PHI announces Q2 results

PHI, Inc. (The Nasdaq Select Global Market: PHII (voting) PHIIK (non-voting)) has reported financial results for the quarter ended June 30, 2017, the company said.

Consolidated operating revenues for the quarter ended June 30, 2017 were USD 146.4 million, compared to USD 167.1 million for the quarter ended June 30, 2016, a decrease of USD 20.7 million.

Oil and Gas segment operating revenues decreased USD 8.5 million for the three months ended June 30, 2017, related primarily to decreased aircraft flight revenues for heavy and medium model types resulting predominately from fewer aircraft on contract and decreased flight hours, partially offset by increased revenues from our light model types.

Air Medical segment operating revenues decreased USD 8.3 million due principally to decreased traditional provider program revenues resulting from the completion of our overseas operations in late 2016. Technical Services segment operating revenues decreased USD 3.9 million due primarily to a decrease in technical services provided to a third party customer.

Consolidated net loss for the quarter ended June 30, 2017 was USD 3.3 million compared to net earnings of USD 4.3 million for the quarter ended June 30, 2016. The USD 4.3 million net earnings for the quarter ended June 30, 2016 included a USD 4.3 million gain on disposal of assets.

Oil and Gas segment loss was USD 0.6 million for the three months ended June 30, 2017, compared to a loss of USD 5.8 million for the three months ended June 30, 2016. The USD 5.2 million decrease in segment loss was primarily due to a non-recurring warranty credit.

Air Medical segment profit was USD 13.6 million for the three months ended June 30, 2017, compared to a segment profit of USD 13.9 million for the three months ended June 30, 2016. The USD 0.3 million decrease in profit is attributable to the decreased operating revenues described above, partially offset by decreased expenses.

Technical Services segment profit was USD 0.3 million for the three months ended June 30, 2017, compared to segment profit of USD 2.0 million for the three months ended June 30, 2016. The USD 1.7 million decrease in profit is attributable to a decrease of services provided to a third party customer whose service requirements typically vary from period to period.

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.