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PHI, Inc. Announces Results for the First Quarter Ended March 31, 2011

Dépèche transmise le 9 mai 2011 par Business Wire

PHI, Inc. Announces Results for the First Quarter Ended March 31, 2011

PHI, Inc. Announces Results for the First Quarter Ended March 31, 2011

LAFAYETTE, La.--(BUSINESS WIRE)--PHI, Inc. (“PHI”) (The Nasdaq Global Market: PHII (voting) PHIIK (non-voting)) today reported financial results for the quarter ended March 31, 2011.

Oil and Gas segment revenues for the quarter ended March 31, 2011 were $77.5 million, and operating income for the segment was $7.0 million, compared to revenues of $84.9 million and operating income of $14.4 million for the quarter ended March 31, 2010. Segment revenues decreased $7.5 million compared to the quarter ended March 31, 2010, and operating income decreased $7.4 million in the segment, due to decreased medium and heavy aircraft revenue, resulting mainly from the continuing impact on our business of the Macondo incident.

Air Medical segment revenues for the quarter ended March 31, 2011 were $38.4 million, and segment operating income was $0.8 million, compared to revenues of $33.6 million and operating income of $0.6 million for the quarter ended March 31, 2010. Segment operating income for the quarter ended March 31, 2010 included a warranty termination credit of $3.1 million.

Technical Services segment revenues for the quarter ended March 31, 2011 were $3.8 million and operating income for the segment was $1.8 million.

Operating revenues for the quarter ended March 31, 2011 were $119.6 million, compared to $121.6 million for the quarter ended March 31, 2010. Net loss was $2.7 million ($0.17 per diluted share), and losses before tax were $4.5 million for the quarter ended March 31, 2011, compared to net earnings of $4.0 million ($0.26 per diluted share), and earnings before tax of $6.7 million for the quarter ended March 31, 2010. Included in the quarter ended March 31, 2011, is expense of $1.0 million related to a potential acquisition in which we were unsuccessful. Included in earnings before tax for the prior year quarter was a pre-tax credit of $4.3 million, related to the termination of a manufacturer’s warranty program for a certain model aircraft. Interest expense increased $3.0 million, related to the issuance of our 8.625% Senior Notes due 2018.

These items are more fully discussed in our Form 10-Q for the quarter ended March 31, 2011.

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
Condensed Consolidated Statements of Operations
(Thousands of dollars and shares, except per share data)
 
  Quarter Ended
March 31,
2011   2010
 
Operating revenues, net $ 119,640 $ 121,609
Gain on disposition of assets, net 146 --
Other, principally interest income   543     37
  120,329     121,646
 
Expenses:
Direct expenses 108,206 104,207

Selling, general and administrative expenses

9,543 6,725
Interest expense   7,032     3,996
  124,781     114,928
 
(Loss) earnings before income taxes (4,452 ) 6,718
Income tax (benefit) expense   (1,781 )   2,687
Net (loss) earnings $ (2,671 ) $ 4,031
 

Weighted average shares outstanding:

Basic 15,312 15,312
Diluted 15,312 15,312
 
Net (loss) earnings per share
Basic $ (0.17 ) $ 0.26
Diluted $ (0.17 ) $ 0.26
 
 

Summarized financial information concerning our reportable operating segments for the quarter ended March 31, 2011 and 2010 is as follows:

 
  Quarter Ended
March 31,
2011   2010
(Thousands of dollars)
Segment operating revenues
Oil and Gas $ 77,481 $ 84,940
Air Medical 38,382 33,569
Technical Services   3,777     3,100  
Total operating revenues   119,640     121,609  
 
Segment direct expenses
Oil and Gas 69,598 70,253
Air Medical 36,627 31,626
Technical Services   1,981     2,328  
Total direct expenses 108,206 104,207
 
Segment selling, general and administrative expenses
Oil and Gas 882 267
Air Medical 931 1,295
Technical Services   13     7  
Total selling, general and administrative expenses   1,826     1,569  
Total direct and selling, general and administrative expenses   110,032     105,776  
 
Net segment profit
Oil and Gas 7,001 14,420
Air Medical 824 648
Technical Services   1,783     765  
Total net segment profit 9,608 15,833
 
Other, net 689 37
Unallocated selling, general and administrative costs (7,717 ) (5,156 )
Interest expense   (7,032 )   (3,996 )
(Loss) earnings before income taxes $ (4,452 ) $ 6,718  
 
 

Operating Statistics

 

The following tables present certain non-financial operational statistics for the quarter ended March 31, 2011 and 2010:

 
  Quarter Ended
March 31,
2011   2010
Flight hours:
Oil and Gas 24,253 27,036
Air Medical 7,623 7,091
Technical Services 562 485
Total 32,438 34,612
 
Air Medical Transports 4,035 3,973
 
Aircraft operated at period end:
Oil and Gas 161 163
Air Medical 88 86
Technical Services 6 6
Total 255 255

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