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Era Group Inc. Announces Results for the Fourth Quarter and Year Ended December 31, 2012

HOUSTON, TX -- (Marketwire) -- 02/27/13 -- Era Group Inc. (NYSE: ERA) today announced its results for the fourth quarter and year ended December 31, 2012. Prior to January 31, 2013, Era Group was a wholly owned subsidiary of SEACOR Holdings Inc. ("SEACOR"). On January 31, 2013, SEACOR completed the spin-off of Era Group ("Spin-off"). Era Group is now an independent public company with its common stock listed on the New York Stock Exchange under the symbol "ERA". In connection with the Spin-off, SEACOR exchanged all of the Era Group Series A preferred stock and Class B common stock that it held for newly-issued shares of Era Group common stock that was then distributed in the Spin-off. Following the Spin-off, Era Group has only one class of common stock outstanding and no preferred stock outstanding. The accretion of redemption value on Series A preferred stock ceased on January 31, 2013.

For the quarter ended December 31, 2012, the Company reported net income attributable to Era Group Inc. of $3.6 million on operating revenues of $70.9 million. For the quarter ended December 31, 2011, net loss attributable to Era Group Inc. was $3.3 million on operating revenues of $61.7 million. A comparison of results for the quarter ended December 31, 2012 with the quarter ended December 31, 2011 is included in the "Highlights for the Quarter" discussion below. For the preceding quarter ended September 30, 2012, net income attributable to Era Group Inc. was $5.2 million on operating revenues of $78.0 million.

For the year ended December 31, 2012, net income attributable to Era Group Inc. was $7.8 million on operating revenues of $272.9 million. For the year ended December 31, 2011, net income attributable to Era Group Inc. was $2.1 million on operating revenues of $258.1 million. A comparison of results for the year ended December 31, 2012 with the year ended December 31, 2011 is included in the "Highlights for the Year" discussion below.

Chief Executive Officer, Sten Gustafson, commented: "With our Spin-off completed at the end of January, Era Group has entered a new phase in its long and storied history. As a newly independent, publicly traded company, we are better-positioned to achieve our growth objectives. As we look forward to 2013, we are encouraged by the continued resurgence of the U.S. Gulf of Mexico, but we are also cognizant of the industry challenges posed by the current operational suspension of the EC225 helicopters. With no definitive time-line in place for the EC225 to return to service, a reduction or cancellation of customer contracts for those EC225 helicopters that we operate and for those operated by our contract-lease customers around the world could have an adverse effect on our financial results. During this challenging time, the operational capabilities of the AW139 helicopter have been demonstrated with great effect in serving to fill the needs of our EC225 customers. We are the largest owner and operator of AW139 helicopters in the world servicing the offshore oil and gas industry and have seen an increase in our AW139 utilization, particularly in Brazil where we have activated all of our previously idle AW139s, which means that all of our AW139s are now actively working and generating revenues for the Company."

Highlights for the Quarter

Operating income for the current quarter was $9.7 million on operating revenues of $70.9 million compared with operating income of $1.5 million on operating revenues of $61.7 million in the same period a year ago. Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), which excludes special items, was $21.2 million for the quarter ended December 31, 2012 compared to $13.8 million for the same quarter in the prior year. Fourth quarter results for the current year included $0.2 million in gains on asset dispositions compared with $1.9 million in gains in the fourth quarter of 2011.

Operating revenues were $9.2 million higher compared with the same quarter in the prior year. Operating revenues from oil and gas activities were $10.3 million higher primarily due to newly delivered medium and light-twin engine helicopters being placed on contract, an expansion of government services support and increased charter activity for medium helicopters. Operating revenues from contract-leasing were $1.7 million higher primarily due to new contract-leases for medium and heavy aircraft that commenced in 2012. These increases were partially offset by a decrease of $2.6 million in operating revenues from air medical services primarily due to the conclusion of a long-term hospital contract.

Operating expenses were $1.2 million higher primarily due to an increase in personnel and fuel costs, consistent with the increase in activity, and an increase in insurance costs due to an increase in the overall fleet value. These increases were partially offset by a decrease in repairs and maintenance costs, primarily due to the recognition of maintenance credits received in connection with the end of two customer contract-leases and a decrease in power-by-hour expense as a result of a reduction in EC225 hours flown, partially offset by the timing of repairs on helicopters not covered by power-by-hour arrangements.

Administrative and general expenses were $4.2 million lower in the fourth quarter primarily due to the recognition of severance costs in the fourth quarter of 2011 associated with a change in executive management. Depreciation expenses were $11.5 million in the fourth quarter of 2012, an increase of $2.3 million compared to the prior year period, primarily due to fleet additions.

Highlights for the Year

Operating income for 2012 was $32.1 million on operating revenues of $272.9 million compared with operating income of $36.1 million on operating revenues of $258.1 million in the prior year. Adjusted EBITDA was $78.8 million for the year ended December 31, 2012 compared to $82.2 million for the prior year. Current year results include $3.6 million in gains on asset dispositions compared with $15.2 million in gains in 2011.

Operating revenues were $14.8 million higher compared with the prior year. Operating revenues from oil and gas activities were $34.8 million higher primarily due to newly delivered helicopters being placed in service, an expansion of government services support and an increase in charter flights primarily in support of hurricane evacuations. Operating revenues from contract-leasing activities were $13.4 million lower primarily due to the deferral and reduction of revenues from the Company's Brazilian joint venture in connection with a canceled contract award for four AW139 helicopters under contract-lease from the Company and the deferral of revenues from another customer due to the customer's short-term liquidity issues. Operating revenues for air medical services were $6.1 million lower primarily due to the conclusion of a long-term hospital contract.

Operating expenses were $4.5 million higher in the current year primarily due to an increase in personnel and fuel costs, consistent with the increase in activity, and an increase in insurance costs due to an increase in the overall fleet value. In addition, operating expenses were higher due to the 2011 receipt of insurance proceeds related to hurricane damages sustained in 2005. These increases were partially offset by a decrease in repairs and maintenance costs, primarily due to the recognition of vendor credits, maintenance credits received in connection with the end of two customer contract-leases and a decrease in power-by-hour expense as a result of a reduction in EC225 hours flown, partially offset by an increase as additional helicopters were placed in power-by-hour programs and by the timing of repairs on helicopters not covered by power-by-hour arrangements.

Administrative and general expenses were $2.9 million higher in the current year due to an allowance for doubtful accounts that was provided for in 2012 in connection with a customer bankruptcy and legal and professional expenses associated with a contemplated initial public offering of our common stock, offset by the recognition of severance costs in 2011 associated with changes in executive management. Depreciation expenses were $42.5 million in 2012, a decrease of $0.1 million primarily due to a change in the estimate of the useful life and salvage value of helicopters, offset by the addition of higher cost equipment.

7.75% Era Group Senior Notes

On December 7, 2012, the Company issued $200.0 million aggregate principal amount of its 7.75% Senior Notes due December 15, 2022 for net proceeds of $191.9 million. These notes are senior unsecured obligations of the Company and bear interest at a rate of 7.75% per annum, payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2013. In connection with the offering, the Company reduced borrowing capacity under its revolver from $350.0 million to $200.0 million.

Equipment Acquisitions

During the year ended December 31, 2012, capital expenditures were $113.0 million. Major equipment placed in service during the period included three heavy helicopters, eight medium helicopters and seven light helicopters.

Capital Commitments

The Company's unfunded capital commitments as of December 31, 2012 consisted primarily of orders for helicopters and totaled $134.8 million, of which $13.8 million is payable in 2013 with the balance payable through 2016. Of these commitments, $128.3 million may be terminated without further liability other than liquidated damages of $3.3 million in the aggregate. Subsequent to December 31, 2012, the Company committed to purchase additional equipment for $16.6 million.

Conference Calls

The Company expects to host conference calls to discuss future earnings results commencing with the earnings results for the quarter ending March 31, 2013, its first quarter as an independent company following the Spin-Off.

About Era Group

Era Group 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 Group also provides helicopters and related services to third-party helicopter operators in other countries, including Brazil, Canada, India, Indonesia, Mexico, Norway, Spain, Sweden and the United Kingdom. Era Group's helicopters are primarily used to transport personnel to, from and between offshore installations, drilling rigs and platforms.

This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others the effect of the spin-off, including the ability of the Company to recognize the expected benefits from the spin-off and the Company's dependence on SEACOR's performance under various agreements; decreased demand and loss of revenues resulting from developments that adversely impact the offshore oil and gas industry, including U.S. government implemented moratoriums directing operators to cease certain drilling activities and any extension of such moratoriums that may result in unplanned customer suspensions, cancellations, rate reductions or non-renewals of aviation equipment or failures to finalize commitments to contract aviation equipment; the cyclical nature of the oil and gas industry; increased U.S. and foreign government legislation and regulation, including environmental and aviation laws and regulations, and the Company's compliance therewith and the costs thereof; dependence on the activity in the U.S. Gulf of Mexico and Alaska and the Company's ability to expand into other markets; liability, legal fees and costs in connection with providing emergency response services, including involvement in response to the oil spill that resulted from the sinking of the Deepwater Horizon in April 2010; decreased demand for the Company's services as a result of declines in the global economy; declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations; activity in foreign countries and changes in foreign political, military and economic conditions; the failure to maintain an acceptable safety record; the dependence on small number of customers; consolidation of the Company's customer base; safety issues experienced by a particular helicopter model that could result in customers refusing to use that helicopter model or a regulatory body grounding that helicopter model, which could also permanently devalue that helicopter model; the ongoing need to replace aging aircraft; industry fleet capacity; restrictions imposed by the U.S. federal aviation laws and regulations on the amount of foreign ownership of the Company's common stock; operational risks; risks associated with our debt structure; effects of adverse weather conditions and seasonality; adequacy of insurance coverage; the attraction and retention of qualified personnel; and various other matters and factors, many of which are beyond the Company's control. In addition, these statements constitute Era Group's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the foregoing should not be considered a complete discussion of all potential risks or uncertainties. The words "estimate," "project," "intend," "believe," "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. Era Group disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in Era Group's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect Era Group's businesses, particularly those mentioned under "Forward-Looking Statements" in Exhibit 99.1 to Era Group's Registration Statement on Form 10 and the Company's Annual Report on Form 10-K for the year ended December 31, 2012, which is incorporated by reference.



                               ERA GROUP INC.
                CONDENSED CONSOLIDATED STATEMENTS OF INCOME
              (in thousands, except per share data, unaudited)

                                    Three Months Ended       Year Ended
                                       December 31,         December 31,
                                   -------------------  -------------------
                                      2012      2011       2012      2011
                                   --------- ---------  --------- ---------
Operating Revenues                 $  70,895 $  61,696  $ 272,921 $ 258,148
                                   --------- ---------  --------- ---------
Costs and Expenses:
  Operating                           42,282    41,084    167,195   162,707
  Administrative and general           7,575    11,803     34,785    31,893
  Depreciation                        11,471     9,210     42,502    42,612
                                   --------- ---------  --------- ---------
                                      61,328    62,097    244,482   237,212
                                   --------- ---------  --------- ---------
Gains on Asset Dispositions and
 Impairments, Net                        157     1,912      3,612    15,172
                                   --------- ---------  --------- ---------
Operating Income                       9,724     1,511     32,051    36,108
                                   --------- ---------  --------- ---------
Other Income (Expense):
  Interest income                        145       362        910       738
  Interest expense                    (3,757)     (529)   (10,648)   (1,376)
  Interest expense on advances from
   SEACOR                                  -    (4,486)         -   (23,410)
  SEACOR management fees                (500)   (1,323)    (2,000)   (8,799)
  Derivative gains (losses), net           2       (18)      (490)   (1,326)
  Foreign currency gains (losses),
   net                                    87       (80)       720       516
  Other, net                               -         9         30         9
                                   --------- ---------  --------- ---------
                                      (4,023)   (6,065)   (11,478)  (33,648)
                                   --------- ---------  --------- ---------
Income (Loss) from Continuing
 Operations Before Income Tax
 Expense (Benefit) and Equity In
 Earnings (Losses) of 50% or Less
 Owned Companies                       5,701    (4,554)    20,573     2,460
Income Tax Expense (Benefit)           2,086    (2,232)     7,298       434
                                   --------- ---------  --------- ---------
Income (Loss) from Continuing
 Operations Before Equity in
 Earnings (Losses) of 50% or Less
 Owned Companies                       3,615    (2,322)    13,275     2,026
Equity in Earnings (Losses) of 50%
 or Less Owned Companies, Net of
 Tax                                     (84)     (979)    (5,528)       82
                                   --------- ---------  --------- ---------
Net Income (Loss)                      3,531    (3,301)     7,747     2,108
Net Loss attributable to
 Noncontrolling Interest                 (40)        -        (40)        -
                                   --------- ---------  --------- ---------
Net Income (Loss) attributable to
 Era Group Inc.                        3,571    (3,301)     7,787     2,108
Accretion of Redemption Value on
 Series A Preferred Stock              2,135       210      8,469       210
                                   --------- ---------  --------- ---------
Net Income (Loss) attributable to
 Common Shares                     $   1,436 $  (3,511) $    (682)$   1,898
                                   ========= =========  ========= =========

Basic and Diluted Earnings (Loss)
 Per Common Share                  $    0.06 $   (0.14) $   (0.03)$    0.18
EBITDA                             $  20,700 $   8,330  $  67,285 $  69,202
Adjusted EBITDA                    $  21,200 $  13,824  $  78,837 $  82,172
Adjusted EBITDAR                   $  22,297 $  14,977  $  82,861 $  86,507



                               ERA GROUP INC.
                CONDENSED CONSOLIDATED STATEMENTS OF INCOME
              (in thousands, except per share data, unaudited)

                                            Three Months Ended
                              ---------------------------------------------
                              Dec. 31, Sep. 30, Jun. 30, Mar. 31,  Dec. 31,
                                 2012     2012     2012     2012      2011
                              -------- -------- -------- --------  --------
Operating Revenues            $ 70,895 $ 77,989 $ 62,985 $ 61,052  $ 61,696
                              -------- -------- -------- --------  --------
Costs and Expenses:
  Operating                     42,282   46,235   39,002   39,676    41,084
  Administrative and general     7,575   10,338    7,195    9,677    11,803
  Depreciation                  11,471   10,937   10,464    9,630     9,210
                              -------- -------- -------- --------  --------
                                61,328   67,510   56,661   58,983    62,097
                              -------- -------- -------- --------  --------
Gains on Asset Dispositions
 and Impairments, Net              157      613    1,077    1,765     1,912
                              -------- -------- -------- --------  --------
Operating Income                 9,724   11,092    7,401    3,834     1,511
                              -------- -------- -------- --------  --------
Other Income (Expense):
  Interest income                  145      184      249      332       362
  Interest expense              (3,757)  (2,543)  (2,380)  (1,968)     (529)
  Interest expense on advances
   from SEACOR                       -        -        -        -    (4,486)
  SEACOR management fees          (500)    (500)    (500)    (500)   (1,323)
  Derivative gains (losses),
   net                               2     (188)    (180)    (124)      (18)
  Foreign currency gains
   (losses), net                    87     (272)     (12)     917       (80)
  Other, net                         -        -        -       30         9
                              -------- -------- -------- --------  --------
                                (4,023)  (3,319)  (2,823)  (1,313)   (6,065)
                              -------- -------- -------- --------  --------
Income (Loss) from Continuing
 Operations Before Income Tax
 Expense (Benefit) and Equity
 In Earnings (Losses) of 50%
 or Less Owned Companies         5,701    7,773    4,578    2,521    (4,554)
Income Tax Expense (Benefit)     2,086    2,792    1,686      734    (2,232)
                              -------- -------- -------- --------  --------
Income (Loss) from Continuing
 Operations Before Equity in
 Earnings (Losses) of 50% or
 Less Owned Companies            3,615    4,981    2,892    1,787    (2,322)
Equity in Earnings (Losses) of
 50% or Less Owned Companies,
 Net of Tax                        (84)     219      757   (6,420)     (979)
                              -------- -------- -------- --------  --------
Net Income (Loss)                3,531    5,200    3,649   (4,633)   (3,301)
Net Loss attributable to
 Noncontrolling Interest           (40)       -        -        -         -
                              -------- -------- -------- --------  --------
Net Income (Loss) attributable
 to Era Group Inc.               3,571    5,200    3,649   (4,633)   (3,301)
Accretion of Redemption Value
 on Series A Preferred Stock     2,135    2,099    2,135    2,100       210
                              -------- -------- -------- --------  --------
Net Income (Loss) attributable
 to Common Shares             $  1,436 $  3,101 $  1,514 $ (6,733) $ (3,511)
                              ======== ======== ======== ========  ========

Basic and Diluted Earnings
 (Loss) Per Common Share      $   0.06 $   0.13 $   0.06 $  (0.27) $  (0.14)
EBITDA                        $ 20,700 $ 21,288 $ 17,930 $  7,367  $  8,330
Adjusted EBITDA               $ 21,200 $ 22,822 $ 18,512 $ 16,303  $ 13,824
Adjusted EBITDAR              $ 22,297 $ 23,792 $ 19,430 $ 17,342  $ 14,977



                               ERA GROUP INC.
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                         (in thousands, unaudited)

                         Dec. 31,   Sep. 30,   Jun. 30,  Mar. 31,  Dec. 31,
                           2012       2012       2012      2012      2011
                        ---------- ---------- --------- --------- ---------
         ASSETS
Current Assets:
  Cash and cash
   equivalents          $   11,505 $    9,232 $   9,121 $  26,873 $  79,122
  Receivables:
    Trade, net of
     allowance for
     doubtful accounts      48,527     55,753    43,233    49,060    42,834
    Other                    3,742      6,491     9,752     9,783     7,250
  Due from SEACOR              971          -         -         -         -
  Inventories, net          26,650     26,590    26,496    25,876    24,504
  Prepaid expenses and
   other                     1,803      1,443     2,843     2,663     1,776
  Deferred income taxes      3,642     51,979    40,977         -     2,293
                        ---------- ---------- --------- --------- ---------
    Total current assets    96,840    151,488   132,422   114,255   157,779
                        ---------- ---------- --------- --------- ---------
Property and Equipment   1,030,276  1,008,804   993,244   963,847   911,805
    Accumulated
     depreciation         (242,471)  (231,098) (219,360) (211,245) (202,354)
                        ---------- ---------- --------- --------- ---------
    Net property and
     equipment             787,805    777,706   773,884   752,602   709,451
                        ---------- ---------- --------- --------- ---------
Investments, at Equity,
 and Advances to 50% or
 Less Owned Companies       34,696     35,755    41,882    40,841    50,263
Goodwill                       352        352       352       352       352
Other Assets                17,871     15,480    14,684    15,850    15,379
                        ---------- ---------- --------- --------- ---------
                        $  937,564 $  980,781 $ 963,224 $ 923,900 $ 933,224
                        ========== ========== ========= ========= =========

 LIABILITIES AND EQUITY
Current Liabilities:
  Accounts payable and
   accrued expenses     $   15,703 $   20,084 $  16,976 $  21,606 $  20,004
  Accrued wages and
   benefits                  4,576      6,810     5,488     6,060     7,108
  Due to SEACOR                  -      3,275     3,767     1,752    42,609
  Current portion of
   long-term debt            2,787      2,787     2,787     2,787     2,787
  Other current
   liabilities               6,633      4,631     5,813     9,098     5,744
                        ---------- ---------- --------- --------- ---------
    Total current
     liabilities            29,699     37,587    34,831    41,303    78,252
                        ---------- ---------- --------- --------- ---------
Deferred Income Taxes      203,536    198,068   184,105   141,460   146,177
Long-Term Debt             276,948    221,008   291,704   322,401   285,098
Deferred Gains and Other
 Liabilities                 7,864      8,226     7,764     7,351     8,340
                        ---------- ---------- --------- --------- ---------
    Total liabilities      518,047    464,889   518,404   512,515   517,867
                        ---------- ---------- --------- --------- ---------
Preferred Stock:
  Series A Preferred
   Stock                   144,232    142,097   144,445   142,310   140,210
  Series B Preferred
   Stock                         -    100,000    30,000         -         -
                        ---------- ---------- --------- --------- ---------
    Total preferred
     stock                 144,232    242,097   174,445   142,310   140,210
                        ---------- ---------- --------- --------- ---------
Equity:
  Era Group Inc.
   Stockholder Equity:
    Class B common stock       245        245       245       245       245
    Additional paid-in
     capital               278,838    280,973   283,072   285,207   287,307
    Accumulated deficit     (4,025)    (7,596)  (12,795)  (16,445)  (11,812)
    Accumulated other
     comprehensive
     income (loss), net
     of tax                     20        (74)     (147)       68      (593)
                        ---------- ---------- --------- --------- ---------
                           275,078    273,548   270,375   269,075   275,147
  Noncontrolling
   interest                    207        247         -         -         -
                        ---------- ---------- --------- --------- ---------
    Total equity           275,285    273,795   270,375   269,075   275,147
                        ---------- ---------- --------- --------- ---------
                        $  937,564 $  980,781 $ 963,224 $ 923,900 $ 933,224
                        ========== ========== ========= ========= =========

Our management uses EBITDA and Adjusted EBITDA to assess the performance and operating results of our business. EBITDA is defined as Earnings before Interest (includes interest income, interest expense and interest expense on advances from SEACOR), Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for SEACOR Management Fees and certain other items that occur during the reported period. We include EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of our operating performance. We also present Adjusted EBITDAR, which is defined as Adjusted EBITDA further adjusted for rent expense (included as components of operating expense and general and administrative) because we believe that research analysts and investment bankers use this metric to assess our and others in our peer group's performance. Neither EBITDA, Adjusted EBITDA nor Adjusted EBITDAR is a recognized term under generally accepted accounting principles in the U.S. ("GAAP"). Accordingly, they should be used as an indicator of, or an alternative to, net income as a measure of operating performance. In addition, EBITDA, Adjusted EBITDA and Adjusted EBITDAR 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, Adjusted EBITDA and Adjusted EBITDAR (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies.

The following table provides a reconciliation of Net Income (Loss), the most directly comparable GAAP measure, to EBITDA, Adjusted EBITDA and Adjusted EBITDAR.


                                                              Year Ended
                           Three Months Ended                December 31,
              -------------------------------------------  ----------------
                Dec.     Sep.     Jun.     Mar.     Dec.
                31,      30,      30,      31,      31,
                2012     2012     2012     2012     2011     2012     2011
              -------  -------  -------  -------  -------  -------  -------
                                      (in thousands)
Net Income
 (Loss)       $ 3,531  $ 5,200  $ 3,649  $(4,633) $(3,301) $ 7,747  $ 2,108
  Depreciation 11,471   10,937   10,464    9,630    9,210   42,502   42,612
  Interest
   Income        (145)    (184)    (249)    (332)    (362)    (910)    (738)
  Interest
   Expense      3,757    2,543    2,380    1,968      529   10,648    1,376
  Interest
   Expense on
   Advances
   from
   SEACOR           -        -        -        -    4,486        -   23,410
  Income Tax
   Expense
   (Benefit)    2,086    2,792    1,686      734   (2,232)   7,298      434
              -------  -------  -------  -------  -------  -------  -------
EBITDA         20,700   21,288   17,930    7,367    8,330   67,285   69,202
  SEACOR
   Management
   Fees           500      500      500      500    1,323    2,000    8,799
  Special
   Items (1)        -    1,034       82    8,436    4,171    9,552    4,171
              -------  -------  -------  -------  -------  -------  -------
Adjusted
 EBITDA        21,200   22,822   18,512   16,303   13,824   78,837   82,172
  Rent          1,097      970      918    1,039    1,153    4,024    4,335
              -------  -------  -------  -------  -------  -------  -------
Adjusted
 EBITDAR      $22,297  $23,792  $19,430  $17,342  $14,977  $82,861  $86,507
              =======  =======  =======  =======  =======  =======  =======

(1) Special items include the following:

  • Severance expense of $0.7 million and $4.2 million for the years ended December 31, 2012 and 2011, respectively, and $0.7 million and $4.2 million for the three months ended September 30, 2012 and December 31, 2011, respectively, due to prior changes in executive management;
  • Expenses incurred in connection with our abandoned initial public offering of $2.9 million for the year ended December 31, 2012, $2.5 million for the three months ended March 31, 2012, $0.1 million for the three months ended June 30, 2012 and $0.3 million for the three months ended September 30, 2012; and
  • An impairment charge of $5.9 million, net of tax, for the year ended December 31, 2012 and the three months ended March 31, 2012, on our investment in Aeróleo Taxi Aereo S/A.




                               ERA GROUP INC.
                                FLEET COUNTS
                                 (unaudited)

                            Dec. 31,  Sep. 30,  Jun. 30,  Mar. 31,  Dec. 31,
                              2012      2012      2012      2012      2011
-------------------------- --------- --------- --------- --------- ---------
Heavy:
  EC225                           10        10         9         8         7
                           ========= ========= ========= ========= =========

Medium:
  AW139                           33        32        30        28        26
  B212                            13        13        13        13        14
  B412                             6         6         6         6         6
  S76 A/A++                        7         8         9         9         9
  S76 C/C++                       10        10        10        10        10
                           --------- --------- --------- --------- ---------
                                  69        69        68        66        65
                           ========= ========= ========= ========= =========

Light-twin engine:
  A109                             9         9         9         9         9
  BO-105                           -         -         2         4         4
  BK-117                           6         8         9        12        11
  EC135                           19        19        18        15        15
  EC145                            3         5         6         6         6
                           --------- --------- --------- --------- ---------
                                  37        41        44        46        45
                           ========= ========= ========= ========= =========

Light-single engine:
  A119                            24        24        24        23        23
  AS350                           35        35        35        35        35
                           --------- --------- --------- --------- ---------
                                  59        59        59        58        58
                           ========= ========= ========= ========= =========
Total Helicopters                175       179       180       178       175
                           ========= ========= ========= ========= =========

For additional information concerning Era Group, contact
Christopher Bradshaw
(281) 606-4871
or visit Era Group's website at www.eragroupinc.com

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