Petroleum Helicopters, Inc. Announces Results for the Second Quarter and Six Months Ended October 31, 1998.NEW ORLEANS--(BUSINESS WIRE)--Nov. 24, 1998--Carroll W. Suggs Suggs can refer to:
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. ), announced that PHI earned $2.0 million ($ .37 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 total revenues of $65.5 million during the three months ended October 31, 1998, compared to net income of $1.6 million ($ .30 per diluted share) and total revenues of $57.6 million for the same period in the prior year. For the six months ended October 31, 1998, net income and total revenues were $4.0 million ($ .76 per diluted share) and $127.9 million, respectively, compared to $3.3 million ($ .64 per diluted share) and $114.0 million for the prior period. Mrs. Suggs stated, "The improvements in revenue and net income were due primarily to improved pricing trends in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , several storm evacuations, and the addition of Air Evac Air Evac is a Medevac operator that provides services across Arizona. Mainly a helicopter user, Air Evac also uses a handful of small airplanes for emergencies. The airline is a daily flight operator from Sky Harbor International Airport in Phoenix. Services, Inc., which was purchased from Samaritan AirEvac on December 31, 1997." "Our flight hour volume is down by approximately 5.5% as compared to the six months ended October 31, 1997. We are expecting this trend to continue throughout the fiscal year. In addition, results for the second quarter were adversely impacted ($.15 per diluted share) by the discontinuance Cessation; ending; giving up. The discontinuance of a lawsuit, also known as a dismissal or a non-suit, is the voluntary or involuntary termination of an action. DISCONTINUANCE, pleading. A chasm or interruption in the pleading. 2. of a joint venture in South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . The aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. factors and the current climate in the oil and gas industry will adversely affect current fiscal year earnings. We anticipate the fiscal year 1999 earnings to be below current analysts expectations." Certain statements in this release constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The above factors are more fully discussed in the Company's SEC filings. PHI provides helicopter transportation and related services worldwide to a broad range of customers including the oil and gas industry and aeromedical aer·o·med·i·cine n. The medical study and treatment of physiological and psychological disorders associated with atmospheric or space flight. Also called aerospace medicine, aviation medicine. programs. PHI Common Stock is traded on The NASDAQ SmallCap Market (symbols PHEL and PHELK). -0-
Petroleum Helicopters, Inc. released the following earnings
figures for the second quarter and six months ended October 31, 1998.
(All figures, except per share data, are shown in thousands.)
For the Quarter Ended For the Six Months Ended
October 31 October 31
1998 1997 1998 1997
-----------------------------------------
Revenues:
Operating revenues $ 67,009 $ 57,521 $129,229 $113,435
Other income (deductions) (1,531) 70 (1,374) 516
-------- -------- -------- --------
65,478 57,591 127,855 113,951
-------- -------- -------- --------
Expenses:
Direct expenses 55,704 49,687 109,099 97,984
Selling, general and
administrative expenses 4,948 3,985 9,109 7,885
Interest expense 1,536 1,244 2,985 2,426
-------- -------- -------- --------
62,188 54,916 121,193 108,295
-------- -------- -------- --------
Earnings before
income taxes 3,290 2,675 6,662 5,656
Income taxes 1,336 1,121 2,706 2,327
-------- -------- -------- --------
Net earnings $ 1,954 $ 1,554 $ 3,956 $ 3,329
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BASIC:
Earnings per
common share $ .38 $ .30 $ .77 $ .65
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DILUTED:
Earnings per
common share $ .37 $ .30 $ .76 $ .64
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