Bristow Group reports financial results for its 2015 fiscal fourth quarter

Bristow Group reported net income for the March 2015 fiscal fourth quarter of US$15.1m compared to net income of US$30.3m in the same period a year ago. Adjusted net income, which excludes special items and asset disposition effects, decreased 35.3% to US$31.8m for the March 2015 quarter, compared to US$49.1m in the March 2014 quarter. Operating revenue was US$418.9m for the March 2015 quarter compared to US$404.6m a year ago, an increase of 3.5%, driven by improvements in its Australia, North America and Europe Business Units. Adjusted earnings before interest, taxes, depreciation, amortization and rent (“adjusted EBITDAR”), which also excludes special items and asset disposition effects, was US$126.3m for the March 2015 quarter compared to US$122.9m in the same period a year ago, an increase of 2.8%. Results for the March 2015 quarter were significantly impacted by changes in foreign exchange rates of US$12.9m, primarily related to the Brazilian real.