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PHI, Inc. Announces Results for the Second Quarter Ended June 30, 2011

Dépèche transmise le 3 août 2011 par Business Wire

PHI, Inc. Announces Results for the Second Quarter Ended June 30, 2011

PHI, Inc. Announces Results for the Second Quarter Ended June 30, 2011

LAFAYETTE, La.--(BUSINESS WIRE)--PHI, Inc. (The Nasdaq Global Market: PHII (voting) PHIIK (non-voting)) today reported financial results for the quarter ended June 30, 2011.

Oil and Gas segment revenues were $90.2 million for the three months ended June 30, 2011, compared to $94.7 million for the three months ended June 30, 2010, a decrease of $4.5 million. Flight hours were 29,997 for the current quarter compared to 31,142 for the same quarter in the prior year. The decrease in revenue is due to decreased medium aircraft revenue due primarily to a decrease in deepwater drilling rig support following the Deepwater Horizon incident and delays in the resumption of drilling due to the new regulatory drilling permit process.

Air Medical segment revenues were $44.2 million for the three months ended June 30, 2011, compared to $43.1 million for the three months ended June 30, 2010, an increase of $1.1 million. The increase was primarily due to increased revenue of $1.3 million related to hospital based contracts. Revenues for the independent provider programs decreased $0.4 million due to decreased transports. Total patient transports were 4,525 for the three months ended June 30, 2011, compared to 5,002 for the three months ended June 30, 2010, a decrease of 477 transports.

Technical Services revenues were $1.6 million for the three months ended June 30, 2011, compared to $1.8 million for the three months ended June 30, 2010. The $0.2 million decrease was a result of decreased customer activity compared to the prior year quarter.

Combined operating revenues for the three months ended June 30, 2011 were $136.0 million, compared to $139.6 million for the three months ended June 30, 2010. Flight hours for the quarter ended June 30, 2011 were 38,734 compared to 40,258 for the quarter ended June 30, 2010.

Our net income for the three months ended June 30, 2011 was $0.7 million, compared to net income of $7.1 million for the three months ended June 30, 2010. Earnings before income taxes for the three months ended June 30, 2011 was $1.2 million compared to $11.8 million earnings before income taxes for the same period in 2010. The decrease in earnings before taxes for the quarter ended June 30, 2011, compared to the quarter ended June 30, 2010, was primarily due to a decrease in Oil and Gas segment earnings of $7.8 million and an increase in interest expense of $2.6 million in the second quarter of 2011, due to the refinancing of our $200 million 7.125% Senior Notes.

Combined operating revenues for the six months ended June 30, 2011 were $255.6 million, compared to $261.2 million for the six months ended June 30, 2010, a decrease of $5.6 million. Oil and Gas operating revenues decreased $12.0 million for the six months ended June 30, 2011, related primarily to decreased medium aircraft revenue due to a decrease in deepwater drilling rig support, related to the Deepwater Horizon incident and delays in the resumption of drilling due to the new regulatory drilling permitting process. Operating revenues in the Air Medical segment increased $5.9 million primarily due to increased hospital based contract revenues ($3.0 million) and increased revenues in the independent provider programs ($2.6 million) due to improved payor mix and rate increases. Total flight hours for the six months ended June 30, 2011 were 71,172, compared to 74,870 for the six months ended June 30, 2010.

Our net loss for the six months ended June 30, 2011 was $1.9 million, compared to net earnings of $11.1 million for the six months ended June 30, 2010. Loss before income taxes for the six months ended June 30, 2011 was $3.2 million, compared to earnings before income taxes of $18.5 million for the same period in 2010. The decrease in earnings before income taxes for the six months ended June 30, 2011, compared to the prior year period was primarily due to a decrease in Oil and Gas segment earnings of $14.5 million, an increase in interest expense of $5.6 million due to the refinancing of our $200 million 7.125% Senior Notes, and an increase in selling, general and administrative expense related to an increase in legal and accounting fees both due to a $1.0 million cost of diligence effort in an unsuccessful acquisition, and $0.7 million related to severance costs.

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         Six Months Ended
June 30, June 30,
2011     2010 2011     2010
 
Operating revenues, net $ 135,976 $ 139,597 $ 255,616 $ 261,206
Gain on dispositions of assets, net 77 117 223 123
Other, principally interest income   93   5   636     36
  136,146   139,719   256,475     261,365
 
Expenses:
Direct expenses 120,443 116,101 228,649 220,308

Selling, general and administrative expenses

7,736 7,678 17,279 14,403
Interest expense   6,761   4,183   13,793     8,179
  134,940   127,962   259,721     242,890
 
Earnings (loss) before income taxes 1,206 11,757 (3,246 ) 18,475
Income tax expense (benefit)   483   4,703   (1,298 )   7,390
Net earnings (loss) $ 723 $ 7,054 $ (1,948 ) $ 11,085
 

Weighted average shares outstanding:

Basic 15,312 15,312 15,312 15,312
Diluted 15,474 15,312 15,312 15,312
 
Net earnings (loss) per share:
Basic $ 0.05 $ 0.46 $ (0.13 ) $ 0.72
Diluted $ 0.05 $ 0.46 $ (0.13 ) $ 0.72
 

Summarized financial information concerning the Company’s reportable operating segments for the quarters and six months ended June 30, 2011 and 2010 is as follows:

    Quarter Ended         Six Months Ended
June 30, June 30,
2011     2010 2011     2010
(Thousands of dollars) (Thousands of dollars)
Segment operating revenues
Oil and Gas $ 90,200 $ 94,734 $ 167,681 $ 179,674
Air Medical 44,214 43,101 82,596 76,670
Technical Services   1,562     1,762     5,340     4,862  
Total operating revenues   135,976     139,597     255,616     261,206  
 
Segment direct expenses
Oil and Gas 79,779 75,845 149,377 146,098
Air Medical 38,793 38,385 75,420 70,011
Technical Services   1,871     1,871     3,852     4,199  
Total direct expenses   120,443     116,101     228,649     220,308  
 
Segment selling, general and administrative expenses
Oil and Gas 883 1,577 1,764 2,595
Air Medical 856 1,004 1,788 2,299
Technical Services   6     7     19     14  
Total selling, general and administrative expenses   1,745     2,588     3,571     4,908  
Total direct and selling, general and administrative expenses   122,188     118,689     232,221     225,216  
 
Net segment profit
Oil and Gas 9,538 17,312 16,539 30,981
Air Medical 4,565 3,712 5,388 4,360
Technical Services   (315 )   (116 )   1,469     649  
Total   13,788     20,908     23,396     35,990  
 
Other, net 170 122 859 159
Unallocated selling, general and administrative costs (5,991 ) (5,090 ) (13,708 ) (9,495 )
Interest expense   (6,761 )   (4,183 )   (13,793 )   (8,179 )
Earnings before income taxes $ 1,206   $ 11,757   $ (3,246 ) $ 18,475  
 

Operating Statistics

The following tables present certain non-financial operational statistics for the quarters and six months ended June 30, 2011 and 2010:

    Quarter Ended         Six Months Ended
June 30, June 30,
2011     2010 2011     2010
Flight hours:
Oil and Gas 29,997 31,142 54,250 58,178
Air Medical 8,737 9,116 16,360 16,207
Technical Services -- -- 562 485
Total 38,734 40,258 71,172 74,870
 
Air Medical Transports 4,525 5,002 8,560 8,975
 
June 30,
2011 2010
Aircraft operated at period end:
Oil and Gas 164 164
Air Medical 88 85
Technical Services 5 4
Total 257 253

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