Exhibit 99.1
bristowlogoa07.jpg
News Release

Linda McNeill
Investor Relations
(713) 267-7622
FOR IMMEDIATE RELEASE

Bristow Group Reports Third Quarter Fiscal Year 2017 Results

HOUSTON, February 2, 2017 – Bristow Group Inc. (NYSE: BRS) today reported the following results for the quarter ended December 31, 2016. All amounts shown are dollar amounts in thousands unless otherwise noted:
 
 
Three Months Ended
December 31,
 
Nine Months Ended
December 31,
 
 
2016
 
2015
 
% Change
 
2016
 
2015
 
% Change
Operating revenue
 
$
324,353

 
$
395,157

 
(17.9
)%
 
$
1,024,199

 
$
1,254,279

 
(18.3
)%
Net income (loss) attributable to Bristow Group
 
(21,927
)
 
3,202

 
*

 
(92,496
)
 
(47,187
)
 
(96.0
)%
Diluted earnings (loss) per share
 
(0.62
)
 
0.09

 
*

 
(2.64
)
 
(1.40
)
 
(88.6
)%
Adjusted EBITDA (1)
 
22,918

 
64,730

 
(64.6
)%
 
67,397

 
170,223

 
(60.4
)%
Adjusted net income (loss) (1)
 
(10,121
)
 
23,533

 
(143.0
)%
 
(34,415
)
 
47,196

 
(172.9
)%
Adjusted diluted earnings (loss) per share (1)
 
(0.29
)
 
0.67

 
(143.3
)%
 
(0.98
)
 
1.34

 
(173.1
)%
Operating cash flow
 
(42,898
)
 
(2,576
)
 
*

 
(14,860
)
 
55,684

 
(126.7
)%
Capital expenditures
 
17,860

 
196,376

 
(90.9
)%
 
119,726

 
343,365

 
(65.1
)%
Rent expense
 
53,652

 
52,177

 
2.8
 %
 
156,890

 
160,495

 
(2.2
)%
 
 
December 31, 2016
 
September 30,  
 2016
 
% Change
Cash
 
$
71,159

 
$
100,668

 
(29.3
)%
Undrawn borrowing capacity on Revolving Credit Facility
 
209,420

 
165,970

 
26.2
 %
Total liquidity
 
$
280,579

 
$
266,638

 
5.2
 %
_______________
(1) 
A full reconciliation of non-GAAP financial measurements is included at the end of this news release
* percentage change too large to be meaningful or not applicable

For the December 2016 quarter, we reported a GAAP net loss of $21.9 million, or diluted loss per share of $0.62, compared to GAAP net income of $3.2 million, or diluted earnings per share of $0.09, for the December 2015 quarter. Additionally, we reported an adjusted net loss of $10.1 million, or adjusted diluted loss per share of $0.29, for the December 2016 quarter compared to adjusted net income of $23.5 million or adjusted diluted earnings per share of $0.67, for the December 2015 quarter.
Starting with the third fiscal quarter, we have revised our disclosures to present adjusted EBITDA rather than adjusted EBITDAR consistent with recent interpretations regarding Non-GAAP measures issued by the Securities and Exchange Commission.

BUSINESS AND FINANCIAL UPDATE
The December 2016 quarter results reflect the continued pressure on our oil and gas operations due to the industry downturn; however, they were above our internal expectations.
Successfully improved liquidity and pushed debt maturities out through equipment financings: $200 million funded, $200 million signed credit agreement and $230 million executed commitment letter.
U.K. Search and Rescue (SAR) continued to perform as expected; however the post-Brexit depreciation of the British pound sterling continued to negatively impact our U.K. financial results including our U.K. oil and gas and SAR results as reported in U.S. dollars.

1

The following information was filed by Bristow Group Inc (BRS) on Thursday, February 2, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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