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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