This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

PHI, Inc. Announces Results For The First Quarter Ended March 31, 2011

PHI, Inc. (“PHI”) (The Nasdaq Global Market: PHII (voting) PHIIK (non-voting)) today reported financial results for the quarter ended March 31, 2011.

Oil and Gas segment revenues for the quarter ended March 31, 2011 were $77.5 million, and operating income for the segment was $7.0 million, compared to revenues of $84.9 million and operating income of $14.4 million for the quarter ended March 31, 2010. Segment revenues decreased $7.5 million compared to the quarter ended March 31, 2010, and operating income decreased $7.4 million in the segment, due to decreased medium and heavy aircraft revenue, resulting mainly from the continuing impact on our business of the Macondo incident.

Air Medical segment revenues for the quarter ended March 31, 2011 were $38.4 million, and segment operating income was $0.8 million, compared to revenues of $33.6 million and operating income of $0.6 million for the quarter ended March 31, 2010. Segment operating income for the quarter ended March 31, 2010 included a warranty termination credit of $3.1 million.

Technical Services segment revenues for the quarter ended March 31, 2011 were $3.8 million and operating income for the segment was $1.8 million.

Operating revenues for the quarter ended March 31, 2011 were $119.6 million, compared to $121.6 million for the quarter ended March 31, 2010. Net loss was $2.7 million ($0.17 per diluted share), and losses before tax were $4.5 million for the quarter ended March 31, 2011, compared to net earnings of $4.0 million ($0.26 per diluted share), and earnings before tax of $6.7 million for the quarter ended March 31, 2010. Included in the quarter ended March 31, 2011, is expense of $1.0 million related to a potential acquisition in which we were unsuccessful. Included in earnings before tax for the prior year 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. Interest expense increased $3.0 million, related to the issuance of our 8.625% Senior Notes due 2018.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs