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Oil and Gas segment revenues were $79.0 million for the three months ended June 30, 2009, compared to $82.1 million for the three months ended June 30, 2008, a decrease of $3.1 million. Operating income was $13.7 million for the three months ended June 30, 2009, compared to $16.9 million for the three months ended June 30, 2008. The decrease in operating revenues and income was due to a decrease in medium aircraft revenues due to a decrease in activity on the continental shelf and completion of a foreign contract in 2008. These were offset in part by an increase in deepwater activity and an increase in light aircraft flight hours.
Air Medical segment revenues were $42.6 million for the three months ended June 30, 2009, compared to $46.3 million for the three months ended June 30, 2008, a decrease of $3.7 million. Operating income was $2.4 million for the three months ended June 30, 2009, compared to $1.0 million for the three months ended June 30, 2008. The decrease in operating revenues was due to a decrease in transport volume related to the economic environment and also the closure of six locations. The improvement in Air Medical operating income was due to reductions in cost.
Technical Services revenues were $1.7 million for the three months ended June 30, 2009 and June 30, 2008. Operating income was $0.4 million for the three months ended June 30, 2009, compared to $0.1 million for the three months ended June 30, 2008.
Operating revenues for the three months ended June 30, 2009 were $123.3 million, compared to $130.1 million for the three months ended June 30, 2008, a decrease of $6.8 million. Earnings for the quarter ended June 30, 2008 included a $1.3 million pre-tax gain on dispositions of assets, and a pre-tax charge of $2.1 million related to our aviation insurance and workers' compensation coverages. Our net income for the three months ended June 30, 2009 was $3.7 million, or $0.24 per diluted share, compared to $6.3 million for the three months ended June 30, 2008.
Flight hours for the quarter ended June 30, 2009 were 39,246, compared to 39,630 for the quarter ended June 30, 2008.
Operating revenues for the six months ended June 30, 2009 were $240.3 million, compared to $247.3 million for the same period in 2008, a decrease of $7.0 million. The decrease in operating revenues was due to the voluntary grounding of certain aircraft as a result of an accident January 4, 2009 and to a decrease in medium aircraft flight activity on the continental shelf. In addition, the decrease was due to completion of a foreign contract in 2008. These amounts were offset in part by an increase in activity in the deepwater Gulf of Mexico and an increase in light aircraft flight activity.
Our net income for the six months ended June 30, 2009 was $5.7 million, or $0.38 per diluted share, compared to $12.8 million for the six months ended June 30, 2008. Earnings for the six months ended June 30, 2008 included a pre-tax gain on disposition of assets, net, of $4.2 million and an aggregate $2.1 million pre-tax insurance charge.
Total flight hours were 74,310 for the six months ended June 30, 2009 compared to 73,777 for the six months ended June 30, 2008.
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)
Quarter Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
2009 2008 2009 2008
--------- --------- --------- ---------
Operating revenues $ 123,321 $ 130,111 $ 240,273 $ 247,256
(Loss) gain on
disposition of
assets, net (107) 1,255 165 4,204
Other 65 201 128 503
--------- --------- --------- ---------
123,279 131,567 240,566 251,963
--------- --------- --------- ---------
Expenses:
Direct expenses 104,912 109,757 207,039 207,983
Selling, general and
administrative
expenses 8,218 7,534 16,042 14,923
Interest expense 4,039 3,854 7,918 7,688
--------- --------- --------- ---------
117,169 121,145 230,999 230,594
--------- --------- --------- ---------
Earnings before income
taxes 6,110 10,422 9,567 21,369
Income taxes 2,444 4,169 3,826 8,548
--------- --------- --------- ---------
Net earnings $ 3,666 $ 6,253 $ 5,741 $ 12,821
========= ========= ========= =========
Weighted average shares
outstanding:
Basic 15,303 15,277 15,302 15,277
Diluted 15,307 15,286 15,304 15,285
Net earnings per share
Basic $ 0.24 $ 0.41 $ 0.38 $ 0.84
Diluted $ 0.24 $ 0.41 $ 0.38 $ 0.84
Summarized financial information concerning the Company's reportable operating segments for the quarter and six months ended June 30, 2009 and 2008 is as follows:
Quarter Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
2009 2008 2009 2008
--------- --------- --------- ---------
(Thousands of dollars) (Thousands of dollars)
Segment operating revenues
Oil and Gas $ 78,970 $ 82,063 $ 153,795 $ 156,663
Air Medical 42,628 46,311 81,721 85,571
Technical Services 1,723 1,737 4,757 5,022
--------- --------- --------- ---------
Total operating
revenues 123,321 130,111 240,273 247,256
--------- --------- --------- ---------
Segment direct expenses
Oil and Gas 64,963 64,824 126,247 124,083
Air Medical 38,620 43,286 77,498 80,369
Technical Services 1,329 1,647 3,294 3,531
--------- --------- --------- ---------
Total direct expenses 104,912 109,757 207,039 207,983
Segment selling, general
and administrative
expenses
Oil and Gas 319 342 706 655
Air Medical 1,619 2,075 3,108 4,192
Technical Services 3 8 17 34
--------- --------- --------- ---------
Total selling,
general and
administrative
expenses 1,941 2,425 3,831 4,881
--------- --------- --------- ---------
Total direct and selling,
general and
administrative
expenses 106,853 112,182 210,870 212,864
--------- --------- --------- ---------
Net segment profit
Oil and Gas 13,688 16,897 26,842 31,925
Air Medical 2,389 950 1,115 1,010
Technical Services 391 82 1,446 1,457
--------- --------- --------- ---------
Total 16,468 17,929 29,403 34,392
Other, net (42) 1,456 293 4,707
Unallocated selling,
general and
administrative costs (6,277) (5,109) (12,211) (10,042)
Interest expense (4,039) (3,854) (7,918) (7,668)
--------- --------- --------- ---------
Earnings before income
taxes $ 6,110 $ 10,422 $ 9,567 $ 21,369
========= ========= ========= =========
Operating Statistics
The following tables present certain non-financial operational statistics for the quarter and six months ended June 30, 2009 and 2008:
Quarter Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
2009 2008 2009 2008
--------- --------- --------- ---------
Flight hours:
Oil and Gas 30,241 29,748 56,721 54,579
Air Medical 9,005 9,820 17,211 18,495
Technical Services -- 62 378 703
--------- --------- --------- ---------
Total 39,246 39,630 74,310 73,777
========= ========= ========= =========
Air Medical Transports 5,345 5,942 10,303 11,422
========= ========= ========= =========
June 30,
--------------------
2009 2008
--------- ---------
Aircraft operated at period end:
Oil and Gas 158 147
Air Medical 89 85
Technical Services 4 4
--------- ---------
Total 251 236
========= =========
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: PHI, Inc.
PHI, Inc. Michael J. McCann, Chief Financial Officer (337) 235-2452
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