Thursday, Bristow Group Inc. (BRS), a provider of helicopter services to the offshore energy industry, reported an increase in earnings for the first quarter as revenues increased due to strong performance in many of its markets.
Net income for the quarter grew by 5% to $23.7 million from $22.58 million in the corresponding period last year. Net income available to common stockholders increased to $20.56 million from $19.42 million in the same period last year.
Earnings per share for the three-month period declined to $0.66 from $0.72 per share in the prior year quarter, but came in above $0.65 per share projected by nine analysts polled by Thomson Reuters. Analysts' estimates typically exclude special items. Share count for the quarter rose to 35.78 million from 31.55 million in the same period last year.
The company said results for the most recent quarter were impacted by an increase in severance costs primarily driven by the departure of an executive officer that resulted in decrease in net income by $3.0 million or $0.08 per share. Changes in foreign currency exchange rates, negatively impacted net income by $3.5 million or $0.10 per share In addition, earnings recognized from investment in Lider increased net income by $0.9 million or $0.03 per share.
Quarterly revenues increased 2% to $290.5 million from $284.1 million in the corresponding period last year. Six Street analysts expected the company report revenues of $275.2 million for the quarter. Changes in foreign currency exchange rates, which when compared to rates in the June 2008 quarter resulted in decreases in revenue of $35.0 million.
Operating income was $44.8 million, up 14% from $39.3 million in the same period of the previous year. Net cash generated by operating activities was $35 million in the recent quarter
Bristow said in Nigeria, activity levels continue to be strong despite a challenging political environment. In the North Sea, results were strong due to a temporary increase in ad hoc flying and other short-term contracts, as well as improved margins for Bristow Norway. In U.S. Gulf of Mexico, results were driven by the company's efforts to retain stable pricing and upgrade our fleet to larger, more efficient and more profitable aircraft.
William Chiles, president and chief executive officer of Bristow Group said, "We continue to operate in a challenging economic and industry environment with significant volatility in energy prices, which has a direct impact on our customers' activity levels and translates into uncertainty in our business.
BRS closed Wednesday's regular trading session at $33.11.
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