Bristow Group Inc. (BRS) saw its loss widen to $78.04 million, or $2.22 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $25.26 million, or $0.72 a share. On an adjusted basis, net loss for the quarter stood at $40.30 million, or $1.15 a share compared with a net profit of $4.72 million, or $0.13 a share in the last year period. Revenue during the quarter dropped 11.93 percent to $336.19 million from $381.72 million in the previous year period. Gross margin for the quarter contracted 432 basis points over the previous year period to 15.32 percent. Operating margin for the quarter stood at negative 5.81 percent as compared to a negative 9.93 percent for the previous year period.
Operating loss for the quarter was $19.53 million, compared with an operating loss of $37.92 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $3.69 million compared with $35.30 million in the prior year period. At the same time, adjusted EBITDA margin contracted 815 basis points in the quarter to 1.10 percent from 9.25 percent in the last year period.
"I am very proud of our teams results in improving safety and efficiency during this past year," said Jonathan Baliff, president and chief executive officer of Bristow Group. "Our fourth quarter results reflect the ongoing difficult conditions in the offshore oil and gas industry with reduced demand for helicopter transportation that will continue into fiscal 2018."
Operating cash flow drops significantlyBristow Group Inc. has generated cash of $10.70 million from operating activities during the year, down 90.78 percent or $105.32 million, when compared with the last year. The company has spent $116.35 million cash to meet investing activities during the year as against cash outgo of $316.75 million in the last year. It has incurred net capital expenditure of $116.35 million on net basis during the year, down 62.75 percent or $195.99 million from year ago.
Cash flow from financing activities was $107.52 million for the year, down 43.89 percent or $84.10 million, when compared with the last year.
Cash and cash equivalents stood at $96.66 million as on Mar. 31, 2017, down 7.34 percent or $7.65 million from $104.31 million on Mar. 31, 2016.
Debt moves up
Bristow Group Inc. has witnessed an increase in total debt over the last one year. It stood at $1,282.02 million as on Mar. 31, 2017, up 13.26 percent or $150.05 million from $1,131.97 million on Mar. 31, 2016.
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