Petroleum Helicopters, Inc. Announces Results for the Second Quarter and Six Months Ended June 30, 2000.Business Editors NEW ORLEANS--(BUSINESS WIRE)--Aug. 10, 2000 Petroleum Helicopters, Inc. (PHI phi n. Symbol  The 21st letter of the Greek alphabet.PHI, n See health information, protected. ) (Nasdaq:PHEL) (Nasdaq:PHELK) today reported a net loss of $0.3 million ($0.06 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 and other income, net, of $57.5 million for the quarter ended June June: see month. 30, 2000. This compares to a net loss of $3.4 million ($0.66 per diluted share) on total revenues and other income, net, of $54.4 million for the same quarter in 1999. For the six months ended June 30, 2000, net loss was $1.8 million ($.34 per diluted share) on total revenues and other income, net, of $110.3 million. This compares to a net loss of $2.7 million ($0.52 per diluted share) on total revenues and other income, net, of $115.5 million for the same six-month period in 1999. Carroll Car·roll , James 1854-1907. British-born American physician noted for his research on yellow fever. In 1900 he deliberately infected himself with the disease for experimental purposes. W. Suggs Suggs can refer to:
v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. in Colombia and a reduction in flight hours in West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. . 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. revenues also decreased in the second quarter due primarily to seasonal effects." "Revenues from our Technical Services segment improved 24% over last year's second quarter as we began a new ongoing contract to provide maintenance for certain aircraft and components for the military. Technical Services revenue of $6.9 million for the first six months of 2000 compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to $6.5 million for the first six months of 1999 after excluding the $4.0 million benefit in that period of two large non-recurring contracts for refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur and overhaul of two helicopters." "Our task until our revenues increase significantly is to reduce our expenses, conserve cash and pay down debt. In the first six months of the year, we have reduced our long term debt over $12 million and we expect to make further debt reductions in the remainder of the year. We are also in the process of implementing several expense reduction initiatives, which we are hopeful will begin to be reflected in the latter part of the third quarter. Unfortunately, rising fuel and other costs will somewhat offset the expense reductions in other areas that we are able to achieve." "At the time of this release, we had successfully renewed a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. contract with a major independent oil company for continued service 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 . We are also pleased that PHI Aeromedical Services was selected to provide air medical services to St. Mary's Hospital in Grand Junction, Colorado The City of Grand Junction is a home rule municipality located in Mesa County, Colorado, USA. According to 2006 Census Bureau estimates, the population of the city is 45,299. , and also increased its fleet serving the University of Kentucky The University of Kentucky, also referred to as UK, is a public, co-educational university located in Lexington, Kentucky. ." 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, aeromedical programs and the third-party maintenance business. PHI Common Stock is traded on The NASDAQ SmallCap Market (systems PHEL and PHELK).
Petroleum Helicopters, Inc. released the following earnings figures
for the second quarter and six months ended June 30, 2000.
(All figures, except per share data, are shown in thousands.)
For the Quarter Ended For the Six Months Ended
June 30 June 30
2000 1999 2000 1999
------- ------- -------- --------
Revenues and other
income, net:
Operating revenues $55,105 $52,799 $107,764 $111,886
Other income, net 2,400 1,604 2,547 3,647
------- ------- -------- --------
57,505 54,403 110,311 115,533
------- ------- -------- --------
Expenses:
Direct expenses 52,505 49,596 102,019 103,452
Selling, general, and
administrative expenses 4,046 4,362 8,067 8,960
Special charges - 4,846 (1) - 4,846 (1)
Interest expense 1,473 1,429 2,983 2,857
------- ------- -------- --------
58,024 60,233 113,069 120,115
------- ------- -------- --------
Earnings (loss) before
income taxes (519) (5,830) (2,758) (4,582)
Income taxes (193) (2,407) (1,004) (1,891)
------- ------- -------- --------
Net earnings (loss) $ (326) $(3,423) $ (1,754) $ (2,691)
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Earning (loss) per common
share:
Basic $ (0.06) $ (0.66) $ (0.34) $ (0.52)
======= ======= ======== ========
Diluted $ (0.06) $ (0.66) $ (0.34) $ (0.52)
======= ======= ======== ========
(1) Includes severance cost of $ 1.3 million, impairment of property
and equipment of $ 0.4million, impairment of certain foreign based
joint ventures of $ 2.5 million, and other charges of $ 0.6
million recorded during the second quarter ended June 30, 1999
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