Era Group Inc.
|
(Exact Name of Registrant as Specified in Its Charter)
|
Delaware
|
|
1-35701
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72-1455213
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(State or Other Jurisdiction
of Incorporation)
|
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(Commission
File Number)
|
|
(IRS Employer
Identification No.)
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945 Bunker Hill Rd., Suite 650, Houston, Texas
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|
77024
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number, including area code
|
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(713) 369-4700
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Not Applicable
|
(Former Name or Former Address, if Changed Since Last Report)
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Title of each class
|
Trading Symbol(s)
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Name of each exchange on which registered
|
Common Stock
|
ERA
|
NYSE
|
x
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Era Group Inc.
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||
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March 5, 2020
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|
By:
|
|
/s/ Jennifer D. Whalen
|
|
|
|
|
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|
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Name: Jennifer D. Whalen
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|
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Title: Senior Vice President, Chief Financial Officer
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|
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Exhibit No.
|
Description
|
|
|
99.1
|
|
99.2
|
ERA GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
|
||||||||||||||||
|
|
Three Months Ended December 31,
|
|
Year Ended
December 31, |
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
(unaudited)
|
|
|
|
|
||||||||||
Operating revenues
|
|
$
|
60,377
|
|
|
$
|
52,016
|
|
|
$
|
226,059
|
|
|
$
|
221,676
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
||||||||
Operating
|
|
39,508
|
|
|
37,018
|
|
|
154,546
|
|
|
151,523
|
|
||||
Administrative and general
|
|
11,366
|
|
|
9,412
|
|
|
38,278
|
|
|
45,126
|
|
||||
Depreciation and amortization
|
|
9,337
|
|
|
9,530
|
|
|
37,619
|
|
|
39,541
|
|
||||
Total costs and expenses
|
|
60,211
|
|
|
55,960
|
|
|
230,443
|
|
|
236,190
|
|
||||
Gains (losses) on asset dispositions, net
|
|
3,095
|
|
|
(694
|
)
|
|
3,657
|
|
|
1,575
|
|
||||
Litigation settlement proceeds
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,000
|
|
||||
Loss on impairment
|
|
(2,551
|
)
|
|
(991
|
)
|
|
(2,551
|
)
|
|
(991
|
)
|
||||
Operating income (loss)
|
|
710
|
|
|
(5,629
|
)
|
|
(3,278
|
)
|
|
28,070
|
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
|
||||||||
Interest income
|
|
845
|
|
|
818
|
|
|
3,487
|
|
|
2,042
|
|
||||
Interest expense
|
|
(3,517
|
)
|
|
(3,485
|
)
|
|
(13,874
|
)
|
|
(15,131
|
)
|
||||
Loss on sale of investments
|
|
—
|
|
|
—
|
|
|
(569
|
)
|
|
—
|
|
||||
Foreign currency gains (losses), net
|
|
102
|
|
|
77
|
|
|
(472
|
)
|
|
(1,018
|
)
|
||||
Gains (losses) on debt extinguishment
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
175
|
|
||||
Other, net
|
|
(3
|
)
|
|
33
|
|
|
(28
|
)
|
|
54
|
|
||||
Total other income (expense)
|
|
(2,573
|
)
|
|
(2,557
|
)
|
|
(11,469
|
)
|
|
(13,878
|
)
|
||||
Income (loss) before income tax expense and equity earnings
|
|
(1,863
|
)
|
|
(8,186
|
)
|
|
(14,747
|
)
|
|
14,192
|
|
||||
Income tax expense (benefit), net
|
|
(1,052
|
)
|
|
(1,609
|
)
|
|
(731
|
)
|
|
2,940
|
|
||||
Income (loss) before equity earnings
|
|
(811
|
)
|
|
(6,577
|
)
|
|
(14,016
|
)
|
|
11,252
|
|
||||
Equity earnings, net of tax
|
|
—
|
|
|
629
|
|
|
9,935
|
|
|
2,206
|
|
||||
Net income (loss)
|
|
(811
|
)
|
|
(5,948
|
)
|
|
(4,081
|
)
|
|
13,458
|
|
||||
Net loss attributable to non-controlling interest in subsidiary
|
|
131
|
|
|
154
|
|
|
488
|
|
|
464
|
|
||||
Net income (loss) attributable to Era Group Inc.
|
|
$
|
(680
|
)
|
|
$
|
(5,794
|
)
|
|
$
|
(3,593
|
)
|
|
$
|
13,922
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per common share
|
|
$
|
(0.03
|
)
|
|
$
|
(0.27
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
0.64
|
|
Diluted earnings (loss) per common share
|
|
$
|
(0.03
|
)
|
|
$
|
(0.27
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
0.64
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding, basic
|
|
20,652,207
|
|
|
21,251,638
|
|
|
21,009,362
|
|
|
21,167,550
|
|
||||
Weighted average common shares outstanding, diluted
|
|
20,653,699
|
|
|
21,251,638
|
|
|
21,010,715
|
|
|
21,180,490
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
EBITDA
|
|
$
|
10,146
|
|
|
$
|
4,640
|
|
|
$
|
43,194
|
|
|
$
|
69,028
|
|
Adjusted EBITDA
|
|
$
|
13,662
|
|
|
$
|
5,002
|
|
|
$
|
37,861
|
|
|
$
|
36,820
|
|
Adjusted EBITDA excluding Gains
|
|
$
|
10,567
|
|
|
$
|
5,696
|
|
|
$
|
34,204
|
|
|
$
|
35,245
|
|
ERA GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except share and per share amounts)
|
||||||||||||||||||||
|
|
Three Months Ended
|
||||||||||||||||||
|
|
Dec 31,
2019 |
|
Sep 30,
2019 |
|
Jun 30,
2019 |
|
Mar 31,
2019 |
|
Dec 31,
2018 |
||||||||||
Total revenues
|
|
$
|
60,377
|
|
|
$
|
58,909
|
|
|
$
|
55,480
|
|
|
$
|
51,293
|
|
|
$
|
52,016
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating
|
|
39,508
|
|
|
39,522
|
|
|
38,820
|
|
|
36,696
|
|
|
37,018
|
|
|||||
Administrative and general
|
|
11,366
|
|
|
9,142
|
|
|
8,895
|
|
|
8,875
|
|
|
9,412
|
|
|||||
Depreciation and amortization
|
|
9,337
|
|
|
9,312
|
|
|
9,520
|
|
|
9,450
|
|
|
9,530
|
|
|||||
Total costs and expenses
|
|
60,211
|
|
|
57,976
|
|
|
57,235
|
|
|
55,021
|
|
|
55,960
|
|
|||||
Gains (losses) on asset dispositions, net
|
|
3,095
|
|
|
754
|
|
|
(68
|
)
|
|
(124
|
)
|
|
(694
|
)
|
|||||
Loss on impairment
|
|
(2,551
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(991
|
)
|
|||||
Operating income (loss)
|
|
710
|
|
|
1,687
|
|
|
(1,823
|
)
|
|
(3,852
|
)
|
|
(5,629
|
)
|
|||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
|
845
|
|
|
956
|
|
|
934
|
|
|
752
|
|
|
818
|
|
|||||
Interest expense
|
|
(3,517
|
)
|
|
(3,464
|
)
|
|
(3,432
|
)
|
|
(3,461
|
)
|
|
(3,485
|
)
|
|||||
Loss on sale of investments
|
|
—
|
|
|
—
|
|
|
(569
|
)
|
|
—
|
|
|
—
|
|
|||||
Foreign currency gains (losses), net
|
|
102
|
|
|
(718
|
)
|
|
270
|
|
|
(126
|
)
|
|
77
|
|
|||||
Loss on debt extinguishment
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|||||
Other, net
|
|
(3
|
)
|
|
(5
|
)
|
|
(9
|
)
|
|
(11
|
)
|
|
33
|
|
|||||
Total other income (expense)
|
|
(2,573
|
)
|
|
(3,231
|
)
|
|
(2,819
|
)
|
|
(2,846
|
)
|
|
(2,557
|
)
|
|||||
Loss before income taxes and equity earnings
|
|
(1,863
|
)
|
|
(1,544
|
)
|
|
(4,642
|
)
|
|
(6,698
|
)
|
|
(8,186
|
)
|
|||||
Income tax expense (benefit)
|
|
(1,052
|
)
|
|
515
|
|
|
1,394
|
|
|
(1,588
|
)
|
|
(1,609
|
)
|
|||||
Loss before equity earnings
|
|
(811
|
)
|
|
(2,059
|
)
|
|
(6,036
|
)
|
|
(5,110
|
)
|
|
(6,577
|
)
|
|||||
Equity earnings (losses), net of tax
|
|
—
|
|
|
—
|
|
|
10,910
|
|
|
(975
|
)
|
|
629
|
|
|||||
Net income (loss)
|
|
(811
|
)
|
|
(2,059
|
)
|
|
4,874
|
|
|
(6,085
|
)
|
|
(5,948
|
)
|
|||||
Net loss attributable to non-controlling interest in subsidiary
|
|
131
|
|
|
149
|
|
|
66
|
|
|
142
|
|
|
154
|
|
|||||
Net income (loss) attributable to Era Group Inc.
|
|
$
|
(680
|
)
|
|
$
|
(1,910
|
)
|
|
$
|
4,940
|
|
|
$
|
(5,943
|
)
|
|
$
|
(5,794
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings (loss) per common share
|
|
$
|
(0.03
|
)
|
|
$
|
(0.09
|
)
|
|
$
|
0.22
|
|
|
$
|
(0.28
|
)
|
|
$
|
(0.27
|
)
|
Diluted earnings (loss) per common share
|
|
$
|
(0.03
|
)
|
|
$
|
(0.09
|
)
|
|
$
|
0.22
|
|
|
$
|
(0.28
|
)
|
|
$
|
(0.27
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average common shares outstanding, basic
|
|
20,652,207
|
|
|
20,625,408
|
|
|
21,448,115
|
|
|
21,323,312
|
|
|
21,251,638
|
|
|||||
Weighted average common shares outstanding, diluted
|
|
20,653,699
|
|
|
20,629,328
|
|
|
21,448,115
|
|
|
21,323,312
|
|
|
21,251,638
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EBITDA
|
|
$
|
10,146
|
|
|
$
|
10,276
|
|
|
$
|
18,286
|
|
|
$
|
4,486
|
|
|
$
|
4,640
|
|
Adjusted EBITDA
|
|
$
|
13,662
|
|
|
$
|
10,458
|
|
|
$
|
8,112
|
|
|
$
|
5,629
|
|
|
$
|
5,002
|
|
Adjusted EBITDA excluding Gains
|
|
$
|
10,567
|
|
|
$
|
9,704
|
|
|
$
|
8,180
|
|
|
$
|
5,753
|
|
|
$
|
5,696
|
|
ERA GROUP INC.
OPERATING REVENUES BY LINE OF SERVICE
(unaudited, in thousands)
|
||||||||||||||||||||
|
|
Three Months Ended
|
||||||||||||||||||
|
|
Dec 31,
2019 |
|
Sep 30,
2019 |
|
Jun 30,
2019 |
|
Mar 31,
2019 |
|
Dec 31,
2018 |
||||||||||
Oil and gas: (1)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S.
|
|
$
|
37,462
|
|
|
$
|
36,226
|
|
|
$
|
33,270
|
|
|
$
|
32,466
|
|
|
$
|
33,876
|
|
International
|
|
13,655
|
|
|
14,740
|
|
|
14,499
|
|
|
13,616
|
|
|
13,357
|
|
|||||
Total oil and gas
|
|
51,117
|
|
|
50,966
|
|
|
47,769
|
|
|
46,082
|
|
|
47,233
|
|
|||||
Dry-leasing
|
|
3,911
|
|
|
4,250
|
|
|
4,287
|
|
|
3,463
|
|
|
2,938
|
|
|||||
Emergency response
|
|
5,349
|
|
|
3,693
|
|
|
3,424
|
|
|
1,748
|
|
|
1,845
|
|
|||||
|
|
$
|
60,377
|
|
|
$
|
58,909
|
|
|
$
|
55,480
|
|
|
$
|
51,293
|
|
|
$
|
52,016
|
|
FLIGHT HOURS BY LINE OF SERVICE (2)
(unaudited)
|
|||||||||||||||
|
|
Three Months Ended
|
|||||||||||||
|
|
Dec 31,
2019 |
|
Sep 30,
2019 |
|
Jun 30,
2019 |
|
Mar 31,
2019 |
|
Dec 31,
2018 |
|||||
Oil and gas: (1)
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S.
|
|
5,644
|
|
|
6,181
|
|
|
5,689
|
|
|
5,101
|
|
|
5,235
|
|
International
|
|
2,396
|
|
|
2,599
|
|
|
2,548
|
|
|
2,224
|
|
|
2,410
|
|
Total oil and gas
|
|
8,040
|
|
|
8,780
|
|
|
8,237
|
|
|
7,325
|
|
|
7,645
|
|
Emergency Response
|
|
120
|
|
|
144
|
|
|
110
|
|
|
76
|
|
|
90
|
|
|
|
8,160
|
|
|
8,924
|
|
|
8,347
|
|
|
7,401
|
|
|
7,735
|
|
(1)
|
Primarily oil and gas services, but also includes revenues and flight hours from utility services.
|
(2)
|
Does not include hours flown by helicopters in the Company's dry-leasing line of service.
|
ERA GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
|
||||||||||||||||||||
|
|
Dec 31,
2019 |
|
Sep 30,
2019 |
|
Jun 30,
2019 |
|
Mar 31,
2019 |
|
Dec 31,
2018 |
||||||||||
ASSETS
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
117,366
|
|
|
$
|
107,736
|
|
|
$
|
88,430
|
|
|
$
|
49,612
|
|
|
$
|
50,753
|
|
Receivables:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trade, net of allowance for doubtful accounts
|
|
37,964
|
|
|
37,176
|
|
|
35,658
|
|
|
37,178
|
|
|
37,109
|
|
|||||
Tax receivables
|
|
2,860
|
|
|
2,705
|
|
|
2,680
|
|
|
2,843
|
|
|
3,187
|
|
|||||
Other
|
|
15,421
|
|
|
11,567
|
|
|
16,478
|
|
|
7,204
|
|
|
2,343
|
|
|||||
Inventories, net
|
|
20,066
|
|
|
20,826
|
|
|
21,004
|
|
|
20,893
|
|
|
20,673
|
|
|||||
Prepaid expenses
|
|
2,184
|
|
|
2,851
|
|
|
2,822
|
|
|
2,233
|
|
|
1,807
|
|
|||||
Total current assets
|
|
195,861
|
|
|
182,861
|
|
|
167,072
|
|
|
119,963
|
|
|
115,872
|
|
|||||
Property and equipment
|
|
895,063
|
|
|
901,580
|
|
|
918,972
|
|
|
918,252
|
|
|
917,161
|
|
|||||
Accumulated depreciation
|
|
(338,164
|
)
|
|
(334,730
|
)
|
|
(336,825
|
)
|
|
(327,444
|
)
|
|
(317,967
|
)
|
|||||
Net property and equipment
|
|
556,899
|
|
|
566,850
|
|
|
582,147
|
|
|
590,808
|
|
|
599,194
|
|
|||||
Operating lease right-of-use
|
|
9,468
|
|
|
9,907
|
|
|
8,080
|
|
|
8,460
|
|
|
—
|
|
|||||
Equity investments and advances
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,427
|
|
|
27,112
|
|
|||||
Intangible assets
|
|
96
|
|
|
1,094
|
|
|
1,098
|
|
|
1,102
|
|
|
1,107
|
|
|||||
Other assets
|
|
2,191
|
|
|
6,363
|
|
|
6,487
|
|
|
21,081
|
|
|
21,578
|
|
|||||
Total assets
|
|
$
|
764,515
|
|
|
$
|
767,075
|
|
|
$
|
764,884
|
|
|
$
|
765,841
|
|
|
$
|
764,863
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable and accrued expenses
|
|
$
|
12,923
|
|
|
$
|
11,940
|
|
|
$
|
13,467
|
|
|
$
|
12,643
|
|
|
$
|
13,161
|
|
Accrued wages and benefits
|
|
10,554
|
|
|
8,960
|
|
|
8,222
|
|
|
5,524
|
|
|
9,267
|
|
|||||
Accrued interest
|
|
520
|
|
|
3,321
|
|
|
536
|
|
|
3,376
|
|
|
569
|
|
|||||
Accrued income taxes
|
|
3,612
|
|
|
2,945
|
|
|
938
|
|
|
2,874
|
|
|
973
|
|
|||||
Accrued other taxes
|
|
937
|
|
|
1,986
|
|
|
1,410
|
|
|
1,414
|
|
|
1,268
|
|
|||||
Accrued contingencies
|
|
598
|
|
|
548
|
|
|
647
|
|
|
656
|
|
|
630
|
|
|||||
Current portion of long-term debt
|
|
18,317
|
|
|
1,845
|
|
|
1,859
|
|
|
1,938
|
|
|
2,058
|
|
|||||
Other current liabilities
|
|
3,315
|
|
|
2,851
|
|
|
2,902
|
|
|
3,092
|
|
|
878
|
|
|||||
Total current liabilities
|
|
50,776
|
|
|
34,396
|
|
|
29,981
|
|
|
31,517
|
|
|
28,804
|
|
|||||
Long-term debt
|
|
141,832
|
|
|
158,731
|
|
|
158,981
|
|
|
159,961
|
|
|
160,217
|
|
|||||
Deferred income taxes
|
|
103,793
|
|
|
105,440
|
|
|
106,929
|
|
|
104,824
|
|
|
108,357
|
|
|||||
Operating lease liabilities
|
|
7,815
|
|
|
8,166
|
|
|
6,387
|
|
|
6,773
|
|
|
—
|
|
|||||
Deferred gains and other liabilities
|
|
745
|
|
|
850
|
|
|
850
|
|
|
721
|
|
|
747
|
|
|||||
Total liabilities
|
|
304,961
|
|
|
307,583
|
|
|
303,128
|
|
|
303,796
|
|
|
298,125
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Redeemable noncontrolling interest
|
|
2,812
|
|
|
2,945
|
|
|
3,094
|
|
|
3,160
|
|
|
3,302
|
|
|||||
Equity:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Era Group Inc. stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common stock
|
|
224
|
|
|
224
|
|
|
224
|
|
|
224
|
|
|
219
|
|
|||||
Additional paid-in capital
|
|
452,009
|
|
|
451,103
|
|
|
449,687
|
|
|
448,690
|
|
|
447,298
|
|
|||||
Retained earnings
|
|
14,692
|
|
|
15,372
|
|
|
17,282
|
|
|
12,342
|
|
|
18,285
|
|
|||||
Treasury shares, at cost
|
|
(10,183
|
)
|
|
(10,152
|
)
|
|
(8,531
|
)
|
|
(2,481
|
)
|
|
(2,476
|
)
|
|||||
Accumulated other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
110
|
|
|
110
|
|
|||||
Total equity
|
|
456,742
|
|
|
456,547
|
|
|
458,662
|
|
|
458,885
|
|
|
463,436
|
|
|||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity
|
|
$
|
764,515
|
|
|
$
|
767,075
|
|
|
$
|
764,884
|
|
|
$
|
765,841
|
|
|
$
|
764,863
|
|
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||||||||||||||
|
|
Dec 31,
2019 |
|
Sep 30,
2019 |
|
Jun 30,
2019 |
|
Mar 31,
2019 |
|
Dec 31,
2018 |
|
Dec 31,
2019 |
|
Dec 31,
2018 |
||||||||||||||
Net Income
|
|
$
|
(811
|
)
|
|
$
|
(2,059
|
)
|
|
$
|
4,874
|
|
|
$
|
(6,085
|
)
|
|
$
|
(5,948
|
)
|
|
$
|
(4,081
|
)
|
|
$
|
13,458
|
|
Depreciation and amortization
|
|
9,337
|
|
|
9,312
|
|
|
9,520
|
|
|
9,450
|
|
|
9,530
|
|
|
37,619
|
|
|
39,541
|
|
|||||||
Interest income
|
|
(845
|
)
|
|
(956
|
)
|
|
(934
|
)
|
|
(752
|
)
|
|
(818
|
)
|
|
(3,487
|
)
|
|
(2,042
|
)
|
|||||||
Interest expense
|
|
3,517
|
|
|
3,464
|
|
|
3,432
|
|
|
3,461
|
|
|
3,485
|
|
|
13,874
|
|
|
15,131
|
|
|||||||
Income tax expense (benefit)
|
|
(1,052
|
)
|
|
515
|
|
|
1,394
|
|
|
(1,588
|
)
|
|
(1,609
|
)
|
|
(731
|
)
|
|
2,940
|
|
|||||||
EBITDA
|
|
$
|
10,146
|
|
|
$
|
10,276
|
|
|
$
|
18,286
|
|
|
$
|
4,486
|
|
|
$
|
4,640
|
|
|
$
|
43,194
|
|
|
$
|
69,028
|
|
Special items (1)
|
|
3,516
|
|
|
182
|
|
|
(10,174
|
)
|
|
1,143
|
|
|
362
|
|
|
(5,333
|
)
|
|
(32,208
|
)
|
|||||||
Adjusted EBITDA
|
|
$
|
13,662
|
|
|
$
|
10,458
|
|
|
$
|
8,112
|
|
|
$
|
5,629
|
|
|
$
|
5,002
|
|
|
$
|
37,861
|
|
|
$
|
36,820
|
|
(Gains) losses on asset dispositions, net
|
|
(3,095
|
)
|
|
(754
|
)
|
|
68
|
|
|
124
|
|
|
694
|
|
|
(3,657
|
)
|
|
(1,575
|
)
|
|||||||
Adjusted EBITDA excluding Gains
|
|
$
|
10,567
|
|
|
$
|
9,704
|
|
|
$
|
8,180
|
|
|
$
|
5,753
|
|
|
$
|
5,696
|
|
|
$
|
34,204
|
|
|
$
|
35,245
|
|
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||||||||||||||
|
|
Dec 31,
2019 |
|
Sep 30,
2019 |
|
Jun 30,
2019 |
|
Mar 31,
2019 |
|
Dec 31,
2018 |
|
Dec 31,
2019 |
|
Dec 31,
2018 |
||||||||||||||
Non-routine professional services fees related to the Bristow merger
|
|
$
|
965
|
|
|
$
|
182
|
|
|
$
|
154
|
|
|
$
|
168
|
|
|
$
|
—
|
|
|
$
|
1,469
|
|
|
$
|
—
|
|
H225 impairment
|
|
1,557
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
991
|
|
|
1,557
|
|
|
991
|
|
|||||||
Flight certificate impairment
|
|
994
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
994
|
|
|
—
|
|
|||||||
Equity (earnings) losses
|
|
—
|
|
|
—
|
|
|
(10,910
|
)
|
|
975
|
|
|
(629
|
)
|
|
(9,935
|
)
|
|
(2,206
|
)
|
|||||||
Loss (gain) on debt extinguishment
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
(175
|
)
|
|||||||
Loss on sale of investment
|
|
—
|
|
|
—
|
|
|
569
|
|
|
—
|
|
|
—
|
|
|
569
|
|
|
—
|
|
|||||||
Litigation settlement proceeds
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42,000
|
)
|
|||||||
Non-routine litigation expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,182
|
|
|||||||
|
|
$
|
3,516
|
|
|
$
|
182
|
|
|
$
|
(10,174
|
)
|
|
$
|
1,143
|
|
|
$
|
362
|
|
|
$
|
(5,333
|
)
|
|
$
|
(32,208
|
)
|
|
|
Three Months Ended
|
||||||||||||||||||
|
|
Dec 31,
2019 |
|
Sep 30,
2019 |
|
Jun 30,
2019 |
|
Mar 31,
2019 |
|
Dec 31,
2018 |
||||||||||
Net cash provided by operating activities
|
|
$
|
7,708
|
|
|
$
|
9,970
|
|
|
$
|
7,240
|
|
|
$
|
2,635
|
|
|
$
|
4,002
|
|
Plus: Proceeds from disposition of property and equipment
|
|
4,000
|
|
|
9,252
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|||||
Less: Purchases of property and equipment
|
|
(1,390
|
)
|
|
(2,588
|
)
|
|
(1,268
|
)
|
|
(1,312
|
)
|
|
(1,530
|
)
|
|||||
Free cash flow
|
|
$
|
10,318
|
|
|
$
|
16,634
|
|
|
$
|
5,972
|
|
|
$
|
1,323
|
|
|
$
|
2,542
|
|
Plus: Non-routine professional services fees(2)
|
|
329
|
|
|
237
|
|
|
—
|
|
|
168
|
|
|
—
|
|
|||||
Adjusted free cash flow
|
|
$
|
10,647
|
|
|
$
|
16,871
|
|
|
$
|
5,972
|
|
|
$
|
1,491
|
|
|
$
|
2,542
|
|
ERA GROUP INC.
FLEET COUNTS
(unaudited)
|
|||||||||||||||
|
|
Dec 31,
2019 |
|
Sep 30,
2019 |
|
Jun 30,
2019 |
|
Mar 31,
2019 |
|
Dec 31,
2018 |
|||||
Heavy:
|
|
|
|
|
|
|
|
|
|
|
|||||
S92
|
|
4
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
4
|
|
H225
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
AW189
|
|
4
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
|
9
|
|
|
9
|
|
|
9
|
|
|
9
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Medium:
|
|
|
|
|
|
|
|
|
|
|
|||||
AW139
|
|
36
|
|
|
36
|
|
|
36
|
|
|
36
|
|
|
36
|
|
S76 C+/C++
|
|
5
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
5
|
|
B212
|
|
3
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
|
44
|
|
|
46
|
|
|
46
|
|
|
46
|
|
|
46
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Light—twin engine:
|
|
|
|
|
|
|
|
|
|
|
|||||
A109
|
|
7
|
|
|
7
|
|
|
7
|
|
|
7
|
|
|
7
|
|
EC135
|
|
10
|
|
|
10
|
|
|
13
|
|
|
13
|
|
|
13
|
|
BO105
|
|
3
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
|
20
|
|
|
20
|
|
|
23
|
|
|
23
|
|
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Light—single engine:
|
|
|
|
|
|
|
|
|
|
|
|||||
A119
|
|
13
|
|
|
13
|
|
|
13
|
|
|
13
|
|
|
13
|
|
AS350
|
|
17
|
|
|
17
|
|
|
17
|
|
|
17
|
|
|
17
|
|
|
|
30
|
|
|
30
|
|
|
30
|
|
|
30
|
|
|
30
|
|
Total Helicopters
|
|
103
|
|
|
105
|
|
|
108
|
|
|
108
|
|
|
108
|
|