Bristow Group Inc
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 7, 2024
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Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts)
| Three Months Ended June 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenues: | ||||
| Operating revenues | $352,494 | $311,522 | $681,850 | $604,453 |
| Reimbursable revenues | 7,255 | 7,861 | 14,993 | 16,952 |
| Total revenues | 359,749 | 319,383 | 696,843 | 621,405 |
| Costs and expenses: | ||||
| Operating expenses | 246,421 | 240,659 | 493,785 | 467,383 |
| Reimbursable expenses | 7,212 | 7,680 | 14,903 | 16,671 |
| General and administrative expenses | 44,933 | 44,616 | 88,280 | 91,346 |
| Merger and integration costs | — | 677 | — | 1,116 |
| Depreciation and amortization expense | 16,848 | 18,292 | 34,017 | 35,737 |
| Total costs and expenses | 315,414 | 311,924 | 630,985 | 612,253 |
| Gains (losses) on disposal of assets | (224) | (3,164) | (337) | 92 |
| Earnings from unconsolidated affiliates | 651 | 1,279 | 2,070 | 2,316 |
| Operating income | 44,762 | 5,574 | 67,591 | 11,560 |
| Interest income | 2,142 | 1,527 | 4,126 | 2,656 |
| Interest expense, net | (9,385) | (9,871) | (18,857) | (20,135) |
| Reorganization items, net | — | (39) | — | (83) |
| Other, net | (83) | (13,037) | (6,284) | (16,463) |
| Total other income (expense), net | (7,326) | (21,420) | (21,015) | (34,025) |
| Income (loss) before income taxes | 37,436 | (15,846) | 46,576 | (22,465) |
| Income tax benefit (expense) | (9,245) | 14,209 | (11,753) | 19,303 |
| Net income (loss) | 28,191 | (1,637) | 34,823 | (3,162) |
| Net loss (income) attributable to noncontrolling interests | (34) | — | (61) | 3 |
| Net income (loss) attributable to Bristow Group Inc. | $28,157 | $(1,637) | $34,762 | $(3,159) |
| Earnings (losses) per common share: | ||||
| Basic | $0.99 | $(0.06) | $1.22 | $(0.11) |
| Diluted | $0.96 | $(0.06) | $1.19 | $(0.11) |
| Weighted average shares of common stock outstanding: | ||||
| Basic | 28,476 | 28,058 | 28,404 | 28,021 |
| Diluted | 29,462 | 28,058 | 29,334 | 28,021 |
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