PHi Announces Results for Q2 Ended June 30, 2015

PHi Announces Results for Q2 Ended June 30, 2015

10-Aug-2015 Source: PHi

PHI, Inc. (The Nasdaq Global Market: PHII (voting) PHIIK (non-voting)) today reported financial results for the quarter ended June 30, 2015.

Consolidated operating revenues for the three months ended June 30, 2015 were $198.5 million, compared to $212.1 million for the three months ended June 30, 2014, a decrease of $13.6 million. Oil and Gas segment operating revenues decreased $15.2 million for the quarter ended June 30, 2015, related primarily to decreased aircraft flight revenues for all model types resulting predominately from fewer aircraft on contract and decreased flight hours. Operating revenues in our Air Medical segment increased $2.2 million due principally to increased revenues attributable to our independent provider programs driven by rate increases over the past year and an improvement in our payor mix. Technical Services revenues were $4.1 million for the three months ended June 30, 2015, compared to $4.7 million for the three months ended June 30, 2014. The decrease in revenue is due primarily to a decrease of technical services provided to a third party customer under a project that we expect to complete in the third quarter of 2015, after which additional projects are expected to begin and continue through 2016.

Oil and Gas segment profit was $11.3 million for the quarter ended June 30, 2015, compared to segment profit of $23.1 million for the quarter ended June 30, 2014. The decrease in segment profit was due to decreased revenues attributable to the above-described factors.

Air Medical segment profit was $15.5 million for the quarter ended June 30, 2015, compared to a segment profit of $13.8 million for the quarter ended June 30, 2014. The increase in profit is primarily attributable to the increased revenues described above, partially offset by increased operating expenses.

Technical Services segment loss was $1.2 million for the three months ended June 30, 2015, compared to segment profit of $0.4 million for the three months ended June 30, 2014. Direct expenses increased $0.9 million compared to the prior year quarter.

Consolidated net earnings for the three months ended June 30, 2015 was $6.5 million compared to net earnings of $13.4 million for the three months ended June 30, 2014. Earnings before income taxes for the three months ended June 30, 2015 was $11.0 million compared to earnings before income tax of $21.7 million for the same period in 2014. Earnings per diluted share were $0.41 for the current quarter compared to earnings per diluted share of $0.85 for the prior year quarter. The decrease in earnings before taxes for the quarter ended June 30, 2015 is principally attributable to the decreased profits in our Oil and Gas and Technical Services segments, partially offset by increased profits in our Air Medical segment.

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).

Financial statements can be seen here

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