12-Nov-2013 Source: PHi
-PHI, Inc. (The Nasdaq Global Market: PHII (voting) PHIIK (non-voting)) today reported financial results for the quarter ended September 30, 2013.
Operating revenues for the three months ended September 30, 2013 were $200.8 million, compared to $170.9 million for the three months ended September 30, 2012, an increase of $29.9 million. Consolidated net income for the three months ended September 30, 2013 was $13.8 million compared to net income of $6.4 million for the three months ended September 30, 2012. Earnings per diluted share were $0.88 for the current quarter compared to earnings per diluted share of $0.41 for the prior year quarter.
Oil and Gas segment revenues were $126.0 million for the three months ended September 30, 2013, compared to $115.0 million for the three months ended September 30, 2012, an increase of $11.0 million. Oil and Gas flight hours were 29,698 for the current quarter compared to 31,608 for the same quarter in the prior year, a decrease of 1,910 flight hours. The decline in our Oil and Gas flight hours is attributable to lower activity in our light and medium aircraft, partially offset by increased activity in our heavy aircraft. The increase in revenue is primarily due to increased heavy aircraft flight revenues, primarily attributable to increased flight hours for these aircraft in the Gulf of Mexico, and incremental rate increases implemented over the past year.
Air Medical segment revenues were $73.2 million for the three months ended September 30, 2013, compared to $54.0 million for the three months ended September 30, 2012, an increase of $19.2 million, reflecting the addition of our Middle East operations commenced in 2012. Patient transports were 4,783 for the three months ended September 30, 2013, compared to 4,986 for the same period in the prior year, a decrease of 203 patient transports. Nonetheless, operating revenues in our independent provider programs increased $1.3 million due to improved payor mix, and rate increases implemented over the past year.
Technical Services revenues were $1.6 million for the three months ended September 30, 2013, compared to $1.9 million for the three months ended September 30, 2012. Technical Services segment loss was $0.1 million for the three months ended September 30, 2013, compared to a $1.0 million gain for the three months ended September 30, 2012. Direct expenses increased $0.1 million contributing to the segment loss of $0.1 million.
Our Oil and Gas segment continues to improve with additional deepwater drilling activity by our customers, which has increased the demand for our higher-margin medium and heavy aircraft services. In our Air Medical segment, we have recently commenced the startup of several projects, including the Middle East program, which collectively we believe will continue to have a favorable effect on net segment profit particularly in 2014.
PHI provides helicopter transportation and related services to a broad range of customers including the oil and gas and air medical industries 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).
