Petroleum Helicopters, Inc. Announces Results for the First Quarter Ended March 31, 2005

Petroleum Helicopters, Inc. (NASDAQ:PHEL) (NASDAQ:PHELK)
(PHI) today reported net earnings of $0.4 million ($0.07 per diluted
share) on operating revenues of $74.2 million for the three months
ended March 31, 2005. For the same period of 2004, the Company
reported net earnings of less than $0.1 million on operating revenues
of $67.0 million, which is further discussed in the Company's 10-Q for
the 1st Quarter 2005.
   Mr. Al A. Gonsoulin, Chairman and CEO, stated; "Although we had a
weak first quarter in large part due to extreme weather, we feel
because of new contracts in Oil & Gas Deepwater and new programs in
Air Medical that show increased flight volumes subsequent to the end
of the quarter, that these increased flight hours should result in
increased revenue and earnings in the second quarter."
   PHI provides helicopter 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 in The NASDAQ SmallCap Market (symbols PHEL and
PHELK).
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Petroleum Helicopters, Inc. released the following earnings figures 
for the three months ended March 31, 2005. 
(All figures, except per share data, are shown in thousands.)

                                                 For the Quarter Ended
                                                       March 31,
                                                 ---------------------
                                                     2005        2004
                                                 ---------   ---------

Operating revenues                              $  74,239   $  66,973
Gain, net on disposition of property
       and equipment, net                             646         673
Other                                                  96          83
                                                 ---------   ---------
                                                   74,981      67,729
                                                 ---------   ---------

Expenses:
   Direct expenses                                 64,036      57,285
   Selling, general and administrative expenses     5,229       5,144
   Interest expense                                 5,117       5,016
                                                 ---------   ---------
                                                   74,382      67,445
                                                 ---------   ---------

Earnings before income taxes                          599         284

Income taxes                                          240         231
                                                 ---------   ---------

Net earnings                                    $     359   $       3
                                                 =========   =========

BASIC:
   Net earnings per share                       $    0.07   $      --
                                                 =========   =========

DILUTED:
   Net earnings per share                       $    0.07   $      --
                                                 =========   =========
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