Petroleum Helicopters (NASDAQ:PHELK)
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Petroleum Helicopters, Inc. (NASDAQ:PHEL)
(NASDAQ:PHELK) ("PHI") today reported net earnings of $5.5 million
($0.53 per diluted share) on operating revenues of $100.0 million for
the quarter ended September 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 made landfall in
southeastern Louisiana on August 29, 2005 and caused substantial
flooding at the base in Boothville, Louisiana which is expected to be
out of service for approximately 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 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. Additionally, the Air Medical
segment experienced higher than normal flight activity while assisting
with the evacuation of New Orleans following the hurricane.
Additionally, on September 24, 2005, Hurricane Rita made landfall
in southwestern Louisiana destroying the base in Cameron, Louisiana
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 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 or statements which may be deemed or construed to be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act 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).
-0-
*T
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
======== ======== ======== ========
*T