PHI revenues down YoY

PHI, Inc. (NASDAQ: PHII) said its second quarter consolidated operating revenues for the three months ended June 30, 2015 were USD198.5 million, compared to USD212.1 million for the three months ended June 30, 2014, a decrease of USD13.6 million.

Oil and Gas segment operating revenues decreased USD15.2 million for the quarter ended June 30, 2015, related primarily to decreased aircraft flight revenues for all model types resulting predominately from fewer aircraft on contract and decreased flight hours.

Operating revenues in our Air Medical segment increased USD2.2 million due principally to increased revenues attributable to our independent provider programs driven by rate increases over the past year and an improvement in our payor mix.

Technical Services revenues were USD4.1 million for the three months ended June 30, 2015, compared to USD4.7 million for the three months ended June 30, 2014.

The decrease in revenue is due primarily, the company said, to a decrease of technical services provided to a third party customer under a project that we expect to complete in the third quarter of 2015, after which additional projects are expected to begin and continue through 2016.

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.