PHI, Inc. (The Nasdaq Global Market: PHII (voting) PHIIK (non-voting)) today reported financial results for the quarter ended June 30, 2012.
Oil and Gas segment revenues were $104.4 million for the three months ended June 30, 2012, compared to $90.2 million for the three months ended June 30, 2011, an increase of $14.2 million. Flight hours were 30,833 for the current quarter, compared to 29,997 for the same quarter in the prior year. The increase in revenues is primarily due to increased medium and heavy aircraft flight hours and revenues, due to an increase in deepwater drilling activity compared to the same period in 2011 when there was no significant deepwater drilling activity due to the Macondo incident.
Our Oil and Gas segment profit was $14.3 million for the quarter ended June 30, 2012, compared to $9.5 million for the quarter ended June 30, 2011. Operating margins (segment profit divided by operating revenues) were 14% for the three months ended June 30, 2012, compared to 11% for the three months ended June 30, 2011. The increase in segment profit of $4.8 million was primarily due to increased revenues of $14.2 million, partially offset by increased direct expenses of $9.5 million as further discussed in our Form 10Q for the quarter ended June 30, 2012.
Air Medical segment revenues were $54.4 million for the three months ended June 30, 2012, compared to $44.2 million for the three months ended June 30, 2011, an increase of $10.2 million. The increase was primarily due to increased revenue of $8.8 million in the independent provider programs related to improved payor mix, rate increases implemented in 2011 and 2012, and increased patient transports. Operating revenues related to hospital based contracts increased $1.3 million. Total patient transports were 4,922 for the three months ended June 30, 2012, compared to 4,525 for the three months ended June 30, 2011.
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