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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

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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