Bristow sees growth in 2013 fiscal third quarter

Bristow Group Inc. has reported a net income of $36.4 million ($1.00 per diluted share) for the 2013 fiscal third quarter, compared to $25.5 million ($0.70 per diluted share) over the same period in the previous year.

Adjusted net income – excluding asset disposition effects and special items – was $42.6 million ($1.17 per diluted share), up from $14.8 million ($0.41 per diluted share) over the December 2011 quarter. Operating revenue also increased by 17%, from $296.7 million to $346.7 million.

Bristow cited three causes behind this growth: the addition of eight aircraft operating in Canada that contributed $13.8 million in operating revenue; increases in operating revenue in Europe of $17.6 million, Australia of $8.1 million, West Africa of $9.7 million and the U.S. Gulf of Mexico of $9.0 million; and a favourable impact from changes in foreign currency exchange rates, increasing gross revenue by $2.9 million.

William Chiles, President and Chief Executive Officer of Bristow Group, said: “The significant increase in third quarter revenue, as well as strong earnings and cash flow, are a testament to our commitment to operational excellence, especially to our core value of safety.”

He added: “The recent investment in Cougar Helicopters delivered robust growth in this quarter’s financial performance, and future results should continue to benefit from the outstanding personnel, asset quality and growth profile that Cougar possesses.”