Dépêches

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

Dépèche transmise le 3 août 2011 par Business Wire

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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