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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.

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