Bristow Group, Inc. (NYSE:BRS) Q3 2016 Earnings Conference Call - Final Transcript

Feb 09, 2016 • 10:00 am ET


Bristow Group, Inc. (NYSE:BRS) Q3 2016 Earnings Conference Call - Final Transcript


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Greetings and welcome to the Bristow Group's Third Quarter Earnings Conference Call. [Operator Instructions]

It is now my pleasure to introduce your host Linda McNeill, Director of Investor Relations. Thank you. You may begin.

Linda McNeill

Thank you, Adam, and good morning everyone. Welcome to Bristow Group's third quarter fiscal 2016 earnings call. I am Linda McNeill, Director of Investor Relations. With me on the call are Jonathan Baliff, President and CEO; Jeremy Akel, Senior Vice President and Chief Operating Officer; Chet Akiri, Senior Vice President and Chief Corporate Development and Strategy Officer; Don Miller, Senior Vice President and Chief Financial Officer; and Brian Allman, Vice President and Chief Accounting Officer. We hope you've seen our earnings release, which was issued yesterday afternoon.

It is posted in the Investor Relations section of our website at Let me remind everyone that during the call, Bristow Group management may make forward-looking statements that are subject to certain risks and uncertainties that are described in more detail on Slide 2. Additionally to the extent we discuss non-GAAP measures, please see our earnings release or the Investor Presentation on our website for the calculation of these measures and the GAAP reconciliations.We have changed our formats for this call, as only Jonathan Baliff will deliver the prepared remarks to allow more time for questions and answers.

With that, I would like to turn the call over to Jonathan. Jonathan?

Jonathan Baliff

Thank you, Linda. Good morning and welcome to our December 31st quarter end earnings call for fiscal year 2016. Please turn to Slide 4 and we'll update you concerning our operational safety. As many of you read, we've had an accident last week involving a controlled water landing in Nigeria. We're thankful to the skill of our crews and passengers conducting this landing and all exited the aircraft safely, although a few had injuries needing further treatment. But make no mistake about it, this is an accident.

We are fully cooperating with regulatory authorities, who have issued a temporary suspension of flight operations for the Bristow S-76 fleet type in Nigeria of which we currently operate 16. We're able to cover much of our clients needs utilizing other aircraft types that we operate in the region. The length of the suspension is not known at this time, but at this point, we expect the revenue impact to be immaterial. Operations of our S-76's elsewhere in the world are not affected.

As we reaffirm our trust in Sikorsky, their parent Lockheed Martin, and the S-76 family of aircraft, which has an enviable safety record spending many decades with over 6.5 million flight hours. This was the second accident in Nigeria, this fiscal year. And as such, we are sending both technical and operations personnel intently focused on our Nigerian clients, employees, and the local community. Target Zero is our key core value. So any accident demands a comprehensive review and appropriate action in conjunction with our regulatory authorities.

We are always focused as always on the safety performance throughout