Petroleum Helicopters, Inc. (NASDAQ:PHEL) (NASDAQ:PHELK) ("PHI")
today reported net earnings of $5.5 million ($0.53 per diluted
share) on operating revenues of $100.0 million for the quarter
ended September 30, 2005. For the same period of 2004, PHI reported
net earnings of $2.7 million ($0.48 per diluted share) on operating
revenues of $77.7 million. Fully diluted shares outstanding at
September 30, 2005, were 10,295,000, compared to 5,486,000 at
September 30, 2004. For the nine months ended September 30, 2005,
net earnings were $7.8 million ($1.06 per diluted share) on
operating revenues of $261.0 million. This compares to net earnings
of $3.8 million ($0.69 per diluted share) on operating revenues of
$214.9 million for the same nine-month period in 2004. Average
fully diluted shares outstanding for the nine months ended
September 30, 2005, were 7,314,000 compared to 5,486,000 for the
nine months ended September 30, 2004. PHI also reported that during
the quarter two significant hurricanes affected operations.
Hurricane Katrina made landfall in southeastern Louisiana on August
29, 2005 and caused substantial flooding at the base in Boothville,
Louisiana which is expected to be out of service for approximately
twelve months as repairs are made. Other bases incurred some
damage, all of which is expected to be repaired in the next several
months. Flight hours were adversely affected initially as aircraft
were evacuated and parked until the storm passed. When flights
resumed, there was an increase in flight hours as customers began
assessing damage and making repairs to facilities in the Gulf of
Mexico. Additionally, the Air Medical segment experienced higher
than normal flight activity while assisting with the evacuation of
New Orleans following the hurricane. Additionally, on September 24,
2005, Hurricane Rita made landfall in southwestern Louisiana
destroying the base in Cameron, Louisiana and causing flooding and
wind damage at other bases. Initially, flight hours were also
adversely affected by this storm, but once flights resumed, they
returned to post-Katrina activity levels. The Air Medical segment
also experienced additional flight activity both before and after
Hurricane Rita related to the evacuation of certain areas of Texas.
Operations at bases that are currently out of service have been
relocated to other bases that were unaffected or did not sustain
significant damage. All employees were accounted for and there were
no injuries reported. All aircraft were evacuated prior to both
storms, and as a result there was no damage to aircraft. PHI
expects that substantially all of the damage incurred at all bases
will be covered by insurance, and is discussed in more detail in
Form 10Q. Certain statements in this release constitute
forward-looking statements or statements which may be deemed or
construed to be forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. The words
"forecast," "anticipate," "estimate," "project," "intend,"
"expect," "should," "believe," and similar expressions are intended
to identify forward-looking statements. These forward-looking
statements involve and are subject to known and unknown risks,
uncertainties and other factors which could cause the Company's
actual results, performance (financial or operating) or
achievements to differ from the future results, performance
(financial or operating) or achievements expressed or implied by
such forward-looking statements. The above factors are more fully
discussed in the Company's SEC filings. PHI provides helicopter
transportation and related services to a broad range of customers
including the oil and gas industry, air medical industry and also
provides third-party maintenance services to select customers. PHI
Common Stock is traded on The Nasdaq National Market System
(symbols PHEL and PHELK). -0- *T PETROLEUM HELICOPTERS, INC. AND
SUBSIDIARIES Condensed Consolidated Statements of Operations
Quarter Ended Nine Months Ended September 30, September 30,
------------------ ------------------ 2005 2004 2005 2004 --------
-------- -------- -------- Operating revenues $100,018 $ 77,733
$261,040 $214,892 Gain on disposition of property and equipment,
net 26 1,091 486 2,271 Other 861 76 1,155 221 -------- --------
-------- -------- 100,905 78,900 262,681 217,384 -------- --------
-------- -------- Expenses: Direct expenses 80,184 63,805 217,115
179,138 Selling, general and administrative expenses 6,561 5,403
17,263 16,157 Interest expense 5,061 5,026 15,337 15,052 --------
-------- -------- -------- 91,806 74,234 249,715 210,347 --------
-------- -------- -------- Earnings before income taxes 9,099 4,666
12,966 7,037 Income taxes 3,639 2,007 5,186 3,262 -------- --------
-------- -------- Net earnings $ 5,460 $ 2,659 $ 7,780 $ 3,775
======== ======== ======== ======== Weighted average shares
outstanding: Basic 10,271 5,383 7,288 5,383 Diluted 10,295 5,486
7,314 5,486 Net earnings per share Basic $ 0.53 $ 0.49 $ 1.07 $
0.70 Diluted $ 0.53 $ 0.48 $ 1.06 $ 0.69 Summarized financial
information concerning the Company's reportable operating segments
for the quarter and nine months ended September 30, 2005 and 2004
is as follows: Quarter Ended Nine Months Ended September 30,
September 30, --------------------- --------------------- 2005 2004
2005 2004 -------- -------- -------- -------- (Thousands of
dollars) (Thousands of dollars) Segment operating revenues Domestic
Oil and Gas $ 58,952 $ 48,081 $155,392 $133,660 Air Medical 33,905
21,441 82,989 55,919 International 6,766 5,766 19,565 16,936
Technical Services 395 2,445 3,094 8,377 -------- -------- --------
-------- Total operating revenues 100,018 77,733 261,040 214,892
-------- -------- -------- -------- Segment direct expenses
Domestic Oil and Gas 46,773 38,762 126,116 111,407 Air Medical
28,701 18,894 75,799 46,562 International 4,358 4,094 12,824 13,847
Technical Services 352 2,055 2,376 7,322 -------- -------- --------
-------- Total direct expenses 80,184 63,805 217,115 179,138
Segment selling, general and administrative expenses Domestic Oil
and Gas 256 113 704 1,379 Air Medical 1,741 1,866 4,645 5,579
International 118 12 182 36 Technical Services 1 3 5 11 --------
-------- -------- -------- Total selling, general and
administrative expenses 2,116 1,994 5,536 7,005 -------- --------
-------- -------- Total direct and selling, general and
administrative expenses 82,300 65,799 222,651 186,143 --------
-------- -------- -------- Net segment profit Domestic Oil and Gas
11,923 9,206 28,572 20,874 Air Medical 3,463 681 2,545 3,778
International 2,290 1,660 6,559 3,053 Technical Services 42 387 713
1,044 -------- -------- -------- -------- Total 17,718 11,934
38,389 28,749 Other, net 887 1,167 1,641 2,492 Unallocated selling,
general and administrative costs (4,445) (3,409) (11,727) (9,152)
Interest expense (5,061) (5,026) (15,337) (15,052) --------
-------- -------- -------- Earnings before income taxes $ 9,099 $
4,666 $ 12,966 $ 7,037 ======== ======== ======== ======== *T
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