PHI reports 1Q 2017 financial results

PHI, Inc. (NASDAQ: PHII) has reported consolidated operating revenues for the three months ended March 31, 2017 were USD 134.6m, compared to USD 164.0m for the three months ended March 31, 2016, a decrease of USD 29.4m, the company said.

Consolidated net loss for the three months ended March 31, 2017 was USD 15.2m compared to net loss of USD 8.9m for the three months ended March 31, 2016.

Unallocated selling, general and administrative costs were USD 8.1m for the quarter ended March 31, 2017 compared to USD 7.3m for the quarter ended March 31, 2016.

The increase of USD 0.8m includes USD 1.6m of severance costs related to reductions in force at the company´s Lafayette headquarters facility in March, 2017 and USD 0.6m of legal and consulting fees related to a special project. Partially offsetting these increases were decreases in equity-based compensation of USD 0.8m.

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.