Bristow Group Inc. (NYSE: BRS) today reported financial results for its fiscal 2010 second quarter ended September 30, 2009.

For the September 2009 quarter:

    --  Revenue was $291.6 million, which was substantially unchanged from
        September 2008 quarter revenue of $291.7 million and June 2009 quarter
        revenue of $290.5 million.
    --  Operating income was $53.6 million, an increase of 26% from the
        September 2008 quarter and 20% from the June 2009 quarter.
    --  Net income was $33.2 million, an increase of 21% from the September 2008
        quarter and 40% from the June 2009 quarter.
    --  Diluted earnings per share was $0.92, an increase of $0.15 versus the
        September 2008 quarter and $0.26 versus the June 2009 quarter.
    --  Operating income, net income and diluted earnings per share were
        improved over the September 2008 quarter primarily as a result of:
        --  A $6.4 million increase in operating income in West Africa driven by
            increased rates and a favorable impact on our costs from a stronger
            U.S. dollar versus the British pound and Nigerian naira,
        --  An $8.1 million increase in operating income in Australia primarily
            resulting from two new large aircraft and reduced costs,
        --  The reversal of a $2.5 million bad debt reserve in Kazakhstan within
            our Other International business unit, and
        --  A $3.0 million increase in earnings from unconsolidated affiliates
            (primarily in Mexico and Brazil).
        --  These items were partially offset by reduced operating income in
            certain other business units, including Europe (which was reduced by
            a lower level of contractual escalations billings versus the
            September 2008 quarter and an unfavorable impact from a stronger
            U.S. dollar versus the British pound) and the U.S. Gulf of Mexico
            (which was reduced as a result of lower demand for services).
            Additionally, net income and diluted earnings per share were reduced
            by higher net interest expense, which increased $4.6 million due to
            reduced interest income and lower levels of capitalized interest.
        --  Net income and diluted earnings per share for the September 2009
            quarter were also unfavorably impacted by a $2.1 million increase in
            our provision for income taxes ($0.06 per share) resulting from $2.0
            million in tax contingency items and $0.1 million in changes in our
            expected foreign tax credit utilization.
    --  Operating income, net income and diluted earnings per share were
        improved over the June 2009 quarter primarily as a result of:
        --  The reversal of a $2.5 million bad debt reserve in Kazakhstan,
        --  A $5.1 million increase in operating income in Eastern Hemisphere
            Centralized Operations resulting from increased technical services
            revenue, changes to certain power-by-the-hour maintenance
            arrangements and reduced maintenance costs,
        --  A $3.0 million decrease in corporate general and administrative
            costs as the June 2009 quarter included costs associated with the
            separation between the Company and an executive officer, and
        --  A $2.3 million increase in earnings from unconsolidated affiliates
            (primarily in Mexico).

        --  These items were partially offset by reduced operating income in
            certain other business units, primarily in Europe where the June
            2009 quarter included temporary work for a major customer, as well
            as a $1.1 million decrease in pre-tax gains on disposal of assets.
            Additionally, net income and diluted earnings per share were
            favorably impacted by an increase in foreign currency transaction
            and hedging gains totaling $3.3 million.