,75
$122,273
$121,411
$60,683
$109,75
7
7
14
2
2
$205,096
$30,409
$68,619
20 and thereafter
Total
10
18
8
1
37
$109,755
$303,285
115,206
8,853
$427,344
$109,755
7
9
16
$0
$307,907
Bristow Group Inc

10-Q
02/08/2016
Beginning of period
Aircraft delivered
Exercised options
Expired options
Reclassification (1)
End of period
Three Months Ended

December 31, 2015
Orders
41
(4)
____________________________
Options
21
September 30, 2015

Orders
46
(1)
(5)
37
16
(4)
41
30, 2015
Options
21
(4)
4
21
June 30, 2015

Orders
45
(2)
3
46
Options
30
(3)
(6)
21
Bristow Group Inc

10-Q
02/08/2016
End of Lease Term

Three months ending March 31, 2016 to fiscal
year 2017
Fiscal year 2018 to fiscal year 2020
Fiscal year 2021 to fiscal year 2024
____________________________
Number of Airc
6
52
26
84
Monthly Lease Payme

(in thousands)
$1,052
9,928
3,382
$14,362
nthly Lease Payments

n thousands)
$1,052
9,928
3,382
$14,362
Bristow Group Inc

10-Q
02/08/2016
Pension Plans
Service cost for benefits earned during

the period
Interest cost on pension benefit obligation
Expected return on assets
Amortization of unrecognized losses
Net periodic pension cost
____________________________
Three Months Ended

December 31,
2015.00
$2,349
5,119
(6,871)
2,110
$2,707
Nine Months Ended

December 31,
2014.00
2015.00
2014.00
$1,897
$7,121
$6,230
5,852
(6,945)
1,493
$2,297
15,515
(20,826)
6,395
$8,205
19,218
(22,806)
4,902
$7,544
Bristow Group Inc

10-Q
02/08/2016
Incentive Compensation
Risk free interest rate

Expected life (years)
Volatility
Dividend yield
Weighted average exercise price of options
granted
Weighted average grant-date fair value
of options granted
____________________________
1.62 %
5
28.10 %
3.14 %
$57.52 per option
$10.71 per option
Bristow Group Inc

10-Q
02/08/2016
Earnings per Share
Three Months Ended

December 31,
2015.00
Options:
Outstanding
Weighted average exercise price
Restricted stock awards:
Outstanding
Weighted average price
____________________________
2014.
1,182,210
$63.83
537,260
$73.25
175,578
$58.17
194,704
$67.56
Nine Months Ended

December 31,
2014.00
2015.00
2014.00
1,131,668
$63.30
654,630
$68.78
265,128
$41.67
$0
Bristow Group Inc

10-Q
02/08/2016
Three Months Ended

December 31,
2015.00
Net income (loss) available to common stockholders
(in thousands):
Income (loss) available to common stockholders
basic
Interest expense on assumed conversion
of 3% Convertible Senior Notes, net of tax
$3,202
(1)
Income (loss) available to common stockholders
diluted
Shares:
Weighted average number of common shares
outstanding basic
Assumed conversion of 3% Convertible Senior
Notes outstanding during the period (1)
Net effect of dilutive stock options and
restricted stock awards based on the treasury
stock method
Weighted average number of common shares
outstanding diluted
Basic earnings (loss) per common share
Diluted earnings (loss) per common share
____________________________
$3,202
34,936,937
366,301
35,303,238
$0.09
$0.09
Nine Months Ended

December 31,
2014.00
2015.00
2014.00
($968)
($48,685)
$69,223
($968)
($48,685)
$69,223
35,039,875
34,884,529
35,332,925
324,194
35,039,875
34,884,529
35,657,119
($0.03)
($0.03)
($1.40)
($1.40)
$1.96
$1.94
Bristow Group Inc

10-Q
02/08/2016
_____________ Accumulated Other Comprehensive Income
Balance as of March 31, 2015

Other comprehensive income before reclassification
Reclassified from accumulated other comprehensive
income
Net current period other comprehensive
income
Foreign exchange rate impact
Balance at December 31, 2015
____________________________
Currency Translation Adju

($39,066)
(8,015)
(8,015)
(2,525)
($49,606)
Pension Liability Adjustm

($231,263)
Total
($270,329)
(8,015)
(8,015)
2,525
($228,738)
($278,344)
Bristow Group Inc

10-Q
02/08/2016
Note 9 SEGMENT INFORMATION
Three Months Ended

December 31,
2015.00
Region gross revenue from external clients:
Europe Caspian
Africa
Americas
Asia Pacific
Corporate and other
Total region gross revenue
Intra-region gross revenue:
Europe Caspian
Africa
Americas
Asia Pacific
Corporate and other
Total intra-region gross revenue
Consolidated gross revenue reconciliation:
Europe Caspian
Africa
Americas
Asia Pacific
Corporate and other
Intra-region eliminations
Total consolidated gross revenue
____________________________
$208,852
63,287
70,826
73,598
3,324
$419,887
$302
1,406
400
$2,108
$209,154
63,287
72,232
73,598
3,724
(2,108)
$419,887
Nine Months Ended

December 31,
2014.00
2015.00
2014.00
$219,453
88,754
88,832
61,813
1,288
$657,299
207,501
219,284
232,677
17,033
$683,100
263,890
260,653
182,244
18,427
$460,140
$1,333,794
$1,408,314
$272
$7,339
(238)
254
781
$1,069
$1,379
2
6,778
2
1,844
$10,005
6,003
254
2,167
$15,763
$219,725
88,754
88,594
62,067
2,069
(1,069)
$460,140
$658,678
207,503
226,062
232,679
18,877
(10,005)
$1,333,794
$690,439
263,890
266,656
182,498
20,594
(15,763)
$1,408,314
Bristow Group Inc

10-Q
02/08/2016
Three Months Ended

December 31,
2015.00
net of losses equity method investments:
Europe Caspian
Americas
Total earnings from unconsolidated affiliates,
net of losses equity method investments
Consolidated operating income reconciliation:
Europe Caspian
Africa
Americas
Asia Pacific
Corporate and other
Total consolidated operating income
Depreciation and amortization:
Europe Caspian
Africa
Americas
Asia Pacific
Corporate and other
Total depreciation and amortization (1)
____________________________
$93
7,556
$7,649
$26,986
4,377
22,797
458
(30,387)
(2,154)
$22,077
$8,912
8,581
7,797
4,268
2,762
$32,320
Nine Months Ended

December 31,
2014.00
2015.00
2014.00
$212
(1,213)
($1,001)
$345
(1,760)
($1,415)
$1,109
(733)
$376
$28,550
26,379
19,774
5,264
(44,720)
(26,331)
$8,916
$56,243
24,903
30,283
4,783
(95,278)
(23,856)
($2,922)
$111,372
63,672
59,998
11,055
(102,331)
(25,594)
$118,172
$8,257
3,687
7,872
3,764
45
$23,625
$29,889
24,274
28,523
17,445
6,722
$106,853
$28,613
11,586
24,014
12,644
307
$77,164
Bristow Group Inc

10-Q
02/08/2016
December 31,
March 31,
2015.00
Identifiable assets:
Europe Caspian
Africa
Americas
Asia Pacific
Corporate and other
Total identifiable assets (2)
____________________________
$1,150,613
337,265
931,709
385,857
546,645
$3,352,089
2015.00
$968,234
431,466
926,956
366,181
537,883
$3,230,720
2015.00
Bristow Group Inc

10-Q
02/08/2016
Investments in unconsolidated affiliates

equity method investments:
Europe Caspian
Americas
Total investments in unconsolidated affiliates
equity method investments
____________________________
$350
197,347
$197,697
$65
210,025
$210,090
Bristow Group Inc

10-Q
02/08/2016
Three Months Ended December 31, 2015
Parent
Company
Only
Guarantor
Subsidiaries
(In thousands)
Revenue:
Gross revenue
Intercompany revenue
Operating expense:
Direct cost and reimbursable expense
Intercompany expenses

net of losses
taxes
Allocation of consolidated income taxes
Net income (loss)
interests
Group
____________________________
$0
$55,990
23,560
79,550
1,146
44,053
1,852
22,175
25,173
15,621
5,960
65,634
(100)
(753)
(25,926)
30,442
230
13,816
(1,035)
252
4,746
13,033
(1,530)
3,216
(14)
(309)
12,724
$3,202
$12,724
arantor
bsidiaries
NonGuarantor
Subsidiaries
$55,990
23,560
79,550
$363,897
44,053
266,316
23,560
14,847
31,378
336,101
15,621
5,960
65,634
(100)
363,897
(2,054)
7,649
Eliminations
Consolidated
$0
(23,560)
(23,560)
$419,88
419,88
311,51
(23,560)
(23,560)
32,32
59,51
403,34
796
(2,154
7,69
13,816
(1,035)
252
33,391
(38,943)
168
796
22,07
(9,536
65
13,033
(5,384)
796
13,19
(309)
12,724
(7,784)
(13,168)
(352)
796
(9,623
3,56
(366
$12,724
($13,520)
$796
$3,20
nsolidated
$419,887
419,887
311,515
32,320
59,513
403,348
(2,154)
7,692
22,077
(9,536)
650
13,191
(9,623)
3,568
(366)
$3,202
Bristow Group Inc

10-Q
02/08/2016
Nine Months Ended December 31, 2015
Parent
Company
Only
Guarantor
Subsidiaries
(In thousands)
Revenue:
Gross revenue
Operating expense:
Loss on impairment
net of losses
taxes
Net income (loss)
interests
Group
interests
stockholders
____________________________
$0
$179,416
70,295
249,711
229
149,010
5,136
62,490
67,855
47,736
18,752
215,498
(2,508)
(19,738)
(90,180)
(158,035)
88,893
185
(68,957)
11,967
(3,381)
336
8,922
21,812
(47,145)
(42)
(2,719)
6,203
(47,187)
6,203
($47,187)
$6,203
arantor
bsidiaries
NonGuarantor
Subsidiaries
$179,416
70,295
249,711
$1,154,378
149,010
853,381
70,295
53,981
93,060
1,070,717
47,736
18,752
215,498
(2,508)
(19,738)
1,154,378
(25,205)
(4,118)
(1,415)
Eliminations
$0
(70,295)
(70,295)
Consolidated
$1,333,79
1,333,79
1,002,62
(70,295)
(70,295)
106,85
174,30
1,283,77
90,223
(27,713
(23,856
(1,372
11,967
(3,381)
336
8,922
52,923
(109,896)
(7,456)
(64,429)
90,223
(2,719)
6,203
(28,593)
(93,022)
(3,404)
90,223
(9,500
(43,741
(3,446
6,203
(96,426)
90,223
(47,187
90,223
(1,498)
$6,203
($97,924)
(2,922
(24,384
(6,935
(34,241
(1,498
$90,223
($48,685
nsolidated
$1,333,794
1,333,794
1,002,620
106,853
174,302
1,283,775
(27,713)
(23,856)
(1,372)
(2,922)
(24,384)
(6,935)
(34,241)
(9,500)
(43,741)
(3,446)
(47,187)
(1,498)
($48,685)
Bristow Group Inc

10-Q
02/08/2016
Parent
Company
Only
Guarantor
Subsidiaries
(In thousands)
Revenue:
Gross revenue
Operating expense:
Loss on impairment
Gain (loss) on disposal of assets
net of losses
Gain on sale of unconsolidated affiliate
taxes
Net income (loss)
interests
Group
____________________________
$0
840
840
$78,026
21,079
99,105
58,459
(24)
29,395
29,371
9,637
8,891
76,987
4,878
(1,733)
(30,264)
26,048
26,996
(1,322)
(625)
(4,841)
(660)
25,014
3,889
(952)
(16)
727
25,741
($968)
$25,741
arantor
bsidiaries
NonGuarantor
Subsidiaries
$78,026
21,079
99,105
$382,114
58,459
265,515
21,919
14,012
34,245
335,691
9,637
8,891
76,987
4,878
26,996
(1,322)
(660)
25,014
382,114
(3,805)
(31,209)
(1,000)
10,409
(31,702)
3,921
(3,938)
(21,310)
Eliminations
$0
(21,919)
(21,919)
Consolidated
$460,14
460,14
323,97
(21,919)
(21,919)
23,62
72,53
420,13
1,775
(3,805
(26,331
(958
1,775
1,775
8,91
(6,976
3,92
(5,223
63
727
25,741
(5,183)
(26,493)
(1,023)
1,775
(567
7
(1,039
$25,741
($27,516)
$1,775
($968
nsolidated
$460,140
460,140
323,974
23,625
72,531
420,130
(3,805)
(26,331)
(958)
8,916
(6,976)
3,921
(5,223)
638
(567)
71
(1,039)
($968)
Bristow Group Inc

10-Q
02/08/2016
Parent
Company
Only
Guarantor
Subsidiaries
(In thousands)
Revenue:
Gross revenue
Operating expense:
Loss on impairment
Gain (loss) on disposal of assets
net of losses
Net income (loss)
interests
Group
____________________________
$0
1,704
1,704
$227,378
71,092
298,470
168,412
1,254
67,573
68,827
31,738
26,137
226,287
7,416
51,251
(15,872)
82,058
79,599
(3,288)
(2,469)
63,717
5,549
69,266
(43)
(563)
75,748
(34)
75,714
$69,223
$75,714
arantor
bsidiaries
NonGuarantor
Subsidiaries
$227,378
71,092
298,470
$1,180,936
168,412
817,537
72,796
44,172
100,977
1,035,482
31,738
26,137
226,287
7,416
79,599
(3,288)
(563)
75,748
(34)
75,714
$75,714
1,180,936
(7,167)
(33,010)
377
Eliminations
$0
(72,796)
(72,796)
Consolidated
$1,408,31
1,408,31
985,94
(72,796)
(72,796)
77,16
194,68
1,257,80
(51,209)
(7,167
(25,594
41
105,654
(100,445)
3,921
(6,111)
3,019
(23,891)
(20,872)
(3,633)
(51,209)
($24,505)
($51,209)
(51,209)
(51,209)
118,17
(21,675
3,92
(9,143
91,27
(18,376
72,89
(3,676
$69,22
nsolidated
$1,408,314
1,408,314
985,949
77,164
194,687
1,257,800
(7,167)
(25,594)
419
118,172
(21,675)
3,921
(9,143)
91,275
(18,376)
72,899
(3,676)
$69,223
Bristow Group Inc

10-Q
02/08/2016
Parent
Company
Only
Net income (loss)

Other comprehensive income (loss):
interests
Total comprehensive income attributable
to Bristow Group
____________________________
Guarantor
Subsidiaries
(In thousands)
$3,216
$12,7
(31,902)
(28,686)
12,7
(14)
(14)
($28,700)
$12,7
arantor
bsidiaries
NonGuarantor
Subsidiaries
Eliminations
Consolidated
$12,724
($13,168)
$796
$3,56
12,724
23,556
10,388
4,707
5,503
(3,639
(71
$12,724
(352)
(366
(605)
(605
(957)
(971
$9,431
$5,503
($1,042
nsolidated
$3,568
(3,639)
(71)
(366)
(605)
(971)
($1,042)
Bristow Group Inc

10-Q
02/08/2016
Parent
Company
Only
Net loss
interests
Total comprehensive loss attributable
to Bristow Group
interests
Total comprehensive loss attributable
to common stockholders
____________________________
Guarantor
Subsidiaries
(In thousands)
($47,145)
$6,20
(38,773)
(85,918)
6,20
(42)
(42)
(85,960)
6,20
($85,960)
$6,20
arantor
bsidiaries
NonGuarantor
Subsidiaries
Eliminations
Consolidated
$6,203
($93,022)
$90,223
($43,741
6,203
63,859
(29,163)
(33,067)
57,156
(7,981
(51,722
6,203
(3,404)
(3,446
(34)
(34
(3,438)
(3,480
(32,601)
57,156
(1,498)
$6,203
($34,099)
(55,202
(1,498
$57,156
($56,700
nsolidated
($43,741)
(7,981)
(51,722)
(3,446)
(34)
(3,480)
(55,202)
(1,498)
($56,700)
Bristow Group Inc

10-Q
02/08/2016
Parent
Company
Only
Net income (loss)

interests
Total comprehensive (income) loss attributable
to Bristow Group
____________________________
Guarantor
Subsidiaries
(In thousands)
($952)
$25,7
1,351
399
25,7
(16)
(16)
$383
$25,7
arantor
bsidiaries
NonGuarantor
Subsidiaries
Eliminations
Consolidated
$25,741
($26,493)
$1,775
$7
25,741
(33,835)
(60,328)
12,309
14,084
(20,175
(20,104
$25,741
(1,023)
(1,039
2,381
2,38
1,358
1,34
($58,970)
$14,084
($18,762
nsolidated
$71
(20,175)
(20,104)
(1,039)
2,381
1,342
($18,762)
Bristow Group Inc

10-Q
02/08/2016
Parent
Company
Only
Net income (loss)

Other comprehensive income:
interests
to Bristow Group
____________________________
Guarantor
Subsidiaries
(In thousands)
$69,266
$75,7
(10,335)
58,931
75,7
(43)
(43)
$58,888
$75,7
arantor
bsidiaries
NonGuarantor
Subsidiaries
Eliminations
Consolidated
$75,714
($20,872)
($51,209)
$72,89
75,714
(19,867)
(40,739)
(489)
(51,698)
(30,691
42,20
$75,714
(3,633)
(3,676
2,415
2,41
(1,218)
(1,261
($41,957)
($51,698)
$40,94
nsolidated
$72,899
(30,691)
42,208
(3,676)
2,415
(1,261)
$40,947
Bristow Group Inc

10-Q
02/08/2016
As of December 31, 2015
Parent
Company
Only
(In thousands)
ASSETS
Current assets:
Accounts receivable
Inventories
Intercompany investment
Intercompany notes receivable
Land and buildings
Less: Accumulated depreciation and amortization
Goodwill
Other assets
Total assets
Accounts payable
Accrued liabilities
Current deferred taxes
of long-term debt
Intercompany notes payable
Deferred taxes
Common stock
$721
608,521
4,493
613,735
1,196,032
1,380,962
5,105
130,831
135,936
(21,557)
114,379
44,826
$3,349,934
$342,833
16,802
1,048
24,501
385,184
1,148,223
11,593
112,629
377
Additional paid-in-capital
Retained earnings
Accumulated other comprehensive income
(loss)
Treasury shares
____________________________
794,676
1,199,977
(119,377)
(184,796)
1,690,857
1,448
1,692,305
$3,349,934
Guarantor
Subsidiaries
NonGuarantor
Subsidiaries
$828
510,761
$130,359
388,293
38,990
43,579
7,375
601,533
111,379
13,786
107,600
9,337
36,823
672,412
148,865
203,983
3,600
63,190
1,210,731
1,273,921
(231,037)
1,042,884
4,756
899
$1,775,237
178,372
1,248,294
1,426,666
(269,033)
1,157,633
47,774
123,075
$2,357,342
$710,978
33,875
1,917
$358,814
1,213,763
11,337
22,742
746,770
113,586
7,246
5,202
4,996
29,021
1,635,677
27,537
158,323
82,620
14,928
14,068
24,874
22,876
Eliminations
$0
(1,275,800)
(1,275,800)
(1,456,276)
(1,398,348)
($4,130,424)
($1,332,674)
(1,071,068)
(2,403,742)
(271,909)
(616)
(27,872)
9,291
888,146
284,048
35,482
50,351
(293,339)
(923,628)
(209,318)
902,433
392,757
6,558
399,315
$2,357,342
(1,454,157)
902,433
$1,775,237
(1,454,157)
($4,130,424)
Consolidated
$131,908
231,775
146,590
52,916
48,691
611,880
203,983
246,667
2,589,856
2,836,523
(521,627)
2,314,896
52,530
168,800
$3,352,089
$79,951
193,372
14,302
47,243
29,021
363,889
1,175,760
82,620
33,151
131,899
24,874
377
794,676
1,199,977
(278,344)
(184,796)
1,531,890
8,006
1,539,896
$3,352,089
Bristow Group Inc

10-Q
02/08/2016
As of March 31, 2015
Parent
Company
Only
(In thousands)
ASSETS
Current assets:
Accounts receivable
Inventories
Intercompany investment
Intercompany notes receivable
Land and buildings
Less: Accumulated depreciation and amortization
Goodwill
Other assets
Total assets
Accounts payable
Accrued liabilities
Current deferred taxes
of long-term debt
Deferred sale leaseback
Intercompany notes payable
Deferred taxes
$126
377,158
4,850
382,134
1,410,347
1,184,335
2,830
108,457
111,287
(16,431)
94,856
43,423
$3,115,095
$203,700
31,805
(3,661)
9,088
240,932
812,536
100,000
17,144
141,771
Common stock
Additional paid-in-capital
Retained earnings
Accumulated other comprehensive loss
Treasury shares
____________________________
376
781,837
1,284,442
(80,604)
(184,796)
1,801,255
1,457
1,802,712
$3,115,095
Guarantor
Subsidiaries
NonGuarantor
Subsidiaries
$884
342,239
$103,136
447,776
44,285
54,695
7,035
449,138
111,380
102,884
3,132
58,206
715,134
Eliminations
$0
(908,555)
(908,555)
(1,521,727)
216,376
(1,184,335)
50,946
1,114,218
1,165,164
(223,245)
941,919
4,756
988
$1,508,181
118,183
1,271,194
1,389,377
(269,051)
1,120,326
70,872
99,353
$2,222,061
$369,854
37,860
2,503
$289,838
172,851
18,862
9,642
($3,614,617)
($779,199)
(18,009)
33,938
55,934
466,151
131,075
8,379
6,346
525,131
33,156
1,065,918
99,576
21,711
17,538
26,223
(797,208)
(1,296,993)
(7,452)
4,996
9,291
881,943
22,876
284,048
133,559
(13,474)
(27,872)
(293,339)
(1,015,502)
(176,251)
896,230
427,009
5,799
432,808
$2,222,061
(1,512,964)
896,230
$1,508,181
(1,512,964)
($3,614,617)
Consolidated
$104,146
258,618
147,169
57,827
70,091
637,851
216,376
171,959
2,493,869
2,665,828
(508,727)
2,157,101
75,628
143,764
$3,230,720
$84,193
224,507
17,704
18,730
33,938
55,934
435,006
845,692
99,576
39,782
165,655
26,223
376
781,837
1,284,442
(270,329)
(184,796)
1,611,530
7,256
1,618,786
$3,230,720
Bristow Group Inc

10-Q
02/08/2016
Parent
Company
Only
Net cash provided by (used in) operating

activities
Net cash used in investing activities
Repayment of debt
Dividends paid
Increases (decreases) in cash related
to intercompany advances and debt
Payment of contingent consideration
activities
Net increase in cash and cash equivalents
of period
____________________________
(In thousands)
($111,132)
(24,633)
(24,633)
893,025
(542,900)
(35,627)
(178,140)
(42)
44
136,360
595
126
$721
Guarantor
Subsidiaries
NonGuarantor
Subsidiaries
$104,553
$62,263
(258,365)
(60,367)
15,192
(243,173)
3,960
(56,407)
Eliminations
$0
17,396
(24,221)
138,564
39,576
(7,311)
(153)
(8,000)
138,564
17,287
4,080
(56)
884
27,223
103,136
$828
$130,359
$0
Consolidated
$55,684
(343,365)
19,152
(324,213)
910,421
(567,121)
(35,627)
(42)
(7,311)
(153)
(8,000)
44
292,211
4,080
27,762
104,146
$131,908
Bristow Group Inc

10-Q
02/08/2016
Parent
Company
Only
Net cash provided by (used in) operating

activities
Proceeds from sale of unconsolidated affiliate
Net cash provided by (used in) investing
activities
Repayment of debt
Dividends paid
Increases (decreases) in cash related
to intercompany advances and debt
Repurchase of Common Stock
Issuance of Common Stock
activities
Net increase (decrease) in cash and cash
equivalents
of period
____________________________
(In thousands)
($88,788)
(38,303)
(38,303)
346,500
(363,872)
(33,935)
255,878
(46)
(80,831)
2,217
1,642
127,553
462
4,640
$5,102
Guarantor
Subsidiaries
NonGuarantor
Subsidiaries
$263,933
($13,181)
(303,951)
(157,031)
209,523
194,838
4,185
41,992
(94,428)
Eliminations
$446
1,360
(9,297)
(169,111)
(86,767)
(3,170)
(169,111)
(97,874)
(15,214)
394
$394
(84,277)
446
200,147
(446)
$115,870
$0
Consolidated
$162,410
(499,285)
404,361
4,185
(90,739)
347,860
(373,169)
(33,935)
(46)
(3,170)
(80,831)
2,217
1,642
(139,432)
(15,214)
(82,975)
204,341
$121,366
Bristow Group Inc

10-Q
02/08/2016
General
Europe Caspian
Africa
Americas
Asia Pacific
Corporate and other
Total
Aircraft not currently in fleet: (5)
On order
Under option
____________________________
Percenta
of Curre
Period
Operatin
Revenue
48 %
16 %
18 %
17 %
1 %
100 %
Aircraft in Consolidated Fleet
Helicopters
Small
14
19
2
Medium
14
28
44
9
35
95
10
7
Fleet
edium
Large
70
5
18
23
116
27
9
Training
Fixed
Wing (1)
28
5
13
68
68
46
Total (2)(3)
112
52
81
47
68
360
37
16
tal (2)(3)
Unconsolidated
Affiliates (4)
45
79
124
Total
112
97
160
47
68
484
Bristow Group Inc

10-Q
02/08/2016
Held for Sale Aircraft in Consolidated

Fleet
Helicopters
Small
Medium
Europe Caspian
Africa
Americas
Asia Pacific
Corporate and other
Total
1
4
7
2
12
Leased Aircraft in Consolidated Fleet

Helicopters
Small
Medium
Europe Caspian
Africa
Americas
Asia Pacific
Corporate and other
Total
Large
Large
1
2
5
1
10
2
37
2
5
8
18
52
____________________________
Training
Fixed
Wing
1
11
11
Training
Fixed
Wing
11
2
4
25
25
17
Total
1
10
7
2
11
31
Total
53
5
16
16
25
115
Bristow Group Inc

10-Q
02/08/2016
Current
Period (1)
LACE
LACE Rate (in millions)
____________________________
163
$8.89
Fiscal Year Ended March 31,

2015.00
166
$9.33
arch 31,
2014.00
158
$9.34
2013.00
158
$8.35
2012.00
149
$7.89
2011.00
153
$7.15
Bristow Group Inc

10-Q
02/08/2016
LACE
Owned Aircraft
Europe Caspian
Africa
Americas
Asia Pacific
Total
37
17
31
17
101
____________________________
Leased Aircraft
40
3
10
10
62
Percenta
of LACE
leased
52 %
13 %
25 %
37 %
38 %
Bristow Group Inc

10-Q
02/08/2016
Results of Operations
Three Months Ended

December 31,
2015.00
2014.00
(In thousands, except per share

amounts, percentages and flight hours)
Gross revenue:
Operating revenue
Reimbursable revenue
$395,157
24,730
$430,318
29,822
Total gross revenue
419,887
460,140
Operating expense:
Direct cost
Total operating expense
288,135
23,380
32,320
59,513
403,348
295,425
28,549
23,625
72,531
420,130
(2,154)
7,692
(3,805)
(26,331)
(958)
22,077
8,916

(9,536)
650
(6,976)
3,921
(5,223)

13,191
(9,623)
638
(567)
3,568
(366)
71
(1,039)
$3,202
($968)
Loss on impairment
net of losses
Operating income
Net income
interests
Group
Diluted earnings (loss) per common share
Operating margin (1)
Flight hours (2)
Non-GAAP financial measures: (3)
Adjusted operating income
$0.09
5.60 %
47,396
$36,622
($0.03)
2.10
53,033
$43,564
Adjusted
Adjusted
Adjusted
Adjusted
Adjusted
operating margin (1)

EBITDAR
EBITDAR margin (1)
net income
diluted earnings per share
____________________________
9.30 %
$116,907
29.60 %
$23,533
$0.67
10.10
$109,056
25.30
$24,719
$0.70
Favorable
(Unfavorable)
2014.00
$430,318
29,822
($35,161)
(5,092)
(8.20) %
(17.10) %
460,140
(40,253)
(8.70) %
295,425
28,549
23,625
72,531
420,130
7,290
5,169
(8,695)
13,018
16,782
(3,805)
(26,331)
(958)
3,805
24,177
8,650
8,916
13,161
147.60 %
(6,976)
3,921
(5,223)
(2,560)
(3,921)
5,873
(36.70) %
(100.00) %
112.40 %
638
(567)
12,553
(9,056)
*
*
71
(1,039)
3,497
673
($968)
$4,170
($0.03)
2.10 %
53,033
$0.12
3.50 %
(5,637)
$43,564
($6,942)
2.50
18.10
(36.80)
17.90
4.00
%
%
%
%
%
100.00 %
91.80 %
*
64.80 %
166.70 %
(10.60) %
(15.90) %
10.10 %
$109,056
25.30 %
$24,719
$0.70
(0.80) %
$7,851
4.30 %
($1,186)
($0.03)
(7.90)
7.20
17.00
(4.80)
(4.30)
%
%
%
%
%
Bristow Group Inc

10-Q
02/08/2016
Nine Months Ended

December 31,
2015.00
2014.00
(In thousands, except per share

amounts, percentages and flight hours)
Gross revenue:
Operating revenue
$1,254,279
$1,308,111
Reimbursable revenue
Total gross revenue
79,515
1,333,794
100,203
1,408,314
Operating expense:
Direct cost
Total operating expense
926,378
76,242
106,853
174,302
1,283,775
891,483
94,466
77,164
194,687
1,257,800
(27,713)
(23,856)
(1,372)
(7,167)
(25,594)
419
(2,922)
118,172

(24,384)
(6,935)
(21,675)
3,921
(9,143)

taxes
(34,241)
91,275
(9,500)
(18,376)
Net income (loss)

interests
Group
interests
stockholders
(43,741)
(3,446)
72,899
(3,676)
(47,187)
69,223
Loss on impairment
net of losses
(1,498)
($48,685)
$69,223
Diluted earnings per common share

Operating margin (1)
Flight hours (2)
Non-GAAP
Adjusted
Adjusted
Adjusted
Adjusted
Adjusted
Adjusted
financial measures: (3)

operating income
operating margin (1)
EBITDAR
EBITDAR margin (1)
net income
diluted earnings per share
____________________________
($1.40)
(0.20) %
151,014
$1.94
9.00
158,518
$92,132
7.30 %
$330,718
26.40 %
$47,196
$1.34
$161,303
12.30
$347,494
26.60
$102,159
$2.87
Favorable
(Unfavorable)
2014.00
$1,308,111
($53,832)
(4.10) %
100,203
1,408,314
(20,688)
(74,520)
(20.60) %
(5.30) %
891,483
94,466
77,164
194,687
1,257,800
(34,895)
18,224
(29,689)
20,385
(25,975)
(3.90)
19.30
(38.50)
10.50
(2.10)
(7,167)
(25,594)
419
(20,546)
1,738
(1,791)
(286.70) %
6.80 %
*
118,172
(121,094)
(102.50) %
(21,675)
3,921
(9,143)
(2,709)
(3,921)
2,208
(12.50) %
(100.00) %
24.10 %
91,275
(125,516)
(137.50) %
(18,376)
8,876
48.30 %
72,899
(3,676)
(116,640)
230
(160.00) %
6.30 %
69,223
(116,410)
(168.20) %
(1,498)
$69,223
($117,908)
%
%
%
%
%
*
(170.30) %
$1.94
9.00 %
158,518
($3.34)
(9.20) %
(7,504)
$161,303
12.30 %
$347,494
26.60 %
$102,159
$2.87
($69,171)
(5.00) %
($16,776)
(0.20) %
($54,963)
($1.53)
(172.20) %
(102.20) %
(4.70) %
(42.90)
(40.70)
(4.80)
(0.80)
(53.80)
(53.30)
%
%
%
%
%
%
Bristow Group Inc

10-Q
02/08/2016
Three Months Ended

December 31,
2015.00
Adjusted operating income

Special items (i)

$36,622
(2,154)
(12,391)
$22,077
Adjusted EBITDAR
Special items (i)
Rent expense
Interest expense
Net income (loss)
$116,907
(2,154)
(7,348)
(32,320)
(52,177)
(9,717)
(9,623)
$3,568
Adjusted net income

Loss on disposal of assets (ii)
Special items (i) (ii)
Group
$23,533
(1,658)
(18,673)
$3,202
Adjusted diluted earnings per share (iii)

Loss on disposal of assets (ii)
Special items (i) (ii)
Diluted earnings (loss) per share
$0.67
(0.05)
(0.53)
0.09
____________________________
Nine Months Ended

December 31,
2014.00
2015.00
2014.00
are amounts)
$43,564
(26,331)
(8,317)
$8,916
$92,132
(23,856)
(71,198)
($2,922)
$161,303
(25,594)
(17,537)
$118,172
$109,056
(26,331)
(5,086)
(23,625)
(46,282)
(7,094)
(567)
$71
$330,718
(23,856)
(48,752)
(106,853)
(160,495)
(25,003)
(9,500)
($43,741)
$347,494
(25,594)
(16,207)
(77,164)
(114,839)
(22,415)
(18,376)
$72,899
$24,719
(21,033)
(4,654)
($968)
$47,196
(18,369)
(76,014)
($47,187)
$102,159
(20,441)
(12,495)
$69,223
$0.70
(0.60)
(0.13)
(0.03)
$1.34
(0.52)
(2.20)
(1.40)
$2.87
(0.57)
(0.35)
1.94
Bristow Group Inc

10-Q
02/08/2016
Three Months Ended

December 31,
2015.00
Europe Caspian
Africa
Americas
Asia Pacific
Corporate and other
Consolidated adjusted EBITDAR
Europe Caspian
Africa
Americas
Asia Pacific
Consolidated adjusted EBITDAR margin
____________________________
(In thousands, except percentages)

$66,062
18,162
35,908
16,599
(19,824)
$116,907
34.30
29.40
49.80
24.60
29.60
2014
$64,10
29,78
33,23
14,51
(32,580
$109,05
%
%
%
%
%
32.8
34.5
37.6
24.5
25.3
2014.00
Nine Months Ended

December 31,
2015.00
2014.00
$64,107
29,785
33,233
14,511
$198,621
60,877
76,645
49,994
$205,357
77,680
101,113
39,839
(32,580)
$109,056
(55,419)
$330,718
(76,495)
$347,494
32.80
34.50
37.60
24.50
25.30
%
%
%
%
%
32.90
30.00
34.00
23.30
26.40
%
%
%
%
%
33.50
30.40
38.00
23.60
26.60
%
%
%
%
%
Bristow Group Inc

10-Q
02/08/2016
Current Quarter Compared to Comparable Quarter
Three Months Ended

December 31, 2015
Adjusted
Operating
Income
Severance costs
Additional depreciation expense resulting
from fleet changes
Tax valuation allowance
Total special items

($7,348)
____________________________
($7,348)
(5,043)
($12,391)
Three Months Ended
December 31, 2014
Adjusted
Operating
Income

Impairment of inventories
Repurchase of 6 % Senior Notes
Accounting correction
Accrued maintenance cost reversal
Total special items
Adjusted
EBITDAR
($7,348)
Adjusted
EBITDAR

$0
(3,805)
(5,325)
813
($8,317)
$3,921
(3,805)
(690)
(5,325)
813
($5,086)
Adjusted
Net Income
Adjusted
Diluted
Earnings
Per Share
($5,370)
($0.15)
(3,774)
(0.11)
(9,529)
($18,673)
(0.27)
(0.53)
Adjusted
Net Income
$2,549
(3,044)
(594)
(4,207)
642
($4,654)
Adjusted
Diluted
Earnings
Per Share
$0.07
(0.09)
(0.02)
(0.12)
0.02
(0.13)
Bristow Group Inc

10-Q
02/08/2016
Current Period Compared to Comparable Period
Nine Months Ended

December 31, 2015
Adjusted
Operating
Income
Severance costs
Additional depreciation expense resulting
from fleet changes
Goodwill impairment
Tax valuation allowance
interests
Total special items

($21,039)
($21,039)
(22,446)
(5,439)
(22,274)
(5,439)
(22,274)
($71,198)
($48,752)
Nine Months Ended

December 31, 2014
Adjusted
Operating
Income

North America restructuring
CEO succession
Repurchase of 6 % Senior Notes
Accounting correction
Accrued maintenance cost reversal
Total special items
____________________________
Adjusted
EBITDAR
Adjusted
EBITDAR

$0
(1,611)
(5,501)
(7,167)
(4,071)
813
($17,537)
$3,921
(1,611)
(5,501)
(7,167)
(2,591)
(4,071)
813
($16,207)
Adjusted
Net Income
Adjusted
Diluted
Earnings
Per Share
($16,758)
($0.47)
(15,532)
(0.44)
(3,764)
(24,996)
(14,964)
(0.11)
(0.71)
(0.42)
(0.04)
($76,014)
(2.20)
Adjusted
Net Income
$2,549
(1,047)
(3,576)
(5,734)
(2,113)
(3,216)
642
($12,495)
Adjusted
Diluted
Earnings
Per Share
$0.07
(0.03)
(0.10)
(0.16)
(0.06)
(0.09)
0.02
(0.35)
Bristow Group Inc

10-Q
02/08/2016
Europe Caspian
Three Months Ended

December 31,
2015.00
Operating revenue
net of losses
Operating income
Operating margin
Adjusted EBITDAR
Adjusted EBITDAR margin
____________________________
2014.00

$192,400
$195,617
$93
$212
$26,986
$28,550
14.00 %
$66,062
34.30 %
14.60
$64,107
32.80
Favorable
(Unfavorable)
2014.00
ges)
$195,617
$212
($3,217)
($119)
(1.60) %
(56.10) %
$28,550
($1,564)
(5.50) %
14.60 %
$64,107
32.80 %
(0.60) %
$1,955
1.50 %
(4.10) %
3.00 %
4.60 %
Bristow Group Inc

10-Q
02/08/2016
Africa
Three Months Ended

December 31,
2015.00
Operating revenue
net of losses
Operating income
Operating margin
Adjusted EBITDAR
____________________________

$61,786
$43
2014.00
$86,330
$43
$4,377
$26,379
7.10 %
$18,162
29.40 %
30.60
$29,785
34.50
Favorable
(Unfavorable)
2014.00
ges)
$86,330
$43
($24,544)
$0
(28.40) %
%
$26,379
($22,002)
(83.40) %
30.60 %
$29,785
34.50 %
(23.50) %
($11,623)
(5.10) %
(76.80) %
(39.00) %
(14.80) %
Bristow Group Inc

10-Q
02/08/2016
Americas
Three Months Ended

December 31,
2015.00
Operating revenue
net of losses
Operating income
Operating margin
Adjusted EBITDAR
____________________________
2014.00

$72,068
$88,286
$7,556
($1,213)
$22,797
$19,774
31.60 %
$35,908
49.80 %
22.40
$33,233
37.60
Favorable
(Unfavorable)
2014.00
ges)
$88,286
($1,213)
($16,218)
$8,769
(18.40) %
$19,774
$3,023
15.30 %
22.40 %
$33,233
37.60 %
9.20 %
$2,675
12.20 %
41.10 %
8.00 %
32.40 %
Bristow Group Inc

10-Q
02/08/2016
Asia Pacific
Three Months Ended

December 31,
2015.00
Operating revenue
Operating income
Operating margin
Adjusted EBITDAR
____________________________

$67,402
$458
0.70 %
$16,599
24.60 %
2014.00
$59,212
$5,264
8.90 %
$14,511
24.50 %
Favorable
(Unfavorable)
$8,190
($4,806)
(8.20) %
$2,088
0.10 %
13.80
(91.30)
(92.10)
14.40
%
%
%
%
0.40 %
Bristow Group Inc

10-Q
02/08/2016
Corporate and Other
Three Months Ended

December 31,
2015.00
Operating revenue
Operating loss
Adjusted EBITDAR

$3,609
($30,387)
($19,824)
____________________________
2014.00
$1,942
($44,720)
($32,580)
Favorable
(Unfavorable)
$1,667
$14,333
$12,756
85.80 %
32.10 %
39.20 %
Bristow Group Inc

10-Q
02/08/2016
Three Months Ended

December 31,
2015.00
Interest income
Interest expense
Amortization of debt fees
Capitalized interest
____________________________

$181
(11,043)
(27)
(794)
2,147
($9,536)
2014.00
$118
(8,591)
(1,063)
(717)
3,277
($6,976)
Favorable
(Unfavorable)
2014.00
$63
(2,452)
1,036
(77)
(1,130)
($2,560)
53.40
(28.50)
97.50
(10.70)
%
%
%
%
(34.50) %
(36.70) %
Bristow Group Inc

10-Q
02/08/2016
Other Income (Expense), Net
Three Months Ended

December 31,
2015.00
Foreign currency gains (losses)

Other
____________________________

$616
34
$650
2014.
($4,578)
(645)
($5,223)
Favorable
(Unfavorable)
2014.00
$5,194
679
$5,873
113.50 %
105.30 %
112.40 %
Bristow Group Inc

10-Q
02/08/2016
Taxes
Three Months Ended

December 31,
2015.00
Effective tax rate

Net foreign tax on non-U.S. earnings
Benefit of foreign earnings indefinitely
reinvested abroad
Utilization of foreign tax credits
Change in valuation allowance
____________________________
2014.00

73.00 %
88.90 %
($2,494)
$4,646
($9,694)
($7,882)
$0
$9,529
($2,592)
$740
Favorable
(Unfavorable)
15.90 %
$7,140
$1,812
($2,592)
($8,789)
17.90 %
153.70 %
23.00 %
(100.00) %
*
Bristow Group Inc

10-Q
02/08/2016
Europe Caspian
Nine Months Ended

December 31,
2015.00
Operating revenue
net of losses
Operating income
Operating margin
Adjusted EBITDAR
____________________________
2014.00

$603,397
$613,216
$345
$1,109
$56,243
$111,372
9.30 %
$198,621
32.90 %
18.20
$205,357
33.50
Favorable
(Unfavorable)
2014.00
ges)
$613,216
$1,109
($9,819)
($764)
(1.60) %
(68.90) %
$111,372
($55,129)
(49.50) %
18.20 %
$205,357
33.50 %
(8.90) %
($6,736)
(0.60) %
(48.90) %
(3.30) %
(1.80) %
Bristow Group Inc

10-Q
02/08/2016
Africa
Nine Months Ended

December 31,
2015.00
Operating revenue
net of losses
Operating income
Operating margin
Adjusted EBITDAR
____________________________
2014.00

$202,885
$255,665
$43
$43
$24,903
$63,672
12.30 %
$60,877
30.00 %
24.90
$77,680
30.40
Favorable
(Unfavorable)
2014.00
ges)
$255,665
$43
($52,780)
$0
(20.60) %
%
$63,672
($38,769)
(60.90) %
24.90 %
$77,680
30.40 %
(12.60) %
($16,803)
(0.40) %
(50.60) %
(21.60) %
(1.30) %
Bristow Group Inc

10-Q
02/08/2016
Americas
Nine Months Ended

December 31,
2015.00
Operating revenue
net of losses
Operating income
Operating margin
Adjusted EBITDAR
____________________________
2014.00

$225,283
$266,137
($1,760)
($733)
$30,283
13.40 %
$76,645
34.00 %
$59,998
22.50
$101,113
38.00
Favorable
(Unfavorable)
2014.00
ges)
$266,137
($733)
($40,854)
($1,027)
(15.40) %
(140.10) %
$59,998
($29,715)
(49.50) %
(9.10) %
($24,468)
(4.00) %
(40.40) %
(24.20) %
(10.50) %
22.50 %
$101,113
38.00 %
Bristow Group Inc

10-Q
02/08/2016
Asia Pacific
Nine Months Ended

December 31,
2015.00
Operating revenue
Operating income
Operating margin
Adjusted EBITDAR
____________________________
2014.00

$214,177
$168,714
$4,783
$11,055
2.20 %
6.60 %
$49,994
$39,839
23.30 %
23.60 %
Favorable
(Unfavorable)
$45,463
($6,272)
(4.40) %
$10,155
(0.30) %
26.90
(56.70)
(66.70)
25.50
%
%
%
%
(1.30) %
Bristow Group Inc

10-Q
02/08/2016
Corporate and Other
Nine Months Ended

December 31,
2015.00
Operating revenue
Operating loss
Adjusted EBITDAR

$18,542
($95,278)
($55,419)
____________________________
2014.00
$20,142
($102,331)
($76,495)
Favorable
(Unfavorable)
($1,600)
$7,053
$21,076
(7.90) %
6.90 %
27.60 %
Bristow Group Inc

10-Q
02/08/2016
Nine Months Ended

December 31,
2015.00
Interest income
Interest expense
Amortization of debt fees
Capitalized interest
____________________________

$619
(30,328)
(973)
(1,865)
8,163
($24,384)
2014.00
$740
(28,735)
(3,130)
(2,176)
11,626
($21,675)
Favorable
(Unfavorable)
2014.00
($121)
(1,593)
2,157
311
(3,463)
($2,709)
(16.40)
(5.50)
68.90
14.30
%
%
%
%
(29.80) %
(12.50) %
Bristow Group Inc

10-Q
02/08/2016
Other Income (Expense), Net
Nine Months Ended

December 31,
2015.00
Foreign currency losses

Other
____________________________

($6,954)
19
($6,935)
2014.00
($6,692)
(2,451)
($9,143)
Favorable
(Unfavorable)
2014.00
($262)
2,470
$2,208
(3.90) %
100.80 %
24.10 %
Bristow Group Inc

10-Q
02/08/2016
Taxes
Nine Months Ended

December 31,
2015.00
Effective tax rate

Net foreign tax on non-U.S. earnings
Benefit of foreign earnings indefinitely
reinvested abroad
Impact of goodwill impairment
Utilization of foreign tax credits
Change in valuation allowance
____________________________
2014.00

(27.70) %
20.10 %
$10,235
$17,034
($21,087)
($36,471)
$4,155
$0
$14,964
$0
($7,489)
$1,512
Favorable
(Unfavorable)
47.80 %
$6,799
($15,384)
($4,155)
($7,489)
($13,452)
237.80 %
39.90 %
(42.20) %
*
(100.00) %
*
Bristow Group Inc

10-Q
02/08/2016
Investing Activities
Nine Months Ended

December 31,
2015.00
2014.00
Number of aircraft delivered:

Medium
Large
Total aircraft
Capital expenditures (in thousands):
Aircraft and related equipment
1
10
11
5
12
17
$276,547
$402,753
Other
Total capital expenditures
66,818
$343,365
96,532
$499,285
____________________________
2014.00
Bristow Group Inc

10-Q
02/08/2016
Contractual Obligations, Commercial Commitments and Off Balance Sheet Arrangements
Payments Due by Period

Three
Months
Ending
March 31,
Total
20
(In thousands)
Contractual obligations:
Long-term debt and short-term borrowings:
Principal (1)
Interest (2)
Aircraft operating leases (3)
Other operating leases (4)
Pension obligations (5)
Aircraft purchase obligations (6)
Other purchase obligations (7)
Total contractual cash obligations
Other commercial commitments:
Letters of credit
Contingent consideration (8)
Total commercial commitments
____________________________
$1,208,570
221,747
609,274
88,982
199,487
427,344
398,794
$3,154,198
$5,633
4,246
43,085
2,260
16,214
13,222
123,673
$208,333
$10,585
55,211
$65,796
$1,236
7,351
$8,587
ree
nths
ding
rch 31,
Fiscal Year Ending March 31,
2016.00
2017.00
2018.00
2019.00
2020.00
2021 and
beyond
$5,633
4,246
43,085
2,260
16,214
13,222
123,673
$208,333
$279,524
80,661
324,004
18,740
61,937
243,684
56,609
$1,065,159
$513,565
61,090
205,852
16,954
46,388
124,609
63,361
$1,031,819
$409,84
75,75
36,33
51,02
74,94
45,82
155,15
$848,88
$1,236
7,351
$8,587
$9,349
44,950
$54,299
$0
2,910
$2,910
21 and
yond
$409,848
75,750
36,333
51,028
74,948
45,829
155,151
$848,887
$0
$0
Bristow Group Inc

10-Q
02/08/2016
Item 6. Exhibits
Exhibit
Number
Description of Exhibit
10.10
Term Loan Credit Agreement, dated as of

November 5, 2015 (incorporated by reference
to Exhibit 10.1 to the Company's Current
Report on Form 8-K dated November 5, 2015).
10.20
Seventh Amendment to Amended and Restated

Revolving Credit and Term Loan Agreement,
dated as of November 5, 2015 (incorporated
by reference to the Company's Current Report
on Form 8-K dated November 5, 2015).
15.1*
Letter from KPMG LLP dated February 8, 2016,

regarding unaudited interim information.
31.1**
Rule 13a-14(a) Certification by Chief

Executive Officer of Registrant.
31.2**
Rule 13a-14(a) Certification by Chief

Financial Officer of Registrant
32.1**
Certification of Chief Executive Officer

of Registrant pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002.
32.2**
Certification of Chief Financial Officer

of Registrant pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002.
101.INS
XBRL Instance Document.
101.SCH
XBRL Taxonomy Extension Schema Document.
101.CAL
XBRL Taxonomy Extension Calculation Linkbase

Document.
101.DEF
XBRL Taxonomy Extension Definition Linkbase

Document.
101.LAB
XBRL Taxonomy Extension Labels Linkbase
Document.
101.PRE
XBRL Taxonomy Extension Presentation

Linkbase Document.
Filed herewith.
**
Furnished herewith.
____________________________

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Bristow Group Inc

Commission File Number 00

Bristow Group Inc

Bristow Group Inc

Large acceleratedAccelerated filer o

Indicate by check mark whether the registrant

Smaller reporting company o

Bristow Group Inc

Bristow Group Inc

Three Months Ended

Cash dividends declared per common share

Nine Months Ended

Bristow Group Inc

Three Months Ended

Net income (loss)

Nine Months Ended

Bristow Group Inc

Bristow Group Inc

Nine Months Ended

Issuance of common stock

Bristow Group Inc

March 31, 2015

Total Bristow Group Stockhol

ow Group Stockholders Investment

Bristow Group Inc

Three Months Ended

Nine Months Ended

Bristow Group Inc

Three Months Ended

Nine Months Ended

Bristow Group Inc

Three Months Ended

Nine Months Ended

Bristow Group Inc

Three Months Ended

Nine Months Ended

Bristow Group Inc

Bristow Group Inc

March 31, 2015

Trade name and trademarks

Internally developed soft

Bristow Group Inc

Bristow Group Inc

Three Months Ended

Number of aircraft delivered:

Nine Months Ended

Bristow Group Inc

Three Months Ended

Nine Months Ended

Bristow Group Inc

Bristow Group Inc

Three Months Ended

Nine Months Ended

Bristow Group Inc

Bristow Group Inc

Contractual coupon interest

Three Months Ended

Nine Months Ended

Bristow Group Inc

Quoted Prices in Active

Bristow Group Inc

Quoted Prices in Active

Bristow Group Inc

Rabbi Trust investments