LAFAYETTE, La., May 11, 2009 (GLOBE NEWSWIRE) -- PHI, Inc. ("PHI") (Nasdaq:PHII)(voting) (Nasdaq:PHIIK)(non-voting) today reported financial results for the quarter ended March 31, 2009.
Oil and Gas segment revenues for the quarter ended March 31, 2009 were $74.8 million, and operating income for the segment was $13.2 million. Air Medical segment revenues for the quarter ended March 31, 2009 were $39.1 million, and segment operating loss was $1.3 million. Technical Services segment revenues for the quarter ended March 31, 2009 were $3.0 million and operating income for the segment was $1.1 million.
Operating revenues for the quarter ended March 31, 2009 were $116.9 million, net earnings were $2.1 million ($0.14 per diluted share), and earnings before tax were $3.5 million. Included in earnings before tax are gains on disposition of assets of $0.3 million.
Oil and Gas segment revenues increased $0.2 million compared to the quarter ended March 31, 2008, and operating income decreased $1.8 million in the segment. The decrease in segment operating income was primarily due to decreased revenues as a result of the grounding of certain aircraft associated with an accident on January 4, 2009, as previously disclosed. Air Medical segment revenues decreased $0.2 million compared to the same quarter in 2008 due to decreased patient transports, offset in part by revenue from an increased number of hospital-based contracts. Operating income decreased $1.4 million in the Air Medical segment compared to the prior year quarter, due to the decreased patient transports in the independent provider programs, offset in part by increased hospital-based programs. Technical Services segment revenues for the quarter ended March 31, 2009 decreased $0.3 million compared to the same quarter in 2008, and operating income decreased $0.3 million.
Compared to the quarter ended March 31, 2008, consolidated operating revenues for the first quarter of 2009 decreased $0.2 million, net earnings decreased $4.5 million and earnings before tax decreased $7.4 million. Included in earnings for the first quarter of 2009 were pre-tax gains on disposition of assets of $0.3 million, compared to $2.9 million in pre-tax gains on disposition of assets in 2008. There was also a $1.1 million pre-tax insurance premium credit related to favorable claims experience included in the quarter ended March 31, 2008.
These items are more fully discussed in our Form 10-Q for the quarter ended March 31, 2009.
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
Condensed Consolidated Statements of Operations
(Thousands of dollars and shares, except per share data)
For the Quarter
Ended March 31,
------------------
2009 2008
-------- --------
Operating revenues $116,952 $117,145
Gain on disposition of assets 272 2,949
Other, principally interest income 63 302
-------- --------
117,287 120,396
-------- --------
Expenses:
Direct expenses 102,127 98,226
Selling, general and administrative expenses 7,824 7,389
Interest expense 3,879 3,834
-------- --------
113,830 109,449
-------- --------
Earnings before income taxes 3,457 10,947
Income tax expense 1,382 4,379
-------- --------
Net earnings $ 2,075 $ 6,568
======== ========
Weighted average common shares outstanding:
Basic 15,302 15,277
Diluted 15,317 15,286
Earnings per common share:
Basic $ 0.14 $ 0.43
Diluted $ 0.14 $ 0.43
Summarized financial information concerning the Company's reportable
operating segments for quarter ended March 31, 2009 and 2008:
Quarter Ended
March 31,
----------------------
2009 2008
---------- ----------
(Thousands of dollars)
Segment operating revenues
Oil and Gas $ 74,825 $ 74,601
Air Medical 39,093 39,260
Technical Services 3,034 3,284
---------- ----------
Total operating revenues 116,952 117,145
---------- ----------
Segment direct expense
Oil and Gas 61,284 59,258
Air Medical 38,878 37,084
Technical Services 1,965 1,884
---------- ----------
Total direct expense 102,127 98,226
Segment selling, general and administrative
expense
Oil and Gas 387 313
Air Medical 1,489 2,116
Technical Services 14 26
---------- ----------
Total selling, general and administrative
expense 1,890 2,455
---------- ----------
Total direct and selling, general and
administrative expense 104,017 100,681
---------- ----------
Net segment profit (loss)
Oil and Gas 13,154 15,030
Air Medical (1,274) 60
Technical Services 1,055 1,374
---------- ----------
Total 12,935 16,464
Other, net 335 3,251
Unallocated selling, general and administrative
costs (5,934) (4,934)
Interest expense (3,879) (3,834)
---------- ----------
Earnings before income taxes $ 3,457 $ 10,947
========== ==========
Operating Statistics
The following table present certain non-financial operational
statistics for the quarter ended March 31, 2009 and 2008:
Quarter Ended
March 31,
------------------
2009 2008
-------- --------
Flight hours:
Oil and Gas 26,480 24,831
Air Medical 8,205 8,675
Technical Services 378 641
-------- --------
Total 35,063 34,147
======== ========
Air Medical Transports 4,958 5,480
======== ========
Aircraft operated at period end:
Oil and Gas 155 152
Air Medical 89 83
Technical Services 6 4
-------- --------
Total 250 239
======== ========