Petroleum Helicopters, Inc. Announces Results for the Third Quarter Ended September 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 $5.5 million ($0.53 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 $100.0 million for the quarter ended September September: see month. 30, 2005. For the same period of 2004, PHI reported net earnings of $2.7 million ($0.48 per diluted share) on operating revenues of $77.7 million. Fully diluted shares outstanding at September 30, 2005, were 10,295,000, compared to 5,486,000 at September 30, 2004. For the nine months ended September 30, 2005, net earnings were $7.8 million ($1.06 per diluted share) on operating revenues of $261.0 million. This compares to net earnings of $3.8 million ($0.69 per diluted share) on operating revenues of $214.9 million for the same nine-month period in 2004. Average fully diluted shares outstanding for the nine months ended September 30, 2005, were 7,314,000 compared to 5,486,000 for the nine months ended September 30, 2004. PHI also reported that during the quarter two significant hurricanes affected operations. Hurricane Katrina  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. made landfall land·fall n. 1. The act or an instance of sighting or reaching land after a voyage or flight. 2. The land sighted or reached after a voyage or flight. in southeastern Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. on August 29, 2005 and caused substantial
flooding at the base in Boothville Boothville may refer to:
adj. 1. Almost exact or correct: the approximate time of the accident. 2. twelve months as repairs are made. Other bases incurred some damage, all of which is expected to be repaired in the next several months. Flight hours were adversely affected initially as aircraft were evacuated e·vac·u·ate v. e·vac·u·at·ed, e·vac·u·at·ing, e·vac·u·ates v.tr. 1. a. To empty or remove the contents of. b. To create a vacuum in. 2. and parked until the storm passed. When flights resumed, there was an increase in flight hours as customers began assessing damage and making repairs to facilities 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 . Additionally, the Air Medical segment experienced higher than normal flight activity while assisting with the evacuation evacuation /evac·u·a·tion/ (e-vak?u-a´shun) 1. an emptying. 2. catharsis; emptying of the bowels. e·vac·u·a·tion n. of New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded following the hurricane hurricane, tropical cyclone in which winds attain speeds greater than 74 mi (119 km) per hr. Wind speeds reach over 190 mi (289 km) per hr in some hurricanes. . Additionally, on September 24, 2005, Hurricane Rita Hurricane Rita was the fourth-most intense Atlantic hurricane ever recorded and the most intense tropical cyclone ever observed in the Gulf of Mexico. Rita caused $11.3 billion in damage on the U.S. Gulf Coast in September 2005. made landfall in southwestern south·west n. 1. Abbr. SW The direction or point on the mariner's compass halfway between due south and due west, or 135° west of due north. 2. An area or region lying in the southwest. 3. Louisiana destroying the base in Cameron, Louisiana Cameron is a census-designated place (CDP) in Cameron Parish, Louisiana, United States. Cameron is also the parish seat. As of the 2000 census, the CDP population was 1,965. Cameron is on the Creole Nature Trail, one of the National Scenic Byways. and causing flooding and wind damage at other bases. Initially, flight hours were also adversely affected by this storm, but once flights resumed, they returned to post-Katrina activity levels. The Air Medical segment also experienced additional flight activity both before and after Hurricane Rita related to the evacuation of certain areas of Texas. Operations at bases that are currently out of service have been relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. to other bases that were unaffected or did not sustain significant damage. All employees were accounted for and there were no injuries reported. All aircraft were evacuated prior to both storms, and as a result there was no damage to aircraft. PHI expects that substantially all of the damage incurred at all bases will be covered by insurance, and is discussed in more detail in Form 10Q. 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 to a broad range of customers including the oil and gas industry, air medical industry and also provides third-party maintenance services to select customers. PHI Common Stock is traded on The Nasdaq National Market System (symbols PHEL and PHELK).
PETROLEUM HELICOPTERS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
Quarter Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
2005 2004 2005 2004
-------- -------- -------- --------
Operating revenues $100,018 $ 77,733 $261,040 $214,892
Gain on disposition of
property and equipment, net 26 1,091 486 2,271
Other 861 76 1,155 221
-------- -------- -------- --------
100,905 78,900 262,681 217,384
-------- -------- -------- --------
Expenses:
Direct expenses 80,184 63,805 217,115 179,138
Selling, general and
administrative expenses 6,561 5,403 17,263 16,157
Interest expense 5,061 5,026 15,337 15,052
-------- -------- -------- --------
91,806 74,234 249,715 210,347
-------- -------- -------- --------
Earnings before income taxes 9,099 4,666 12,966 7,037
Income taxes 3,639 2,007 5,186 3,262
-------- -------- -------- --------
Net earnings $ 5,460 $ 2,659 $ 7,780 $ 3,775
======== ======== ======== ========
Weighted average shares
outstanding:
Basic 10,271 5,383 7,288 5,383
Diluted 10,295 5,486 7,314 5,486
Net earnings per share
Basic $ 0.53 $ 0.49 $ 1.07 $ 0.70
Diluted $ 0.53 $ 0.48 $ 1.06 $ 0.69
Summarized financial information concerning the Company's
reportable operating segments for the quarter and nine months ended
September 30, 2005 and 2004 is as follows:
Quarter Ended Nine Months Ended
September 30, September 30,
--------------------- ---------------------
2005 2004 2005 2004
-------- -------- -------- --------
(Thousands of dollars) (Thousands of dollars)
Segment operating
revenues
Domestic Oil and Gas $ 58,952 $ 48,081 $155,392 $133,660
Air Medical 33,905 21,441 82,989 55,919
International 6,766 5,766 19,565 16,936
Technical Services 395 2,445 3,094 8,377
-------- -------- -------- --------
Total operating
revenues 100,018 77,733 261,040 214,892
-------- -------- -------- --------
Segment direct expenses
Domestic Oil and Gas 46,773 38,762 126,116 111,407
Air Medical 28,701 18,894 75,799 46,562
International 4,358 4,094 12,824 13,847
Technical Services 352 2,055 2,376 7,322
-------- -------- -------- --------
Total direct
expenses 80,184 63,805 217,115 179,138
Segment selling, general
and administrative
expenses
Domestic Oil and Gas 256 113 704 1,379
Air Medical 1,741 1,866 4,645 5,579
International 118 12 182 36
Technical Services 1 3 5 11
-------- -------- -------- --------
Total selling,
general and
administrative
expenses 2,116 1,994 5,536 7,005
-------- -------- -------- --------
Total direct and
selling, general and
administrative expenses 82,300 65,799 222,651 186,143
-------- -------- -------- --------
Net segment profit
Domestic Oil and Gas 11,923 9,206 28,572 20,874
Air Medical 3,463 681 2,545 3,778
International 2,290 1,660 6,559 3,053
Technical Services 42 387 713 1,044
-------- -------- -------- --------
Total 17,718 11,934 38,389 28,749
Other, net 887 1,167 1,641 2,492
Unallocated selling,
general and
administrative costs (4,445) (3,409) (11,727) (9,152)
Interest expense (5,061) (5,026) (15,337) (15,052)
-------- -------- -------- --------
Earnings before income
taxes $ 9,099 $ 4,666 $ 12,966 $ 7,037
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