PHI, Inc. Announces Results For The Second Quarter Ended June 30, 2010
PHI, Inc. (The Nasdaq Global Market: PHII (voting) PHIIK (non-voting)) today reported financial results for the quarter ended June 30, 2010.
Oil and Gas segment revenues were $94.7 million for the three months ended June 30, 2010, compared to $79.0 million for the three months ended June 30, 2009, an increase of $15.7 million. Operating income was $18.7 million for the three months ended June 30, 2010, compared to $13.7 million for the three months ended June 30, 2009.
As a result of the Deepwater Horizon incident, we have experienced increased flight hours associated with work at the well site and expect this to continue until such time as activities at the well site are completed. There is also additional flight activity associated with clean-up work and expect this to continue until such time as those activities are also completed. Offsetting these increased flight hours are decreased flight hours resulting from the suspension of deepwater drilling activities in the Gulf of Mexico. Many of the deepwater drilling rigs we have been servicing are still on location (although not drilling), and therefore we are still conducting crew changes to those rigs. It is not possible to estimate how long these rigs will remain in their current status, but if these drilling rigs demobilize or leave the Gulf of Mexico, there will be a further adverse affect to our flight activity. These issues are more fully discussed in our Form 10-Q for June 30, 2010.
Air Medical segment revenues were $43.1 million for the three months ended June 30, 2010, compared to $42.6 million for the three months ended June 30, 2009, an increase of $0.5 million. Operating income was $3.7 million for the three months ended June 30, 2010, compared to $2.4 million for the three months ended June 30, 2009.Technical Services revenues were $1.7 million for the three months ended June 30, 2010 and June 30, 2009. There was an operating loss of $0.1 million for the three months ended June 30, 2010, compared to operating income of $0.4 million for the three months ended June 30, 2009.
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