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PHI, Inc. Announces Results for the Year Ended December 31, 2010

Dépèche transmise le 14 mars 2011 par Business Wire

PHI, Inc. Announces Results for the Year Ended December 31, 2010

PHI, Inc. Announces Results for the Year Ended December 31, 2010

LAFAYETTE, La.--(BUSINESS WIRE)--PHI, Inc. (“PHI”) (The Nasdaq Global Market: PHII (voting) PHIIK (non-voting)) today reported financial results for the year ended December 31, 2010.

Oil and Gas segment revenues for 2010 were $345.4 million, compared to $316.2 million for 2009, an increase of $29.2 million or 9%. Segment operating profit was $55.3 million for 2010, compared to $51.3 million for 2009.

Oil and Gas revenues increased primarily due to increased medium and heavy aircraft flight hours and revenue due to increased deepwater activity in the Gulf of Mexico. Approximately 50% of the increase in Oil and Gas segment revenues was a result of increased activity related to the Deepwater Horizon incident. However, there was also a decrease related to some deepwater drilling rigs demobilizing and reduced crews on others as a result of the moratorium. The increase in operating profit was due to the increase in flight activity for the heavy and medium aircraft fleet. Flight hours in the Oil and Gas segment were 114,122 for the year ended December 31, 2010, compared to 111,527 flight hours for the year ended December 31, 2009.

Air Medical segment revenues were $160.5 million for 2010, compared to $160.1 million for 2009, an increase of $0.4 million. Segment operating profit was $10.2 million for 2010, compared to $6.0 million for 2009.

The increase in revenues for the Air Medical segment was primarily related to increased hospital-based contract revenues, partially offset by decreased revenues in the independent provider programs due to decreased patient transports. The decrease in patient transports was substantially due to the closure of certain bases. Decreased direct expenses and decreased selling, general and administrative expenses account for the improvement in operating profit. Flight hours in the Air Medical segment were 33,222 for the year ended December 31, 2010, compared to 33,483 flight hours for the year ended December 31, 2009. Patient transports were 18,480 for 2010, compared to 19,798 for 2009.

Technical Services revenues were $11.0 million for the year ended December 31, 2010, compared to segment revenues of $10.9 million for the year ended December 31, 2009. Segment operating profit was $2.7 million for 2010, compared to $3.6 million for 2009.

Consolidated operating revenues were $517.0 million and earnings before taxes were $14.6 million for the year ended December 31, 2010, compared to operating revenues of $487.2 million and earnings before income taxes of $21.8 million for the year ended December 31, 2009. Operating revenues increased $29.8 million year to year. The decrease in earnings before tax was primarily due to the redemption of our 7.125% Senior Notes, resulting in a $9.5 million pre-tax charge.

Net earnings for 2010 were $7.1 million, $0.46 per diluted share, compared to net earnings of $13.0 million, $0.85 per diluted share, for 2009. The decrease was primarily due to the early redemption of our 7.125% Senior Notes in the third quarter resulting in a $9.5 million pre-tax charge. Also included in 2010 earnings is a $4.3 million pre-tax credit related to termination of the warranty program for certain aircraft. We also recorded a $4.9 million pre-tax credit for termination of an aircraft warranty program in 2009. Earnings in 2009 also include a $2.1 million pre-tax insurance provision. Additionally in 2010, we recorded a valuation charge of $1.5 million in tax expense related to foreign tax credits which will expire before we are able to utilize them. These items are more fully discussed in our Form 10-K.

Certain statements in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “forecast,” “anticipate,” “estimate,” “project,” “intend,” “expect,” “should,” “believe,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, performance (financial or operating) or achievements to differ materially from the results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. These factors include adverse weather, competition, the level of activity in the oil and gas industry (particularly in the Gulf of Mexico) and our ability to continue to grow patient transport volumes. These and other factors are more fully discussed in the Company’s SEC filings under “Risk Factors.”

PHI provides helicopter transportation and related services to a broad range of customers including the oil and gas industry, air medical industry and also provides third-party maintenance services to select customers. PHI Voting Common Stock and Non-Voting Common Stock are traded on The Nasdaq Global Market (symbols PHII and PHIIK).

 
 
 
 
 
 

PHI, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(Thousands of dollars and shares, except per share data)

 
           
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
2010 2009 2008
 
Operating revenues, net $ 516,935 $ 487,175 $ 509,514
Gain on disposition of assets, net 239 111 4,468
Other, principally interest income   178   225   522
  517,352   487,511   514,504
 
Expenses:
Direct expenses 443,702 418,627 425,953

Selling, general and administrative expenses

30,147 31,006 31,657
Interest expense 19,389 16,037 15,515
Loss on debt restructuring 9,521 -- --
Goodwill impairment charges   --   --   2,747
  502,759   465,670   475,872
 
Earnings before income taxes 14,593 21,841 38,632
Income tax expense   7,476   8,873   15,117
Net earnings $ 7,117 $ 12,968 $ 23,515
 
 
Earnings per share:
Basic $ 0.46 $ 0.85 $ 1.54
Diluted $ 0.46 $ 0.85 $ 1.54
 
Weighted average shares outstanding:
Basic 15,312 15,307 15,295
Diluted 15,312 15,307 15,301
 
 
 
 
 
 
 

Summarized financial information concerning the Company’s reportable operating segments for the years ended December 31, 2010, 2009, and 2008:

 
 
    Year Ended
December 31,
2010     2009     2008
(Thousands of dollars)
Segment operating revenues
Oil and Gas $ 345,402 $ 316,198 $ 324,147
Air Medical 160,517 160,113 174,739
Technical Services   11,016     10,864     10,628  
Total operating revenues   516,935     487,175     509,514  
 
Segment direct expenses
Oil and Gas 289,331 263,818 258,160
Air Medical 146,131 147,630 160,910
Technical Services   8,240     7,179     6,883  
Total direct expenses 443,702 418,627 425,953
 
Segment selling, general and administrative expenses
Oil and Gas 759 1,075 1,335
Air Medical 4,195 6,484 8,716
Technical Services   31     51     76  
Total selling, general and administrative expenses   4,985     7,610     10,127  
Total segment direct and selling, general and administrative expenses   448,687     426,237     436,080  
 
Net segment operating profit
Oil and Gas 55,312 51,305 64,652
Air Medical 10,191 5,999 5,113
Technical Services   2,745     3,634     3,669  
Total 68,248 60,938 73,434
 
Other, net 417 336 4,990
Unallocated selling, general and administrative expenses (25,162 ) (23,396 ) (21,530 )
Interest expense (19,389 ) (16,037 ) (15,515 )
Loss on debt restructuring (9,521 ) -- --
Goodwill impairment charge   --     --     (2,747 )
Earnings before income taxes $ 14,593   $ 21,841   $ 38,632  
 
Flight hours
Oil and Gas 114,122 111,527 112,341
Air Medical 33,222 33,483 36,732
Technical Services   1,676     1,304     1,613  
Total   149,020     146,314     150,686  
 
Air Medical Transports   18,480     19,798     22,647  
 
Aircraft operated at period end
Oil and Gas 162 164 153
Air Medical 89 85 90
Technical Services   5     6     6  
Total   256     255     249  
 
 

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