PHi First Quarter turnover down 20%

PHi First Quarter turnover down 20%

10-May-2016 Source: PHi

PHI, Inc. (The Nasdaq Global Market: PHII (voting) PHIIK (non-voting)) today reported financial results for the quarter ended March 31, 2016.

Consolidated operating revenues for the three months ended March 31, 2016 were $164.0 million, compared to $204.2 million for the three months ended March 31, 2016, a decrease of $40.2 million. Oil and Gas segment operating revenues decreased $32.0 million for the quarter ended March 31, 2016, 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 decreased $2.3 million due principally to decreased revenues attributable to our traditional provider programs resulting from reduced overseas operations. Technical Services revenues decreased $5.9 million due primarily to a decrease of technical services provided to a third party customer. Consolidated net loss for the three months ended March 31, 2016 was $8.9 million compared to net earnings of $10.4 million for the three months ended March 31, 2015.

Oil and Gas segment loss was $5.0 million for the quarter ended March 31, 2016, compared to segment profit of $18.9 million for the quarter ended March 31, 2015. The decrease in segment profit was due to the above-described decreased revenues, which were only partially offset by decreased expenses attributable to decreased flight hours.

Air Medical segment profit was $10.4 million for the quarter ended March 31, 2016, compared to a segment profit of $9.7 million for the quarter ended March 31, 2015. The $0.7 million increase in profit is primarily attributable to the decreased operating expenses related to lower pilot compensation, maintenance expense and overseas operating costs, partially offset by decreased revenues.

Technical Services segment’s profit was $1.7 million for the three months ended March 31, 2016, compared to segment profit of $2.4 million for the three months ended March 31, 2015. The decrease of $0.7 million is attributable to a decrease of services provided to a third party customer.

In response to the downturn in the oil and gas industry, we have been taking the necessary actions to preserve our organization, our assets, and our financial health. Many of these initiatives have been difficult, but necessary, to keep our company in a position to continue to service the industry we have served for over 65 years. We plan to continue these efforts as long as the industry downturn continues in an effort to manage our business as prudently and efficiently as possible.

The full statements can be seen here

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