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PHI, Inc. Announces Results For The Second Quarter Ended June 30, 2011

Stocks in this article: PHIIPHIIK

PHI, Inc. (The Nasdaq Global Market: PHII (voting) PHIIK (non-voting)) today reported financial results for the quarter ended June 30, 2011.

Oil and Gas segment revenues were $90.2 million for the three months ended June 30, 2011, compared to $94.7 million for the three months ended June 30, 2010, a decrease of $4.5 million. Flight hours were 29,997 for the current quarter compared to 31,142 for the same quarter in the prior year. The decrease in revenue is due to decreased medium aircraft revenue due primarily to a decrease in deepwater drilling rig support following the Deepwater Horizon incident and delays in the resumption of drilling due to the new regulatory drilling permit process.

Air Medical segment revenues were $44.2 million for the three months ended June 30, 2011, compared to $43.1 million for the three months ended June 30, 2010, an increase of $1.1 million. The increase was primarily due to increased revenue of $1.3 million related to hospital based contracts. Revenues for the independent provider programs decreased $0.4 million due to decreased transports. Total patient transports were 4,525 for the three months ended June 30, 2011, compared to 5,002 for the three months ended June 30, 2010, a decrease of 477 transports.

Technical Services revenues were $1.6 million for the three months ended June 30, 2011, compared to $1.8 million for the three months ended June 30, 2010. The $0.2 million decrease was a result of decreased customer activity compared to the prior year quarter.

Combined operating revenues for the three months ended June 30, 2011 were $136.0 million, compared to $139.6 million for the three months ended June 30, 2010. Flight hours for the quarter ended June 30, 2011 were 38,734 compared to 40,258 for the quarter ended June 30, 2010.

Our net income for the three months ended June 30, 2011 was $0.7 million, compared to net income of $7.1 million for the three months ended June 30, 2010. Earnings before income taxes for the three months ended June 30, 2011 was $1.2 million compared to $11.8 million earnings before income taxes for the same period in 2010. The decrease in earnings before taxes for the quarter ended June 30, 2011, compared to the quarter ended June 30, 2010, was primarily due to a decrease in Oil and Gas segment earnings of $7.8 million and an increase in interest expense of $2.6 million in the second quarter of 2011, due to the refinancing of our $200 million 7.125% Senior Notes.

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