Click here to close now.




















Welcome!

News Feed Item

Era Group Inc. Reports First Quarter 2014 Results

HOUSTON, TX -- (Marketwired) -- 05/06/14 -- Era Group Inc. (NYSE: ERA)

  • Q1 2014 revenues increased 17% compared to Q1 2013 due to strong results from our U.S. Gulf of Mexico operations

  • Operating income and EBITDA increased by 88% and 21%, respectively, excluding the impact of gains on asset dispositions, which outpaced revenue growth due to margin expansion

Era Group Inc. (NYSE: ERA) today reported net income for its first quarter ended March 31, 2014 of $4.4 million on operating revenues of $79.4 million compared to net income of $6.7 million on operating revenues of $67.7 million in the prior year first quarter. The decline in net income is due to a $7.9 million decrease in gains on asset dispositions compared to the prior year quarter.

Operating income for the current quarter was $10.1 million compared to $14.6 million in the prior year quarter. Earnings before interest, taxes, depreciation and amortization ("EBITDA") was $21.8 million in the current quarter compared to $26.4 million in the prior year quarter. The current quarter results included $2.9 million in gains on asset dispositions compared to $10.8 million of gains in the first quarter of 2013.

"Operating revenues increased 17% to set a new record for the first quarter thanks to strong performance from our U.S. Gulf of Mexico operations," said Sten Gustafson, Chief Executive Officer of Era Group Inc. "Our customers continue to be very active in the deepwater Gulf of Mexico, adding new drilling rigs for exploration activities and transitioning successful drilling projects into their longer-term development and production phases."

"EBITDA excluding gains on asset dispositions outpaced revenue growth, increasing 21% over the prior year quarter as we benefited from margin expansion."

First Quarter Results

Operating revenues in the first quarter ended March 31, 2014 increased $11.7 million over the prior year quarter primarily due to strong results from our U.S. Gulf of Mexico operations related to an increase in fleet count, higher rates and the resumption of operations of the EC225 heavy helicopters. These increases were partially offset by a decrease in dry-leasing revenues due to fewer helicopters on dry-leases compared to the prior year quarter and a decrease in revenues in Alaska as the prior year quarter benefited from short-term work related to a drillship running aground.

Operating expenses were $6.5 million higher in the current quarter. Repairs and maintenance expenses were $4.2 million higher primarily due to the timing of repairs and an increase in power-by-hour expense related to the resumption of the EC225 helicopter operations. Personnel costs increased $1.0 million due to higher headcount related to increased activity and pay scale and benefit adjustments related to a competitive labor market. Fuel expense increased due to the EC225 helicopters returning to service and increased fuel sales at the FBO, and other expenses increased due to placing a third search and rescue ("SAR") helicopter in service.

Administrative and general expenses were $2.2 million higher in the current quarter. Compensation and employee costs were $1.8 million higher primarily due to an increase in personnel, annual pay adjustments and share-based compensation related to changes in senior management and annual incentive equity awards. Professional services fees increased $0.3 million due to audit and tax advisory fees.

Depreciation expense decreased $0.4 million primarily due to helicopters and related equipment sold since the prior year quarter.

Gains on asset dispositions were $7.9 million less than in the prior year quarter. During the current quarter, we sold two helicopters for a gain of $2.9 million. In the prior year quarter, we sold or otherwise disposed of six helicopters and related equipment for a gain of $10.8 million.

Interest expense decreased $1.0 million primarily due to increased capitalized interest related to additional deposits on helicopter orders.

Income tax expense decreased $1.1 million due to lower pre-tax income in the current year quarter resulting from the decrease in gains on asset dispositions.

Sequential Quarter Results

First quarter 2014 operating revenues increased $3.4 million compared to the fourth quarter of 2013, primarily due to strong results from our U.S. Gulf of Mexico operations partially offset by lower revenues from dry-leasing activities and from oil and gas operations in Alaska. First quarter net income increased $2.7 million. Operating income and EBITDA for the first quarter increased by $0.5 million and $1.8 million, respectively. The improvements in operating income and EBITDA were due to a $2.4 million increase in gains on asset dispositions compared to the fourth quarter of 2013. In addition to the increased gains on asset dispositions, net income also benefited from a $0.6 million decrease in interest expense, a $0.5 million decrease in income tax expense, and a $1.4 million increase in earnings from equity investments.

Equipment Acquisitions

During the quarter ended March 31, 2014, the Company's capital expenditures were $18.8 million, which consisted primarily of deposits on future helicopter deliveries. The Company records helicopter acquisitions in property and equipment and places helicopters in service once all completion work has been finalized and the helicopters are ready for use. The Company accepted delivery of two new AW139 medium helicopters in January 2014, and placed both of them into service in late February. In addition, the Company accepted delivery of one new AW139 helicopter in March 2014, which will be placed into service in the second quarter of 2014.

Capital Commitments

The Company's unfunded capital commitments as of March 31, 2014 consisted primarily of orders for helicopters and totaled $326.3 million, of which $83.4 million is payable during 2014 with the balance payable through 2017. The Company also had $2.3 million of deposits paid on options not yet exercised. The Company may terminate $147.4 million of its total commitments (inclusive of deposits paid on options not yet exercised) without further liability other than liquidated damages of $9.7 million in the aggregate.

Included in these capital commitments are agreements to purchase ten AW189 heavy helicopters, four S92 heavy helicopters, one AW139 medium helicopter, and five AW169 light twin helicopters. The AW189 helicopters are scheduled to be delivered beginning in late 2014 through 2017. The S92 helicopters are scheduled to be delivered in 2016 and 2017. The AW139 helicopter is scheduled to be delivered in mid-year 2014. Delivery dates for the AW169 helicopters have yet to be determined. In addition, we had outstanding options to purchase up to an additional ten AW189 helicopters, five S92 helicopters and four AW139 helicopters. If these options are exercised, the helicopters would be scheduled for delivery beginning in 2015 through 2018.

Liquidity Update

As of March 31, 2014, the Company had $25.3 million in cash balances and escrow deposits and remaining availability under its senior secured revolving credit facility of $244.3 million.

EC225 Settlement

In April 2014, the Company entered into a settlement agreement with Airbus Helicopters (formerly Eurocopter), a division of Airbus Group (formerly European Aeronautic Defense and Space Company), with respect to the extended suspension of operations of the EC225 heavy helicopters in 2012 and 2013. The settlement agreement provides for certain service and product credit discounts, including credits that will be available to the Company for a period of four years to be applied against support services available from Airbus Helicopters covering spare parts, repair and overhaul, service bulletins, technical assistance or any other services available from Airbus Helicopters. The Company expects to be able to apply such service credits over the following six to ten quarters and such application will impact the Company's statements of operations as a reduction in operating expenses if and as the credits are utilized.

Conference Call

Management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Wednesday, May 7, 2014, to review the results for the first quarter ended March 31, 2014. The conference call can be accessed as follows:

All callers will need to reference the access code 34597766

Within the U.S.:

Operator Assisted Toll-Free Dial-In Number: (866) 607-0535

Outside the U.S.:

Operator Assisted International Dial-In Number: (832) 445-1827

Replay

A telephone replay will be available through May 21, 2014 and may be accessed by calling (855) 859-2056 for domestic callers or (404) 537-3406 for international callers. An audio replay will also be available on the Company's website at www.eragroupinc.com shortly after the call and will be accessible for approximately 90 days.

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 and customers in other countries, including Brazil, India, Norway, Spain, Sweden, the United Kingdom and Uruguay. 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 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated 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 Company's dependence on, and the cyclical nature of, the offshore oil and gas industry; the Company's dependence on oil and gas exploration and development activity in the areas where the Company operates; fluctuations in worldwide prices of and demand for oil and natural gas; the ability to successfully expand into other geographic and helicopter service markets; the impact of increased U.S. and foreign government regulation and legislation, including potential government implemented moratoriums on drilling activities; inherent risks in operating helicopters; the failure to maintain an acceptable safety record; the grounding of all or a portion of our fleet for extended periods of time or indefinitely; reduction or cancellation of services for government agencies; reliance on a small number of helicopter manufacturers and suppliers; political instability, governmental action, war, acts of terrorism and changes in the economic condition in any foreign country where the Company does business, which may result in expropriation, nationalization, confiscation or deprivation of our assets or result in claims of a force majeure situation; declines in the global economy and financial markets; foreign currency exposure and exchange controls; credit risk exposure; the ongoing need to replace aging helicopters; the Company's reliance on the secondary used helicopter market to dispose of older helicopters; the Company's reliance on a small number of customers; allocation of risk between the Company and its customers; liability, legal fees and costs in connection with providing emergency response services; risks associated with the Company's debt structure; operational and financial difficulties of the Company's joint ventures and partners; conflict with the other owners of the Company's non-wholly owned subsidiaries and other equity investees; adverse results of legal proceedings; adverse weather conditions and seasonality; adequacy of insurance coverage; the attraction and retention of qualified personnel; restrictions on the amount of foreign ownership of the Company's common stock; 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; 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 the Company's businesses, particularly those mentioned under "Risk Factors" in Era Group's Annual Report on Form 10-K for the year ended December 31, 2013, in Era Group's subsequent Quarterly Reports on Form 10-Q and in Era Group's periodic reporting on Form 8-K (if any), which are incorporated by reference.

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


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

                                               Three Months Ended March 31,
                                               ----------------------------
                                                    2014           2013
                                               -------------  -------------
Operating Revenues                             $      79,443  $      67,727
                                               -------------  -------------
Costs and Expenses:
  Operating                                           49,640         43,116
  Administrative and general                          11,334          9,134
  Depreciation                                        11,287         11,661
                                               -------------  -------------
                                                      72,261         63,911
                                               -------------  -------------
Gains on Asset Dispositions, Net                       2,891         10,801
                                               -------------  -------------
Operating Income                                      10,073         14,617
                                               -------------  -------------
Other Income (Expense):
  Interest income                                        145            147
  Interest expense                                    (3,753)        (4,732)
  SEACOR management fees                                  --           (168)
  Derivative losses, net                                 (30)            (3)
  Foreign currency losses, net                           (57)          (259)
  Other, net                                              --              3
                                               -------------  -------------
                                                      (3,695)        (5,012)
                                               -------------  -------------
Income Before Income Tax Expense and Equity In
 Earnings (Losses) of 50% or Less Owned
 Companies                                             6,378          9,605
Income Tax Expense                                     2,503          3,578
                                               -------------  -------------
Income Before Equity in Earnings (Losses) of
 50% or Less Owned Companies                           3,875          6,027
Equity in Earnings (Losses) of 50% or Less
 Owned Companies, Net of Tax                             499            562
                                               -------------  -------------
Net Income                                             4,374          6,589
Net Loss Attributable to Noncontrolling
 Interest in Subsidiary                                   71            105
                                               -------------  -------------
Net Income Attributable to Era Group Inc.              4,445          6,694
Accretion of Redemption Value on Series A
 Preferred Stock                                          --            721
                                               -------------  -------------
Net Income Attributable to Common Shares       $       4,445  $       5,973
                                               =============  =============

Basic Earnings Per Common Share                $        0.22  $        0.28
Diluted Earnings Per Common Share              $        0.22  $        0.28

EBITDA                                         $      21,772  $      26,413
Adjusted EBITDA                                $      21,772  $      26,581
Adjusted EBITDA Excluding Gains                $      18,881  $      15,780



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

                                        Three Months Ended
                      -----------------------------------------------------
                       Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,
                         2014       2013       2013       2013       2013
                      ---------  ---------  ---------  ---------  ---------
Operating Revenues    $  79,443  $  75,998  $  80,997  $  74,237  $  67,727
                      ---------  ---------  ---------  ---------  ---------
Costs and Expenses:
  Operating              49,640     45,213     51,338     46,945     43,116
  Administrative and
   general               11,334     10,562      9,683      9,545      9,134
  Depreciation           11,287     11,129     11,340     11,431     11,661
                      ---------  ---------  ---------  ---------  ---------
                         72,261     66,904     72,361     67,921     63,911
                      ---------  ---------  ---------  ---------  ---------
Gains on Asset
 Dispositions, Net        2,891        464      2,560      4,476     10,801
                      ---------  ---------  ---------  ---------  ---------
Operating Income         10,073      9,558     11,196     10,792     14,617
                      ---------  ---------  ---------  ---------  ---------
Other Income
 (Expense):
  Interest income           145        139        155        150        147
  Interest expense       (3,753)    (4,311)    (4,394)    (4,613)    (4,732)
  SEACOR management
   fees                      --         --         --         --       (168)
  Derivative (losses)
   gains, net               (30)       (26)       (96)        21         (3)
  Foreign currency
   gains (losses),
   net                      (57)       233        409        315       (259)
  Other, net                 --         --          7          9          3
                      ---------  ---------  ---------  ---------  ---------
                         (3,695)    (3,965)    (3,919)    (4,118)    (5,012)
                      ---------  ---------  ---------  ---------  ---------
Income Before Income
 Tax Expense and
 Equity In Earnings
 (Losses) of 50% or
 Less Owned Companies     6,378      5,593      7,277      6,674      9,605
Income Tax Expense        2,503      3,036      2,715      2,398      3,578
                      ---------  ---------  ---------  ---------  ---------
Income Before Equity
 in Earnings (Losses)
 of 50% or Less Owned
 Companies                3,875      2,557      4,562      4,276      6,027
Equity in Earnings
 (Losses) of 50% or
 Less Owned
 Companies, Net of
 Tax                        499       (880)       526        674        562
                      ---------  ---------  ---------  ---------  ---------
Net Income                4,374      1,677      5,088      4,950      6,589
Net Loss Attributable
 to Noncontrolling
 Interest in
 Subsidiary                  71         75        116        105        105
                      ---------  ---------  ---------  ---------  ---------
Net Income
 Attributable to Era
 Group Inc.               4,445      1,752      5,204      5,055      6,694
Accretion of
 Redemption Value on
 Series A Preferred
 Stock                       --         --         --         --        721
                      ---------  ---------  ---------  ---------  ---------
Net Income
 Attributable to
 Common Shares        $   4,445  $   1,752  $   5,204  $   5,055  $   5,973
                      =========  =========  =========  =========  =========

Basic Earnings Per
 Common Share         $    0.22  $    0.09  $    0.26  $    0.25  $    0.28
Diluted Earnings Per
 Common Share         $    0.22  $    0.09  $    0.25  $    0.25  $    0.28

EBITDA                $  21,772  $  20,014  $  23,382  $  23,242  $  26,413
Adjusted EBITDA       $  21,772  $  20,014  $  25,427  $  23,242  $  26,581
Adjusted EBITDA
 Excluding Gains      $  18,881  $  19,550  $  22,867  $  18,766  $  15,780



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

                  Mar. 31,    Dec. 31,    Sep. 30,    Jun. 30,    Mar. 31,
                    2014        2013        2013        2013        2013
                 ----------  ----------  ----------  ----------  ----------
      ASSETS
Current Assets:
  Cash and cash
   equivalents   $   22,290  $   31,335  $   22,517  $   27,345  $   25,032
  Receivables:
   Trade, net of
    allowance for
    doubtful
    accounts         47,780      38,137      48,435      40,645      41,044
   Other              4,824       4,374       2,961      14,607      16,133
  Inventories,
   net               26,780      26,853      26,692      26,223      26,696
  Prepaid
   expenses and
   other              3,292       2,167       1,278       2,854       2,715
  Deferred income
   taxes              2,138       2,347       3,642       3,642       3,642
  Escrow deposits     3,048          --       9,900      16,010          --
                 ----------  ----------  ----------  ----------  ----------
   Total current
    assets          110,152     105.213     115,425     131,326     115,262
                 ----------  ----------  ----------  ----------  ----------
Property and
 Equipment        1,084,199   1,066,958   1,014,907   1,012,661   1,021,453
   Accumulated
    depreciation   (273,754)   (263,306)   (255,299)   (251,613)   (246,498)
                 ----------  ----------  ----------  ----------  ----------
   Net property
    and equipment   810,445     803.652     759,608     761,048     774,955
                 ----------  ----------  ----------  ----------  ----------
Investments, at
 Equity, and
 Advances to 50%
 or Less Owned
 Companies           35,433      34,986      36,113      35,529      34,705
Goodwill                352         352         352         352         352
Other Assets         16,074      14,380      16,071      17,300      17,830
                 ----------  ----------  ----------  ----------  ----------
Total Assets     $  972,456  $  958,583  $  927,569  $  945,555  $  943,104
                 ==========  ==========  ==========  ==========  ==========

 LIABILITIES AND
   STOCKHOLDERS'
      EQUITY
Current
 Liabilities:
  Accounts
   payable and
   accrued
   expenses      $   13,639  $   13,293  $   16,796  $   15,796  $   13,396
  Accrued wages
   and benefits       9,583       8,792       8,937       6,976       7,662
  Accrued
   interest           4,624         772       4,625         770       5,213
  Accrued income
   taxes                781         613          --          --          --
  Derivatives           529         621          --          --          --
  Current portion
   of long-term
   debt               2,787       2,787       2,787       2,787       2,787
  Other current
   liabilities        4,171       3,267       6,894       5,253       4,309
                 ----------  ----------  ----------  ----------  ----------
   Total current
    liabilities      36,114      30.145      40,039      31,582      33,367
                 ----------  ----------  ----------  ----------  ----------
Deferred Income
 Taxes              211,479     209,574     208,483     204,487     203,343
Long-Term Debt      278,755     279,391     240,029     275,667     276,307
Deferred Gains
 and Other
 Liabilities          3,476       3,412       5,343       5,947       8,164
                 ----------  ----------  ----------  ----------  ----------
   Total
    liabilities     529,824     522,522     493,894     517,683     521,181
                 ----------  ----------  ----------  ----------  ----------
Equity:
  Era Group Inc.
   Stockholders'
   Equity:
   Common stock         203         202         202         202         201
   Additional
    paid-in
    capital         423,728     421,310     420,650     420,056     419,036
   Retained
    earnings         19,125      14,680      12,928       7,724       2,669
   Treasury
    shares, at
    cost               (334)       (113)        (94)        (63)         --
   Accumulated
    other
    comprehensive
    income
    (loss), net
    of tax              175         176         108         (44)        (85)
                 ----------  ----------  ----------  ----------  ----------
                    442,897     436,255     433,794     427,875     421,821
  Noncontrolling
   interest in
   subsidiary          (265)       (194)       (119)         (3)        102
                 ----------  ----------  ----------  ----------  ----------
   Total equity     442,632     436,061     433,675     427,872     421,923
                 ----------  ----------  ----------  ----------  ----------
Total Liabilities
 and
 Stockholders'
 Equity          $  972,456  $  958,583  $  927,569  $  945,555  $  943,104
                 ==========  ==========  ==========  ==========  ==========

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 and interest expense), 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. Neither EBITDA nor Adjusted EBITDA is a recognized term under generally accepted accounting principles in the U.S. ("GAAP"). Accordingly, they should not be used as an indicator of, or an alternative to, net income as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management's discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definitions of EBITDA and Adjusted EBITDA (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies.

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


                                             Three Months Ended
                      -----------------------------------------------------
                       Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,
                         2014       2013       2013       2013       2013
                      ---------  ---------  ---------  ---------  ---------
                                               (in thousands)
Net Income            $   4,374  $   1,677  $   5,088  $   4,950  $   6,589
  Depreciation           11,287     11,129     11,340     11,431     11,661
  Interest Income          (145)      (139)      (155)      (150)      (147)
  Interest Expense        3,753      4,311      4,394      4,613      4,732
  Income Tax Expense      2,503      3,036      2,715      2,398      3,578
                      ---------  ---------  ---------  ---------  ---------
EBITDA                $  21,772  $  20,014  $  23,382  $  23,242  $  26,413
  SEACOR Management
   Fees                      --         --         --         --        168
  Special Items (1)          --         --      2,045         --         --
                      ---------  ---------  ---------  ---------  ---------
Adjusted EBITDA       $  21,772  $  20,014  $  25,427  $  23,242  $  26,581
  Gains on Asset
   Dispositions, Net
   ("Gains")             (2,891)      (464)    (2,560)    (4,476)   (10,801)
                      ---------  ---------  ---------  ---------  ---------
Adjusted EBITDA
 Excluding Gains      $  18,881  $  19,550  $  22,867  $  18,766  $  15,780
                      ---------  ---------  ---------  ---------  ---------

(1) Special items include the following:

  • A one-time charge of $2.0 million related to operating leases on certain helicopters configured for air medical services for the three months ended September 30, 2013.


                               ERA GROUP INC.
                               FLEET COUNTS(1)
                                 (unaudited)

                                Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
                                2014 (2)   2013     2013     2013     2013
------------------------------- -------- -------- -------- -------- --------
Heavy:
  EC225                                9        9        9        9        9
                                ======== ======== ======== ======== ========

Medium:
  AW139                               37       35       36       35       35
  B212                                10       11       11       11       11
  B412                                 6        6        6        6        6
  S76 A/A++                            2        3        3        6        6
  S76 C+/C++                           6        6        6        7        9
                                -------- -------- -------- -------- --------
                                      61       61       62       65       67
                                ======== ======== ======== ======== ========

Light--twin engine:
  A109                                 9        9        9        9        9
  BK-117                               3        3        6        6        6
  EC135                               20       20       20       20       20
  EC145                                4        4        4        3        3
                                -------- -------- -------- -------- --------
                                      36       36       39       38       38
                                ======== ======== ======== ======== ========

Light--single engine:
  A119                                24       24       24       24       24
  AS350                               35       35       35       35       35
                                -------- -------- -------- -------- --------
                                      59       59       59       59       59
                                ======== ======== ======== ======== ========
Total Helicopters                    165      165      169      171      173
                                ======== ======== ======== ======== ========

____________________
(1) Includes all owned, joint ventured, leased-in and managed helicopters.
(2) Excludes on AW139 helicopter that was fully paid for and delivered in March 2014 but not yet operational as of March 31, 2014.

Contact:
Christopher Bradshaw
(281) 606-4871

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
eCube Systems has released NXTmonitor, a full featured application orchestration solution. NXTmonitor, which inherited the code base of NXTminder, has been extended to support multi-discipline processes and will act as a DevOps utility in a heterogeneous enterprise environment. Previously, NXTminder was packaged with NXTera middleware to configure and manage Entera and NXTera RPC servers. “Since we are widening the focus of this solution to DevOps, we felt the need to change the name to NXTmon...
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as...
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
U.S. companies are desperately trying to recruit and hire skilled software engineers and developers, but there is simply not enough quality talent to go around. Tiempo Development is a nearshore software development company. Our headquarters are in AZ, but we are a pioneer and leader in outsourcing to Mexico, based on our three software development centers there. We have a proven process and we are experts at providing our customers with powerful solutions. We transform ideas into reality.
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...