PHI, Inc. (The Nasdaq Global Market: PHII (voting) PHIIK (non-voting)) today reported financial results for the quarter ended June 30, 2013.

Consolidated operating revenues for the three months ended June 30, 2013 were $195.5 million, compared to $160.6 million for the three months ended June 30, 2012, an increase of $34.9 million. Consolidated net income for the three months ended June 30, 2013 was $19.5 million compared to net income of $6.1 million for the three months ended June 30, 2012. Earnings per diluted share was $1.25 for the current quarter compared to earnings per diluted share of $0.39 for the prior year quarter. Net earnings for the quarter ended June 30, 2013 included a $8.1 million after-tax increase in net gain on the disposal of assets and asset impairments when compared to the quarter ended June 30, 2012, principally due to the sale of two heavy aircraft that no longer met our strategic needs.

Oil and Gas segment revenues were $120.9 million for the three months ended June 30, 2013, compared to $104.4 million for the three months ended June 30, 2012, an increase of $16.5 million. Flight hours were 29,469 for the current quarter compared to 30,833 for the same quarter in the prior year, a decrease of 1,364. The decrease in flight hours is attributable to declines in light and medium flight activity, partially offset by increases in our heavy aircraft flight hours. The increase in revenue is primarily due to increased heavy aircraft flight activity and incremental rate increases implemented over the past year across all models of aircraft. Also, during the quarter, we secured a major contract award with a large customer for a five year term with 2 one-year extension options. Oil and Gas segment’s profit was $22.1 million for the quarter ended June 30, 2013, compared to segment profit of $14.3 million for the quarter ended June 30, 2012. The increase in segment profit and margin was due to the increased revenues, which were only partially offset by increased direct expenses.

Air Medical segment revenues were $72.9 million for the three months ended June 30, 2013, compared to $54.4 million for the three months ended June 30, 2012, an increase of $18.5 million primarily due to the addition of our recently-commenced Middle East program. Air Medical segment’s profit was $10.6 million for the quarter ended June 30, 2013, compared to a segment profit of $9.8 million for the quarter ended June 30, 2012. The increase in profit is primarily attributable to the Middle East program.

Technical Services revenues were $1.7 million for the three months ended June 30, 2013 and 2012. Technical Services segment loss was $0.2 million for the three months ended June 30, 2013, compared to $0.3 million for the three months ended June 30, 2012. Direct expenses decreased $0.1 million contributing to a decrease in the segment loss of $0.1 million.

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 Voting Common Stock and Non-Voting Common Stock are traded on The NASDAQ Global Market (symbols PHII and PHIIK).

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