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PHI, Inc. Announces Results For The Third Quarter Ended September 30, 2011

Stocks in this article: PHII PHIIK

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

Oil and Gas segment revenues were $96.6 million for the quarter ended September 30, 2011, compared to $89.8 million for the quarter ended September 30, 2010, an increase of $6.8 million. Flight hours were 29,901 for the current quarter compared to 30,119 for the same quarter in the prior year. The increase in revenue is primarily due to increased heavy aircraft flight hours and revenues. Also contributing to the revenue increase was increased medium aircraft ad hoc flights in the month of September for hurricane evacuations in the Gulf of Mexico.

Air Medical segment revenues were $46.9 million for the quarter ended September 30, 2011, compared to $44.3 million for the quarter ended September 30, 2010, and increase of $2.6 million. The increase was primarily due to increased revenue of $2.5 million related to hospital based contracts. Revenues for the independent provider programs increased $0.1 million. Total patient transports were 4,881 for the quarter ended September 30, 2011, compared to 5,149 for the quarter ended September 30, 2010, a decrease of 268 transports.

Technical Services revenues were $2.1 million for the quarter ended September 30, 2011, compared to $1.6 million for the quarter ended September 30, 2010.

Consolidated operating revenues for the quarter ended September 30, 2011 were $145.6 million, compared to $135.7 million for the quarter ended September 30, 2010, an increase of $9.9 million. Flight hours for the quarter ended September 30, 2011 were 39,223 compared to 39,192 for the quarter ended September 30, 2010.

Net income for the quarter ended September 30, 2011 was $3.6 million, or $0.23 per diluted share, compared to a net loss of $2.4 million for the quarter ended September 30, 2010, or $0.16 per diluted share. Pre-tax earnings were $6.0 million for the quarter ended September 30, 2011, compared to a pre-tax loss of $1.4 million for the same period in 2010. Interest expense increased $2.8 million from $4.2 million in the third quarter of 2010 to $7.0 million in the third quarter of 2011, due to the issuance of the 8.625% Senior Notes. Included in the quarter ended September 30, 2010 was a pre-tax charge of $9.5 million related to the early redemption of our 7.125% Senior Notes and a $1.5 million charge to tax expense, primarily related to an increase in our valuation allowance for foreign tax credits.

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