Bristow Reports Revenues of $300.6M; Africa Operating Revenue Drops $15.3M

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Aug. 4, 2021 – Bristow Group Inc. today reported a net loss attributable to the Company of $14.2 million, or $0.50 per diluted share, for its fiscal first quarter ended June 30, 2021, on operating revenues of $288.4 million compared to a net loss attributable to the Company of $42.6 million, or $1.47 per diluted share, in the quarter ended March 31, 2021, on operating revenues of $281.5 million.

Bristow’s operating revenues in the current quarter were $26.8 million higher compared to the quarter ended June 30, 2020 (prior-year quarter). Operating revenues from oil and gas services were $2.3 million lower.

Operating revenues in the Africa region were $15.3 million lower primarily due to the end of customer contracts and lower utilization. Bristow currently has customers in Australia, Brazil, Canada, Chile, Colombia, Guyana, India, Mexico, Nigeria, Norway, Spain, Suriname, Trinidad, the U.K. and the U.S.

Bristow

Key highlights:

  • Total revenues of $300.6 million in Q1 FY22 compared to $293.3 million in Q4 FY21
  • Net loss of $14.2 million, or $0.50 per diluted share, in Q1 FY22 compared to $42.6 million, or $1.47 per diluted share, in Q4 FY21
  • EBITDA adjusted to exclude special items and asset dispositions was $40.0 million in Q1 FY22 compared to $30.5 million in Q4 FY21
  • Adjusted Free Cash Flow excluding Net Capex was $38.7 million in Q1 FY22
  • As of June 30, 2021, the unrestricted cash balance was $244.7 million with total liquidity of $298.8 million
  • In June and July 2021, the Company repurchased 1,480,804 shares at an average price of $27.02

Operating revenues in the Europe region were $5.1 million lower primarily due to the end of customer contracts and lower utilization in the U.K., partially offset by the strengthening of the British pound sterling relative to the U.S. dollar and increased revenues in Norway due to the strengthening of the Norwegian krone relative to the U.S. dollar and higher utilization. These decreases were partially offset by a $18.1 million increase in operating revenues in the Americas region primarily due to the impact of the Merger.

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Earnings before interest, taxes, depreciation and amortization (EBITDA) was $14.8 million in the current quarter compared to $(32.2) million in the preceding quarter.  EBITDA adjusted to exclude special items and gains or losses on asset dispositions was $40.0 million in the current quarter compared to $30.5 million in the preceding quarter.

Operating revenues from government services were $15.8 million higher in the current quarter primarily due to the impact of the Merger, the strengthening of the British pound sterling relative to the U.S. dollar and an increase in flight hours.

Chris Bradshaw, President and Chief Executive Officer of Bristow said,

“Since the commencement of the Board-authorized stock repurchase plan in September 2020, Bristow has repurchased approximately 1.9 million shares for a gross consideration of $50 million, representing an average repurchase price of $25.92 per share. We continue to believe that Bristow’s strong balance sheet and robust free cash flow generation provide multiple avenues to create value for shareholders.”

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