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On Feb. 4, 2009,
reported that its Q3 FY09 earnings more than doubled, helped by higher revenue and lower expenses. Net income stood at $47.59 million or $1.34 per share compared to $20.15 million or $0.66 per share in the prior-year quarter. The recent quarterly earnings beat the consensus estimate of $0.70 per share.
Total revenue advanced 8.2% to $282.99 million from $261.52 million a year ago, due to increase in rates, new aircraft additions, and consolidation of
. Geographically, revenue from the U.S. Gulf of Mexico segment increased marginally to $53.70 million from $53.26 million. Revenue from Europe and West Africa ascended 7.8% and 9.1% to $102.48 million and $50.48 million, respectively. Revenue from Latin America soared 25.7% to $20.71 million, while revenue from Arctic increased 16.9% to $3.01 million. Other International revenue jumped 11.4% to $13.22 million from $11.87 million. Furthermore, revenue from WH Centralized Operations, EH Centralized Operations and Bristow Academy climbed 117.9%, 45.5% and 40.2%, respectively. On the flip side, revenue from Southeast Asia dipped 3.5% to $28.88 million from $29.92 million in Q3 FY08.
During the quarter under review, Bristow Group's subsidiary, Bristow Helicopters acquired the remaining 51.0% of Norsk Helikopters, taking its ownership to 100.0%. The company also completed the sale of 53 single-engine aircrafts and related assets operating in the U.S. Gulf of Mexico to
Rotorcraft Leasing Company
for approximately $65.00 million. The company also took delivery of 11 aircraft.
Looking forward, Bristow expects to continue to upgrade its fleet to grow revenue and margins. For FY11, the company expects its revenue to reach $1.50 billion.
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