Supplemental condensed consolidated financial information (Tables)

3 Months Ended

12 Months Ended

Jul. 31, 2012

Apr. 30, 2012

Condensed Consolidated Balance Sheets

Balance Sheets as at July 31, 2012 (Expressed in thousands of United States dollars)	Parent			Issuer		Guarantor		Non-guarantor			Eliminations			Consolidated
Assets
Current Assets
Cash and cash equivalents	$	(743	)	$	29,116	$	93,625	$	(35,807	)	$	(29,116	)	$	57,075
Receivables, net of allowance for doubtful accounts		4			113		126,553		173,894			(637	)		299,927
Current intercompany receivables		6,073			510,373		522,657		314,222			(1,353,325	)		—
Income taxes receivable		—			—		4,203		18,397			—			22,600
Deferred income tax assets		—			—		5,359		3,363			—			8,722
Inventories		—			—		79,043		7,717			—			86,760
Prepaid expenses		—			—		13,759		9,584			—			23,343
Other assets		—			79,004		106,148		27,805			(177,607	)		35,350
		5,334			618,606		951,347		519,175			(1,560,685	)		533,777
Property and equipment, net		—			—		897,775		79,464			(381	)		976,858
Investments		595,150			241,149		277,946		16,226			(1,106,256	)		24,215
Intangible assets		—			—		215,588		1,827			—			217,415
Goodwill		—			—		328,450		96,221			—			424,671
Restricted cash		—			—		6,090		13,667			—			19,757
Other assets		—			30,063		357,524		37,243			(30,024	)		394,806
Long-term intercompany receivables		—			839,848		28,100		481,686			(1,349,634	)		—
Deferred income tax assets		—			—		25,523		22,611			—			48,134
Assets held for sale		—			—		61,335		—			—			61,335
	$	600,484		$	1,729,666	$	3,149,678	$	1,268,120		$	(4,046,980	)	$	2,700,968
Liabilities and Shareholders’ Equity
Current Liabilities
Payables and accruals	$	5		$	31,885	$	242,690	$	100,777		$	(31,887	)	$	343,470
Deferred revenue		—			—		16,102		8,200			—			24,302
Income taxes payable		4,444			3,023		23,980		12,206			(3,023	)		40,630
Current intercompany payables		1,350			31,753		338,291		503,184			(874,578	)		—
Deferred income tax liabilities		—			—		11,809		(302	)		—			11,507
Current facility secured by accounts receivable		—			—		—		52,763			—			52,763
Other liabilities		—			23,592		39,442		80,193			(122,196	)		21,031
Current portion of long-term debt		—			—		15,104		—			—			15,104
		5,799			90,253		687,418		757,021			(1,031,684	)		508,807
Long-term debt		—			1,288,423		1,342,081		—			(1,288,423	)		1,342,081
Long-term intercompany payables		—			—		442,465		67,281			(509,746	)		—
Deferred revenue		—			—		21,039		25,759			—			46,798
Other liabilities		16			—		110,889		76,265			—			187,170
Deferred income tax liabilities		—			—		10,045		7,099			—			17,144
Total liabilities		5,815			1,378,676		2,613,937		933,425			(2,829,853	)		2,102,000
Redeemable non-controlling interests		—			—		—		4,299			—			4,299
Shareholders’ equity		594,669			350,990		535,741		330,396			(1,217,127	)		594,669
	$	600,484		$	1,729,666	$	3,149,678	$	1,268,120		$	(4,046,980	)	$	2,700,968

Balance Sheets as at April 30, 2012 (Expressed in thousands of United States dollars)	Parent		Issuer			Guarantor		Non-guarantor		Eliminations			Consolidated
Assets
Current Assets
Cash and cash equivalents	$	196	$	(6,771	)	$	41,032	$	14,319	$	6,771		$	55,547
Receivables, net of allowance for doubtful accounts		4		113			115,853		150,881		(736	)		266,115
Current intercompany receivables		6,065		463,703			521,817		282,677		(1,274,262	)		—
Income taxes receivable		—		—			4,203		16,544		—			20,747
Deferred income tax assets		—		—			5,192		3,350		—			8,542
Inventories		—		—			80,879		9,134		—			90,013
Prepaid expenses		—		—			12,088		9,095		—			21,183
Other assets		—		14,202			38,973		38,575		(58,555	)		33,195
		6,265		471,247			820,037		524,575		(1,326,782	)		495,342
Property and equipment, net		—		—			950,024		77,217		(381	)		1,026,860
Investments		661,373		324,255			358,315		15,548		(1,335,265	)		24,226
Intangible assets		—		—			215,949		1,941		—			217,890
Goodwill		—		—			336,703		97,108		—			433,811
Restricted cash		—		—			6,039		19,955		—			25,994
Other assets		—		31,497			333,683		29,362		(31,439	)		363,103
Long-term intercompany receivables		—		873,263			30,151		496,926		(1,400,340	)		—
Deferred income tax assets		—		—			30,759		18,184		—			48,943
Assets held for sale		—		—			79,813		—		—			79,813
	$	667,638	$	1,700,262		$	3,161,473	$	1,280,816	$	(4,094,207	)	$	2,715,982
Liabilities and Shareholders’ Equity
Current Liabilities
Payables and accruals	$	45	$	5,796		$	255,960	$	107,059	$	(5,796	)	$	363,064
Deferred revenue		—		—			14,020		9,717		—			23,737
Income taxes payable		5,433		3,908			20,763		17,385		(3,908	)		43,581
Current intercompany payables		1,352		31,754			327,798		489,454		(850,358	)		—
Deferred income tax liabilities		—		—			11,652		77		—			11,729
Current facility secured by accounts receivable		—		—			—		45,566		—			45,566
Other liabilities		—		34,606			49,277		18,641		(78,876	)		23,648
Current portion of long-term debt		—		—			17,701		—		—			17,701
		6,830		76,064			697,171		687,899		(938,938	)		529,026
Long-term debt		—		1,209,109			1,269,379		—		(1,209,109	)		1,269,379
Long-term intercompany payables		—		—			449,595		69,313		(518,908	)		—
Deferred revenue		—		—			17,955		25,562		—			43,517
Other liabilities		16		—			107,491		84,014		—			191,521
Deferred income tax liabilities		—		—			16,931		3,141		—			20,072
Total liabilities		6,846		1,285,173			2,558,522		869,929		(2,666,955	)		2,053,515
Redeemable non-controlling interests		—		—			—		1,675		—			1,675
Shareholders’ equity		660,792		415,089			602,951		409,212		(1,427,252	)		660,792
	$	667,638	$	1,700,262		$	3,161,473	$	1,280,816	$	(4,094,207	)	$	2,715,982

Balance Sheets as at April 30, 2012 (Expressed in thousands of United States dollars)	Parent		Issuer			Guarantor		Non-guarantor		Eliminations			Consolidated
Assets
Current Assets
Cash and cash equivalents	$	196	$	(6,771	)	$	41,032	$	14,319	$	6,771		$	55,547
Receivables, net of allowance for doubtful accounts		4		113			115,853		150,881		(736	)		266,115
Current intercompany receivables		6,065		463,703			521,817		282,677		(1,274,262	)		—
Income taxes receivable		—		—			4,203		16,544		—			20,747
Deferred income tax assets		—		—			5,192		3,350		—			8,542
Inventories		—		—			80,879		9,134		—			90,013
Prepaid expenses		—		—			12,088		9,095		—			21,183
Other assets		—		14,202			38,973		38,575		(58,555	)		33,195
		6,265		471,247			820,037		524,575		(1,326,782	)		495,342
Property and equipment, net		—		—			950,024		77,217		(381	)		1,026,860
Investments		661,373		324,255			358,315		15,548		(1,335,265	)		24,226
Intangible assets		—		—			215,949		1,941		—			217,890
Goodwill		—		—			336,703		97,108		—			433,811
Restricted cash		—		—			6,039		19,955		—			25,994
Other assets		—		31,497			333,683		29,362		(31,439	)		363,103
Long term intercompany receivables		—		873,263			30,151		496,926		(1,400,340	)		—
Deferred income tax assets		—		—			30,759		18,184		—			48,943
Assets held for sale		—		—			79,813		—		—			79,813
	$	667,638	$	1,700,262		$	3,161,473	$	1,280,816	$	(4,094,207	)	$	2,715,982
Liabilities
Current Liabilities
Payables and accruals	$	45	$	5,796		$	255,960	$	107,059	$	(5,796	)	$	363,064
Deferred revenue		—		—			14,020		9,717		—			23,737
Income taxes payable		5,433		3,908			20,763		17,385		(3,908	)		43,581
Current intercompany payables		1,352		31,754			327,798		489,454		(850,358	)		—
Deferred income tax liabilities		—		—			11,652		77		—			11,729
Current facility secured by accounts receivable		—		—			—		45,566		—			45,566
Other liabilities		—		34,606			49,277		18,641		(78,876	)		23,648
Current portion of long-term debt		—		—			17,701		—		—			17,701
		6,830		76,064			697,171		687,899		(938,938	)		529,026
Long-term debt		—		1,209,109			1,269,379		—		(1,209,109	)		1,269,379
Long-term intercompany payables		—		—			449,595		69,313		(518,908	)		—
Liabilities held for sale		—		—			—		—		—			—
Deferred revenue		—		—			17,955		25,562		—			43,517
Other liabilities		16		—			107,491		84,014		—			191,521
Deferred income tax liabilities		—		—			16,931		3,141		—			20,072
Total liabilities		6,846		1,285,173			2,558,522		869,929		(2,666,955	)		2,053,515
Redeemable non-controlling interests		—		—			—		1,675		—			1,675
Shareholders’ equity		660,792		415,089			602,951		409,212		(1,427,252	)		660,792
	$	667,638	$	1,700,262		$	3,161,473	$	1,280,816	$	(4,094,207	)	$	2,715,982

Balance Sheets as at April 30, 2011 (Expressed in thousands of United States dollars)	Parent		Issuer		Guarantor			Non-guarantor		Eliminations			Consolidated
Assets
Current Assets
Cash and cash equivalents	$	28	$	2,692	$	15,016		$	53,877	$	(2,692	)	$	68,921
Receivables, net of allowance for doubtful accounts		4		113		114,771			108,394		(717	)		222,565
Current intercompany receivables		6,099		354,672		438,739			227,097		(1,026,607	)		—
Income taxes receivable		—		—		1			11,456		—			11,457
Deferred income tax assets		—		—		9,637			2,169		(4,210	)		7,596
Inventories		—		—		91,413			10,811		—			102,224
Prepaid expenses		69		—		8,007			9,777		—			17,853
Other assets		—		8,390		27,186			83,322		(82,664	)		36,234
		6,200		365,867		704,770			506,903		(1,116,890	)		466,850
Property and equipment, net		—		—		1,078,542			55,338		(381	)		1,133,499
Investments		773,706		555,426		437,943			14,368		(1,757,895	)		23,548
Intangible assets		—		—		241,046			2,138		—			243,184
Goodwill		—		—		349,373			98,748		—			448,121
Restricted cash		—		—		6,798			6,421		—			13,219
Other assets		—		35,595		292,382			26,671		(35,595	)		319,053
Long term intercompany receivables		—		932,192		30,795			508,612		(1,471,599	)		—
Deferred income tax assets		—		—		72,796			21,644		(3,558	)		90,882
Assets held for sale		—		—		46,234			3,565		—			49,799
	$	779,906	$	1,889,080	$	3,260,679		$	1,244,408	$	(4,385,918	)	$	2,788,155
Liabilities
Current Liabilities
Payables and accruals	$	20	$	6,383	$	219,217		$	145,611	$	(6,383	)	$	364,848
Deferred revenue		—		—		16,114			8,069		—			24,183
Income taxes payable		6,882		4,088		(4,913	)		32,731		(9,656	)		29,132
Current intercompany payables		28,712		92,601		324,848			345,739		(791,900	)		—
Deferred income tax liabilities		—		—		12,373			1,900		(1,238	)		13,035
Current facility secured by accounts receivable		—		—		—			21,571		—			21,571
Other liabilities		—		81,858		91,022			19,351		(159,925	)		32,306
Current portion of long-term debt		—		—		106,642			—		—			106,642
		35,614		184,930		765,303			574,972		(969,102	)		591,717
Long-term debt		—		1,152,936		1,184,844			—		(1,152,936	)		1,184,844
Long-term intercompany payables		—		—		468,315			71,083		(539,398	)		—
Liabilities held for sale		—		—		1,608			—		—			1,608
Deferred revenue		—		—		13,014			24,785		—			37,799
Other liabilities		16		2		105,685			82,953		(2	)		188,654
Deferred income tax liabilities		—		—		27,812			8,358		—			36,170
Total liabilities		35,630		1,337,868		2,566,581			762,151		(2,661,438	)		2,040,792
Redeemable non-controlling interests		—		—		—			3,087		—			3,087
Shareholders’ equity		744,276		551,212		694,098			479,170		(1,724,480	)		744,276
	$	779,906	$	1,889,080	$	3,260,679		$	1,244,408	$	(4,385,918	)	$	2,788,155

Condensed Consolidated Statements of Operations

Statements of Operations for the three months ended July 31, 2012 (Expressed in thousands of United States dollars)	Parent			Issuer			Guarantor			Non-guarantor			Eliminations			Consolidated
Revenue	$	—		$	—		$	261,400		$	277,277		$	(122,608	)	$	416,069
Operating expenses:
Direct costs		—			(31	)		(194,889	)		(273,806	)		122,639			(346,087	)
Earnings (loss) from equity accounted investees		(33,191	)		(58,157	)		(61,957	)		681			153,636			1,012
General and administration costs		(2	)		(1,698	)		(16,790	)		(1,777	)		1,742			(18,525	)
Amortization		—			—			(25,527	)		(2,783	)		—			(28,310	)
Restructuring costs		—			—			(1,033	)		(897	)		—			(1,930	)
Impairment of receivables and funded residual value guarantees		—			—			(715	)		—			—			(715	)
Recovery of intangible assets		—			—			521			—			—			521
Impairment of assets held for sale		—			—			(5,647	)		—			—			(5,647	)
Impairment of assets held for use		—			—			(660	)		—			—			(660	)
Gain (loss) on disposal of assets		—			—			(1,624	)		33			—			(1,591	)
		(33,193	)		(59,886	)		(308,321	)		(278,549	)		278,017			(401,932	)
Operating income (loss)		(33,193	)		(59,886	)		(46,921	)		(1,272	)		155,409			14,137
Financing income (charges)		91			28,756			20,877			(66,406	)		(28,756	)		(45,438	)
Loss from continuing operations before income tax		(33,102	)		(31,130	)		(26,044	)		(67,678	)		126,653			(31,301	)
Income tax recovery (expense)		(3	)		(760	)		(7,493	)		6,215			760			(1,281	)
Loss from continuing operations		(33,105	)		(31,890	)		(33,537	)		(61,463	)		127,413			(32,582	)
Earnings from discontinued operations, net of tax		—			—			345			—			—			345
Net loss		(33,105	)		(31,890	)		(33,192	)		(61,463	)		127,413			(32,237	)
Net earnings (loss) attributable to:
Controlling interest		(33,105	)		(31,890	)		(33,192	)		(62,331	)		127,413			(33,105	)
Non-controlling interests		—			—			—			868			—			868
Net loss	$	(33,105	)	$	(31,890	)	$	(33,192	)	$	(61,463	)	$	127,413		$	(32,237	)
Comprehensive loss	$	(66,234	)	$	(63,006	)	$	(66,320	)	$	(78,983	)	$	210,933		$	(63,610	)

Statements of Operations for the three months ended July 31, 2011 (Expressed in thousands of United States dollars)	Parent			Issuer			Guarantor			Non-guarantor			Eliminations			Consolidated
Revenue	$	—		$	—		$	260,003		$	288,589		$	(138,943	)	$	409,649
Operating expenses:
Direct costs		—			(40	)		(209,060	)		(267,592	)		140,051			(336,641	)
Earnings (loss) from equity accounted investees		(8,257	)		16,689			13,461			209			(21,506	)		596
General and administration costs		(72	)		(2,709	)		(2,182	)		(10,537	)		1,469			(14,031	)
Amortization		—			—			(23,860	)		(3,243	)		—			(27,103	)
Restructuring costs		—			—			(4,782	)		(22	)		—			(4,804	)
Impairment of receivables and funded residual value guarantees		—			—			(16	)		—			—			(16	)
Impairment of intangible assets		—			—			(108	)		—			—			(108	)
Impairment of assets held for sale		—			—			(6,637	)		(744	)		—			(7,381	)
Gain on disposal of assets		—			—			4,057			—			—			4,057
		(8,329	)		13,940			(229,127	)		(281,929	)		120,014			(385,431	)
Operating income (loss)		(8,329	)		13,940			30,876			6,660			(18,929	)		24,218
Financing income (charges)		(44	)		(19,777	)		(44,221	)		14,044			19,777			(30,221	)
Income (loss) from continuing operations before income tax		(8,373	)		(5,837	)		(13,345	)		20,704			848			(6,003	)
Income tax recovery (expense)		—			(1,037	)		5,874			(2,026	)		1,036			3,847
Income (loss) from continuing operations		(8,373	)		(6,874	)		(7,471	)		18,678			1,884			(2,156	)
Loss from discontinued operations, net of tax		—			—			(786	)		—			—			(786	)
Net earnings (loss)		(8,373	)		(6,874	)		(8,257	)		18,678			1,884			(2,942	)
Net earnings (loss) attributable to:
Controlling interest		(8,373	)		(6,874	)		(8,257	)		13,247			1,884			(8,373	)
Non-controlling interests		—			—			—			5,431			—			5,431
Net earnings (loss)	$	(8,373	)	$	(6,874	)	$	(8,257	)	$	18,678		$	1,884		$	(2,942	)
Comprehensive income (loss)	$	(19,419	)	$	(17,255	)	$	(19,303	)	$	8,661		$	31,873		$	(15,443	)

Statements of Operations as at April 30, 2012 (Expressed in thousands of United States dollars)	Parent			Issuer			Guarantor			Non-guarantor			Eliminations			Consolidated
Revenue	$	—		$	—		$	1,154,778		$	1,093,376		$	(555,615	)	$	1,692,539
Operating expenses:
Direct costs		—			(2	)		(865,677	)		(1,071,839	)		555,618			(1,381,900	)
Earnings from equity accounted investees		(107,782	)		(102,017	)		(42,236	)		1,178			253,701			2,844
General and administration costs		(387	)		32,223			(37,504	)		(31,515	)		(32,407	)		(69,590	)
Amortization		—			—			(98,755	)		(14,212	)		—			(112,967	)
Restructuring costs		—			—			(18,359	)		(4,152	)		—			(22,511	)
Recovery of receivables and funded residual value guarantees		—			—			272			—			—			272
Impairment of intangible assets		—			—			(4,218	)		—			—			(4,218	)
Impairment of property and equipment		—			—			—			—			—			—
Impairment of assets held for sale		—			—			(12,794	)		(675	)		—			(13,469	)
Gain on disposal of assets		—			—			7,335			834			—			8,169
		(108,169	)		(69,796	)		(1,071,936	)		(1,120,381	)		776,912			(1,593,370	)
Operating income (loss)		(108,169	)		(69,796	)		82,842			(27,005	)		221,297			99,169
Financing charges		(32	)		(42,655	)		(120,835	)		(8,978	)		42,655			(129,845	)
Loss from continuing operations before income tax		(108,201	)		(112,451	)		(37,993	)		(35,983	)		263,952			(30,676	)
Income tax recovery (expense)		779			(3,072	)		(53,683	)		4,687			3,072			(48,217	)
Loss from continuing operations		(107,422	)		(115,523	)		(91,676	)		(31,296	)		267,024			(78,893	)
Loss from discontinued operations, net of tax		—			—			(16,107	)		—			—			(16,107	)
Loss for the year	$	(107,422	)	$	(115,523	)	$	(107,783	)	$	(31,296	)	$	267,024		$	(95,000	)
Net earnings (loss) attributable to:
Controlling interest	$	(107,422	)	$	(115,523	)	$	(107,783	)	$	(43,718	)	$	267,024		$	(107,422	)
Non-controlling interests		—			—			—			12,422			—			12,422
Loss for the year	$	(107,422	)	$	(115,523	)	$	(107,783	)	$	(31,296	)	$	267,024		$	(95,000	)
Comprehensive loss		(184,219	)		(190,410	)		(184,580	)		(68,832	)		442,410			(185,631	)

Statements of Operations as at April 30, 2011 (Expressed in thousands of United States dollars)	Parent			Issuer			Guarantor			Non-guarantor			Eliminations			Consolidated
Revenue	$	—		$	—		$	882,995		$	1,008,060		$	(445,595	)	$	1,445,460
Operating expenses:
Direct costs		—			—			(702,455	)		(954,801	)		445,576			(1,211,680	)
Earnings from equity accounted investees		(55,754	)		(72,037	)		8,669			585			120,696			2,159
General and administration costs		(572	)		(15,203	)		(28,576	)		(36,088	)		15,048			(65,391	)
Amortization		—			—			(93,790	)		(5,835	)		—			(99,625	)
Restructuring costs		—			—			(4,751	)		—			—			(4,751	)
Impairment of receivables and funded residual value guarantees		—			—			(1,919	)		—			—			(1,919	)
Impairment of intangible assets		—			—			(20,608	)		—			—			(20,608	)
Impairment of property and equipment		—			—			—			—			—			—
Impairment of assets held for sale		—			—			(5,228	)		(11	)		—			(5,239	)
Gain on disposal of assets		—			—			5,263			1,930			—			7,193
		(56,326	)		(87,240	)		(843,395	)		(994,220	)		581,320			(1,399,861	)
Operating income (loss)		(56,326	)		(87,240	)		39,600			13,840			135,725			45,599
Financing charges		(12,480	)		24,032			(147,367	)		19,558			(24,325	)		(140,582	)
Loss from continuing operations before income tax		(68,806	)		(63,208	)		(107,767	)		33,398			111,400			(94,983	)
Income tax recovery (expense)		(1,532	)		(4,301	)		55,215			(19,863	)		3,397			32,916
Loss from continuing operations		(70,338	)		(67,509	)		(52,552	)		13,535			114,797			(62,067	)
Loss from discontinued operations, net of tax		—			—			(3,202	)		—			—			(3,202	)
Loss for the year	$	(70,338	)	$	(67,509	)	$	(55,754	)	$	13,535		$	114,797		$	(65,269	)
Net earnings (loss) attributable to:
Controlling interest	$	(70,338	)	$	(67,509	)	$	(55,754	)	$	8,466		$	114,797		$	(70,338	)
Non-controlling interests		—			—			—			5,069			—			5,069
Loss for the year	$	(70,338	)	$	(67,509	)	$	(55,754	)	$	13,535		$	114,797		$	(65,269	)
Comprehensive income		49,972			47,137			64,556			90,841			(174,420	)		78,086

Statements of Operations for the year ended April 30, 2010 (Expressed in thousands of United States dollars)	Parent			Issuer			Guarantor			Non-guarantor			Eliminations			Consolidated
Revenue	$	—		$	—		$	829,544		$	903,524		$	(419,502	)	$	1,313,566
Operating expenses:
Direct costs		—			—			(616,824	)		(832,116	)		419,058			(1,029,882	)
Earnings from equity accounted investees		(247,766	)		(114,627	)		27,539			216			336,074			1,436
General and administration costs		(2,483	)		(29,425	)		(37,338	)		(19,574	)		27,663			(61,157	)
Amortization		—			—			(73,985	)		(3,753	)		—			(77,738	)
Restructuring costs		—			—			(3,931	)		(924	)		—			(4,855	)
Impairment of receivables and funded residual value guarantees		—			—			(11,588	)		(1,678	)		—			(13,266	)
Impairment of intangible assets		—			—			(53,903	)		—			—			(53,903	)
Impairment of property and equipment		—			—			(34,805	)		(1,435	)		—			(36,240	)
Impairment of assets held for sale		—			—			(21,823	)		(4,762	)		—			(26,585	)
Gain (loss) on disposal of assets		—			—			6,518			(8,822	)		(382	)		(2,686	)
Goodwill impairment		—			—			—			—			—			—
		(250,249	)		(144,052	)		(820,140	)		(872,848	)		782,413			(1,304,876	)
Operating income (loss)		(250,249	)		(144,052	)		9,404			30,676			362,911			8,690
Financing charges		183,002			88,342			(261,597	)		4,235			(88,441	)		(74,459	)
Loss from continuing operations before income tax		(67,247	)		(55,710	)		(252,193	)		34,911			274,470			(65,769	)
Income tax recovery (expense)		(3,360	)		(4,360	)		5,863			(11,801	)		4,361			(9,297	)
Loss from continuing operations		(70,607	)		(60,070	)		(246,330	)		23,110			278,831			(75,066	)
Loss from discontinued operations, net of tax		—			—			(1,436	)		—			—			(1,436	)
Loss for the year		(70,607	)		(60,070	)		(247,766	)		23,110			278,831			(76,502	)
Net earnings (loss) attributable to:
Controlling interest		(70,607	)		(60,070	)		(247,766	)		29,005			278,831			(70,607	)
Non-controlling interests		—			—			—			(5,895	)		—			(5,895	)
Loss for the year	$	(70,607	)	$	(60,070	)	$	(247,766	)	$	23,110		$	278,831		$	(76,502	)
Comprehensive loss		(39,723	)		(32,790	)		(216,882	)		(19,647	)		244,292			(64,750	)

Condensed Consolidated Cash Flow Statement

Cash Flows for the three months ended July 31, 2012 (Expressed in thousands of United States dollars)	Parent			Issuer			Guarantor			Non-guarantor			Eliminations			Consolidated
Cash provided by (used in) operating activities	$	(939	)	$	(43,113	)	$	11,237		$	(56,215	)	$	43,113		$	(45,917	)
Financing activities:
Sold interest in accounts receivable, net of collections		—			—			—			8,243			—			8,243
Long term debt proceeds		—			225,000			225,153			—			(225,000	)		225,153
Long term debt repayments		—			(146,000	)		(151,953	)		—			146,000			(151,953	)
Cash provided by financing activities		—			79,000			73,200			8,243			(79,000	)		81,443
Investing activities:
Property and equipment additions		—			—			(41,294	)		(5,373	)		—			(46,667	)
Proceeds from disposal of property and equipment		—			—			47,193			32			—			47,225
Aircraft deposits net of lease inception refunds		—			—			(30,081	)		—			—			(30,081	)
Restricted cash		—			—			—			5,346			—			5,346
Distributions from equity investments		—			—			—			—			—			—
Cash provided by (used in) investing activities		—			—			(24,182	)		5			—			(24,177	)
Cash provided by (used in) continuing operations		(939	)		35,887			60,255			(47,967	)		(35,887	)		11,349
Cash flows provided by (used in) discontinued operations:
Cash flows provided by operating activities		—			—			345			—			—			345
Cash flows used in financing activities		—			—			(345	)		—			—			(345	)
Cash provided by (used in) discontinued operations		—			—			—			—			—			—
Effect of exchange rate changes on cash and cash equivalents		—			—			(7,662	)		(2,159	)		—			(9,821	)
Change in cash and cash equivalents during the period		(939	)		35,887			52,593			(50,126	)		(35,887	)		1,528
Cash and cash equivalents, beginning of the period		196			(6,771	)		41,032			14,319			6,771			55,547
Cash and cash equivalents, end of the period	$	(743	)	$	29,116		$	93,625		$	(35,807	)	$	(29,116	)	$	57,075

Statements of Cash Flows for three months ended July 31, 2011 (Expressed in thousands of United States dollars)	Parent			Issuer			Guarantor			Non-guarantor			Eliminations			Consolidated
Cash provided by (used in) operating activities	$	(228	)	$	(104,939	)	$	3,506		$	(67,257	)	$	104,939		$	(63,979	)
Financing activities:
Sold interest in accounts receivable, net of collections		—			—			—			39,552			—			39,552
Long term debt proceeds		—			280,000			280,000			—			(280,000	)		280,000
Long term debt repayments		—			(240,000	)		(273,713	)		—			240,000			(273,713	)
Cash provided by (used in) financing activities		—			40,000			6,287			39,552			(40,000	)		45,839
Investing activities:
Property and equipment additions		—			—			(36,420	)		(6,367	)		—			(42,787	)
Proceeds from disposal of property and equipment		—			—			48,003			—			—			48,003
Aircraft deposits net of lease inception refunds		—			—			(1,686	)		—			—			(1,686	)
Restricted cash		—			—			536			(2,103	)		—			(1,567	)
Distributions from equity investments		—			—			936			—			—			936
Cash provided by (used in) investing activities		—			—			11,369			(8,470	)		—			2,899
Cash provided by (used in) continuing operations		(228	)		(64,939	)		21,162			(36,175	)		64,939			(15,241	)
Cash flows provided by (used in) discontinued operations:
Cash flows used in operating activities		—			—			(469	)		—			—			(469	)
Cash flows provided by financing activities		—			—			469			—			—			469
Cash provided by (used in) discontinued operations		—			—			—			—			—			—
Effect of exchange rate changes on cash and cash equivalents		—			—			(2,959	)		(1,240	)		—			(4,199	)
Change in cash and cash equivalents during the period		(228	)		(64,939	)		18,203			(37,415	)		64,939			(19,440	)
Cash and cash equivalents, beginning of the period		28			2,692			15,016			53,877			(2,692	)		68,921
Cash and cash equivalents, end of the period	$	(200	)	$	(62,247	)	$	33,219		$	16,462		$	62,247		$	49,481

Statements of Cash Flows for the year ended April 30, 2012 (Expressed in thousands of United States dollars)	Parent			Issuer			Guarantor			Non-guarantor			Eliminations			Consolidated
Cash provided by operating activities	$	(28,331	)	$	(174,931	)	$	97,930		$	(13,998	)	$	134,931		$	15,601
Financing activities:
Sold interest in accounts receivable, net of collections		—			—			—			27,203			—			27,203
Long term debt proceeds		—			835,000			867,853			—			(835,000	)		867,853
Long term debt repayments		—			(780,000	)		(786,808	)		—			780,000			(786,808	)
Long term intercompany flow - issuance of debt		(71,501	)		71,501			71,501			—			(71,501	)		—
Dividends paid (received)		—			40,000			(40,000	)		—			—			—
Senior secured notes, senior credit facility and revolver deferred financing costs		—			(1,033	)		(1,033	)		—			1,033			(1,033	)
Proceeds from the issuance of capital stock		100,000			—			—			—			—			100,000
Cash (used in) provided by financing activities		28,499			165,468			111,513			27,203			(125,468	)		207,215
Investing activities:
Property and equipment additions		—			—			(341,325	)		(35,299	)		—			(376,624	)
Proceeds from disposal of property and equipment		—			—			218,253			6			—			218,259
Aircraft deposits net of lease inception refunds		—			—			(47,307	)		—			—			(47,307	)
Restricted cash		—			—			536			(13,671	)		—			(13,135	)
Distributions from equity investments		—			—			1,134			—			—			1,134
Cash used in investing activities		—			—			(168,709	)		(48,964	)		—			(217,673	)
Cash (used in) provided by continuing operations		168			(9,463	)		40,734			(35,759	)		9,463			5,143
Cash flows (used in) provided by discontinued operations:
Cash flows provided by (used in) operating activities		—			—			2,240			—			—			2,240
Cash flows provided by financing activities		—			—			(2,240	)		—			—			(2,240	)
Cash provided by discontinued operations		—			—			—			—			—			—
Effect of exchange rate changes on cash and cash equivalents		—			—			(14,718	)		(3,799	)		—			(18,517	)
Change in cash and cash equivalents during the year		168			(9,463	)		26,016			(39,558	)		9,463			(13,374	)
Cash and cash equivalents, beginning of the year		28			2,692			15,016			53,877			(2,692	)		68,921
Cash and cash equivalents, end of the year	$	196		$	(6,771	)	$	41,032		$	14,319		$	6,771		$	55,547

Statements of Cash Flows for the year ended April 30, 2011 (Expressed in thousands of United States dollars)	Parent			Issuer			Guarantor			Non-guarantor			Eliminations			Consolidated
Cash provided by operating activities	$	(153	)	$	(91,172	)	$	(9,200	)	$	51,643		$	91,172		$	42,290
Financing activities:
Sold interest in accounts receivable, net of collections		—			—			—			(25,309	)		—			(25,309	)
Proceeds from the senior secured notes		—			1,082,389			1,082,389			—			(1,082,389	)		1,082,389
Repayment of the senior credit facility debt		—			(1,020,550	)		(1,020,550	)		—			1,020,550			(1,020,550	)
Redemption of senior subordinated notes		—			—			(129	)		—			—			(129	)
Settlement of the interest rate swap and other breakage fees		—			(45,711	)		(45,711	)		—			45,711			(45,711	)
Long term debt proceeds		—			262,800			262,800			—			(262,800	)		262,800
Long term debt repayments		—			(199,737	)		(213,920	)		—			199,737			(213,920	)
Long term intercompany flow - issuance of debt		—			—			4,518			(4,518	)		—			—
Senior secured notes, senior credit facility and revolver deferred financing costs		—			(42,650	)		(42,721	)		—			42,650			(42,721	)
Proceeds from the issuance of capital stock		146			—			—			—			—			146
Cash (used in) provided by financing activities		146			36,541			26,676			(29,827	)		(36,541	)		(3,005	)
Investing activities:
Property and equipment additions		—			—			(204,581	)		(24,223	)		—			(228,804	)
Proceeds from disposal of property and equipment		—			—			61,739			29			—			61,768
Proceeds from the sale of the flight training operations to CAE Inc.		—			—			20,693			9,086			—			29,779
Aircraft deposits net of lease inception refunds		—			—			(28,253	)		—			—			(28,253	)
Restricted cash		—			—			(105	)		4,860			—			4,755
Cash used in investing activities		—			—			(150,507	)		(10,248	)		—			(160,755	)
Cash (used in) provided by continuing operations		(7	)		(54,631	)		(133,031	)		11,568			54,631			(121,470	)
Cash flows (used in) provided by discontinued operations:
Cash flows provided by (used in) operating activities		—			—			(1,032	)		—			—			(1,032	)
Cash flows provided by financing activities		—			—			1,032			—			—			1,032
Cash provided by discontinued operations		—			—			—			—			—			—
Effect of exchange rate changes on cash and cash equivalents		—			—			10,788			4,643			—			15,431
Change in cash and cash equivalents during the year		(7	)		(54,631	)		(122,243	)		16,211			54,631			(106,039	)
Cash and cash equivalents, beginning of the year		35			57,323			137,259			37,666			(57,323	)		174,960
Cash and cash equivalents, end of the year	$	28		$	2,692		$	15,016		$	53,877		$	(2,692	)	$	68,921

Statements of Cash Flows for the year ended April 30, 2010 (Expressed in thousands of United States dollars)	Parent			Issuer			Guarantor			Non-guarantor			Eliminations			Consolidated
Cash provided by operating activities	$	34		$	15,179		$	59,710		$	14,556		$	(15,179	)	$	74,300
Financing activities:
Issuance of convertible preferred equity certificates		—			—			—			—			—			—
Redemption of convertible preferred equity certificates		(20,000	)		—			—			—			—			(20,000	)
Sold interest in accounts receivable, net of collections		—			—			—			43,214			—			43,214
Long term debt proceeds		—			268,300			275,919			—			(268,300	)		275,919
Long term intercompany flow - issuance of debt		—			—			21,569			(21,569	)		—			—
Long term debt repayments		—			(256,675	)		(276,214	)		(1	)		256,675			(276,215	)
Long term intercompany flow - repayment of debt		—			—			28,891			(28,891	)		—			—
Senior secured notes, senior credit facility and revolver deferred financing costs		—			(182	)		(182	)		—			182			(182	)
Cash (used in) provided by financing activities		(20,000	)		11,443			49,983			(7,247	)		(11,443	)		22,736
Investing activities:
Property and equipment additions		—			—			(147,842	)		(14,895	)		—			(162,737	)
Proceeds from disposal of property and equipment		—			—			84,272			20,956			—			105,228
Aircraft deposits net of lease inception refunds		—			—			(42,606	)		—			—			(42,606	)
Restricted cash		—			—			(1	)		(3,860	)		—			(3,861	)
Investment in subsidiaries, net of cash acquired		—			—			(13,300	)		—			—			(13,300	)
Distributions from equity investments		—			—			1,275			—			—			1,275
Cash used in investing activities		—			—			(118,202	)		2,201			—			(116,001	)
Cash (used in) provided by continuing operations		(19,966	)		26,622			(8,509	)		9,510			(26,622	)		(18,965	)
Cash flows (used in) provided by discontinued operations
Cash flows used in operating activities		—			—			(1	)		—			—			(1	)
Cash flows provided by financing activities		—			—			1			—			—			1
Cash provided by discontinued operations		—			—			—			—			—			—
Effect of exchange rate changes on cash and cash equivalents		—			—			(680	)		1,533			—			853
Change in cash and cash equivalents during the year		(19,966	)		26,622			(9,189	)		11,043			(26,622	)		(18,112	)
Cash and cash equivalents, beginning of the year		20,001			30,701			146,448			32,818			(30,701	)		199,267
Less: cash and cash equivalents from deconsolidation of variable interest entities		—			—			—			(6,195	)		—			(6,195	)
Cash and cash equivalents, end of the year	$	35		$	57,323		$	137,259		$	37,666		$	(57,323	)	$	174,960