Bristows Q1 2018 result
 

A lazy $50M loss even after selling a second hand AWSAR S92 for $40M!

http://ir.bristowgroup.com/mobile.view?c=91226&v=203&d=1&id=2291831

Wow, amazing reading. Africa is the only bright light, but on a small revenue base. Everything else is haemorrhaging cash.

2018? mystic meg working for bristow? or is Q1 2018 doors closed?

I know Wikipedia is almost as reliable as the famed Meg (old time Sun reader here) but fiscally, years are usually defined as the year they end..

https://en.m.wikipedia.org/wiki/Fiscal_year

Learn something new every day! I don't think any operators are in a good position, it's all just a matter of time...

$40M for a used SAR S92? I'm stunned at that sale price.

Not your bog standard self loading freight machine.
Factor in the winches x2 ,flir turret ,trakka beam and euronav 7 mission console mucho dinereo
Also virtually brand new bought by captain america and his cronies for a contract they didn't win.
At least they didn't blame Brexit in this report.

Guili

You need to consider that Canadian military S-92's are $200m apiece.

Deeply concerning that they are burning so much cash so quickly, and yet the traditional methods of raising liquidity must be closing off. Captain America must have a Plan B........

But they do mention:

....and an unfavorable impact from changes in foreign currency exchange rates compared to the June 2016 quarter of $18.8 million, which related mostly to the depreciation in the British pound sterling. .....

Which is in principle also due to Brexit.

Cheers SLB

The business model in the helicopter industry simply doesn't work these days.

Became very top heavy after the take over. So many "senior managers" and meetings for meetings sake. Their contractual corporate charges must be huge; no wonder they can't compete anymore. Shame, they used to be a great company.

NEO

Off on a bit of a tangent here, but there is some merit in the thought of oil companies owning their own helicopters and helicopter maintenance capability, and running the whole show privately. Like the Esso model. It has to be cheaper than paying contractors to do the job, with all those contractor overheads of top heavy senior managers and meetings for meetings sake, and maintaining the higher standard of "for hire" regulatory compliance, and shareholders expecting dividends from profits etc etc. Safety statistics are also likely in favour of this approach.

So a Global company will survive because Trinidad will hold them up ? Somehow I doubt it.

NEO

What report are you looking at, or am I reading it wrong?:confused:

"...a decrease in revenue in Trinidad and a decrease in revenue in Brazil"
$1.2M loss in the Americas. Revenue down 236%.

Remembering of course, this is for 3 months, not a year.

Fair enough. I don't have that level of local knowledge, just commenting on whats presented.

Me too.

NEO

I believe we have a new target Zero..... Profit...

Financially heading towards the drain and still introducing unbelievable levels of corporate crap that are simply not required. All while paying eye watering severance payments to directors and yearly retentions to those they want to keep.

LZ

Such a shame; after 25 years with Bristow (during which I was treated badly by one opinionated Manager then extremely well by another in my time of need; there is another thread on here about that), it is truly sad to watch this decline after the sell outs and multiple rapes/asset strippings, all because the people in Houston can't adjust and only seem to want to preserve their own positions.

Classic short sighted self interest.

NEO