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PHI, Inc. Announces Results For The First Quarter Ended March 31, 2010

PHI, Inc. (“PHI”) (The Nasdaq Global Market: PHII (voting) PHIIK (non-voting)) today reported financial results for the quarter ended March 31, 2010.

Oil and Gas segment revenues for the quarter ended March 31, 2010 were $84.9 million, and operating income for the segment was $14.4 million, compared to revenues of $74.8 million and operating income of $13.2 million for the quarter March 31, 2009. Segment revenues increased $10.1 million compared to the quarter ended March 31, 2009, and operating income increased $1.2 million in the segment.

Air Medical segment revenues for the quarter ended March 31, 2010 were $33.6 million, and segment operating income was $0.6 million compared to revenues of $39.1 million and an operating loss of $1.3 million for the quarter March 31, 2009.

Technical Services segment revenues for the quarter ended March 31, 2010 were $3.1 million and operating income for the segment was $0.8 million.

Operating revenues for the quarter ended March 31, 2010 were $121.6 million, compared to $116.9 million for the quarter ended March 31, 2009. Net earnings were $4.0 million ($0.26 per diluted share), and earnings before tax were $6.7 million for the quarter ended March 31, 2010, compared to net earnings of $2.1 million ($0.14 per diluted share) and earnings before tax of $3.5 million for the quarter ended March 31, 2009. Included in earnings before tax for the current 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, of which $3.1 million was attributable to the Air Medical segment and $1.2 million was for the Oil and Gas segment.

These items are more fully discussed in our Form 10-Q for the quarter ended March 31, 2010.

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.”

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