PHI, Inc. (The Nasdaq Select Global Market: PHII (voting) PHIIK (non-voting)) has reported financial results for the year ended December 31, 2017, the company said.
Consolidated operating revenues for the year ended December 31, 2017 were USD 579.5 million, compared to USD 634.1 million for the year ended December 31, 2016, a decrease of USD 54.6 million compared to the year ended December 31, 2016.
Oil and Gas segment operating revenues decreased USD 25.7 million for the year ended December 31, 2017, related primarily to decreased aircraft flight revenues resulting predominately from less aircraft on contract and decreased flight hours.
Operating revenues in our Air Medical segment decreased USD 24.6 million due principally to decreased revenues attributable to overseas operations. Technical Services operating revenues decreased USD 4.2 million due to a reduction in services provided to a third party customer.
Consolidated net income for the year ended December 31, 2017 was USD 7.5 million compared to a net loss of USD 26.7 million for the year ended December 31, 2016. The increase in net income is primarily due to the income tax benefit realized in the current year, primarily attributable to a change in the US Federal Corporate income tax law.
Air Medical segment profit was USD 35.8 million for the year ended December 31, 2017, compared to segment profit of USD 43.0 million for the year ended December 31, 2016. The USD 7.2 million decrease in segment profit is primarily attributable to the lapse of our overseas contract in late 2016, partially offset by an increase in profits from our US-based programs.
PHI provides helicopter transportation and related services to a broad range of customers including the oil and gas and air medical industries, and also provides third-party maintenance services to select customers. PHI Voting Common Stock and Non-Voting Common Stock are traded on The NASDAQ Global Select Market (symbols PHII and PHIIK).