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Era Group Inc. (ERA) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Era Group Inc.

CIK: 1525221 Ticker: ERA
Exhibit 99.1

eralogo01a11.jpg
PRESS RELEASE

ERA GROUP INC. REPORTS
FIRST QUARTER 2018 RESULTS

Houston, Texas
May 1, 2018
FOR IMMEDIATE RELEASE — Era Group Inc. (NYSE: ERA) today reported a net loss attributable to the Company of $1.2 million, or $0.06 per diluted share, for its first quarter ended March 31, 2018 (“current quarter”) on operating revenues of $57.3 million compared to net income attributable to the Company of $61.7 million, or $2.89 per diluted share, for the quarter ended December 31, 2017 (“preceding quarter”) on operating revenues of $57.5 million. The preceding quarter results included an income tax benefit of approximately $70 million due to changes in U.S. tax legislation.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $12.7 million in the current quarter compared to $2.0 million in the preceding quarter. EBITDA adjusted to exclude gains on asset dispositions and special items was $8.1 million in the current quarter compared to $4.7 million in the preceding quarter. Gains on asset dispositions were $4.4 million in the current quarter compared to losses of $0.5 million in the preceding quarter. Special items in the current quarter consisted of a $0.2 million gain on debt extinguishment on the early repayment of certain debt in Brazil. Special items in the preceding quarter consisted of $2.0 million in non-cash charges related to the Company's Brazil subsidiary entering the Tax Special Regularization Program (the "PERT" program) and $0.2 million of other non-cash items.
“The positive momentum in offshore oil and gas customer activity, which began in mid-2017, further accelerated in the first quarter of 2018, with oil and gas revenues 2% higher on a sequential quarter basis and 10% higher on a year-over-year basis,” said Chris Bradshaw, President and Chief Executive Officer of Era Group Inc. “The improvements in the U.S. Gulf of Mexico market were even more pronounced, up 4% on a sequential quarter basis and 21% higher on a year-over-year basis.”
“Profitability in the first quarter was adversely impacted by $3.9 million of non-routine professional services fees. We continue to prioritize the protection of our strong balance sheet. We generated $19.5 million of cash from asset sales in the first quarter, and net debt was reduced by $14.0 million.”
Sequential Quarter Results
Operating revenues in the current quarter were comparable to the preceding quarter, as higher oil and gas revenues were offset by lower dry-leasing revenues.
Operating expenses were $6.7 million lower in the current quarter primarily due to decreased repairs and maintenance costs related to the timing of repairs and the recognition of power-by-the-hour (“PBH”) credits resulting from the removal of helicopters from PBH programs following their sale. In addition, the preceding quarter included the adverse accounting impact for the PERT program in Brazil.
Administrative and general expenses were $1.2 million higher in the current quarter primarily due to an increase in professional services fees.

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The following information was filed by Era Group Inc. (ERA) on Tuesday, May 1, 2018 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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Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statement Of Changes In Redeemable Noncontrolling Interest And Equity
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Cash Flows (parenthetical)
Condensed Consolidated Statements Of Comprehensive Income (loss)
Condensed Consolidated Statements Of Operations
Acquisitions And Dispositions
Acquisitions And Dispositions (details)
Basis Of Presentation And Accounting Policy
Basis Of Presentation And Accounting Policy (policy)
Basis Of Presentation And Accounting Policy (tables)
Basis Of Presentation And Accounting Policy Supplemental Cash Flow Information (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Earnings (loss) Per Common Share
Earnings (loss) Per Common Share (details)
Earnings (loss) Per Common Share (tables)
Escrow Deposits
Escrow Deposits - Narrative (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Estimated Fair Value Of Other Financial Assets And Liabilities (details)
Guarantors Of Securities
Guarantors Of Securities (condensed Balance Sheet) (details)
Guarantors Of Securities (condensed Balance Sheet) (phantom) (details)
Guarantors Of Securities (condensed Cash Flow Statement) (details)
Guarantors Of Securities (condensed Income Statement) (details)
Guarantors Of Securities (condensed Statement Of Comprehensive Income) (details)
Guarantors Of Securities (narrative) (details)
Guarantors Of Securities (tables)
Income Taxes
Income Taxes - Narrative (details)
Long-term Debt
Long-term Debt (tables)
Long-term Debt - Narrative (details)
Long-term Debt - Schedule Of Long-term Debt (details)
Related Party Transactions
Related Party Transactions (details)
Revenues
Revenues (tables)
Revenues - Operating Revenue (details)
Share Based Compensation
Share Based Compensation (details)
Share Based Compensation (tables)
Share Based Compensation - Narrative (details)
Variable Interest Entities
Variable Interest Entities - Narrative (details)

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Era Group Inc. provided additional information to their SEC Filing as exhibits

Ticker: ERA
CIK: 1525221
Form Type: 10-Q Quarterly Report
Accession Number: 0001525221-18-000073
Submitted to the SEC: Tue May 01 2018 5:27:17 PM EST
Accepted by the SEC: Tue May 01 2018
Period: Saturday, March 31, 2018
Industry: Air Transportation Nonscheduled

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