PHI, Inc. (Nasdaq: PHII (voting); PHIIK (non-voting)) today reported financial results for the year ended December 31, 2018.
PHI, Inc (the “Company”) today announced a net loss from continuing operations for the year ended December 31, 2018 of $141.5 million, or $8.95 per share, on revenue of $674.4 million. This compares to a net gain from continuing operations of $7.5 million, or $0.48 per share, for the year ended December 31, 2017, on revenue of $579.5 million.
The Company recorded a pre-tax expense of $109.0 million on asset impairments in the fourth quarter of 2018. These charges included a $61.6 million of goodwill impairment, $31.8 million of aircraft and related spare parts impairment and $15.6 million of intangibles impairment. Also included in the 2018 loss is $5.2 million of pre-tax costs associated with special projects. Excluding these one-time charges, the resulting adjusted net loss for the year ended December 31, 2018 was $40.3 million, or $(2.55) per share. Included in the net loss for the year ended December 31, 2017 is a one-time tax benefit of $49.2 million related to the impact of the 2017 Tax Cuts and Jobs Act. Excluding this tax benefit, the resulting adjusted net loss for the year ended December 31, 2017 was $41.7 million, or $(2.64) per share.
Oil and Gas segment operating revenues increased $81.8 million for the year ended December 31, 2018. The increase is attributable principally to revenue derived from our recently-acquired HNZ Offshore business and secondarily from an increase in revenues from our legacy international Oil and Gas operations, partially offset by a decrease in revenues from our Gulf of Mexico operations. Operating revenues in our Air Medical segment were essentially flat, decreasing just under $0.2 million. Technical Services operating revenues increased $13.2 million due to an increase in services provided to a third party customer.
Oil and Gas segment loss was $10.2 million for the year ended December 31, 2018, compared to a loss of $28.8 million for the prior year. The $18.2 million decrease in segment loss was due to the increased revenues detailed above, partially offset by increased expenses. Air Medical segment profit was $12.5 million for the year ended December 31, 2018, compared to segment profit of $35.8 million for the year ended December 31, 2017. The $23.3 million decrease in profit is due in part to increased expenses related to new bases that were not operating in the prior year and higher employee compensation costs for existing operations. Technical Services segment profit was $6.8 million for the year ended December 31, 2018, compared to $5.6 million for the year ended December 31, 2017. The $1.2 million increase in segment profit is primarily attributable to an increase in technical services provided to a third party customer.
For additional information, please see (i) the attachments hereto and (ii) the Annual Report on Form 10-K for the year ended December 31, 2018 that we filed today with the U.S. Securities and Exchange Commission.
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 Select Market (symbols PHII and PHIIK).
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