5-Aug-2010 Source: PHi
PHI, Inc. (The Nasdaq Global Market: PHII (voting) PHIIK (non-voting)) today reported financial results for the quarter ended June 30, 2010.
Oil and Gas segment revenues were $94.7 million for the three months ended June 30, 2010, compared to $79.0 million for the three months ended June 30, 2009, an increase of $15.7 million. Operating income was $18.7 million for the three months ended June 30, 2010, compared to $13.7 million for the three months ended June 30, 2009.
As a result of the Deepwater Horizon incident, we have experienced increased flight hours associated with work at the well site and expect this to continue until such time as activities at the well site are completed. There is also additional flight activity associated with clean-up work and expect this to continue until such time as those activities are also completed. Offsetting these increased flight hours are decreased flight hours resulting from the suspension of deepwater drilling activities in the Gulf of Mexico. Many of the deepwater drilling rigs we have been servicing are still on location (although not drilling), and therefore we are still conducting crew changes to those rigs. It is not possible to estimate how long these rigs will remain in their current status, but if these drilling rigs demobilize or leave the Gulf of Mexico, there will be a further adverse affect to our flight activity. These issues are more fully discussed in our Form 10-Q for June 30, 2010.
Air Medical segment revenues were $43.1 million for the three months ended June 30, 2010, compared to $42.6 million for the three months ended June 30, 2009, an increase of $0.5 million. Operating income was $3.7 million for the three months ended June 30, 2010, compared to $2.4 million for the three months ended June 30, 2009.
Technical Services revenues were $1.7 million for the three months ended June 30, 2010 and June 30, 2009. There was an operating loss of $0.1 million for the three months ended June 30, 2010, compared to operating income of $0.4 million for the three months ended June 30, 2009.
Operating revenues for the three months ended June 30, 2010 were $139.6 million, compared to $123.3 million for the three months ended June 30, 2009, an increase of $16.3 million. Our net income for the three months ended June 30, 2010 was $7.0 million, or $0.46 per diluted share, compared to $3.7 million for the three months ended June 30, 2009, or $0.24 per diluted share.
Flight hours for the quarter ended June 30, 2010 were 40,258, compared to 39,246 for the quarter ended June 30, 2009.
Operating revenues for the six months ended June 30, 2010 were $261.2 million, compared to $240.3 million for the same period in 2009, an increase of $20.9 million.
Our net income for the six months ended June 30, 2010 was $11.1 million, or $0.72 per diluted share, compared to $5.7 million for the six months ended June 30, 2009, or $0.38 per diluted share.
Total flight hours were 74,870 for the six months ended June 30, 2010 compared to 74,310 for the six months ended June 30, 2009.
Certain statements in this release constitute 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 are subject to known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, performance (financial or operating) or achievements to differ materially from the results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. These factors include adverse weather, competition, the level of activity in the oil and gas industry (particularly in the Gulf of Mexico) and our ability to continue to grow patient transport volumes. These and other factors are more fully discussed in the Company’s SEC filings under “Risk Factors.”
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).
