Petroleum Helicopters, Inc. Announces Results for the Second Quarter Ended June 30, 2005

Petroleum Helicopters, Inc. (NASDAQ:PHEL) (NASDAQ:PHELK)
("PHI") today reported net earnings of $2.0 million ($0.31 per diluted
share) on operating revenues of $86.8 million for the quarter ended
June 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, 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 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).
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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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