Petroleum Helicopters, Inc. Announces Results for the Second Quarter Ended June 30, 2005.LAFAYETTE Lafayette (lä'fēĕt`, lăf'ēĕt`). 1 City (1990 pop. 23,501), Contra Costa co., NW Calif., a residential suburb in the San Francisco–Oakland area; settled 1848, inc. 1968. , La. -- Petroleum Helicopters, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :PHEL) (NASDAQ:PHELK) ("PHI phi n. Symbol  The 21st letter of the Greek alphabet.PHI, n See health information, protected. ") today reported net earnings of $2.0 million ($0.31 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share) on operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. of $86.8 million for the quarter ended June June: see month. 30, 2005. For the same period of 2004, the Company reported net earnings of $1.1 million ($0.20 per diluted share) on operating revenues of $70.2 million. For the six months ended June 30, 2005, net earnings were $2.3 million ($0.40 per diluted share) on operating revenues of $161.0 million. This compares to net earnings of $1.1 million ($0.20 per diluted share) on operating revenues of $137.2 million for the same six-month period in 2004. Mr. Al A. Gonsoulin, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "We were pleased with the progress in the second quarter as our flight hours and level of contracted aircraft increased in the Domestic Oil and Gas segment, and the volume of patient transports improved substantially in our Air Medical group over the first quarter." PHI provides helicopter helicopter, type of aircraft in which lift is obtained by means of one or more power-driven horizontal propellers called rotors. When the rotor of a helicopter turns it produces reaction torque which tends to make the craft spin also. transportation and related services to a broad range of customers including the oil and gas industry, Air Medical programs and the third-party maintenance business. PHI Common Stock is traded on The Nasdaq National Market System (symbols PHEL and PHELK).
Petroleum Helicopters, Inc. released the following earnings figures
for the second quarter and six months ended June 30, 2005.
Quarter Ended Six Months Ended
June 30, June 30,
----------------- -------------------
2005 2004 2005 2004
-------- -------- --------- ---------
Operating revenues $86,783 $70,186 $161,022 $137,159
Gain on disposition of property
and equipment (186) 507 460 1,180
Other 198 62 293 145
-------- -------- --------- ---------
86,795 70,755 161,775 138,484
-------- -------- --------- ---------
Expenses:
Direct expenses 72,896 58,048 136,931 115,333
Selling, general, and
administrative expenses 5,472 5,610 10,701 10,754
Interest expense 5,159 5,010 10,276 10,026
-------- -------- --------- ---------
83,527 68,668 157,908 136,113
-------- -------- --------- ---------
Earnings before income taxes 3,268 2,087 3,867 2,371
Income taxes 1,307 974 1,547 1,255
-------- -------- --------- ---------
Net earnings $1,961 $1,113 $2,320 $1,116
======== ======== ========= =========
Weighted average common shares
outstanding:
Basic 6,158 5,383 5,773 5,383
Diluted 6,246 5,486 5,858 5,486
Net earnings per common
share:
Basic $0.32 $0.21 $0.40 $0.21
Diluted $0.31 $0.20 $0.40 $0.20
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